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Veteran businessman Gautam Adani is going to buy another company. Adani Energy Solutions Limited (formerly known as Adani Transmission), an Adani Group company, has signed a share purchase agreement to acquire 100% stake in Halwad Transmission Limited. Adani Energy Solutions is buying this company from PFC Consulting Limited. Shares of Adani Energy Solutions rose nearly 3% to Rs 1,082.40 after the news.
The company will start the project in 24 months
Halwad Transmission Limited is a special purpose vehicle, it was developed by PFC Consulting Limited. It aimed to transport 7 GW of renewable energy from the Khawra Renewable Energy Park under the Phase 3 Part A package. Adani Energy Solutions said in an exchange filing that the Adani Group company has won the project through the Tariff Based Competitive Bidding (TBCB) process and the company will commission the project in the next 24 months. This has been said in a report by CNBC-TV 18.
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Adani Energy Solutions Rs. 3000 crore will be invested
Adani Energy Solutions has invested approximately Rs. 3000 crore will be invested. The project also includes construction of 765kV Halwad switching station. In addition, the Adani Group Company has informed that its wholly owned subsidiary Adani Transmission Step Four Limited has entered into an agreement with UAE-based Esyasoft Holdings to form a joint venture with 49:51 percent stake. Under this joint venture, the company will work on smart metering projects in India and abroad.
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