Adani Transmission has signed an agreement to acquire Warora-Kurnool Transmission from the infrastructure unit of Essel group.
Warora-Kurnool Transmission will develop, operate, and maintain transmission lines totalling 1,750 circuit km. Two 765 kilovolt (kV) inter-state transmission lines linking Warora to Warangal and Chilakaluripeta to Kurnool with a new 765/400 kV sub-station at Warangal shall be built and operated as a part of the agreement.
Adani Transmission has won a bidding process to sign the deal at an enterprise valuation of Rs 3,370 crore. The transaction has been signed on a build, own, operate, and maintain basis, and the project has a concession life of 35 years.
Adani Transmission said that the target company completes its presence in all regions of the country.
This asset will also take it closer to its target of 20,000 circuit km of transmission lines by 2022.
Warora-Kurnool Transmission clocked a turnover of Rs 5.51 crore for the financial year 2019-20.
In October 2020, a report had stated Adani’s intent to buy the project.
Last year, Adani Transmission agreed to buy a subsidiary of Kalpataru Power Transmission.
Back in 2017, it signed a mega deal with Reliance Infrastructure to buy the Mumbai power business, which includes generation, transmission and distribution of electricity.
Adani Transmission, a subsidiary of Adani Enterprises, is the country’s largest private transmission and retail electricity distribution company with a network of more than 15,400 circuit km, of which more than 12,200 circuit km is operational. This includes around 3,200 circuit km under construction.