Adani Energy Solutions Ltd. acquired a 100% stake in Sangod Transmission Service Ltd. from Rajasthan Rajya Vidyut Prasaran Nigam Ltd.
The STSL project includes the implementation of a transmission project at Rajasthan's Sangod along with a 220/132 kV, 160 MVA transformer, and associated transmission line, according to an exchange filing on Friday.
STSL has yet to commence business operations.
The equity shares are acquired at a face value of Rs 10 each, while the authorised and paid-up share capital is Rs 5 lakh each.
"This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as inorganic opportunities," the Adani Group company said.
The company already has power transmission networks in other parts of Rajasthan, including from Bikaner to Sikar, Suratgarh-Bikaner, and Barmer.
Earlier this week, Adani Energy Solutions, formerly known as Adani Transmission Ltd., commissioned Mumbai's Khargar-Vikhroli transmission line. The project consisted of the first 400 kV GIS substation in the city.
Shares of Adani Energy Solutions closed 0.20% lower at Rs 806.3 per share, ahead of the announcement. This compares with a 0.55% advance in the benchmark S&P BSE Sensex.
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