Adani Green Energy Limited has announced the shareholding transfer of its step-down solar manufacturing subsidiary Mundra Solar Energy Limited (MSEL) to Adani Enterprises.
As notified on the stock exchange, AGEL’s arm Adani Renewable Energy Holding Four has transferred 74% shareholding of MSEL to Adani Tradecom LLP—a wholly-owned arm of Adani Enterprises Limited, an entity falling under the joint control, i.e., Adani Group.
Adani Enterprises Limited, through its subsidiary Mundra Solar PV Limited, is already into production of high-efficiency multicrystalline, mono PERC and bifacial modules from a state-of-the-art factory in Gujarat. The acquisition of MSEL will help the company solidify its position in the solar manufacturing domain.
“MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules and ancillary operations, which is in similar line of business undertaken by Adani Enterprises Limited through its subsidiary namely, Mundra Solar PV Limited. This acquisition will bring synergy in its current manufacturing operations and enhance the market share by its brand value,” read the AGEL statement.
MSEL is registered in Gujarat and is yet to commence its business operations.
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