KEC International Ltd. has signed a share purchase agreement with Adani Transmission Ltd. for selling its entire stake in KEC Bikaner Sikar Transmission Private Ltd. at an enterprise value of ₹227.5 crore, subject to regulatory and other approvals.
KEC Bikaner Sikar Transmission Private Ltd. is having an operational transmission line of 344 circuit km in Rajasthan from Bikaner to Sikar, the company said in a statement. The sale is in line with KEC’s strategy to focus on its core EPC business, it added.
KEC Bikaner Sikar Transmission Private Ltd. holds a minimum 25 years concession licence to operate and maintain a 400 kV D/C Bikaner-Sikar Line of 344 circuit km in Rajasthan.
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“We are happy to inform that in line with our strategy of being an asset light company focused on providing turnkey services to infrastructure sector, we have decided to sell our holding in KEC Bikaner Sikar Transmission Private Ltd. to Adani Transmission Ltd,” said Vimal Kejriwal, MD & CEO, KEC International Ltd.
The project was awarded through competitive bidding process and was physically completed almost four months ahead of schedule by KEC International Ltd., the statement said adding that the line was commissioned in December 2017 and since then has been in successful operation.
“With the successful construction and ahead of schedule commissioning of the Bikaner Sikar Transmission Line, KEC has further strengthened its presence in the Tariff Based Competitive Bidding space, the pre-qualifications and experience of which will be leveraged for securing similar upcoming opportunities in India,” Mr. Kejriwal added.
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