Adani Power announced on Tuesday that it had entered share purchase agreements with two infrastructure development businesses, Support Properties (SPPL) and Eternus Real Estate, to acquire 100 percent equity shares in each (EREPL).
SPPL will be bought for a total cash consideration of Rs 280.10 crore, while EREPL will be acquired for an aggregate equity value of Rs 329.30 crore. The acquisition is scheduled to be finalised in two weeks, according to the business.
SPPL and EREPL were founded in 2007 with the goal of conducting business in the infrastructure sector. Both companies have yet to begin operations. The purchase will be used to establish infrastructure facilities.
Adani Power, a subsidiary of the Adani Group, is India’s largest private thermal power producer. In Q4 FY22, it posted a total net profit of Rs 4,645.47 crore, up from Rs 13.13 crore in Q4 FY21. In the fourth quarter, net sales totaled Rs 10,597.78 crore, up 66.27 percent from Rs 6,373.60 crore in the same period the previous year.
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