Jan 16, 2018
Ahmedabad, January 17, 2018: Adani Transmission Ltd, part of the Adani Group, today reported its results for the quarter ended and nine month ended 31st Dec, 2017.
Financial Highlights:
(Clarification note: All Figures are in accordance with the applicable Ind-AS)
ATL signed a binding SPA with R-Infra to acquire the Mumbai Generation, Transmission and Distribution (GTD) business. The GTD business caters to ~3 million customers, making it the Country’s largest private sector integrated power utility, entailing ~1,892MW of power distribution along with generation facilities (500 MW thermal coal based) and over 540 ckt kms of transmission network.
Company is in the process of finalizing the financing for the transaction. Company is in discussions with the banks for existing debt package of ~ Rs.8500 Cr at the target SPV level, subject to market conditions and other considerations. Further, pursuant to the resolutions of the board and shareholders of the Company dated May 27, 2017 and August 10, 2017 respectively, the Company may raise equity capital not exceeding Rs. 5,000 crores, subject to market conditions, receipt of approvals (if any) and other factors. In the interim ATL promoter support will be used to complete the Transaction. Pursuant to the SPA, during the quarter under this financial result, the Company with promoter support has given loan of Rs. 2,102 Crores to R-Infra.
With this acquisition, apart from largest distribution network, the cumulative transmission network of ATL will reach around 12000 ckt kms, out of which approximate 9540 ckt kms are under operation (including ~1000 ckt kms under process of acquisition) and approximate 2350 ckt kms under various stages of construction. The transformation capacity of ATL will also increase to 19,300 MVA from 34 substations (Including 8 EHV Substations under acquisition) spread across the Country. Adani Transmission Limited will remain the largest private sector transmission company in the country.
Speaking on the robust growth of the company Mr Gautam Adani, Chairman Adani Group, said, “The acquisition marks our foray in the Distribution sector in India. We see the distribution sector as the next sun rise sector as India embarks on its mission to achieve 24x7 power for all. We see a massive growth opportunity and will look at both organic and inorganic opportunities to build a market leading Distribution Company. With this acquisition, Adani Transmission will enjoy benefit of scale and of being an integrated distribution and transmission business in India"
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