Adani Transmission looks to buy Essel project

Adani Transmission Limited is planning to buy Warora Kurnool Transmission Limited, an SPV set up by Essel Infraprojects Limited in April 2015. Warora Kurnool is laying 941 km of transmission lines across Maharashtra, Telangana and Andhra Pradesh, apart from building a substation. The total project cost is Rs 40 billion. According to a report by CARE Rating Limited, the project requires Rs 27.9 billion in debt and Rs 12.1 billion in equity. Of this, Rs 12 billion in debt and Rs 4.6 billion in equity has already been disbursed. Essel had been struggling to bring in the equity needed, and so the lenders have initiated a process to bring in a new sponsor.