Adani to sell 25.1% in Mumbai power distribution biz to Qatar Investment Authority

adaniports

Mumbai: Adani Transmission Ltd on Wednesday said it will sell 25.1% stake in its arm Adani Electricity Mumbai Ltd (AEML) to Qatar Investment Authority for around ?3,200 crore.

“Adani Transmission Ltd (ATL), Adani Electricity Mumbai Ltd (AEML) and a subsidiary of Qatar Investment Authority (“QIA”) have signed definitive agreements for the sale of a 25.1% stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML”, the company said in a exchange filling.

AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai. AEML’s market share of Mumbai is approximately 67% by consumers served and 55% by electricity supplied, the statement said.

As part of the transaction, Adani Transmission and Qatar Investment have agreed definitive plans to ensure that over 30% of the electricity supplied by AEML is sourced from solar and wind power plants by 2023, the company added.

At 12.50 pm, shares of Adani Transmission was at ?336.20 on BSE, unchanged from its previous close while the benchmark Sensex rose 0.06% to 40262.12 points. So far this year, Adani Transmission stock have surged nearly 65.52%.

News Source:- livemint

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