Adani Energy Solutions Ltd (AESL, formerly Adani Transmission) said on Thursday it has completed the acquisition of Essar’s Mahan-Sipat Transmission assets for an enterprise value of ₹1,900 crore.

The transaction has been completed through a wholly owned subsidiary of AESL — Adani Transmission Step-Two Ltd (ATSTL), which acquired 100 per cent in the target firm.

In June 2022, the company signed definitive agreements with Essar Power Ltd (EPL) to acquire an inter-state transmission facility owned by Essar Power Transmission Ltd (EPTCL), with a length of 673 circuit (ckt) km.

The acquisition was expected to consolidate the Adani group firm’s presence in central India. Adani Transmission had then said that with the acquisition, it is on the path to achieving its target of 20000 ckt km before time.

The acquired asset is an operational 400 kV inter-state transmission line linking Mahan in Madhya Pradesh to the Sipat pooling substation in Chhattisgarh.

AESL said the project operates under the Central Electricity Regulatory Commission (CERC) regulated return framework and was commissioned on September 22, 2018. ATSTL raised funds at the most competitive terms. This has established a new benchmark for AESL to raise capital.

Shares of AESL on Thursday rose 1.12 per cent to ₹1,032.35 on the BSE following the announcement.