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Adani Transmission acquires Kharghar Vikhroli Transmission project

Adani Transmission acquires Kharghar Vikhroli Transmission project

Adani Transmission Ltd (ATL) has signed a Share Purchase Agreement and completed the acquisition of the SPV, Kharghar Vikhroli Transmission Private Limited (KVTPL), incorporated by Maharashtra State Electricity Transmission Company Ltd (MSETCL). ATL had won this project through Tariff Based Competitive Bidding and received the Letter of Intent (LoI) in December 2019. ATL will build, own, operate and maintain the transmission project in the state of Maharashtra for a period of 35 years.

The project “Kharghar Vikhroli Transmission Private Limited” comprises of approximately 34 km of 400 kV and 220 kV transmission lines along with 1500 MVA 400kV GIS Substation at Vikhroli in Mumbai. This project is critical to the city of Mumbai as the existing capacity of transmission corridor is not sufficient to carry further power into the city. This project would enable additional power to be brought into Mumbai and would thus help in meeting the future demand of the city.

With this project, the cumulative transmission network of ATL will reach more than 14,808 ckt kms of transmission line and more than 27,000 MVA transformation capacity, out of which more than 11,576 ckt kms and more than 18,330 MVA are under steady state operation. ATL also operates an integrated GTD business serving more than 3 million customers in Mumbai.

Anil Sardana, MD & CEO, Adani Transmission said, “With the signing of the Share Purchase Agreement for Kharghar Vikhroli Transmission Private Limited for execution of transmission project in the state of Maharashtra, ATL’s position as the largest private sector transmission company operating in India is consolidated further. The win also takes the Company closer to its target of setting up 20,000 ckt km of transmission lines by 2022.”

The Cabinet Committee on Economic Affairs has approved additional investment of US$ 121.27 million (about ₹ 909 crore) by ONGC Videsh (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil & gas project in Myanmar.

ONGC Videsh (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar. The Indian PSU, GAIL, is also an investor in this project. OVL has invested US$ 722 million till 31st March 2019 in this project.

The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014. The Project has been generating positive cash flows since FY 2014-15.

The participation of Indian PSUs in oil & gas exploration and development projects in neighbouring countries is aligned with India's Act East Policy, and also part of India's efforts to develop Energy Bridges with its immediate neighbors.

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