Qatar Investment Authority, Qatar’s sovereign wealth fund, has proposed to buy a 25.1 per cent stake in Adani Electricity Mumbai Ltd for around Rs 3,200 crore ($450 million). A part of Adani Transmission Ltd, AEML distributes power to three million consumers in Mumbai.
“Adani Transmission Ltd (ATL), Adani Electricity Mumbai Ltd (AEML) and a subsidiary of Qatar Investment Authority (QIA) have signed definitive agreements for the sale of a 25.1 per cent stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML,” said an exchange filing. “The total QIA investment in AEML will be approximately Rs 3,200 crore,” the filing added. This is the second biggest investment in an Adani group company after France’s Total SA decided to buy a stake in gas distribution company Adani Gas in October.
