Adani Enterprises has acquired 100% equity share capital of Adani Infrastructure Pvt Ltd, the company said in a BSE filing.
Adani Infrastructure Pvt Ltd (AIPL), which is yet to commence business operations, has an authorised and paid up capital of Rs 5 lakh and is a subsidiary of Adani Properties Pvt Ltd for development of infrastructure, a promoter group company.
“The company has acquired 100% equity share capital of AIPL…The transaction is done at arm’s length basis…equity shares are acquired at a face value of Rs10 each,” the company said in a BSE filing.
A total of 50,000 shares were acquired, it said. AIPL was incorporated at Ahmedabad in Gujarat on 5 November 2015. Shares of Adani Enterprises closed at Rs103.65 apiece on the BSE, up 0.39% from the previous close.
In its third quarter results announced last month, Adani Enterprises Ltd (AEL), part of the Adani Group, posted a consolidated net profit of Rs340 crore for the quarter ended 31 December, a 62% increase from a year earlier.
Adani Enterprises Ltd (AEL) is in the business of mining, agro, renewable energy and city gas distribution. AEL had said in its media statement that revenue rose to Rs8,606 crore from Rs7,895 crore in the same period last year.
“Adani Enterprises demonstrated encouraging performance backed by mining, city gas and renewable businesses. Government’s focus of strong spending on infrastructure and energy space coupled with improving utilization and cost optimization enables the company to deliver on its growth plans,” executive director Ameet Desai had said in the statement.
According to Gautam Adani, chairman of the Adani Group, the government’s initiatives to curb the parallel economy and other reforms augured well for AEL’s businesses. “We at Adani Enterprises continue to focus on business opportunities with sustainable returns and value enhancement,” he added.
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