Adani to sell 25.1% in Mumbai power distribution biz to Qatar Investment Authority
1 min read . Updated: 11 Dec 2019, 01:20 PM IST
Premium- AEML’s market share of Mumbai is approximately 67% by consumers served and 55% by electricity supplied
- At 12.50 pm, shares of Adani Transmission was at ₹336.20 on BSE
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%.
