• Source:JND
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Adani Group:  Adani Energy Solutions Ltd. (AESL) declared on Wednesday that it has signed an understanding with PFC Consulting Ltd. for the procurement of a project special purpose vehicle Pune-III Transmission Ltd. As per a regulatory filing, Pune-III Transmission Ltd.’s (PTL) projects involve building new 2x1500 MVA, 765/400 kV and 3x500 MVA, 400/220 kV Pune-III substations and developing an 816 ckm transmission line.

AESL executed a share purchase agreement (SPA) with PFC Consulting Ltd for the procurement of 100% equity shares of Pune-III Transmission Ltd., it said in a regulatory filing.

Under this deal, PTL will aim to execute the evacuation of 7 GW of renewable energy from Khavda RE Park (Gujarat) under the Phase IV Part D package.
The procurement proposition is in continuation of AESL’s strategy to increase value for its shareholders through organic and inorganic opportunities. Regarding the procurement cost, AESL said the equity shares would be procured at a face value of Rs 10 per share.

What are the benefits?

This acquisition will help AESL to pursue its strategy of creating shareholder value through new and old opportunities. Regarding the acquisition cost, AESL said that the equity shares will be acquired at a face value of Rs 10 per share.

Adani Group Recent Aquisition

Adani Group’s other company Adani Infra recently announced the purchase of a 30.07 percent stake in construction firm PSP Projects for Rs 685.36 crore. Adani Infra, a unit of Adani Enterprises, will buy shares from Prahladbhai S Patel. Patel is the chairman of PSP Projects and is its biggest shareholder. Let us tell you that the group will also make an open offer after the acquisition. PSP Projects said that after the completion of the open offer, Adani Infra will get joint control over the company along with the existing promoter group and will become the promoter of the company.

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