Adani Power Limited has entered into a memorandum of understanding (MoU) to offload its entire stake in its two wholly-owned subsidiaries, Aviceda Infra Park Limited (AIPL) and Innovant Buildwell Private Limited (IBPL) to AdaniConnex Private Limited for Rs 5.4 billion.
According to a regulatory filing, AIPL and IBPL are being sold for a consideration of Rs 1.9 billion and Rs 3.5 billion, respectively.
As per the filing, the proposed transactions fall within related party transactions and are transactions done on an arm’s length basis. The expected date of completion of the transaction is March 31, 2024.
