The Mumbai-based Kalpataru Power Transmission has informed the stock exchange that it is in a deal with CLP India Private to sell its stake in three power transmission assets for an enterprise value of Rs 3,275 crores. As per the pact, KPTL will sell three assets- Kalpataru Satpura Transco Private, Alipurduar Transmission and Kohima Mariani Transmission which will help KPTL to cut its debts.
According to Manish Mohnot, Managing Director and Chief Executive Officer of KPTL, the selling of the assets will significantly help in reducing the consolidated debt of the company and will also help in focusing on strategic diversification within the core business. KPTL will continue to focus on sustainable and profitable growth with the commitment to improve return ratios.
The transaction is subject to requisite approvals and compliances. The transaction for Alipurduar Transmission and Kohima Mariani Transmission, where Techno Electric & Engineering owns 26% stake, will be effective after the Commercial Operation Date and fulfillment of certain conditions.
Pawan Kant, President (Long Term Assets & PPP), KPTL , stated that this move will encourage the global players to take part in the growing infrastructure sector of India. KPTL will continue to synergize its EPC expertise and also undertake larger projects shortly