Adani Power sells Support Properties Private Ltd to AdaniConnex

24 Mar 2023 , 06:35 AM

Adani Power announced on Thursday that it had sold AdaniConnex Private Ltd (ACX) a 100% ownership in Support Properties Private Ltd (SPPL) for an enterprise value of Rs1,556.8 crore.

According to a BSE filing, the parties to the proposed transaction, for which a legally binding memorandum of understanding had previously been signed, had ‘executed a Share Purchase Agreement and finalized the transaction.’

Adani Power had earlier signed a memorandum of understanding (MoU) in November of last year to sell AdaniConnex Private Ltd. a 100% equity stake in its wholly-owned subsidiary Support Properties Private Ltd. (ACX).

Subject to revisions on the closing date, the enterprise valuation (of a 100% stake in SPPL) was estimated at Rs1,556.53 crore.

EdgeConneX and Adani Enterprises Ltd, a business affiliated with the promoter group, are partners in the ACX at a 50:50 ratio.

Its activities include creating top-notch data centers, offering co-location hosting, and other related services.

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