Kalpataru Power Transmission Ltd (KPTL) on Wednesday completed the sale of its entire stake in subsidiary company Kalpataru Satpura Transco after obtaining requisite regulatory and other approvals.
"Consequently, Kalpataru Satpura Transco has ceased to be a subsidiary of the company effective November 20," it said in a statement.
In July, KPTL had entered into binding agreements with CLP India to sell its stake in three power transmission assets for an estimated enterprise value of Rs 3,275 crore.
CLP India is owned by CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de depot et placement du Quebec (CDPQ), one of Canada's leading institutional fund managers. Since 2002, CLP India has gradually grown its footprint to become one of the largest foreign investors in the Indian power sector.
The assets being offloaded were Kalpataru Satpura Transco, Alipurduar Transmission and Kohima Mariani Transmission.
Managing Director and CEO Manish Mohnot said the sale of assets will lead to a significant reduction in KPTL's consolidated debt and help focus on strategic diversification within the core business.
KPTL is one of the largest engineering, procurement and construction companies in India engaged in power transmission and distribution, oil and gas pipeline, railways, infrastructure development, civil contracting and warehousing and logistics business with a strong international presence in power transmission and distribution.
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