However, the crash in the stock has come after Gautam Adani, head of India’s Adani Group, and seven others faced charges in the United States in a multibillion-dollar bribery and fraud scheme, news agencies including Reuters and Bloomberg reported on November 21.
βWe would like to inform you that Adani Energy Solutions Limited (AESL), on 19th November 2024, at about 3:00 p.m. IST, executed a Share Purchase Agreement (SPA) with PFC Consulting Limited for acquiring 100% equity shares of Pune-III Transmission Limited (βPTLβ),β the company said in an exchange filing.
PTL projects include the establishment of new 2×1500 MVA, 765/400 kV & 3×500 MVA, 400/220 kV Pune-III (GIS) substation and the setup of a 322 km (816 ckm) transmission line.
The acquisition is part of Adani Energy’s strategy to enhance value for its shareholders through both organic and inorganic opportunities.
PTL aims to implement the evacuation of 7 GW of renewable energy (RE) from Khavda RE Park, under Phase IV Part D package.The company also informed that the acquisition of PTL has been completed.Also read: Zinka Logistics shares to debut today. Here’s what GMP indicates
Adani Energy Solutions reported a 145% growth in its consolidated net profit, reaching Rs 675 crore for the quarter ended September 2024, compared to Rs 276 crore in the same quarter last year.
Meanwhile, its revenue from operations for the reporting period rose 68% year-on-year (YoY) to Rs 6,184 crore.
Shares of Adani Energy Solutions closed 0.74% higher at Rs 872.10 on the BSE in the previous trading session.
(Disclaimer: Recommendations, suggestions, views, and opinions expressed by the experts are their own and do not represent the views of Economic Times)
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