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Adani Transmission (ATL), Adani Electricity Mumbai (AEML) and a subsidiary of Qatar Investment Authority (QIA) have signed definitive agreements for the sale of a 25.1% stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML (the transaction). The total QIA investment in AEML will be approximately Rs 3,200 crore (equivalent to approximately $450 million). The announcement was made during trading hours today, 11 December 2019.
AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometersin the city of Mumbai, the worlds seventh largest city by size of population. AEMLs market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.
As part of the transaction, ATL and QIA have agreed definitive plans to ensure that over 30% of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023. In addition, ATL and QIA have agreed a number of other green initiativesto combat climate change and facilitate the transition to a sustainable, low carbon economy.
The transaction demonstrates the increasingly strong relations between India and Qatar and the commitment of both countries to further develop their close ties in the years ahead.
Shares of Adani Transmission were trading 0.03% higher at Rs 336.3. The stock has jumped 43.23% in last three months as compared to a 7.44% rise in Nifty 50 index.
Adani Transmission (ATL) is the transmission business arm of the Adani Group, one of Indias largest business conglomerates. It is the countrys largest private transmission company with a cumulative transmission network of more than 14,340 ckt kms, out of which more than 11,470 ckt kms is operational. This includes around 2,860 ckt kms in various stages of construction.
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