GMR Infra sells stake in power transmission assets to Adani Transmission
While MTSL operates 270 km of 400 kv / 220 kv transmission lines in Rajasthan, ATSL runs 96 km of 400 kv transmission line in Rajasthan.
By Sarita C Singh, ET Bureau | Updated:
NEW DELHI: GMR Energy Ltd, a subsidiary of GMR Infrastructure Ltd, will offload equity in two power transmission projects to AdaniTransmissionLtd for Rs 220 crore.
In a statement issued on Friday, GMREnergy said it will transfer 74% stake in Maru Transmission Services Ltd and 49% stake in AravaliTransmission Services Ltd to AdaniTransmission.
AdaniTransmission will have the option to acquire the balance stake in both projects, it said.
"The equity consideration ascribed for the transaction involving both the projects is Rs100 crore. The total value realisable for GMREnergy could be Rs 220 crore, considering this equity consideration and the expected upside of up to Rs 120 crore from regulatory proceeds of various appeals of the assets before the APTEL," the statement said.
Post the deal, the consolidated debt of GMR Group would be reduced. The total debt in the projects as on March 31 was Rs 324 crore.
In a statement issued on Friday, GMREnergy said it will transfer 74% stake in Maru Transmission Services Ltd and 49% stake in AravaliTransmission Services Ltd to AdaniTransmission.
AdaniTransmission will have the option to acquire the balance stake in both projects, it said.
"The equity consideration ascribed for the transaction involving both the projects is Rs100 crore. The total value realisable for GMREnergy could be Rs 220 crore, considering this equity consideration and the expected upside of up to Rs 120 crore from regulatory proceeds of various appeals of the assets before the APTEL," the statement said.
Post the deal, the consolidated debt of GMR Group would be reduced. The total debt in the projects as on March 31 was Rs 324 crore.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
