Adani Transmission Limited (ATL) has acquired the second tranche of 25 per cent stake in Alipurduar Transmission Limited from the engineering, procurement and construction (EPC) major Kalpataru Power Transmission Limited (KPTL), with an agreement to acquire the balance 26 per cent after obtaining requisite approvals.
ATL already acquired its first tranche of 49 per cent stake in Alipurduar Transmission from KPTL in November 2020, by signing definitive agreements of sale for a total enterprise value of about Rs 12.86 billion. Now, with the current deal, KPTL has transferred about 74 per cent of the total equity shares of Alipurduar Transmission, with an agreement to sell the balance 26 per cent to ATL, after obtaining requisite regulatory and other approvals. Alipurduar Transmission Limited—a wholly-owned subsidiary of KPTL—is a project-specific special purpose vehicle (SPV) set up for the execution of the Transmission System Strengthening in India for Transfer of Power from New Hydroelectric Projects (HEPs) in Bhutan project. The project entailed the construction of the Alipurduar–Siliguri line (Element 1), and the 400 kV Kishanganj–Darbhanga double-circuit power line, with two 400 kV line bays at Darbhanga and 80 MVAr switchable line reactors in each circuit at the Darbhanga end of the Kishanganj–Darbhanga line (Element 2). Element 2 was commissioned in March 2019, while Element 1 was completed in January 2020. KPTL had won the project on a build, own, operate and maintain (BOOM) basis through competitive bidding from REC Transmission Projects Company Limited (RECTPCL) for a period of 35 years.