Adani Power continues its acquisition spree; acquires infra firms SPPL and EREPL for Rs 609 crore

Adani Power completed the acquisition of 100 per cent equities in Support Properties Private Ltd (SPPL) and Eternus Real Estate Private Ltd (EREPL) for about Rs 609 crore. Earlier this month in June 2022, Adani Power had signed share-purchase agreements to acquire 100 per cent equity shares of two companies SPPL and EREPL from their respective shareholders.

“All the related steps/activities for acquisition of 100 percent equity shares of SPPL and EREPL have now been completed,” stated a BSE filing. Earlier this month, the company had stated in a filing that the cost of acquisitions were Rs 280.10 crore for SPPL and Rs 329.30 crore for EREPL. The consideration for the acquisition was cash.

SPPL is yet to commence commercial activities. Its authorised share capital is Rs 74,01,00,000 and paid-up share capital is Rs 67,91,00,000. It is involved in infrastructure development activities. The object of acquisition is to set up infrastructure facilities.

EREPL has also not commenced commercial activities. Its authorised share capital is Rs 80,01,00,000 and paid up share capital is Rs 74,01,00,000. The consideration for the acquisition was cash.

In March this year, Adani Power had completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquisition of Essar Power M P Ltd. (EPMPL), which is undergoing insolvency resolution, is over Rs 4,250 crore, including estimated cost of compliance with environmental and emission norms, it said in a regulatory filing. EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh. In June 2021, Adani Power  emerged as the successful bidder for the 1,200 MW project.

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