Kalpataru Power Transmission, TEECL sell stakes of Kohima-Mariani Transmission to CLP India.

Kalpataru Power Transmission (KPTL) and Techno Electric and Engineering Company (TEECL) (a joint-venture partner of KPTL) have sold their respective stakes of Kohima-Mariani Transmission (KMTL) to CLP India (Apraava Energy), the buyer.

Kalpataru Power Transmission (KPTL) and Techno Electric & Engineering Company (TEECL), a joint venture partner of KMTL, has completed the transfer of 49% stake (23% by KPTL and 26% by TEECL) in Kohima‐Mariani Transmission (KMTL) to Apraava Energy (formerly known as CLP India). The remaining stake of KMTL will be transferred by KPTL in accordance with the terms of the Transmission Service Agreement (TSA).

KMTL is a joint venture between KPTL and Techno Electric & Engineering Company (TEECL) with KPTL holding 74% stake and TEECL holding 26% equity. KPTL and TEECL had entered into a binding agreement in July 2019 with Apraava Energy to sell their respective stake in KMTL.

KMTL was set‐up to implement a transmission system under North Eastern Region Strengthening Scheme (NERSS‐VI) on a Build, Own, Operate and Maintain (BOOM) basis. The project was won under a competitive bidding process conducted by PFC Consulting (PFCCL). The project involved design, financing, construction, commissioning, operation and maintenance of 254 ckms of 400 KV transmission line, 400/220 kV GIS Substation of 16 bay, 7x167 MVA capacity with remote security and remote communication features. The transmission line passes through three states i.e. Manipur, Nagaland and Assam. The project achieved full commissioning in second half of 2020‐21.

Ernst & Young (EY) and Khaitan & Co are advisors to KPTL for this transaction.

On a consolidated basis, Kalpataru Power Transmission's net profit dropped 40.3% to Rs. 83 crore on 17.1% rise in net sales to Rs. 3,549 crore in Q2 September 2021 over Q2 September 2020.

Kalpataru Power Transmission is amongst the leading engineering, procurement, and construction (EPC) companies. It is executing projects that delivers complete solutions covering design, testing, fabrication, erection and construction of transmission lines, oil and gas infrastructure and railways projects on a turnkey basis.

Shares of Kalpataru Power Transmission declined 2.76% to close at Rs. 349.05 while Techno Electric and Engineering Company tumbled 4.40% to end at Rs. 223.65 on Tuesday, 21 December 2021.

BS