BUSINESS

Complete acquisition of Essar’s Mahan-Sipat transmission assets by Adani Energy Solutions

May 16, Ahmedabad, Gujarat, India: After receiving all necessary regulatory and administrative permissions, Adani Energy Solutions Ltd. (AESL), a company involved in electricity transmission and distribution, purchased a 100% share in Essar Transco Limited for an enterprise value of Rs. 1,900 crore.

In a statement released on Thursday, the Adani Group firm said that the share transaction came before final agreements that were signed back in June 2022.

The purchase includes a 400 kV, 673 ckt km long interstate transmission line that connects the Sipat pooling substation in Chhattisgarh with Mahan, Madhya Pradesh. In September 2018, the project was put into operation under the Central Electricity Regulatory Commission’s (CERC) controlled return system.

By acquiring the Mahan-Sipat transmission network, it would increase its footprint in central India to 3,373 km over four operational assets.

According to the statement, the purchase aligns with the company’s concept of enhancing its current capabilities and increasing efficiency via operational synergies and network impact.

“Along with a robust energy demand, the ability to recognize and tap market opportunities within the areas of interest continues to propel and position AESL at the forefront of the energy transition in India,” it said.

With a total transmission network of 21,182 ckm and 57,011 MVA transformation capacity, AESL is present in 17 states in India.

AESL provides distribution services to over 12 million customers in the Mundra Special Economic Zone and the metropolitan area of Mumbai.

With more than 22.8 million meters on its order book, AESL claims to be growing its smart metering business and on track to become India’s top integrator of smart meters.

Related Articles

Back to top button