Ahmedabad, December 11, 2019: Adani Transmission Limited (“ATL”),Adani Electricity Mumbai Limited (“AEML”) and a subsidiary of Qatar Investment Authority (“QIA”)have signed definitive agreements for the sale of a25.1% stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML (the “Transaction”). The total QIA investment in AEML will be approximately INR 3,200 Crore (equivalent to approximately $450 million).
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AEML is the licensee for anintegrated power distribution, transmission and generation businessthatcurrently servesmore than 3 million consumersacross a license area of approximately 400 square kilometersin the city of Mumbai, the world’s seventh largest city by size of population.AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.
As part of the Transaction, ATL and QIA have agreed definitive plans to ensure that over 30% of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023. In addition, ATL and QIA have agreed a number of other green initiatives to combat climate change and facilitate the transition to a sustainable, low carbon economy.
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TheTransaction demonstrates the increasingly strong relations between India and Qatar and the commitmentof both countries to further develop their close ties in the years ahead.
Adani Group Chairman, Mr. Gautam Adani, commented: “We are delighted to embark on this partnership with the Qatar Investment Authority. Together, we will continue to work towards improving the reliability of supply and consumer satisfaction for over 3 million AEML consumers served in Mumbai. We believe this transaction is a significant step in the journey of the Adani Group, marking the start of a long term partnership with QIA”.
QIA Chief Executive Officer, Mr. Mansoor Al-Mahmoud, commented: “We believe that Adani Electricity Mumbai Limited is the best-in-class electricity utility in India and has tremendous potential for growth. We look forward to a long term partnership with the Adani Group, with whom we share an inter-generational perspective on investments and a common vision for the sustainable growth and continued success of AEML”.
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Mr. Al-Mahmoud added: “This investment demonstrates our confidence in India, with whom Qatar shares deep-rooted ties and excellent relations”.
The Transaction is the latest in a series of investments undertaken by QIA in world-class infrastructure assets with trusted partners globally.
The Transaction is expected to complete in early 2020 subject to receipt of regulatory approvals and satisfaction of customary conditions precedent.
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SKN Advisors Limited acted as financial advisor and Cyril AmarchandMangaldasacted as legal advisor to ATL and AEML on the Transaction.
J.P. Morgan acted as financial advisorand Cleary Gottlieb Steen & Hamilton LLP and AZB & Partners acted as legal advisors to QIA on the Transaction.
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