Synopsis
On March 27, Adani Energy Solutions Ltd (AESL) entered into a share purchase agreement to acquire Mahan Transmission Ltd, enhancing its power transmission capabilities and stock value. This strategic move aims to boost shareholder value through organic and inorganic growth opportunities.Key Takeaways
- Adani Energy Solutions acquires Mahan Transmission Ltd.
- MTL to transmit 1,230 MW power
- Shares closed up 8.3% at Rs 870
- Sixth project win this fiscal year
- AESL’s largest order win of Rs 25,000 crore
Ahmedabad, March 27 (NationPress) Adani Energy Solutions Ltd (AESL) announced on Thursday a share purchase agreement (SPA) with REC Power Development and Consultancy Limited (RECPDCL) to acquire 100 percent equity shares of Mahan Transmission Limited (MTL).
MTL is set to transmit 1,230 megawatts of electricity from Adani Power Ltd.’s upcoming 1,600 MW expansion units located in Mahan, within the Singrauli district of Madhya Pradesh, and integrate this power into the state grid, as detailed in a stock exchange filing.
The filing stated, “This acquisition aims to further AESL’s strategy of enhancing shareholder value through both organic and inorganic avenues.”
The equity shares of Mahan Transmission are being acquired at a nominal face value of Rs 10 each.
On Thursday, shares of Adani Energy Solutions closed up by 8.3 percent at Rs 870 per share.
Adani Energy Solutions emerged as the successful developer of this project under a competitive bidding framework, with RECPDCL serving as the bid process coordinator. RECPDCL operates as a subsidiary of the state-owned REC Ltd.
Just last week, AESL secured a Rs 2,800 crore power transmission project in Gujarat. This project is expected to be completed within 36 months and will facilitate the supply of green electrons for the production of Green Hydrogen and Green Ammonia in Mundra.
This marks Adani Energy Solutions’ sixth project win during the current fiscal year, boosting its order book to Rs 57,561 crore.
Earlier this year, in January, AESL secured a Rs 25,000 crore order for a high voltage direct current (HVDC) project spanning from Bhadla (Rajasthan) to Fatehpur (Uttar Pradesh)—its largest order to date.
AESL stands as the nation’s largest private transmission firm, boasting a cumulative transmission network of 25,928 ckm and a transformation capacity of 87,186 MVA.
In its retail electricity distribution operations, AESL caters to around 13 million consumers in metropolitan Mumbai and the industrial region of Mundra SEZ. The company is also intensifying its smart metering initiatives, positioning itself to become India’s premier smart metering integrator.
