Shares of this power transmission and distribution company jumped around 2 percent in Wednesday’s trading session after the company plans to invest nearly Rs. 3,000 crores to build, own, operate and maintain the 301 km transmission project for 35 years.
With a market capitalisation of Rs. 1,17,478 crores, the shares of Adani Energy Solutions Ltd started Wednesday’s trading session on a higher note at Rs. 1,070 compared to its previous close of Rs. 1,041.60. The shares hit a high of Rs. 1,083, gaining around 2 percent and currently trading at Rs. 1,052.40 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had signed a share purchase agreement to acquire a 100 percent stake in Halvad Transmission Ltd. from PFC Consulting Ltd (PFCCL).
Halvad Transmission Ltd (HTL) is a Special Purpose Vehicle (SPV) set up by PFC Consulting Ltd to evacuate 7 GW of Renewable Energy from the Khavda Renewable Energy Park, under the Phase III Part A package. It will help connect Khavda to Halvad.
Adani Energy Solutions won the project through the tariff-based competitive bidding process and will commission the project in the next 24 months.
For this, the company would be investing nearly Rs. 3,000 crores to build, own, operate and maintain the 301 km transmission project for 35 years. The project will include setting up a 765 kV Halvad switching station with 2×330 MVAr bus reactors and Line-in and line-out of the Lakadia-Ahmedabad 765 kV D/c line at Halvad.
In addition, Adani firm announced that its wholly-owned subsidiary, Adani Transmission Step-Four Ltd had entered into a definitive agreement for the formation of a 49:51 joint venture with UAE-based Esyasoft Holdings, to implement Smart Metering projects in India and globally.
The agreement has been entered to enable licensing by EHL to IPRs of software products for smart meters and other industrial applications.
Coming onto the company’s financial statement, the revenue increased marginally by around 1 percent from Rs. 3,664 crores during Q1 FY24 to Rs. 2,674 crores during Q2 FY24. On the other hand, the net profits zoomed by 56 percent from Rs. 182 crores to Rs. 284 crores during the same period.
With the above-mentioned project, the total network (installed and under-commissioned) for Adani Energy Solutions now stands at 20,518 km and 53,161 MVA of transformation capacity.
Headquartered in Ahmedabad, Adani Energy Solutions was incorporated in 2013. The company is a private-sector power transmission and distribution company engaged in the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems in India.
Written By Vaibhav Patil
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