Adani Energy Solutions Completes Acquisition Of PFC Consulting's Subsidiary
Mundra I Transmission Ltd. was established for the development of transmission system for supply of power to green hydrogen or ammonia manufacturing potential in Mundra area of Gujarat.
Adani Energy Solutions Ltd. announced on Thursday that it has completed the acquisition of a wholly owned subsidiary of PFC Consulting Ltd.
Power Finance Corporation Ltd.'s arm, i.e., PFC Consulting Ltd.'s special purpose vehicle, has been transferred to Adani Energy Solutions Ltd on March 20, according to an exchange filing.
The filing says that the SPV Mundra I Transmission Ltd. was set up to build a transmission system that will bring power to possible green hydrogen or ammonia factories in the Mundra area of Gujarat under the Phase-I: Part B 1 scheme (3 GW at Navinal S/s).
The company has paid Rs 18,65,10,477 as per the share purchase sale or disposal agreement. "It is pertinent to mention that the successful bidder mentioned above does not belong to the promoter and promoter group," as per the filing.
The transaction does not fall within the purview of a related party transaction.
"Further, the consideration for sale and transfer of SPVs is determined in accordance with the guidelines issued, from time to time, by the Ministry of Power, Government of India," the filing said.
Shares of Adani Energy Solutions closed 0.15% higher at Rs 815.10 apiece, compared to a 1.24% advance at the benchmark NSE Nifty 50. It has fallen 19.41% in the last 12 months.
Seven analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 43.4%.
