Adani Power Board today approved the demerger of its transmission lines business to its wholly owned subsidiary company besides appointing Vinod Bhandawat as the chief financial officer of the generation company.
In a statement to the Bombay Stock Exchange (BSE), Adani Power said that its board has approved the "demerger of the transmission line business of the company to its wholly owned subsidiary company (WOS) subject to requisite approvals and also approved the valuation report (by BSR & Associates, Chartered Accountants), fairness opinion (by ICICI Securities Ltd.) and the Scheme of demerger."
The shares of Adani Power were down 0.38% to Rs 39.35 in day's trade on the BSE.
The transmission unit of Adani Power will compete with the likes of JSW Energy, Torrent Power and Reliance Infrastructure apart from the state-run Power Grid Corporation of India. Adani Power currently operates four transmission lines including one between the company's Mundra plant and Dehgam near Ahmedabad, another 1,000 km long line between Mundra and Mohindragarh in Haryana apart from two in the state of Maharashtra.
The estimated investments on these lines is around Rs 10,000 crore. Adani Power got its first transmission license in July 2013 and thereafter it had filed a petition for tariff determination at the Central Electricity Regulatory Commission (CERC).
Source: Business Standard
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