Home » GMR Infrastructure sells stake in transmission projects to Adani Transmission

GMR Infrastructure sells stake in transmission projects to Adani Transmission

GMR Infrastructure sells stake in transmission projects to Adani Transmission
Shares

GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Limited (GIL), has entered into definitive agreements with Adani Transmission Limited (ATL), wherein GEL has agreed to transfer the interest in its transmission projects – Maru Transmission Services Limited (MTSL) and Aravali Transmission Services Limited (ATSL) – to ATL. 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. The consummation of the transaction is subject to applicable approvals.
The equity consideration ascribed 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 the APTEL. Post consummation of the above transaction, the consolidated debt of GMR Group would be reduced. The total debt in the projects as on March 31, 2016 is Rs.324 crore.

Leave a Reply