Shares of Adani Transmission rose more than 3 percent in the opening trade on Thursday as company received LoI intra state transmission project in Uttar Pradesh.
The company has received the LoI from REC Transmission Projects Company, a wholly owned subsidiary of Rural Electrification Corporation, to build, own, operate and maintain the transmission project in the state of Uttar Pradesh.
The project Ghatampur Transmission has approximately 900 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 3X660MW Ghatampur thermal power project.
This project has been awarded to the company through a tariff based competitive bidding process.
This is the first win for Adani Transmission in the state of Uttar Pradesh, which will help it establish as a pan India player and is also expected to bring in the benefits of economies of scale to the business in India.
At 09:38 hrs Adani Transmission was quoting at Rs 144.10, up Rs 1.65, or 1.16 percent on the BSE.
Posted by Rakesh Patil
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