Kalpataru Power Transmission (KPTL) on Sunday said it had terminated the deal with CLP India to sell its transmission project ALP for not fulfilling certain conditions.
The deal was inked in July last year.
“This is in furtherance of our intimation on July 3, 2019, regarding execution of definitive agreement with CLP India for sale of stake in Alipurduar Transmission (ATL), a wholly-owned subsidiary of the company,” a BSE filing said.
The Share Purchase and Shareholders Agreement (SPSA) in this regard was executed amongst the company, CLP and ATL on July 3, 2019, the firm said.
“We wish to bring to your notice that certain conditions precedent, according to terms of the SPSA, could not be achieved and the company has served a notice on May 1 to terminate the SPSA and accordingly SPSA stands terminated,” it added.
In July last year, the KPTL had entered into binding agreements with CLP India to sell its stake in three power transmission assets for an estimated enterprise value of Rs 3,275 crore.
“The company is selling stake in Kalpataru Satpura Transco (KSTPL), Alipurduar Transmission (ATL) and Kohima Mariani Transmission Ltd (KMTL) (referred jointly as SPVs),” KPTL had said then.
CLP India is owned by CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dpt et placement du Qubec (CDPQ), one of Canada’s leading institutional fund managers.