Gautam Adani's company signs another pact to acquire 100% stake in...

Gautam Adani, the second richest man in India, continues to expand his business empire. His Adani Group company has now signed a pact to acquire a project. Adani Energy Solutions Ltd (AESL) has said that it has signed a pact with PFC Consulting Ltd for the acquisition of a project special purpose vehicle - Pune- III Transmission Ltd. Adani Energy is a Rs 1.05 lakh crore market cap company. It is an electric power transmission company headquartered in Ahmedabad.

The Pune- III Transmission Limited (PTL) projects include the establishment of new 2x1500 MVA, 765/400 kV and 3x500 MVA, 400/220 kV Pune-III substations and setting up of 816 ckm transmission line, according to a regulatory filing.

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AESL has "executed a Share Purchase Agreement (SPA) with PFC Consulting Limited for acquiring 100 per cent equity shares of Pune- III Transmission Limited," the filing said. Under this pact, PTL will aim to implement evacuation of 7 GW of renewable energy from Khavda RE Park (Gujarat), under the Phase IV Part D package. The acquisition is proposed to further AESL's strategy of enhancing value for its shareholders through organic and inorganic opportunities. On acquisition cost, AESL said the equity shares will be acquired at a face value of Rs 10 each.

(With inputs from PTI)