Ahmedabad, March 27 Adani Energy Solutions Ltd (AESL) on Thursday announced 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 will transmit 1,230 megawatts of power from Adani Power Ltd.'s upcoming 1,600 MW expansion units at Mahan in Madhya Pradesh's Singrauli district and feed into the state grid, according to a stock exchange filing.
"This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as inorganic opportunities," the filing read.
Equity shares of Mahan Transmission are being acquired at a face value of Rs 10 each.
Adani Energy Solutions’ share closed 8.3 per cent up at Rs 870 apiece on Thursday.
Adani Energy Solutions emerged as the successful developer of this scheme under the tariff-based competitive bidding framework, with the RECPDCL acting as the bid process coordinator. RECPDCL is a subsidiary of state-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 capacity.
In its retail electricity distribution business, AESL serves approximately 13 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. The company is also ramping up its smart metering business and is on course to become India’s leading smart metering integrator.
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