ESSEL Group in talking terms with Adani Transmission and Tata Power to sell its under construction Warora-Kurnool transmission line in an attempt to lower debt.
They are the initial stage of talking the deal depends on various factors –
The Warora-Kurnool transmission line was the biggest inter-regional transmission project awarded under inter-state tariff-based competitive bidding in July 2016. The 765 kV project, included laying of transmission lines in central India from Warora in Maharashtra and Kurnool in Andhra Pradesh. It was supposed to facilitate distribution of power to the southern region. However, it has been hit by delays as the timeline for the scheduled commissioning of the project is past its 2019 d eadline.
In June 2019, ESSEL Infrstructure sold 2 assets to Edelweiss Infrastructure Yield Plus Fund. The agreement gave Edelweiss the right to purchase 2 other assets, including the Warora- Kurnool Transmission. However, Edelweiss is no longer interested in these due to delay.
The acquisition for Adani and Tata could quicken their expansion in the country. Adani Transmission is currently the largest private transmission company having more than 11,000 ckt km of transmission lines and around 18,000 MVA of power transformation capacity. Whereas, Tata Power has more than 1,125 ckt km of transmission network in Mumbai, its another company Tata Projects since its inception has laid more than 13,000 km of power transmission lines.
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