|Press Release for announcing Closing of Sale of KEC International’s holding in its subsidiary KEC Bikaner Sikar Transmission Pvt. Ltd.|
Mumbai, February 08, 2019: KEC International Ltd.(KEC), has today announced the successful sale of its 99.99 % stake in KEC Bikaner Sikar Transmission Private Limited (KECBSTPL) to Adani Transmission Ltd. (ATL) at an Enterprise Value of ~ Rs. 227.5 Crore. The completion of the transaction has been achieved post satisfaction of all customary closing conditions, including all requisite approvals. The sale was previously announced on November 3, 2018, and has completed effective today.
KECBSTPL is having an operational transmission line of 344 ckt. Kms in the state of Rajasthan from Bikaner to Sikar.
Brief Overview of the Asset:
KEC Bikaner Sikar Transmission Private Limited holds a minimum 25 years concession license to operate and maintain a 400 kV D/C Bikaner- Sikar Line of 344 Ckt kms in Rajasthan. The project was awarded through competitive bidding process, the project was physically completed almost four months ahead of schedule by KEC International Ltd. The line was commissioned in December, 2017 and since then has been in successful operation.
Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd commented, “We are happy to successfully complete the sale transaction of our entire stake in KEC Bikaner Sikar Transmission Pvt. Ltd. to ATL. Our decision to sell our stake in KECBSTPL is in line with our asset light model of operations and our strategy to focus on the core EPC business.”
About KEC International Limited
KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Solar, Cables and Smart Infrastructure. Globally, the Company has delivered infrastructure projects in 64 countries. It is the flagship Company of the RPG Group.