Kalpataru Power terminates agreement with CLP for stake in Alipurduar Transmission

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Kalpataru Power Transmission  (KPTL) has ended an agreement to sell its stake in Alipurduar Transmission (ATL) to CLP India.

KPTL served a notice on May 1 to terminate the Share purchase and Shareholders Agreement (SPSA).

KPTL and CLP India had signed the agreement on July 3, 2019.

"We wish to bring to your notice that certain conditions precedent, as per terms of the SPSA, could not be achieved and the Company has served a notice of termination on 1st May, 2020 to terminate the SPSA and accordingly SPSA stands terminated," KPTL said in a statement to stock exchanges.

KPTL had in July 2019 agreed to sell its stake in three power  transmission  assets - Kalpataru  Satpura  Transco (KSTPL), ATL  and  Kohima  Mariani  Transmission (KMTL).