Adani Group Firm Adani Power To Sell 100% Stake In Two Units To AdaniConnex For Rs 540 Crore

Adani group firm and India's largest private thermal power producer, Adani Power Ltd. has signed a Memorandum of Understanding (MoU) to sell two fully owned subsidiaries to AdaniConnex Pvt. for Rs 540 crore. The power giant will sell a complete 100% stake in Aviceda Infra Park Ltd. for Rs 190 crore and Innovant Buildwell Pvt. for Rs 350 crore to AdaniConnex, according to an exchange filing on Thursday.

In an exchange filing on Thursday, the company said, "This is to inform you that Adani Power Limited (the "Company") has entered into a Memorandum of Understanding ("MOU") to sell its 100% equity stake in its two wholly owned subsidiaries, i.e. Aviceda Infra Park Limited ("AIPL"); and Innovator Buildwell Private Limited ("IBPL") to AdaniConnex Private Limited ("ACX"). Consequently, AIPL and IBPL will cease to be wholly owned subsidiaries upon completion of the sell, as aforesaid."

The expected date of completion of sale/disposal is March 31, 2024. AdaniConnex Private Limited ACX is a 50:50 joint venture between Adani Enterprises Limited, 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.

Adani Power Limited (APL), India's largest private thermal power producer, today announced that effective 1st April 2024, its incumbent Chief Financial Officer (CFO) Shailesh Sawa will be transitioning from his position to a new role in Group Regulatory Engagement for Adani portfolio of companies.

In a separate filing, the Board of Directors of APL on Thursday approved the appointment of Dilip Kumar Jha, who presently serves as Finance Head of the Integrated Resource Management vertical of Adani Enterprises Limited, as the new CFO-designate. Jha will assume the position of APL's CFO from 1st April 2024.

Adani Power Q3FY24 Results:

The billionaire Gautam Adani-led independent power producer on Thursday reported a multi-fold jump in consolidated net profit at Rs 2,738 crore in the quarter that ended December 2023, compared to Rs 8.8 crore net profit over the same period last year. The firm's revenue rose 67% to Rs 12,991 crore in Q3FY24 compared to Rs 7,764 crore in Q3FY23.

Adani Power shares last closed 4.40% higher at Rs 542.50 per share on BSE.