Gautam Adani acquires two more companies, pays Rs 380000000 for...

Gautam Adani is one of India's richest businessmen with a massive net worth of Rs 675374 crore, as per Forbes. The 62-year-old billionaire has been expanding his business by collaborating and acquiring different companies. Now, one of his companies, Adani Energy Solutions Ltd (AESL), has acquired two project special purpose vehicles -- Jamnagar Transmission Ltd (JTL) and Navinal Transmission Ltd (NTL).

It paid PFC Consulting Ltd for cash consideration of about Rs 38 crore. In two separate BSE filings, AESL stated that on October 14, 2024, it executed share purchase agreements with PFC Consulting Ltd (PFCCL) for acquiring 100 per cent equity shares of the aforementioned companies.

PFCCL is a subsidiary of Power Finance Corporation and it received a cash consideration of Rs 19,28,48,589 for JTL and Rs 19,14,40,997 for NTL. After the announcement of the acquisition, shares of AESL rose by 2.77 per cent to Rs 1,032.50. The market cap of the company currently stands at Rs 1.24 lakh crore, as of October 16.

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Jamnagar Transmission Ltd (JTL) is established for the development of a network expansion scheme in Gujarat for a drawl of about 3.6 GW load under Phase-I in the Jamnagar area. Navinal Transmission Ltd (NTL) aims drawl of up to 4.5 GW load in Mundra area of Gujarat from bulk consumers/ distribution licensee and green hydrogen.

(With inputs from PTI)