Adani Power on Tuesday announced that it signed share purchase agreements to acquire 100% 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 that the transaction is expected to be completed in two weeks.
SPPL and EREPL were incorporated in 2007 with an object for carrying out the business in infrastructural activities. Both the firms are yet to start operations. The acquisition is aimed at setting up infrastructure facilities.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. It reported consolidated net profit of Rs 4,645.47 crore in Q4 FY22 as against 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 Rs 6,373.60 crore reported in the same period last year.
Shares of Adani Power were down 1.18% to Rs 287.75 on the BSE.
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