Adani Transmission receives LOI for UP project
Adani Transmission Limited has informed the bourses of receiving the letter of intent (LOI) of an Intra State Transmission Project in Uttar Pradesh boosting its overall transmission network to ~13548 ckt. kms.
The company has received this LOI from PFC Consulting Limited, which is a wholly-owned subsidiary of PFC Corporation Limited. The LOI involves to build, own, operate and maintain the transmission project in the state of Uttar Pradesh. The project has been awarded through the Tariff Based Competitive Bidding process.
The project Obra-C Badaun Transmission Limited has approximately 625 ckt kms of line at voltage levels of 765 kV and 400 kV. This project is primarily being constructed to establish transmission system for evacuation of power from 2X660MW Obra-C Thermal Power Project with associated transmission lines.
The cumulative transmission network of the company would reach around 13548 ckt kms, out of which ~9,350 ckt kms are under operation with a distribution network of ~ 3 million customers. This is Adani Transmission's second win in Uttar Pradesh.
On Monday, the stock of Adani Transmission opened at Rs. 226.20 per share and made an intra-day low of Rs. 217 per share. Post this announcement, the stock surged till Rs. 228 level, but got corrected later.