Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, on Friday (October 6) said it has acquired 100% equity shares of Sangod Transmission Service Ltd (STSL) from Rajasthan Rajya Vidyut Prasaran Nigam Ltd.

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The acquisition was executed in accordance with the terms of the Share Purchase Agreement and received approval from the committee of the Board of Directors of the company at its meeting on October 6, 2023.

The STSL project encompasses the implementation of the Transmission Project – RAJ/PPP – 11 – 2X 400/220kV, 500MVA Gas-Insulated Substation (GSS) at Sangod, along with a 220/132kV, 160 MVA transformer and the associated transmission line.

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This strategic acquisition aligns with Adani Energy Solutions Ltd's overarching goal of enhancing value for its shareholders through a combination of organic and inorganic growth opportunities. The cost of acquisition for the equity shares of STSL was at their face value of Rs 10 each.

STSL, incorporated on February 3, 2021, is a presence in India. However, it is yet to commence business operations. Consequently, the turnover data for the last three years is not applicable in this context.

Shares of Adani Energy Solutions Ltd ended at Rs 806.30, down by Rs 1.65, or 0.20 percent on the BSE.