Kalpataru Power Transmission Ltd (KPTL) on Sunday saidit has terminated the deal with CLP India to sell its transmission project ALP for not fulfilling certain conditions.
The deal was inked in July last year.
"This is in furtherance of our intimation on July 3, 2019 regarding execution of definitive agreement with CLP India Private Ltd for sale of stake in Alipurduar Transmission Ltd (ATL), a wholly owned subsidiary of the Company," a BSE filing said.
The Share Purchase and Shareholders Agreement (SPSA) in this regard was executed amongst the Company, CLP and ATL on 3rd July, 2019, It said.
"We wish to bring to your notice that certain conditions precedent, as per terms of the SPSA, could not be achieved and the Company has served a notice of termination on 1st May, 2020 to terminate the SPSA and accordingly SPSA stands terminated," it added.
Earlier in July last year, the KPTL had entered into binding agreements with CLP India to sell its stake in 3 power transmission assets for an estimated enterprise value of Rs 3,275 crore.
"The company is selling stake in Kalpataru Satpura Transco Pvt Ltd (KSTPL), Alipurduar Transmission Ltd (ATL) and Kohima Mariani Transmission Ltd (KMTL) (referred jointly as SPVs)," KPTL had said in a BSE filing.
CLP India is owned by CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dpt et placement du Qubec (CDPQ), one of Canada's leading institutional fund managers.
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