Adani Energy Solutions’ material subsidiary -- Adani Electricity Mumbai (AEML) has executed Share Purchase Agreement (SPA) with Adani Properties (APPL) for acquiring 100% Equity Shares of Superheights Infraspace (SIPL).
SIPL holds development rights of land admeasuring 3,000 square meters situated at Bandra Kurla Complex (BKC) and AEML is developing 220kv Extra High-Voltage (EHV) substation on said land under the regulatory approvals.
The acquisition is expected to be completed within 15 working days from the execution date of SPA. The cost of acquisition is Rs 475 crore determined on basis of Independent Valuation Report.
Adani Energy Solutions (formerly known as Adani Transmission) is the transmission business arm of the Adani Group, one of India’s largest business conglomerates.
