Ahmedabad (Gujarat) [India], May 16 : Adani Energy Solutions Ltd (AESL), which is into power transmission and distribution, has acquired 100 per cent stake in Essar Transco Limited after obtaining requisite regulatory and other approvals for an enterprise value of Rs 1,900 crores.
The share acquisition preceded definitive agreements signed back in June 2022, the Adani Group company informed in a release on Thursday.
The acquisition covers a fully operational 400 kV, 673 ckt kms inter-state transmission line linking Mahan in Madhya Pradesh to Sipat pooling substation in Chhattisgarh. The project operates under the Central Electricity Regulatory Commission (CERC) regulated return framework and was commissioned in September 2018.
The acquisition of the Mahan-Sipat transmission network will consolidate its presence in central India with four operating assets having 3,373 ckt km in the region.
The acquisition is consistent with the company's philosophy of augmenting its existing capacities and bringing in efficiency through operational synergies and creating network effect, it said in the release.
"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 energy transition in India," it added.
AESL has presence across 17 states of India and a cumulative transmission network of 21,182 ckm and 57,011 MVA transformation capacity.
In its distribution business, AESL serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.
AESL said it is ramping up its smart metering business and is on course to become India's leading smart metering integrator with an order book of over 22.8 million meters.
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