Adani Energy Solutions to buy transmission project

Adani Energy Solutions Ltd (AESL), formerly known as Adani Transmission, in a regulatory filing said it has acquired an under-development transmission project from Hyderabad-based Megha Engineering & Infrastructures (MEIL) for an undisclosed amount.

In the filing, the company said it will buy 100% equity shares of special purpose vehicle company KPS 1, at face value of Rs 10 apiece.

"This acquisition is proposed to further AESL’s strategy for enhancing value for its shareholders through organic as well as

inorganic opportunities," AESL said.

KPS1 will aim to implement KPS1-Khavda PS GIS (KPS2) 765 kV double circuit line and augmentation of Khavda PS1.

The company added that KPS1 is incorporated on 6 May, 2022 and has a presence in India. "KPS1 is yet to commence business operations. In view of the same, history of last three years turnover is not applicable."

The KPS1 project includes the implementation of the KPS1-Khavda PS GIS (KPS2) 765 kV double circuit line and the augmentation of Khavda PS1. The project was initially slated to be completed within 21 months.

Adani group is developing a 20-gigawatt hybrid renewable energy park in Khavda Gujarat.

Shares of AESL closed at Rs 821.70, up 0.42% on the BSE Thursday.