Kalpataru Power Transmission (KPTL) has inked a definitive agreement to sell Alipurduar Transmission (ATL) to Adani Transmission for a total enterprise value (EV) of about Rs 1,286 crore.
The transaction is also subject to requisite approvals and compliances.
ATL was set up as part of an inter-state transmission system for strengthening and transferring power from new hydroelectric power projects in Bhutan to India.
The project involved design, financing, construction, commissioning, operation and maintenance of 325 km of 400 kV transmission line.
ATL won the project on BOOM basis through a competitive bidding process from REC Transmission Projects Company (RECTPCL) for a period of 35 years. ATL is a wholly-owned subsidiary of KPTL.
Ernst & Young (EY) and Khaitan & Co are advisors to KPTL for the transaction.