Adani Power

Adani Power to acquire two infrastructure companies | Rare Techy

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Adani Power Tuesday announced that it signed a share purchase agreement to acquire 100% of the equity shares of two infrastructure development companies, Support Properties (SPPL) and Eternus Real Estate (EREPL).

The total cash consideration to acquire SPPL is Rs 280.10 crore, while EREPL will be acquired at an aggregate equity value of Rs 329.30 crore. The company said the transaction is expected to be completed within two weeks.

SPPL and EREPL were incorporated in 2007 with the aim of conducting business in infrastructure activities. Both companies are yet to start operations. This acquisition is aimed at establishing infrastructure facilities.

Adani Power, part of the diversified Adani Group, is India’s largest private thermal power producer. It reported a consolidated net profit of Rs 4,645.47 crore in Q4 FY22 against a net profit of Rs 13.13 crore in Q4 FY21. Net sales in the fourth quarter stood at Rs 10,597.78 crore, up 66.27% from the Rs 6,373.60 crore reported in the same period last year.

Shares of Adani Power fell 1.18% to Rs 287.75 on the BSE.

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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)

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