Adani Energy Solutions

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Adani Energy Solutions Limited
Adani Group
SubsidiariesAdani Electricity Mumbai Limited
Websitewww.adanienergysolutions.com Edit this at Wikidata
Footnotes / references
[3]

Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd,[4] is an electric power transmission company headquartered in Ahmedabad.[5] Currently, it is one of the largest private sector power transmission companies operating in India.[6][7] As of July 2020, the company operates a cumulative network of 12,200 circuit kilometers, and more than 3,200 circuit kilometers are under various stages of construction.[8][9]

History

Adani Transmission was founded by

Dehgam, Mundra–Mohindergarh and Tirora–Warora. [citation needed
]

In July 2023, the company was renamed to Adani Energy Solutions[10] to better reflect its suite of products and services.[11]

Mergers and acquisitions

In 2015, ATL acquired three wholly owned subsidiaries of PFC Consulting, which itself is a subsidiary of Power Finance Corporation – the Chhattisgarh-WR transmission line, Sipat transmission line connecting with Sipat Thermal Power Station and Raipur-Rajnandgaon-Warora transmission line.[12]

In 2016, ATL further acquired the GMR Group’s transmission assets in the state of Rajasthan — the Maru Transmission Services Ltd (MTSL) and Aaravalli Transmission Services Ltd (ATSL).[13] In the same year, the company also acquired Reliance Infrastructure's transmission assets of the Western Region System Strengthening Scheme (WRSSS).[14]

In December 2017, the company obtained a share purchase agreement (SPA) for the acquisition of the Mumbai Generation Transmission & Distribution (GTD) business from Reliance Infrastructure.[15][16] In March 2018, the shareholders of Reliance Infrastructure approved the sale of its power business for Rs. 18,800 crore to Adani Transmission Limited.[17][18] This resulted in the founding of Adani Mumbai Electricity Limited, a 100% wholly owned subsidiary of ATL which currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai.[19]

In February 2019, ATL acquired

Khetri transmission project in Rajasthan.[24][25][26]

In July 2020, the company signed definitive agreements with Kalpataru Power Transmission (KPTL) for acquiring Alipurduar Transmission.[27][28][9][29] adding 650 circuit kilometers in its network from the state of Bihar and West Bengal.[8]

Controversies

Allegations of stock manipulation

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[30][31][32][33] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[34][35] Adani denied the fraud allegations as unfounded and ill intentioned.[36]

References

  1. ^ "Adani Transmission". WSJ.
  2. ^ a b c d e "Adani Transmission Ltd. Financials" (PDF). nseindia.com.
  3. ^ "Adani Transmission Limited". Adani Group. Retrieved 13 April 2023.
  4. ^ "Adani Transmission is now renamed to Adani Energy Solutions Ltd". Mint. 27 July 2023. Retrieved 26 September 2023.
  5. ^ a b "Adani Transmission Ltd". Business Standard India. Retrieved 27 November 2020.
  6. ^ Linking Up: Public-Private Partnerships in Power Transmission in Africa (PDF). Washington DC: World Bank. 2017. p. 83.
  7. ^ "Adani Transmission Receives LOI for Transmission Project in Maharashtra". www.saurenergy.com. Retrieved 27 November 2020.
  8. ^ a b "Adanis buy power asset in Bengal". www.telegraphindia.com. Retrieved 27 November 2020.
  9. ^
    ISSN 0971-751X
    . Retrieved 27 November 2020.
  10. ^ "Adani Transmission renames itself as Adani Energy Solutions". Moneycontrol. 27 July 2023. Retrieved 31 August 2023.
  11. ISSN 0013-0389
    . Retrieved 31 August 2023.
  12. ^ "Adani Transmission acquires three subsidiaries from PFC Consulting". www.indiainfoline.com. Retrieved 27 November 2020.
  13. ^ Bureaus, Our. "Adani inks agreement to acquire stake in GMR Energy's transmission projects". @businessline. Retrieved 27 November 2020.
  14. ^ "Adani arm completes buy of RInfra's western region transmission assets". @businessline. Retrieved 27 November 2020.
  15. ^ Dutta, Sanjay (22 December 2017). "Reliance Energy: Adani acquires Mumbai business of debt-hit Reliance Energy for Rs 19,000 crore - Times of India". The Times of India. Retrieved 27 November 2020.
  16. ^ "Adanis buy Reliance Infrastructure's Mumbai power business". The Economic Times. Retrieved 27 November 2020.
  17. ^ "Reliance Infra's sale of Mumbai power ops to Adani gets regulatory nod". The Economic Times. Retrieved 27 November 2020.
  18. ^ "Reliance Infrastructure to sell Mumbai power business to Adani Transmission for Rs 18,800 crore". The Economic Times. Retrieved 27 November 2020.
  19. ^ "Adani takes over Reliance Infrastructure's Mumbai energy business for Rs 18,800 crore". The New Indian Express. Retrieved 27 November 2020.
  20. ^ Singh, Sarita C. "Adani Transmission completes acquisition of KEC International's project for Rs 228 crore". The Economic Times. Retrieved 27 November 2020.
  21. ^ "KEC International completes transmission asset sale to Adani for ₹227 crore". @businessline. Retrieved 27 November 2020.
  22. ^ PTI (5 November 2018). "Adani arm to buy KEC International's power transmission unit". mint. Retrieved 27 November 2020.
  23. ^ Umarji, Vinay (8 February 2019). "Adani closes KEC's Transmission asset acquisition deal, buys 100% stake". Business Standard India. Retrieved 27 November 2020.
  24. ^ "Energy News Monitor | Volume XVI; Issue 16". ORF. Retrieved 27 November 2020.
  25. ^ www.ETEnergyworld.com. "Adani Transmission acquires Bikaner-Khetri project in Rajasthan - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 November 2020.
  26. ^ "Adani Transmission acquires Bikaner-Khetri project in Rajasthan". Moneycontrol. Retrieved 27 November 2020.
  27. ^ Pillay, Amritha (6 July 2020). "Adani Transmission to buy Kalpataru's transmission asset for Rs 1,286 cr". Business Standard India. Retrieved 27 November 2020.
  28. ^ "Adani Transmission inks pact with KPTL to buy Alipurduar Transmission". The New Indian Express. Retrieved 27 November 2020.
  29. ^ PTI. "Adani Transmission inks pact with Kalpataru Power to buy Alipurduar Transmission". @businessline. Retrieved 27 November 2020.
  30. ^ "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
  31. ^ Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters. Retrieved 25 January 2023.
  32. ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. Retrieved 25 January 2023.
  33. ^ Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. Retrieved 25 January 2023.
  34. ^ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. Retrieved 25 January 2023.
  35. ^ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News. Retrieved 25 January 2023.
  36. ^ Madhok, Diksha (25 January 2023). "Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious'". CNN Business. Atlanta, Georgia, USA. Retrieved 25 January 2023.

External links

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