Gautam Adani-promoted Adani Transmission will acquire KEC International's Rajasthan-based power transmission arm, KEC Bikaner Sikar Transmission Private Limited (KBSTPL), for an enterprise value of Rs 227.5 crore.
Adani Transmission said,"We would like to inform that the company has signed share purchase agreement with KEC International on November 3, 2018, for the acquisition of its entire stake in KEC Bikaner Sikar Transmission Private Ltd."
KBSTPL project comprises 400 KV D/CBikaner-Sikar Line of 344 circuit km in Rajasthan.
The acquisition is in line with the company's strategy to boost the value for its stakeholders through organic as well as inorganic opportunities.
Vimal Kejriwal, Managing Director and Chief Executive Officer, KEC International Ltd, said, "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-qualification and experience of which will be leveraged for securing similar upcoming opportunities in India."