Adani Group is reported to be in advanced talks to buy South East UP Power Transmission Company for an enterprise value of about $800 million-$1 billion
Adani Group is in advanced talks to buy South East UP Power Transmission Company for an enterprise value of about $800 million-$1 billion, ET Now reported citing unidentified sources.
“Adani Group eyeing big-bang acquisition in power transmission segment,” the news channel said in a tweet.
Adani Group is a major Indian business conglomerate with interests in power generation, coal trading and ports, among other sectors. Its unit Adani Power Ltd is the largest private sector power generation company in India with an installed capacity of 10,480 megawatts.
As for energy, Adani Enterprises is the largest coal trader in India. It also operates thermal coal mines and had in 2014 the capacity to mine 4 MMT of coal in a year.
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South East UP Power Transmission Company was established in 2009 to develop intrastate electricity transmission system on a Build-Own-Operate-Transfer (BOOT) on public-private partnership basis.
The company operates the transmission system for 765kV S/C Mainpuri-Bara line with 765kV/ 400kV AIS at Mainpuri in Uttar Pradesh.
It offers engineering, project management, procurement, erection, construction, commissioning, and maintenance services for transmission lines, sub-stations, and bus switching-arrangements. The company, through its subsidiary, Isolux Corsan Concesiones, SA, also delivers engineering, construction, operation, installation, and maintenance services in energy and road construction, telecommunication systems, railways installations, industrial systems, and power transmission projects.