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Qatar Investment Authority (QIA) has agreed to invest Rs 3200 crore for 25.1 per cent stake in Adani Electricity Mumbai Limited (AEML). The deal also includes subordinated debt investment by QIA in AEML
AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai.
As part of the Transaction, Adani Transmission Ltd and QIA have agreed definitive plans to ensure that over 30 per cent of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023.
Adani Group Chairman, Gautam Adani, commented, “We are delighted to embark on this partnership with the Qatar Investment Authority. Together, we will continue to work towards improving the reliability of supply and consumer satisfaction for over 3 million AEML consumers served in Mumbai."
QIA Chief Executive Officer, MMansoor Al-Mahmoud, commented, “This investment demonstrates our confidence in India, with whom Qatar shares deep-rooted ties and excellent relations.”
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