Adani Transmission Ltd. has signed definitive agreements with Essar Power Ltd. to acquire 673 circuit kilometres of operational inter-state transmission project for ₹1,913 crore.

The target asset is an operational 400 kV inter-state transmission line linking Mahan in Madhya Pradesh to Sipat pooling substation in Chhattisgarh with line length of 673 ckt kms, India's largest private sector transmission and distribution company says in an exchange filing.

The deal is in line with Adani Transmission's value added growth strategy through organic as well as inorganic growth opportunities, the company says. With this acquisition, the cumulative network of Adani Transmission will reach 19,468 ckt kms, out of which 14,952 ckt kms is operational and 4,516 ckt kms is under various stages of execution.

"The acquisition of Essar's transmission asset will consolidate ATL's presence in central India. With this acquisition, ATL is well on path to achieve its 20,000 ckt kms target before time," says Anil Sardana, MD & CEO, Adani Transmission.

The project operates under the Central Electricity Regulatory Commission-regulated return framework and was commissioned on September 22, 2018.

With this scale of operations, Adani Transmission says it will derive synergies in terms of cost optimisation and shared resources. The deal will also fortify its position of being the largest private sector transmission and distribution company in the country.

The proposed transaction is subject to regulatory approvals.

Gautam Adani has been on an acquisition spree after stocks of the listed entities of the ports-to-power conglomerate boosted his fortunes.

The Gujarat-based tycoon acquired a 50% stake in Bengaluru-based General Aeronautics Pvt. Ltd last week. Just days before that, the Adani group forayed into healthcare by incorporating Adani Health Ventures (AHVL).

The Adani family has also entered into a pact to acquire Switzerland-based Holcim Ltd's entire stake in two Indian cement companies — Ambuja Cements Ltd and ACC Ltd. The value for the Holcim stake and open offer consideration for the two cement makers is around $10.5 billion, making this the largest ever acquisition by Adani.

The conglomerate is also vying for a foothold in the news media business. Last month, Adani Enterprises unveiled its plans to acquire a 49% stake in Quintillion Business Media — the parent entity of business news platform BQPrime.

In April, India's largest commercial port operator Adani Ports and Special Economic Zones (APSEZ) said its subsidiary Adani Harbour Services will acquire a 100% stake in third-party marine services provider Ocean Sparkle Ltd, which has an enterprise value of ₹1,700 crore.

Investments in UP

Adani Group chairman Gautam Adani said his group companies will invest ₹70,000 crore in Uttar Pradesh. The investment is expected to create around 30,000 jobs in the state.

"We are investing over ₹70,000 crore in the state. We anticipate this investment creating over 30,000 jobs," Adani said while addressing Uttar Pradesh Investors Summit 2022 today. "We are also investing ₹24,000 crore on road and transport infrastructure and ₹35,000 crore on multi-model logistics as well as defence sectors," he said.

Of this investment, ₹11,000 crore has already been spent across our transmission, green energy, water, agri-logistics and our data centre business, Adani said.

Adani Group is in the process of setting up South Asia's largest ammunition complex in Kanpur, Uttar Pradesh. "This is the largest private sector investment in UP defence corridor," he said.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.