Apraava Energy acquires 49% stake in KMTL, from KPTL and TEECL
- KMTL a special purpose vehicle (SPV) owning an interstate transmission project in the North Eastern states of India.
- The SPV was owned by Kalpataru Power Transmission Ltd (KPTL) and Techno Electric and Engineering Company Ltd (TEECL).
Apraava Energy, a leading investor in the Indian power sector announced on Monday acquiring a 49 per cent equity stake in Kohima-Mariani Transmission Ltd (KMTL).
The company acquired this inter-state transmission asset from Kalpataru Power Transmission Ltd (KPTL) and Techno Electric and Engineering Company Ltd (TEECL), for an undisclosed amount post receiving the requisite regulatory approvals.
According to a share purchase agreement signed in July 2019, the company acquired the shares from Kalpataru Power Transmission Ltd (23%) and Techno Electric and Engineering Company Ltd (26%) . KMTL’s remaining 51 percent shareholding will be acquired by Apraava Energy as provided for in the transmission service agreement (TSA).
KMTL is a special purpose vehicle (SPV) owning an interstate transmission project consisting of about 250 kilometers of 400-kV overhead transmission lines passing through Assam, Nagaland, and Manipur, and a 400-kV substation in Nagaland.
Kalpataru Power Transmission Ltd (74%) and Techno Electric and Engineering Company Ltd (26%) owned KMTL previously. KMTL began commercial operations in December 2020.
Taking this opportunity to thank the central and state governments for their support in the process of acquisition, Rajiv Ranjan Mishra, MD, Apraava Energy stated that “KMTL is a valuable asset that promotes development in northeastern India, spurs economic growth, and makes power accessible to all.”
Apraava Energy welcomes KMTL into the family as it’s working towards its vision of becoming a sustainable, end-to-end power utility, he added.
He further added that in accordance with the company strategy and India’s environmental priorities, Apraava Energy will continue to pursue a low-carbon business strategy and towards enhancement of its clean energy portfolio.
The transmission sector plays a crucial role in India’s vision of ‘Power for All,’ explains Naveen Munjal, director-business development and commercial (conventional) at Apraava Energy. Our goal is to strengthen the grid of India by investing in high-quality transmission projects such as KMTL, he added.
Going forward, the company will expand its transmission network across the country with superior assets that can secure India’s energy future, Munjal commented further.
Apraava Energy entered the power transmission sector in November 2019 with acquisition of 100 percent stake in Satpura Transco Private Ltd, a Madhya Pradesh intra-state project. With KMTL deal, Apraava Energy has further strengthened its portfolio in the power generation and transmission segments.
Currently, the company’s diverse portfolio includes 3150 MW of installed capacity, including 924 MW of wind and 250 MW of solar projects across seven states, as well as power transmission assets.
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