CLP Groups Indian subsidiary has signed a business deal worth INR 3,200 crore with Techno Electric Engineering Co Ltd and KPTL (Kalpataru Power Transmission Ltd) to buy shares in 3 power transmission assets, according to a media report.
Power assets, which KPTL is planning to sell, are mainly held by 3 special purpose vehicles. They comprise Alipurduar Transmission Ltd, Kalpataru Satpura Transco Private Ltd and Kohima Mariani Transmission Ltd. Primarily, Techno Electric Engineering Company possesses 26 per cent shares in Kohima.
Mumbai-based company, KPTL deals in various fields--power, logistics, civil infrastructure and real estate, to name a few. Presently, the company has a total debt of INR 3,306 crore in the current year, with a surge of INR 252 crore from 2018. With this deal, CLP Group will be reducing the debt of the company by INR 2,000 crore.
CLP, which is essentially owned by Canadian Pension fund-CDPQ, is investing in the power transmission segment for the first time. CDPQ-backed companys portfolio consists of renewable energy and conventional amounting to 3,000 Megawatt in India, according to a media report.
We have had the intention of entering this segment for some time now and transmission is one of the key focus areas for us, Director ( in Business Development Commercial (Conventional) at CLP India, Naveen Munjal said, as reported by daily news, Business Line.