Adani Power inks pact to sell 100 pc stake in Support Properties to AdaniConnex for Rs 1,556 crore

Adani Power on Thursday said that it has inked a pact to sell 100 per cent stake in Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX) at an enterprise value of Rs 1,556.5 crore.

''Adani Power Ltd has entered into a Memorandum of Understanding (MoU) to sell its 100 per cent equity stake in its wholly-owned subsidiary Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX),'' a BSE filing stated.

It stated that the enterprise valuation is Rs 1,556.5 crore subject to adjustments on closing date.

ACX is a 50:50 joint venture between Adani Enterprises Limited, 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. The proposed transaction falls within the ambit of related party transactions. The proposed transaction is done on an arm's length basis, it stated.

The expected timeline for completion of sale/disposal is end of January, 2023.