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Adani Green Energy acquires AGEPteL to invest in international renewable business

Source Name: 
ET Energy World
Source Url: 
https://energy.economictimes.indiatimes.com/news/renewable/adani-green-energy-acquires-ageptel-to-invest-in-international-renewable-business/65488940

 Adani Green Energy today said it has acquired 100 per cent stake of Adani Green Energy Pte Ltd (AGEPteL) from its Group firm Adani Global Pte Ltd. AGEPteL was incorporated in March 2017 for investment in international renewable businesses, a BSE filing said. 

According to the filing, AGEPteL has authorised and paid-up share capital of $2,000 with no turnover as on March 31, 2018. 

AGEPteL is acquired with an objective of having the benefit of synergy and make it an investment arm of Adani Green Energy for international renewable businesses. 

After this acquisition, AGEPteL has become a wholly-owned subsidiary of Adani Green Energy. 

The shares are acquired at face value of $1 each share.

Author: Sustainability Outlook Desk
Industry Term: Acquisition