Recently, Adani Transmission (ATL) signed an agreement to purchase the shares and combined with the WRSS XXI (A) Transco Ltd by REC Transmission Projects Organization. The acquisition amount is not yet disclosed.
Adani Group is an India-based multinational firm that is headquartered in Ahmedabad, Gujarat. Gautam Adani founded this company in 1988. It deals with the trading of commodities. Other businesses by this Group include logistics, resources, real estate, defense, aerospace, financial services, and agribusiness. According to the recent news, Adani Company will soon build a thermal coal mine.
Adani Group is building, running, and maintaining the transmission project in Gujarat for 35 years. This project includes approximate 272 CKT Km of 765 kV transmission line with its associated system. After signing this agreement, the cumulative transmission network of ATL will reach a transmission line of more than 14,000 CKT Km with a transmission capacity of 23,000 MVA. From this, the steady-state operation includes transmission line more than 11,000 CKT Km with transmission capacity 18,000 MVA. This agreement also helps in increasing the share prices of the company by 13%.
In Gujarat, people are facing over loadings in the transmission line due to renewable energy injections in Bhuj. Therefore, this project is constructing to make the transmission strong enough to get rid of over loadings.
The CEO and managing director of the company, Anil Sardana, said that after signing the agreement, ATL is now ranked as the largest private sector transmission company in India. He continued that this project will boost the company to reach the target of setting up transmission lines to 20,000 CKT Km by 2022.
This project not only boosts the presence of the company all over India but also improve the sustainable development of renewable energy infrastructure in India.