Adani Shares In Focus As Gautam Adani Looks To Acquire Another Company, To Invest Rs 3K Crore

The share price of most Adani group stocks traded in the green on Wednesday (December 27). Shares of Adani Energy Solutions grabbed attention today on news that the company has inked a share purchase agreement to acquire a 100% stake in Halvad Transmission Ltd. from PFC Consulting Ltd. Adani Energy Solutions shares were spotted trading 0.85% higher at Rs 1050.00 per share at 10:51 am IST today.

In an exchange filing on Wednesday, the company said that Adani Energy Solutions Limited (AESL) has received the Letter of Intent (LoI) for the acquisition of Halvad Transmission Ltd. from PFC Consulting Limited (PFCCL).

As per the filing, AESL would be investing ~Rs 3,000 crore to build, own, operate, and maintain the ~301 km (656 ckm) transmission project for a period of 35 years. The project includes setting up of a 765 kV Halvad switching station with 2x330 MVAr bus reactors and Line-In Line-Out of Lakadia - Ahmedabad 765 kV D/c line at Halvad.

Halvad Transmission Ltd. is a Special Purpose Vehicle (SPV) set up by PFCCL to evacuate 7 GW of Renewable Energy from the Khavda Renewable Energy Park, under the Phase III Part A package. It will help connect Khavda to Halvad, also in Gujarat.

Commenting on this development, Anil Sardana, MD, Adani Energy Solutions Ltd., said, "AESL is committed to partner with the government and developers of renewable energy to expedite efficient evacuation of renewable energy from the generating regions up to the consumers. The 7GW Khavda Project will go a long way in making additional renewable energy available for the consumers and we will use the latest technology to commission this project with minimal environmental impact."

Winning this project further consolidates AESL's market-leading position and takes its network (installed and under-commissioning) to 20,518 ckm and 53,161 MVA of transformation capacity.

In a separate exchange filing, the Adani group firm today informed that the company through its wholly owned subsidiary, Adani Transmission Step-Four Limited has entered into a definitive agreement on 26th December 2023 for the formation of 49:51 JV with UAE-based Esyasoft Holdings, to implement Smart Metering projects in India and globally.

Adani Transmission Step Four Limited (ATSFL) is a 100% owned subsidiary of AESL. As per the filing, ATSFL and EHL will hold 49% and 51% shareholding respectively in the proposed JVCo with equal participation in the Board of Directors of the Company.

Meanwhile, another Adani group firm Adani Green Energy today announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, to acquire a 50% stake in the projects.

This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power projects in India.

Notably, on Tuesday (Dec 26) promoters of Adani Green Energy decided to infuse a sum of Rs 9,350 crore in the company via a preferential issue of warrants. Adani Green Energy shares were seen trading 1.48% higher at Rs 1623.65 per share at 10:54 am IST today.

Adani Enterprises shares were down 0.65% at Rs 2850.05 per share at 11 am IST, and Adani Total Gas shares were up 0.73% at Rs 1002.55 per share.