Adani Transmission Ltd (ATL), India's largest private sector power transmission company and part of the diversified Adani Group, has received the Letter of Intent (LoI) for the acquisition of Karur Transmission Ltd.
ATL won the project through the Tariff-Based Competitive Bidding (TBCB) process and has received the LoI for the Central RE evacuation project. ATL will build, own, operate and maintain the transmission project in Tamil Nadu for a period of 35 years.
The project, Karur Transmission Ltd, incorporated by PFC Consulting Ltd, primarily consists of the following elements -
- Establishment of 2x500MVA, 400/230 kV Karur Pooling Station (at location between Karur Wind Energy Zone and Tiruppur Wind Energy Zone)
- LILO of both circuits of Pugalur - Pugalur (HVDC) 400 kV D/c line at Karur PS
ATL's execution of the project will help evacuate renewable energy from the KarurTiruppur region and the estimated capex will be more than Rs 200 Cr.
Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd said, "ATL is pleased to contribute to the Renewable Energy evacuation system by building power transmission infrastructure. This new project will be ATL's first-ever ISTS project in Tamil Nadu, which will allow us to contribute significantly to the development of the national transmission infrastructure for evacuation of renewable energy. We are accelerating our pan-India presence through the competitive bidding process and setting industry benchmarks in sustainable best practices."
Winning this project consolidates ATL's position as India's largest operating private power transmission company and takes it closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The project will also allow the company to assist in Government of India's quest to achieve Power For All by 2022.
Shares of Adani Transmission Limited was last trading in BSE at Rs. 1769.65 as compared to the previous close of Rs. 1817.55. The total number of shares traded during the day was 2005 in over 272 trades.
The stock hit an intraday high of Rs. 1826.00 and intraday low of 1765.00. The net turnover during the day was Rs. 3559106.00.
Source : Equity Bulls