Qatar Investment Authority buys 25.1% stake in Adani Transmission arm

Power grids. Photo: Fré Sonneveld/unsplash

Adani Transmission Ltd on Wednesday said it will sell 25.1% stake in its arm Adani Electricity Mumbai Ltd (AEML) to Qatar Investment Authority for around ₹3,200 crore.

“Adani Transmission Ltd (ATL), Adani Electricity Mumbai Ltd (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 company said in a exchange filling.

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 kilometers in the city of Mumbai. AEML’s market share of Mumbai is approximately 67% by consumers served and 55% by electricity supplied, the statement said.

As part of the transaction, Adani Transmission and Qatar Investment have agreed on definitive plans to ensure that over 30% of the electricity supplied by AEML is sourced from solar and wind power plants by 2023, the company added.

At 12.50 pm, shares of Adani Transmission was at ₹336.20 on BSE, unchanged from its previous close while the benchmark Sensex rose 0.06% to 40262.12 points. So far this year, Adani Transmission stock have surged nearly 65.52%.

This article was first published on livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.