Adani Energy Solutions to acquire Vizag Power
Adani Group's firm, Adani Energy Solutions Limited (AESL), has signed a share purchase agreement (SPA) to acquire 100% of the equity shares of Vizag Power Transmission Limited (VPTL). The shares are being acquired from REC Power Development and Consultancy Limited (RECPDCL).
The acquisition will help AESL integrate and supply power to the proposed green hydrogen and green ammonia projects in the Vizag area. The deal has been completed for a total equity value of Rs 5 lakh, with the shares acquired at a face value of Rs 10 each. According to the latest updates, the underlying inter-state transmission project housed under this special purpose vehicle has an estimated total project cost of approximately Rs 8,500 crore. It is intended to support the power requirements of green hydrogen projects.
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