Kalpataru Power Transmission (KPTL) and Techno Electric and Engineering Company (TEECL) (a joint-venture partner of KPTL) have sold their respective stakes of Kohima-Mariani Transmission (KMTL) to CLP India (Apraava Energy), the buyer.
Kalpataru Power Transmission (KPTL) and Techno Electric & Engineering Company (TEECL), a joint venture partner of KMTL, has completed the transfer of 49% stake (23% by KPTL and 26% by TEECL) in Kohima‐Mariani Transmission (KMTL) to Apraava Energy (formerly known as CLP India). The remaining stake of KMTL will be transferred by KPTL in accordance with the terms of the Transmission Service Agreement (TSA).
KMTL is a joint venture between KPTL and Techno Electric & Engineering Company (TEECL) with KPTL holding 74% stake and TEECL holding 26% equity. KPTL and TEECL had entered into a binding agreement in July 2019 with Apraava Energy to sell their respective stake in KMTL.
KMTL was set‐up to implement a transmission system under North Eastern Region Strengthening Scheme (NERSS‐VI) on a Build, Own, Operate and Maintain (BOOM) basis. The project was won under a competitive bidding process conducted by PFC Consulting (PFCCL). The project involved design, financing, construction, commissioning, operation and maintenance of 254 ckms of 400 KV transmission line, 400/220 kV GIS Substation of 16 bay, 7x167 MVA capacity with remote security and remote communication features. The transmission line passes through three states i.e. Manipur, Nagaland and Assam. The project achieved full commissioning in second half of 2020‐21.
Ernst & Young (EY) and Khaitan & Co are advisors to KPTL for this transaction.
On a consolidated basis, Kalpataru Power Transmission's net profit dropped 40.3% to Rs 83 crore on 17.1% rise in net sales to Rs 3,549 crore in Q2 September 2021 over Q2 September 2020.
Kalpataru Power Transmission is amongst the leading engineering, procurement, and construction (EPC) companies. It is executing projects that delivers complete solutions covering design, testing, fabrication, erection and construction of transmission lines, oil and gas infrastructure and railways projects on a turnkey basis.
Shares of Kalpataru Power Transmission declined 2.76% to close at Rs 349.05 on Tuesday, 21 December 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU