Adani Power to Sell Stakes in Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 cr
Jan 25, 2024 20:29
Adani Power has signed an initial agreement to sell its entire stake in Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore. The transaction is expected to be completed by March 31, 2024.
Photograph: Amir Cohen/Reuters
New Delhi, Jan 25 (PTI) Adani Power on Thursday said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore.
"Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said.
Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added.
The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively.
AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX.
It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and feet, and other related services.
The proposed transactions fall within related party transactions and are transactions done on an arm's length basis, it stated.
The expected date of completion of the transaction is March 31, 2024. PTI KKS
KKS
Rediff.com »
Market News » Adani Power to Sell Stakes in Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 cr
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.