Kalpataru Power Transmission Limited (KPTL) has signed a definitive agreement to sell Alipurduar Transmission Limited (ATL) to Adani Transmission Limited for a total enterprise value of about Rs 1,286 crore, the company said in an exchange filing. ATL was set up as part of an inter-state transmission system to strengthen and transfer power from new hydroelectric power projects in Bhutan to India. The project involved design, financing, construction, commissioning, operation and maintenance of 325 km of 400 KV transmission line.

ATL had won the project on a build-own-operate-manage basis through a competitive bidding process from REC Transmission Projects Company Ltd for a period of 35 years. ATL is a wholly-owned subsidiary of KPTL. EY and Khaitan & Co are advisors to KPTL for this transaction.

Commenting on the asset sale, Manish Mohnot, managing director and chief executive, KPTL said, ‘We now have agreements in place for all our transmission and distribution (T&D) assets i.e. ATL, Kohima and Jhajjar transmission assets…We are now targeting to complete the sale and transfer of all balance T&D assets in FY20-21. The sale of T&D assets is a pivotal step in accelerating KPTL’s growth strategy in the global EPC market and a major step towards enhancing shareholder value.’

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