Adani Power To Sell Entire Stake In Subsidiary To AdaniConnex
ACX is a joint venture between Adani Enterprises Ltd. and EdgeConneX, and the the stake sale will be a related party transaction.
Adani Power Ltd. will sell its entire stake in its wholly owned subsidiary Support Properties Pvt. to AdaniConnex Pvt. for Rs 1,556 crore.
The transaction will be completed by January 2023, as per the memorandum of understanding signed by the two companies.
ACX is a 50:50 joint venture between Adani Enterprises Ltd. and EdgeConneX formed in February 2021. The stake sale by Adani Power will be a related-party transaction.
ACX is engaged in the business of developing data centers and providing co-location hosting and ancillary services, including managed services, remote hands and feet, and other related services, the company said in its exchange filing.
The venture was formed to focus on building a network of hyperscale data centers in India, starting with Chennai, Navi Mumbai, Noida, Vizag and Hyderabad markets.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.