Adani Green Transfers 74% Stake of MSEL to Adani Tradecom LLP

Adani Green Transfers 74% Stake of MSEL to Adani Tradecom LLP

Ahmedabad-headquartered Adani Green Energy Ltd announced on Saturday that its subsidiary Adani Renewable Energy Holding Four Ltd has transferred 74 per cent shareholding of Mundra Solar Energy Ltd (MSEL) to Adani Tradecom LLP (ATLLP).

It stated in a BSE filing, “7,400 equity shares are transferred to ATLLP at face value i.e. Rs 10 each, aggregating to Rs 74,000,” adding that the deal was done for cash consideration.

The MSEL, which is a step-down subsidiary of the company, has been transferred to ATLLP, which is a wholly-owned LLP of Adani Enterprises Limited, an entity falling under the joint control i.e. Adani Group.

The transaction is done at arm’s length basis and shareholding is transferred on the basis of an independent valuation report. The MSEL has not begun its business operations yet. It is incorporated to manufacture crystalline silicon solar PV cells, modules and ancillary operations, which is in a similar line of business undertaken by Adani Enterprises Limited.

Adani Green Energy announced its financial results for the quarter and financial year ended March 31, 2021, earlier this month and reported a 136% increase in cash profit in the previous financial year. Since the beginning of 2021, it has made a slew of announcements, including commissioning a 50 MW solar power plant in Chitrakoot, UP, completing the acquisition of Spinel Energy and Infrastructure from Hindustan Cleanenergy and Peridot Power Ventures at Rs 133 crores, acquiring a 100 percent stake in two SPVs holding 75 MW operating solar assets of Sterling & Wilson Adani Green Energy Limited (AGEL), and successfully raising USD 1.35 billion to initially finance a 1.69 GW portfolio of solar and wind projects in Rajasthan, among other ventures.

The current acquisition, it has stated, will bring synergy in its current manufacturing operations and enhance the market share by its brand value. The authorised share capital of the MSEL is Rs 5,00,000 while the paid-up share capital is Rs 1,00,000.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.