Adani Energy Solutions Limited has acquired a 100 per cent stake in Vizag Power Transmission Limited from REC Power Development and Consultancy Limited. Vizag Power Transmission is an electric utilities company providing transmission services. Its authorised share capital and paid-up share capital stand at Rs 5 lakh each. The acquisition has been completed and does not fall under related-party transactions. No government or regulatory approval is required for the transaction.
Project To Support Green Hydrogen, Ammonia Demand
Adani Energy Solutions said the acquisition will support its strategy of expanding through both organic and inorganic opportunities. Vizag Power Transmission has been planned to facilitate integration and supply of power to proposed green hydrogen and green ammonia projects in the Vizag area. The transmission infrastructure is expected to cater to an estimated power demand of around 4,500 MW.