Adani Power has signed a Share Purchase Agreement (SPA) with the shareowners of Orissa Thermal Energy (OTEPL) (formerly known as Padmaprabhu Commodity Trading) to acquire its entire paid up equity shares, i.e. total 10,000 equity shares of the face value of Rs 10 each.
Upon acquisition of equity shares, as above, OTEPL now becomes a wholly owned subsidiary of the Company. The object is to set up infrastructure facilities / capacity augmentation of the Company on the land belonging to OTEPL.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
