Adani Energy Solutions Completes Acquisition of South Kalamb Power Transmission Limited

Transaction Overview

Adani Energy Solutions Limited (AESL) has finalized the acquisition of a 100% equity stake in South Kalamb Power Transmission Limited (SKPTL) from PFC Consulting Limited (PFCCL). The transaction was formalized on March 30, 2026, following the execution of a Share Purchase Agreement (SPA). This acquisition incorporates SKPTL as a wholly-owned subsidiary of AESL, expanding the company’s footprint in the Inter-State Transmission System (ISTS) sector.

Transaction Mechanism and Financials

The acquisition was executed through a cash transaction for a total consideration of ₹1,00,000. AESL acquired 10,000 equity shares at a face value of ₹10 per share, representing 100% of the target entity’s equity. SKPTL, which was incorporated on September 30, 2025, reported an authorized and paid-up share capital of ₹1 lakh each at the time of the transfer.

The divestment was facilitated by PFC Consulting Limited (PFCCL) acting as the Bid Process Coordinator (BPC) under the Ministry of Power. The Special Purpose Vehicle (SPV) was transferred via the Tariff-Based Competitive Bidding (TBCB) process in accordance with Section 63 of The Electricity Act, 2003.

Project Scope: Network Expansion Scheme Part A

The acquisition mandates AESL to develop the “Network Expansion Scheme for drawal of power at South Kalamb S/s: Part A.” This project is the TBCB component of a broader hybrid infrastructure effort that includes Part B (reconductoring by AESL subsidiary Western Transco Power Ltd under RTM) and Part C (bay upgrades by PGCIL under RTM). The technical specifications for Part A include:

• Bus Section Development: Creation of new 765 kV Bus Sections (II & III) and 400 kV Bus Sections (II & III) via two sets of 765 kV and 400 kV sectionalization bays.
• Transformation Capacity: Installation of three (3x) 1500 MVA, 765/400 kV Interconnecting Transformers (ICTs).
• Reactive Power Support: Installation of two (2x) 330 MVAr, 765 kV bus reactors and two (2x) 125 MVAr, 420 kV bus reactors on Section-III.
• Line Integration: Execution of Line-in-line-out (LILO) connections for the Nagothane–Padghe, Pune–Navi Mumbai, and Pune–Vikhroli 400 kV lines at the South Kalamb substation.
• Substation Expansion: Construction of eight (8) 400 kV bays at the South Kalamb substation.
• Operational Configuration: 400 kV sectionalizers between Sections-I & II and II & III are to remain “normally open,” while 765 kV sectionalizers will be “normally closed” during standard operation.

Strategic Objective and Infrastructure Impact

The primary objective of the scheme is to bolster the downstream transmission network in Maharashtra to provide a direct power feed to the Mumbai region and enhance the area’s Available Transfer Capacity (ATC).

The project is subject to a compressed 24-month completion schedule from the date of SPV transfer. This accelerated timeline is strategically critical as the downstream infrastructure must be operational ahead of the Barmer-II HVDC terminal (part of the Rajasthan REZ Ph-IV scheme), which has a longer commissioning gestation period of 48 to 54 months. Once completed, the network will be equipped to handle a 6 GW ±800 kV HVDC renewable energy injection, supporting AESL’s strategy for both organic and inorganic growth in the electric utilities segment.

Regulatory Compliance and Timeline

The project adheres to the standard regulatory framework for ISTS assets:

• Commissioning Timeline: Mandated completion within 24 months from the SPV transfer date (Scheduled COD).
• Operational Basis: 35-year mandate on a Build, Own, Operate, and Transfer (BOOT) basis.
• Divestment Mandate: All assets, including land and statutory clearances, must be transferred to the Central Transmission Utility (CTU) at zero cost after 35 years of operation.
• Statutory Filing: The acquisition and subsequent disclosure were performed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corporate Contact and Filing Information