Adani Group upbeat on Telangana

Mumbai: Adani Green Energy Ltd (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two special purpose vehicles (SPV) holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company.

The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana Limited.

The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, Adani Green said in a statement.

The closing of the transaction is subject to customary approvals and condition, it added.

Vneet S Jaain, MD & CEO, Adani Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project."

Adani Transport wins 1,040-cr highway contract in TS.

ADANI Road Transport Ltd (ARTL) on Wednesday said it has won a Rs 1,039.90 crore highway project from NHAI in Telangana.

"We are pleased to inform you that ARTL has received a Letter of Award (LOA) for four laning of NH-365A from Kodad to Khammam in Telangana under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM)," the company said in a BSE filing. The bid cost of the project is Rs 1,039.90 crore, it added.

The construction period of the project is two years, while the operation period is 15 years, it noted. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited (AEL), part of Adani Group. The company said it will continue to evaluate and bid for attractive opportunities in the transport sector, which generates value for the stakeholders. With this project award, Adani Group will have a total of eight NHAI road projects under HAM and Toll-Operate-Transfer (TOT) in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala and Gujarat, it added.