Adani Energy Solutions Ltd. has inked an agreement with Megha Engineering and Infrastructures Ltd. to acquire KPS 1 Transmission Ltd.
Adani Energy Solutions, formerly known as Adani Transmission Ltd., will buy 100% equity shares of special purpose vehicle company KPS 1, at face value of Rs 10 apiece, according to an exchange filing.
KPS 1 is a special purpose vehicle, which was created for the Inter-State Transmission Project of the Ministry of Power, according to an April 21 Power Ministry release on PIB.
The work involves the implementation of KPS1-Khavda PS GIS (KPS2) 765 kV double circuit line and augmentation of Khavda PS1. The project is likely to be implemented in 21 months, the release said.
Shares of Adani Energy Solutions rose 0.50% to close at Rs 822.2 per share, as against a 0.51% decline in the benchmark Nifty 50.
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