Transaction is a part of Essar’s technique to pare debt whereas investing in inexperienced energy
Transaction is a part of Essar’s technique to pare debt whereas investing in inexperienced energy
Essar Power Ltd. (EPL) mentioned it agreed to promote one in every of its two transmission traces to Adani Transmission Ltd. for ₹1,913 crore.
The transaction is a part of Essar’s technique to pare debt whereas investing in inexperienced and renewable energy.
EPL’s subsidiary Essar Power Transmission Company Ltd. (EPTCL) has 465-km transmission traces throughout three Indian States. The asset transacted is an operational 400 kV inter-State transmission line linking Mahan with Sipat pooling substation. The venture operates underneath the CERC-regulated return framework.
During the final three years Essar Power mentioned it has lowered its debt from a peak stage of about ₹30,000 crore to ₹6,000 crore.
Kush S, CEO mentioned, “With this transaction, Essar Power is rebalancing its power portfolio with the twin objective of deleveraging its balance sheets and investing in green and renewable power, thereby furthering its ESG-oriented future growth. Essar Power has a current power generating capacity of 2,070 MW across four plants in India and Canada.”
According to Essar Group officers, the Group has repaid greater than ₹1,80,000 crore of debt to banks and monetary establishments within the final three years.
Source: www.thehindu.com
