Adani Power sells 100% equity in SPPL to AdaniConnex for Rs 1,556 cr

New Delhi: Adani Power on Thursday said it has sold a 100 per cent stake in Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX) at an enterprise value of Rs 1,556.5 crore.

“Parties to the proposed transaction (for which a binding memorandum of understanding had been signed earlier) have executed a Share Purchase Agreement and concluded the transaction,” a Bombay Stock Exchange filing stated.

Earlier in November last year, Adani Power had entered into a memorandum of understanding (MoU) to sell its 100 per cent equity stake in its wholly-owned subsidiary Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX).

The enterprise valuation (of a 100 per cent stake in Support Properties Private Ltd ) was estimated at Rs 1,556.5 crore, subject to adjustments on the closing date.

The AdaniConnex Private Ltd is a 50:50 joint venture between Adani Enterprises Limited, which is a promoter group company, and EdgeConneX.

It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary

services.