M&A

M&A

Adani Power to sell entire stake in two arms to AdaniConneX for Rs.540-Cr

Economic Times  

Adani Power has inked an initial pact to sell 100% equity in its two wholly-owned subsidiaries - Aviceda Infra Park Ltd (AIPL) and Innovant Buildwell Pvt Ltd (IBPL) - to its data centers focused joint venture firm, AdaniConneX Pvt Ltd (ACX), for INR 540 crore.AIPL and IBPL are being sold for INR 190 crore and INR 350 crore, respectivelyAdaniConneX is a 50:50 joint venture of Adani Group and EdgeConneX focused on developing a 1 GW national data center platform. Starting with Chennai, Navi Mumbai, Noida, and Hyderabad, AdaniConneX is building a network of data center facilities powered by renewable energy.