GMR Energy offloads stake to Adani Transmission for Rs 100 cr
.jpg)
GMR Energy today announced stake sale in two of its transmission projects to Adani Transmission for equity consideration of Rs 100 crore.
“GMR Energy (GEL), a subsidiary of GMR Infrastructure (GIL), has entered into definitive agreements with Adani Transmission (ATL) wherein GEL has agreed to transfer the interest in its transmission projects – Maru Transmission Services (MTSL) and Aravali Transmission Services (ATSL) – to ATL,” GMR said in a BSE filing.
“Currently, 74 per cent stake in MTSL and 49 per cent stake in ATSL shall be transferred to ATL with an option to acquire the balance stakes in both the projects.”
GMR said equity consideration for the transaction involving both the projects is Rs 100 crore.
“The total value realisable for GEL 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 APTEL,” it added.
The company added that post completion of the transaction, consolidated debt of the GMR Group would come down.
The total debt in the projects as on March 31, 2016, is Rs 324 crore.
GMR Energy was awarded two transmission projects on build, own, operate and maintain (BOOM) basis in 2010.
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.
GBS Raju, Business Chairman – Energy, GMR Group, said: “GMR Group continues on the path of Asset Light Asset Right strategy. The deal will release further liquidity and deleverage the GMR balancesheet.”
In a separate filing, Adani Transmission said it has an option to acquire 100 per cent in a manner consistent with Transmission Service Agreement and applicable consent.
The equity value for 100 per cent stake of both the projects is ascribed at Rs 100 crore.
Adani Group Chairman Gautam Adani said: “Adani Transmission is foreseeing significant growth in the transmission sector and expects to maintain its leadership position in the country. This acquisition is in sync with the long-term strategy of ATL wherein, we are always looking to create value for our stakeholders.”
The consummation of transaction is subject to applicable approvals.
Other Latest News
.webp)
A total subsidy of Rs 56,993 crore is given every year by the Indian Railways to all categories of passengers, with a 46 per cent rebate on every ticket, Railway Minister Ashwini Vaishnaw said on Wednesday.
Replying to multiple questions in the Lok Sabha on restoring discounts given to various categories of train passengers, he said if the price of a ticket is Rs 100, then the railways charges just Rs 54 for it -- a discount of 46 per cent.
.webp)
Punjab Chief Minister Bhagwant Mann strongly condemned the attack on Shiromani Akali Dal leader Sukhbir Singh Badal, who was fired at while performing 'sewa' outside the Golden Temple on Wednesday morning, and directed police to investigate the incident.
The chief minister also lauded the promptness of the Punjab Police in nabbing the attacker.
.webp)
Former Delhi Chief Minister Arvind Kejriwal on Wednesday launched a scathing attack on the BJP-led central government after three members of a family were found dead at their home in the national capital.
Describing the incident as "extremely painful and frightening," the AAP convener accused the Centre of allowing criminals a free hand and failing to ensure law and order in the capital.
.webp)
BJP leader Devendra Fadnavis is all set to return as Maharashtra’s chief minister for a historic third term, following a critical consensus reached during the BJP core committee meeting on Wednesday. The decision, which ended days of suspense, cements Fadnavis’s leadership at the helm of Maharashtra’s new government.
The proposal for Fadnavis's appointment was made by former Gujarat Chief Minister Vijay Rupani, who was appointed as the party’s observer for the Maharashtra legislature meeting.
.webp)
Leaders of several INDIA bloc parties protested on the Parliament premises on Wednesday over the Adani indictment issue and called for a joint parliamentary probe into the matter.
MPs of the Congress, AAP, RJD, Shiv Sena (UBT), DMK and the Left parties, among others, raised slogans in favour of their demand and held a banner reading "Modi-Adani are one" at Parliament's Makar Dwar. The TMC kept away from the opposition protest.
.webp)
.webp)
.webp)
.webp)
.webp)
