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Adani Ports sells 100% stake in MPSEZ Utilities to Adani Transmission

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MUMBAI : Gautam Adani-led Adani Ports and Logistics signed a share purchase agreement with Adani Transmission Limited (ATL) for divestment of 100 per cent equity stake in MPSEZ Utilities Limited (MUL). MUL’s revenue for the financial year 2020-21 stood at ₹203.31 crore.

The sale process will be completed within 25 days, subject to the completion of other conditions precedent (CPs) as per the share purchase agreement. The consideration received from the sale stands at ₹116.27 crore, which is based on independent valuers’ report, the company said in a stock exchange filing.

Both ATL and APSEZ belong to the common promoter Adani group, and the acquisition is made at “arm’s length” basis.

Meanwhile, Adani Green Energy yesterday signed a power purchase agreement (PPA) with state-run Solar Energy Corp of India (SECI) to supply 4.66 gigawatts (GW) of renewable power

“The AGEL-SECI agreement to supply 4,667MW is part of a manufacturing-linked solar tender of 8,000MW awarded to AGEL by SECI in June 2020, which set a record for being the world’s largest solar development tender ever awarded,” the company said.

Adani Ports stock closed ₹18.40 or 2.41 per cent down at ₹745.30 on the NSE.

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