Adani Power Limited has entered into a memorandum of understanding (MoU) to sell its 100 per cent equity stake in its two subsidiaries, Aviceda Infra Park Limited (AIPL) and Innovant Buildwell Private Limited (IBPL), to AdaniConnex Private Limited (ACX) for Rs 5.40 billion.
Consequently, AIPL and IBPL will cease to be wholly owned subsidiaries upon completion of the sell. ACX is a 50:50 joint venture between Adani Enterprises Limited and EdgeConneX, specialising in developing data centers and offering related services. The transactions are classified as related party transactions and have been conducted on an arm’s length basis.
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