Post by account_disabled on Dec 30, 2023 4:36:16 GMT -6
Qatar Investment Authority to invest Rs 32 billion in Adani Electric Mumbai Limited Adani Transmission Limited ("ATL"), Adani Electric Mumbai Limited ("AEML") and a subsidiary of Qatar Investment Authority ("QIA") have signed a definitive agreement for the sale of shares. 25.1% in AEML to QIA and regarding the investment of subordinated debt instruments by QIA in AEML (the "Investment"), for QIA's total investment in AEML to be approximately R32 billion. (equivalent to approximately 450 million dollars) AEML is the recipient of a license to operate an integrated electricity production, transmission, and distribution business. that currently serves more than 3 million consumers It covers an authorized area of over 400 square kilometers in Mumbai. It is the seventh most populous city in the world. AEML's market share in Mumbai is approximately 87% based on permitted area, with 67% of consumers served by the company and 55% of Electricity distribution As part of the investment, ATL and QIA agreed on a plan to ensure that 30% of electricity sold by AEML will come from solar and wind power plants by 2023.
ATL and QIA also agreed on several green plans. to fight climate change and support the transition to a sustainable, low-carbon economy. This investment represents the strengthening of ties between India and Qatar. and the commitment of both countries to develop closer relations in the coming years. Mr. Gautam Adani, Chairman of the Adani Group, said: “We are delighted to begin our partnership with the Qatar Investment Authority. We will continue to work together to enhance the security of supply and delight the consumers of over 3 AEML countries. million people in Mumbai We believe this investment is an important step on Adani Group's journey, marking the start of our long-term partnership with QIA.” Mr. Mansoor Al-Mahmoud, Chief Executive Officer WhatsApp Number List of QIA, said: “We believe Adani Electricity Mumbai Limited is the best electric utility in India. and has huge potential to grow. We look forward to a long-term partnership with the Adani Group, sharing our investment perspective and vision for sustainable growth. as well as the continued success of AEML" Mr. Al-Mahmoud added: “This investment demonstrates our confidence in India. It is a country with which Qatar has deep roots and excellent relations.” The investment is the latest in a series of global infrastructure assets.
QIA has made with trusted partners around the world. The investment is expected to close in early 2020, subject to regulatory approvals and satisfaction of prior conditions. SKN Advisors Limited acted as financial advisor and Cyril Amarchand Mangaldas acted as legal advisor to ATL and AEML. J.P. Morgan acted as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP and AZB & Partners acted as legal counsel to QIA. About Adani Electricity Mumbai Limited (AEML) - Adani Electricity Mumbai Limited is part of the diversified Adani Group. AEML is a fully integrated electricity generation, transmission and retail distributor. It owns and operates the most efficient and largest electric power distribution network in India. AEML serves more than 3 million consumers, covering an area of 400 square kilometers in Mumbai and its suburbs. Serving nearly 2,000 megawatts of electric power demand with a reliability rate of 99.99%, the highest in the country, AEML provides excellent customer care with the help of advanced technology. See more information at www.adanielectricity.com About Adani Transmission Limited.
ATL and QIA also agreed on several green plans. to fight climate change and support the transition to a sustainable, low-carbon economy. This investment represents the strengthening of ties between India and Qatar. and the commitment of both countries to develop closer relations in the coming years. Mr. Gautam Adani, Chairman of the Adani Group, said: “We are delighted to begin our partnership with the Qatar Investment Authority. We will continue to work together to enhance the security of supply and delight the consumers of over 3 AEML countries. million people in Mumbai We believe this investment is an important step on Adani Group's journey, marking the start of our long-term partnership with QIA.” Mr. Mansoor Al-Mahmoud, Chief Executive Officer WhatsApp Number List of QIA, said: “We believe Adani Electricity Mumbai Limited is the best electric utility in India. and has huge potential to grow. We look forward to a long-term partnership with the Adani Group, sharing our investment perspective and vision for sustainable growth. as well as the continued success of AEML" Mr. Al-Mahmoud added: “This investment demonstrates our confidence in India. It is a country with which Qatar has deep roots and excellent relations.” The investment is the latest in a series of global infrastructure assets.
QIA has made with trusted partners around the world. The investment is expected to close in early 2020, subject to regulatory approvals and satisfaction of prior conditions. SKN Advisors Limited acted as financial advisor and Cyril Amarchand Mangaldas acted as legal advisor to ATL and AEML. J.P. Morgan acted as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP and AZB & Partners acted as legal counsel to QIA. About Adani Electricity Mumbai Limited (AEML) - Adani Electricity Mumbai Limited is part of the diversified Adani Group. AEML is a fully integrated electricity generation, transmission and retail distributor. It owns and operates the most efficient and largest electric power distribution network in India. AEML serves more than 3 million consumers, covering an area of 400 square kilometers in Mumbai and its suburbs. Serving nearly 2,000 megawatts of electric power demand with a reliability rate of 99.99%, the highest in the country, AEML provides excellent customer care with the help of advanced technology. See more information at www.adanielectricity.com About Adani Transmission Limited.