Adani Energy Solutions Acquires Mahan Transmission
Adani Energy Solutions Ltd (AESL) announces a share purchase agreement (SPA) with REC Power Development and Consultancy Limited (RECPDCL) for acquiring 100 per cent equity shares of Mahan Transmission Limited (MTL).
MTL is set to deliver 1,230 megawatts of electricity from Adani Power Ltd.'s forthcoming 1,600 MW expansion units located in the Singrauli district of Madhya Pradesh, which will be connected to the state grid, as indicated in a filing with the stock exchange.
This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as inorganic opportunities, according to reports.
Equity shares of Mahan Transmission are being purchased at a nominal value of Rs 10 each. Adani Energy Solutions' stock rose by 8.3 percent, closing at Rs 870 per share.
Adani Energy Solutions has been identified as the successful developer for this project within the framework of tariff-based competitive bidding, with the RECPDCL serving as the coordinator for the bidding process. RECPDCL is a subsidiary of the government-owned REC Ltd.
Last week, AESL won a Rs 2,800 crore worth power transmission project in Gujarat. The project, to be delivered to the nation in 36 months, will supply green electrons for manufacturing Green Hydrogen and Green Ammonia in Mundra.
This was Adani Energy Solutions’ sixth order win this fiscal year, taking its orderbook to Rs 57,561 crore.
In January this year, Adani Energy Solutions Ltd won a Rs 25,000 crore Bhadla (Rajasthan)-Fatehpur (Uttar Pradesh) high voltage direct current (HVDC) order, its largest-ever order win to date.
AESL is the country’s largest private transmission company with a cumulative transmission network of 25,928 ckm and 87,186 MVA transformation capacities.
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AESL provides retail electricity distribution services to around 13 million customers in metropolitan Mumbai and the industrial zone of Mundra SEZ.
The company is also increasing its focus on smart metering and is set to become the top smart metering integrator in India.