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Adani Green Energy Ltd. on Wednesday announced that its wholly-owned subsidiary, Adani Renewable Energy Holding Two Ltd., has entered into an agreement for the acquisition of a 50 percent equity stake in Essel Saurya Urja Company of Rajasthan Ltd. for Rs 15 crore.

Essel Saurya Urja Company of Rajasthan Ltd. (ESUCRL) is involved in the development of solar parks to enable the set up of renewable energy generation plants by developers. It operates a 750 MW solar park in Rajasthan. ESUCRL had a turnover of Rs 987.71 lakh in 2020-21.

Adani Green Energy Ltd. (AGEL) said that the acquisition will expand its footprint in the state of Rajasthan, where the Adani group company owns and operates a solar park in a joint venture with the Rajasthan government.

The acquisition is expected to be value accretive to AGEL shareholders.

AGEL will acquire 50 percent equity shares and other instruments held by a seller in ESUCRL for a cash consideration of Rs 15 crore. The remaining 50 percent of the equity shares shall continue to be held by the Government of Rajasthan.

The transaction is expected to be completed by February 28, 2023.

Shares of Adani Green Energy ended 3.72 percent lower at Rs 2,085.50 on Wednesday.

(Edited by : Rukmani Krishna)