Qatar to invest in Indian transmission company
Qatar’s sovereign wealth fund has agreed to invest $450 million in a unit of Indian power company Adani Transmission Ltd.
The investment comes for a 25.1% stake, according to the two organisations.
Qatar Investment Authority will buy the stake in Adani Electricity Mumbai Ltd (AEML) in a deal that will also include subordinated loans.
AEML is an integrated power distribution, transmission and generation business that serves more than 3 million consumers in Mumbai, India’s financial capital.
Shares in Adani Transmission fell as much as 4.8% after the announcement. The stock was up 4.2% and trading at a record high earlier on Wednesday.
The two sides also said they plan to ensure that about 30% of the electricity supplied by AEML will be sourced from solar and wind power plants by 2023.
The transaction is expected to be completed in early 2020.
Source: Reuters
Photo (for illustrative purposes): twilight power lines / Nicole Köhler / Pixabay / Free for commercial use
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