Adani Transmission has completed the acquisition of operational transmission assets of GMR Energy Ltd.
In a filing to the BSE, Adani Transmission said that it has “completed the acquisition of 74 per cent shares of Maru Transmission Service Company Ltd (MTSCL) and 49 per cent shares of Aravali Transmission Service Co Ltd”.
The company on July 1 had announced acquisition of GMR Energy’s transmission projects – Maru Transmission Services Limited (MTSL) and Aravali Transmission Services.
While payment has been made for 100 per cent stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement, the filing said.
This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth.
With this, cumulative network of ATL will reach around 10900 ckt kms, out of which approximate 9000 ckt kms are under operation (including 3500 ckt kms under process of acquisition) and approximate 1900 ckt kms are under various stages of construction.
With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources, the filing said.