Essel sells 4 transmission projects to Sekura Energy

Essel sells 4 transmission projects to Sekura Energy

FPJ BureauUpdated: Wednesday, May 29, 2019, 05:27 AM IST
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Mumbai: Edelweiss Infrastructure fund-backed Sekura Energy on Tuesday signed an agreement to acquire two operating and two under-construction power transmission assets from Essel Infraprojects, for an enterprise valuation of Rs 6,000 crore, the companies said. While the operational projects are Darbhanga-Motihari Transmission and NRSS XXXI (B) Transmission, the under-construction projects are Warora-Kurnool Transmission and NRSS XXXVI Transmission which will be commissioned by FY20.

The two under-construction assets will be acquired post-commissioning, it said, adding these four projects together has an enterprise valuation of Rs 6,000 crore. Sekura is promoted by Edelweiss Infrastructure Yield Plus Fund and focuses solely on the power sector. “This transaction fits well with our strategy of investing in infrastructure assets which can deliver predictable long-term returns to investors. Sekura invests in long term yielding opportunities in the power sector,” its head Subahoo Chordia said.

“With these acquisition, Sekura will be one of the leading asset owners and investors in the power sector”, Avinash Rao, Sekura CEO said. Essel Infraprojects CEO Rohit Modi said asset monetization is an important aspect of their strategy to create growth capital.  Total enterprise value of these four projects is Rs 6,000 crore and these transactions are the first of the monetization plans of the company. The Essel group has plans to expand its footprint in the emerging infrastructure sectors like water, railways, municipal solid waste etc, he added.

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