Adani Green Energy (AGEL), the renewable power arm of the Adani Group, has accomplished the acquisition of SB Energy India for round Rs 26,000 crore ($3.5 billion). With this deal, SB Energy India has change into a 100 per cent subsidiary of Adani Green Energy. SB Energy India was earlier a 80:20 three way partnership between the Japan-based SoftBank Group Corporation and Bharti Group.
Mr Vneet S. Jaain, MD & CEO, AGEL stated, “The addition of these high-quality giant utility-scale belongings from SB Energy India demonstrates Adani Green Energy’s intent to speed up India’s efforts to transition in direction of a carbon impartial future.
The deal, which was first introduced in May, is the most important acquisition within the renewable power sector in India.
SB Energy India has 5 GW renewable belongings throughout 4 states in India, together with 1,700 MW of operational renewable belongings, 2,554 MW of belongings below building and 700 MW of belongings close to building.
Last week, Gautam Adani, chairman of the Adani Group, had introduced plans to speculate greater than $20 billion in renewable power technology over the subsequent decade.
At 11:35 am, Adani Green shares have been quoting at Rs 1,215.45, increased by 3.3 per cent, on the BSE.