ATL signs binding SPA with R-Infra

Adani Transmission has valued the business at a total consideration of 12,101 crore.

Adani Transmission Ltd has signed a binding SPA to acquire the Mumbai Generation, Transmission and Distribution (GTD) business. Adani Transmission has valued the business at a total consideration of 12,101 crore. In addition the Regulatory Assets approved to the extent of INR 1,150 cr for the period April 1, 2018 to 31 Mar, 2019 will be to the account of the Seller. 

 

The GTD business caters to ~3 million customers, making it the Country’s largest private sector integrated power utility, entailing ~1,892MW of power distribution along with generation facilities (500 MW thermal coal based) and over 540 ckt kms of transmission network. 

 

Speaking on this landmark acquisition, Gautam Adani, Chairman of Adani Group, said, “The acquisition marks our foray in the Distribution sector in India. We see the distribution sector as the next sun rise sector as India embarks on its mission to achieve 24×7 power for all. We see a massive growth opportunity and will look at both organic and inorganic opportunities to build a market leading Distribution Company. With this acquisition, Adani Transmission will enjoy benefit of scale and of being an integrated distribution and transmission business in India.”

 

The transaction is subject to regulatory and other customary approvals. SBI Capital Markets acted as financial advisor to ATL on this acquisition.

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