Adani Transmission will obtain MPSEZ Utilities for Rs 116 croreAdani Transmission tattooed a share purchase pact with Adani Ports and Special Economic Zone (APSEZ) to obtain MPSEZ Utilities (MUL) for Rs 116.27 crore, according to a regulative filing to the stock market today.
MUL was integrated primarily for circulation of electrical power, and effluent and sewage treatment in Mundra SEZ area, Kutch, Gujarat spread throughout 8,481 hectares as a distribution licensee.
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the Business (-Adani Transmission Limited or ATL) has signed Share Purchase Arrangement with Adani Ports and Special Financial Zone Limited (APSEZ) on 15th December, 2021 for acquisition of MPSEZ Utilities Limited ('MUL'), the filing said.The estimated cost of the acquisition is Rs 116.27 crore.
The deal will be concluded within 5 days subject to completion of other conditions precedent (CPs) based on the share purchase contract, it added.Adani Transmission will obtain 13,135,000 (100 percent) equity shares of Rs 10 each of MPSEZ Utilities.
Presently, the total distribution network of MUL is around 100 kms, consisting of 75 kms underground and a 25 kms overhead network.MPSEZ Utilities disperses around 300 MUs (million systems), with distribution losses of 3.46 per, and has a medium-term power purchase plan.
The load at its circulation location is expected to grow, as more industrial and business activities get contributed to MUL's location of operations.
The company was incorporated on July 13, 2007, according to the regulative filing.On Wednesday, December 14, shares of Adani Transmission settled 0.32 per cent higher at Rs 1,875.85 apiece on the BSE.