30 Mar , 2021 By : Kanchan Joshi
MUMBAI: Adani Transmission Ltd on Tuesday hit Rs1 trillion in market capitalisation, with the stock having surged over 106% so far this year.
Shares of Adani Transmission touched an all-time high of Rs924 apiece on the BSE, with a market cap Rs1.01 trillion.
Adani Transmission is the fifth Adani group company to touch Rs1 trillion in market cap, behind Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd, and Adani Ports.
On Saturday, Adani Transmission said it has signed definitive agreements with Essel InfraProjects Ltd for the acquisition of Warora-Kurnool Transmission Limited (WKTL). Adani is acquiring the transmission line at an enterprise valuation of Rs3,370 crore.
Mint had first reported on the acquisition plans 21 October.
WKTL will develop, operate and maintain transmission system aggregating to 1,750 ckt km in Maharashtra, Telangana and Andhra Pradesh and a 765/400 kV substation at Warangal.
With this, the cumulative network of Adani Transmission will reach 17,200 ckt km. It will enjoy substantial benefits in terms of cost optimisation and shared resources and will also fortify its position of being the largest private sector transmission company in the country.
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