Qatar Investment Authority is in negotiations with the Adani Group to buy a minority stake in the latter’s flagship power transmission and distribution asset — Adani Electricity Mumbai Limited (AEML).
The 14-year-old sovereign wealth fund of the oil-rich Gulf nation could invest as much as Rs 3,000-4,000 crore for a minority stake of 20-25% in the business, said people in the know.
Adani Electricity Mumbai Limited, the country’s largest private sector integrated power utility, is a wholly owned subsidiary of Adani Transmission. In August 2018, Anil Ambani sold his Mumbai power distribution business to Adani Transmission Ltd (ATL) for Rs 12,700 crore, allowing the latter to enter the discom business. Subsequently, the Mumbai business got housed under a dropdown subsidiary.
The acquisition was financed by a Rs 8,500 crore of term debt from a consortium of banks led by State Bank of India, Yes Bank and ICICI Bank. Read More
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