Adani Energy Solutions

Last updated

Adani Energy Solutions Limited
Company type Public
ISIN INE931S01010
Industry Electric utility
Founded9 December 2013 (9 December 2013)
Founder Gautam Adani
Headquarters
Shantigram, Khodiyar, Ahmedabad
,
India
Key people
Products Electricity transmission and distribution
RevenueIncrease2.svg₹17,218 crore (US$2.2 billion) [2]  (2024)
Increase2.svg₹1,779 crore (US$220 million) [2]  (2024)
Decrease2.svg₹1,195 crore (US$150 million) [2]  (2024)
Total assets Increase2.svg₹58,579 crore (US$7.3 billion) [2]  (2024)
Total equity Increase2.svg₹13,703 crore (US$1.7 billion) [2]  (2024)
Number of employees
5,002 (2023)
Parent Adani Group
Subsidiaries Adani Electricity Mumbai Limited
Website www.adanienergysolutions.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[3]

Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, [4] is an electric power transmission company headquartered in Ahmedabad. [5] Currently, it is one of the largest private sector power transmission companies operating in India. [6] [7] As of July 2020, the company operates a cumulative network of 12,200 circuit kilometers, and more than 3,200 circuit kilometers are under various stages of construction. [8] [9]

Contents

History

Adani Transmission was founded by Gautam Adani in December 2015 after separating the decade-old transmission business from Adani Enterprises. [5] At the time of the founding, the company became the primary custodian for more than 3800 circuit kilometers of transmission lines originating from the Mundra Thermal Power Station, connecting Mundra–Dehgam, Mundra–Mohindergarh and Tirora–Warora. [ citation needed ]

In July 2023, the company was renamed to Adani Energy Solutions [10] to better reflect its suite of products and services. [11]

Mergers and acquisitions

In 2015, ATL acquired three wholly owned subsidiaries of PFC Consulting, which itself is a subsidiary of Power Finance Corporation – the Chhattisgarh-WR transmission line, Sipat transmission line connecting with Sipat Thermal Power Station and Raipur-Rajnandgaon-Warora transmission line. [12]

In 2016, ATL further acquired the GMR Group’s transmission assets in the state of Rajasthan — the Maru Transmission Services Ltd (MTSL) and Aaravalli Transmission Services Ltd (ATSL). [13] In the same year, the company also acquired Reliance Infrastructure's transmission assets of the Western Region System Strengthening Scheme (WRSSS). [14]

In December 2017, the company obtained a share purchase agreement (SPA) for the acquisition of the Mumbai Generation Transmission & Distribution (GTD) business from Reliance Infrastructure. [15] [16] In March 2018, the shareholders of Reliance Infrastructure approved the sale of its power business for Rs. 18,800 crore to Adani Transmission Limited. [17] [18] This resulted in the founding of Adani Mumbai Electricity Limited, a 100% wholly owned subsidiary of ATL which currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai. [19]

In February 2019, ATL acquired KEC International's Bikaner-Sikar transmission asset in Rajasthan. [20] [21] [22] [23] In September of the same year, the company acquired PFC Consulting's Bikaner-Khetri transmission project in Rajasthan. [24] [25] [26]

In July 2020, the company signed definitive agreements with Kalpataru Power Transmission (KPTL) for acquiring Alipurduar Transmission. [27] [28] [9] [29] adding 650 circuit kilometers in its network from the state of Bihar and West Bengal. [8]

In May 2024, the company announced its acquisition of Essar's Mahan-Sipat transmission assets for Rs. 1,900 crore through its wholly owned subsidary Adani Transmission Step Two (ATST). This move will consolidate its presence in Central India with 4 operating assets of 3373 ckt km in the region [30]

Controversies

Allegations of stock manipulation

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies. [31] [32] [33] [34] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations. [35] [36] Adani denied the fraud allegations as unfounded and ill intentioned. [37]

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References

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  2. 1 2 3 4 5 "Adani Transmission Ltd. Financials" (PDF). bseindia.com.
  3. ↑ "Adani Transmission Limited". Adani Group . Retrieved 13 April 2023.
  4. ↑ "Adani Transmission is now renamed to Adani Energy Solutions Ltd". Mint. 27 July 2023. Retrieved 26 September 2023.
  5. 1 2 "Adani Transmission Ltd". Business Standard India. Retrieved 27 November 2020.
  6. ↑ Linking Up: Public-Private Partnerships in Power Transmission in Africa (PDF). Washington DC: World Bank. 2017. p. 83.
  7. ↑ "Adani Transmission Receives LOI for Transmission Project in Maharashtra". www.saurenergy.com. Retrieved 27 November 2020.
  8. 1 2 "Adanis buy power asset in Bengal". www.telegraphindia.com. Retrieved 27 November 2020.
  9. 1 2 "Adani Transmission to acquire Alipurduar Transmission from Kalpataru". The Hindu. 6 July 2020. ISSN   0971-751X . Retrieved 27 November 2020.
  10. ↑ "Adani Transmission renames itself as Adani Energy Solutions". Moneycontrol. 27 July 2023. Retrieved 31 August 2023.
  11. ↑ "Anil Sardana on why Adani Transmission was renamed Adani Energy Solutions, expansion, capex plans & more". The Economic Times. 1 August 2023. ISSN   0013-0389 . Retrieved 31 August 2023.
  12. ↑ "Adani Transmission acquires three subsidiaries from PFC Consulting". www.indiainfoline.com. Retrieved 27 November 2020.
  13. ↑ Bureaus, Our. "Adani inks agreement to acquire stake in GMR Energy's transmission projects". @businessline. Retrieved 27 November 2020.
  14. ↑ "Adani arm completes buy of RInfra's western region transmission assets". @businessline. Retrieved 27 November 2020.
  15. ↑ Dutta, Sanjay (22 December 2017). "Reliance Energy: Adani acquires Mumbai business of debt-hit Reliance Energy for Rs 19,000 crore - Times of India". The Times of India. Retrieved 27 November 2020.
  16. ↑ "Adanis buy Reliance Infrastructure's Mumbai power business". The Economic Times. Retrieved 27 November 2020.
  17. ↑ "Reliance Infra's sale of Mumbai power ops to Adani gets regulatory nod". The Economic Times. Retrieved 27 November 2020.
  18. ↑ "Reliance Infrastructure to sell Mumbai power business to Adani Transmission for Rs 18,800 crore". The Economic Times. Retrieved 27 November 2020.
  19. ↑ "Adani takes over Reliance Infrastructure's Mumbai energy business for Rs 18,800 crore". The New Indian Express. Retrieved 27 November 2020.
  20. ↑ Singh, Sarita C. "Adani Transmission completes acquisition of KEC International's project for Rs 228 crore". The Economic Times. Retrieved 27 November 2020.
  21. ↑ "KEC International completes transmission asset sale to Adani for ₹227 crore". @businessline. Retrieved 27 November 2020.
  22. ↑ PTI (5 November 2018). "Adani arm to buy KEC International's power transmission unit". mint. Retrieved 27 November 2020.
  23. ↑ Umarji, Vinay (8 February 2019). "Adani closes KEC's Transmission asset acquisition deal, buys 100% stake". Business Standard India. Retrieved 27 November 2020.
  24. ↑ "Energy News Monitor | Volume XVI; Issue 16". ORF. Retrieved 27 November 2020.
  25. ↑ www.ETEnergyworld.com. "Adani Transmission acquires Bikaner-Khetri project in Rajasthan - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 November 2020.
  26. ↑ "Adani Transmission acquires Bikaner-Khetri project in Rajasthan". Moneycontrol. Retrieved 27 November 2020.
  27. ↑ Pillay, Amritha (6 July 2020). "Adani Transmission to buy Kalpataru's transmission asset for Rs 1,286 cr". Business Standard India. Retrieved 27 November 2020.
  28. ↑ "Adani Transmission inks pact with KPTL to buy Alipurduar Transmission". The New Indian Express. Retrieved 27 November 2020.
  29. ↑ PTI. "Adani Transmission inks pact with Kalpataru Power to buy Alipurduar Transmission". @businessline. Retrieved 27 November 2020.
  30. ↑ "Adani Energy completes acquisition of Essar's Mahan-Sipat transmission assets for Rs 1,900 cr". Moneycontrol. Retrieved 16 May 2024.
  31. ↑ "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
  32. ↑ Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters . Retrieved 25 January 2023.
  33. ↑ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times . Retrieved 25 January 2023.
  34. ↑ Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times . Retrieved 25 January 2023.
  35. ↑ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC . Retrieved 25 January 2023.
  36. ↑ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News . Retrieved 25 January 2023.
  37. ↑ Madhok, Diksha (25 January 2023). "Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious'". CNN Business. Atlanta, Georgia, USA. Retrieved 25 January 2023.
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