Adani Energy Pays Rs1,900 Crore To Buy Essar’s Mahan-Sipat Transmission Assets
Moneylife Digital Team 16 May 2024
Adani Energy Solutions Ltd on Thursday says it has completed the acquisition of Essar Transco Ltd (ETL), which has transmission assets between Mahan in Madhya Pradesh (MP) and Sipat in Chhattisgarh for Rs1,900 crore. 
 
Adani Transmission Step Two Ltd, a wholly-owned subsidiary of Adani Energy Solutions, bought the stake from Essar Power Ltd and Essar Power Transmission Company Ltd. The share acquisition is pursuant to definitive agreements signed in June 2022, the company says in a regulatory filing.
 
The acquisition covers a fully-operational 400kV, 673cktkm (circuit kilometres) inter-state transmission line linking Mahan in Madhya Pradesh to the Sipat pooling sub-station in Chhattisgarh.
 
In June 2022, Adani Energy Solutions signed a share purchase agreement (SPA) to acquire  a transmission undertaking by acquiring 100% stake in Essar Power Transmission Company Ltd. 
 
"Post the execution of the original SPA, a scheme of arrangement for the demerger of the stage II transmission undertaking to Essar Transco Ltd, effective from 1 April 2023 was filed with the Indore-bench of the national company law tribunal (NCLT). The Scheme was sanctioned by the NCLT vide order dated 15 February 2024," the company says.
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