Adani Ports sells 100% stake in Utility MPSEZ to Adani Transmission | Whuff News

Adani Ports and Logistics led by Gautam Adani today signed a share purchase agreement with Adani Transmission Limited (ATL) for the sale of 100 percent equity holding in MPSEZ Utilities Limited (MUL). MUL’s income for the financial year 2020-21 amounted to 203.31 crore.

The sale process will be completed within 25 days, subject to the fulfillment of other conditions precedent (CP) as in the share purchase agreement. The consideration received from the sale is at 116.27 crore, which is based on an independent valuer’s report, the company said in a stock exchange filing.

Both ATL and APSEZ belong to Adani’s common promoter group, and the acquisition was made on an “arm’s length” basis.

Meanwhile, Adani Green Energy yesterday signed a power purchase agreement (PPA) with state-run Solar Energy Corp of India (SECI) to supply 4.66 gigawatts (GW) of renewable power.

“The AGEL-SECI agreement to supply 4,667MW is part of the 8,000MW manufacturing-related solar tender awarded to AGEL by SECI in June 2020, which set a record as the world’s largest solar development tender ever awarded,” the company said. .

Adani Ports stock is closed today 18.40 or 2.41 percent down on 745.30 on the NSE.

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