KEC International signed a Share Purchase Agreement (SPA) with Adani Transmission for selling its entire stake in KEC Bikaner Sikar Transmission at an enterprise value of around Rs 227.5 crore subject to regulatory and other approvals. KEC Bikaner Sikar Transmission is having an operational transmission line of 344 Ckt kms in the state of Rajasthan from Bikaner to Sikar.
This sale is in line with KEC’s strategy to focus on its core EPC business. KEC Bikaner Sikar Transmission holds a minimum 25 years concession license to operate and maintain a 400 kV D/C Bikaner- Sikar Line of 344 Ckt kms in Rajasthan. The project was awarded through competitive bidding process and was physically completed almost four months ahead of schedule by KEC International. The line was commissioned in December, 2017 and since then has been in successful operation. Vimal Kejriwal, MD & CEO, KEC International commented, “We are happy to inform that in line with our strategy of being an asset light company focused on providing turnkey services to infrastructure sector, we have decided to sell our holding in KEC Bikaner Sikar Transmission to Adani Transmission.
With the successful construction and ahead of schedule commissioning of the Bikaner Sikar Transmission Line, KEC has further strengthened its presence in the Tariff Based Competitive Bidding space, the pre-qualifications and experience of which will be leveraged for securing similar upcoming opportunities in India.”