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.