Adani Green Sells Majority Stake in Mundra Solar Energy to Adani Tradecom

Renewable energy plant developer Adani Green Energy Ltd (AGEL), via its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd, has sold its majority shareholding of 74 per cent in Mundra Solar Energy Ltd to Adani Tradecom LLP.

Adani Tradecom LLP is a wholly-owned LLP of Adani Enterprises Ltd, an entity falling under the joint control i.e. Adani Group.

On the stake sale, AGEL said that, Mundra Solar Energy has been incorporated to manufacture crystalline silicon solar PV cells, modules and ancillary operations, which is in similar line of business undertaken by Adani Enterprises Ltd through its subsidiary, Mundra Solar PV Ltd.

Thus, this acquisition will bring synergy in its current manufacturing operations and enhance the market share by its brand value, it added.

However, Mundra Solar Energy has yet to commence its business operations.

In a cash transaction, Adani Tradecom has acquired 7,400 equity shares of Mundra Solar Energy at face value of Rs 10 each, and aggregating to Rs 74,000.

Mundra Solar Energy has an authorized share capital of Rs 5 lakh and paid-up share capital of Rs 1 lakh.

Meanwhile, Mundra Solar Energy had been incorporated in India on October 18, 2019, and registered with the Registrar of Companies, Gujarat at Ahmedabad.