L&T Infra acquires REC's power transmission unit in Karnataka for $2.3M
L&T Infrastructure Development Projects Ltd (L&T IDPL) has acquired REC Transmission Projects Company Ltd's (RECTPCL) subsidiary Kudgi Transmission Ltd (KTL) for Rs 15.19 crore ($2.25 million), as per a stock market disclosure.
As per the filing, L&T IDPL has acquired KTL from a subsidiary of state-run infrastructure finance company in the power sector Rural Electrification Corporation (REC). The acquisition was announced on August 8.
Founded in 2012, KTL is a special purpose vehicle (SPV) set up for development of transmission system required for evacuation of power from Kudgi TPS (3 x 800 MW in Phase-I) of NTPC Ltd.
L&T IDPL is an engineering and construction company promoted by Larsen & Toubro Ltd. It develops highways, bridges, seaports, airports and real estate. Incorporated in 2001, it handles a portfolio of infrastructure assets worth Rs 45,000 crore comprising 18 road projects, two ports, the Hyderabad metro rail project and a wind energy project.
Incorporated in January 2007, RECTPCL offers consultancy services to the procurer, utility and sponsoring authority for procurement of power and selection of developer for transmission system on tariff-based competitive bidding.
(Edited by Joby Puthuparampil Johnson)