Adani Group has transferred majority shareholding in Mundra Solar Energy Ltd to another group company Adani Tradecom LLP.
Here are details of the transactions, disclosed by Adani Enterprises Ltd and Adani Green Energy Ltd, in separate stock exchange filings.
- Adani Tradecom LLP will now hold 74 per cent equity capital of Mundra Solar Energy Ltd (MSEL).
- Adani Tradecom LLP is a wholly-owned LLP (limited liability partnership) firm of Adani Enterprises Ltd, which is part of the Adani Group.
- The equity holding in Mundra Solar Energy Ltd, now transferred to Adani Tradecom LLP, was earlier held by Adani Renewable Energy Holding Four Ltd, in turn a wholly-owned subsidiary of Adani Green Energy Ltd.
- The transfer, valued at Rs.74,000, involved 7,400 equity shares of Rs.10 each.
- Mundra Solar Energy Ltd was incorporated on October 18, 2019 and is yet to commence operations. The business objective of MSEL is to manufacture crystalline silicon solar PV cells and modules, and undertake ancillary operations.
- The same line of business (as that of MSEL) is being carried out Mundra Solar PV Ltd, a wholly-owned subsidiary of Adani Enterprises Ltd.
- The objective of the transfer is to “bring synergy in its current manufacturing operations and enhance the market share by its brand value,” the filing by Adani Enterprises Ltd said.
Editor’s note: The ownership of the remaining 26 per cent equity stake in Mundra Solar Energy Ltd could not be established on the basis of the two stock exchange filings. However, it appears that Adani Renewable Energy Holding Four Ltd will continue to hold 26 per cent equity stake in Mundra Solar Energy Ltd.
