Adani Energy Solutions Ltd. executed a share purchase agreement with REC Power Development and Consultancy Ltd. for acquiring 100% equity in Khavda IVA Power Transmission Ltd., according to an exchange filing on BSE.
"This acquisition is proposed to further AESL's strategy for enhancing value for its shareholders through organic as well as inorganic opportunities," the filing said.
The firm said that KPTL is set to implement evacuation of 7 gigawatts of renewable energy from Khavda RE park, under the phase IV part A package.
"KPTL project includes setting up of 298 km (596 ckm) transmission line, 300 megavolt-ampere reactive Static Synchronous Compensator and 3x1500 megavolt-amperes, 765/400 kilovol amperes Inter-connecting Transformer with 1x330 MVAr, 765 kV and 1x125 MVAr, 420 kV bus reactors," the filing added.
The acquisition is expected to be completed within 4–5 working days from the execution date of the share purchase agreement.
AESL is acquiring KPTL equity shares at a face value of Rs 10 apiece.
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