Adani Transmission Limited (BSE:539254) entered into a definitive agreement to acquire Alipurduar Transmission Limited from Kalpataru Power Transmission Limited (BSE:522287) for INR 12.9 billion on July 5, 2020. Under the terms of the transaction, Adani Transmission Limited will acquire Alipurduar Transmission Limited for a total enterprise value of about INR 12.86 billion in cash, subject to certain adjustments on account of assets and liabilities at the time of closing of the transaction. As per agreement, Adani Transmission Limited will acquire 49% of the stake representing 27.26 million equity shares and balance 51% shares to be acquired in a manner consistent with transmission service agreement and applicable consents. For the financial year 2019-2020, Alipurduar Transmission Limited had revenues of INR 903.6 million and net worth of INR 1.7 billion. The transaction is subject to requisite regulatory approvals, other consents and compliances and consent from Lead Long Term Transmission Customer (LTTC). The transaction is expected to close in 2 months. Adani Transmission Limited acquired 49% stake in Alipurduar Transmission Limited on November 26, 2020, with agreement to acquire balance 51% after obtaining requisite regulatory and other approvals and in a manner consistent with Transmission Service Agreement. Shivanshu Thaplyal of Khaitan & Co. acted as the legal advisor and Ernst & Young acted as the financial advisor for Kalpataru Power Transmission Limited. Cyril Amarchand Mangaldas acted as a legal advisor to Adani Transmission Limited.

Adani Transmission Limited (BSE:539254) completed the acquisition of Alipurduar Transmission Limited from Kalpataru Power Transmission Limited (BSE:522287) in the first quarter on 2021.