Adani Power said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore.
“Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX),” a BSE filing said.
Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added.
The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively.
AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX.
It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and feet, and other related services.
The proposed transactions fall within related party transactions and are transactions done on an arm’s length basis, it stated.
The expected date of completion of the transaction is March 31, 2024.