GMR Energy sells stake in two transmission projects to Adani Transmission

GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Limited, has entered into definitive agreements with Adani Transmission Limited (ATL) for the sale of two SPVs – Maru Transmission Services Limited (MTSL) and Aravali Transmission Services Limited (ATSL). GEL has offloaded a 74 per cent stake in MTSL and a 49 per cent stake in ATSL, with an option to offload the balance stake in the SPVs later. The total realisable value for GEL could be Rs 2.2 billion at the equity consideration ascribed for the transaction (involving both projects) at Rs 1 billion, along with the expected upside of upto Rs 1.2 billion from the regulatory proceeds of various appeals of the assets pending before the Appellate Tribunal for Electricity.

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