Adani Transmission (ATL) said that it has received a letter of intent (LoI) for the acquisition of Karur Transmission.
The company won the Karur Transmission project through the tariff-based competitive bidding (TBCB) process and has received the LoI for the central renewable energy (RE) evacuation project.
ATL will build, own, operate and maintain the transmission project in Tamil Nadu for a period of 35 years.
ATL's execution of the project will help evacuate renewable energy from the Karur-Tiruppur region and the estimated capex will be more than Rs 200 crore.
Anil Sardana, MD & CEO, Adani Transmission, said that this new project would be ATL's first-ever Inter State Transmission System Projects (ISTS) project in Tamil Nadu, which will allow it to contribute significantly to the development of the national transmission infrastructure for evacuation of renewable energy.
Also Read
Separately, the company said that it has received the letter of intent (LoI) for the acquisition of a renewable energy evacuation system under Khavda-Bhuj Transmission.
The RE evacuation project under Khavda-Bhuj Transmission was won the project through the tariff-based competitive bidding (TBCB) process and the company has received the LoI for the said project.
ATL will build, own, operate and maintain the transmission project in Gujarat for a period of 35 years.
With an estimated capex of more than Rs 1,200 crore, ATL's execution of the project will help evacuate about 3 GW of renewable energy from Khavda, Gujarat.
Adani Transmission is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates.
The company reported 34.9% rise in consolidated net profit to Rs 288.84 crore in Q2 FY22 from Rs 214.13 crore in Q2 FY21. Net sales jumped 15% Y-o-Y (year-on-year) to Rs 2,479.22 during Q2 FY22.
The scrip was currently trading 0.09% higher at Rs 1771.20 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
