Adani Transmission has incorporated a wholly-owned subsidiary, ATL HVDC (AHL) to carry out the business of transmission, distribution and supply of power and other related infrastructure services.
In a stock exchange filing on Thursday, the company informed that AHL was incorporated on June 16, 2021 with authorised share capital of ₹1 lakh and paid-up share capital of ₹1 lakh. It was registered with the ROC, Ahmedabad. The newly-incorporated entity is yet to commence business operations.
What ATL does
ATL is the transmission and distribution business arm of the diversified Adani Group. The firm has the largest private transmission network in the country at ~17,200 ckt km, out of which ~12,350 ckt km is operational and ~4,850 ckt km is at various stages of construction.
ATL also operates a distribution business in Mumbai with over 3 million customers.
Also read: Adani Transmission posts ₹17 crore Q4 standalone net loss
The formation of the new entity under ATL for power distribution and other related infrastructure services will help in realising the company's goal of creating a strong and reliable power transmission network to cater to the retail customers and achieving the aim of ‘Power for All’ by 2022.
ATL shares ended in the red on Thursday at ₹1,300.90 on the BSE, down 5% with only sellers on the counter.