Adani Power acquires infra development firms SPPL and EREPL for over Rs 609 crore

New Delhi: Adani Power completed the acquisition of 100 percent equities in SPPL and EREPL on Monday for approximately Rs 609 crore. On June 7, 2022, Adani Power signed a share purchase agreement to acquire 100 percent of the shares in two companies, viz. Support Properties Private Ltd (SPPL) and Eternus Real Estate Private Ltd (EREPL) from their respective shareholders.

The BSE filing stated: “All relevant steps/activities to acquire 100 percent of the share capital of SPPL and EREPL have now been completed.”

Earlier this month, the company said in a filing that the cost of the acquisitions was Rs 280.10 crore for SPPL and Rs 329.30 crore for EREPL. The consideration for the acquisition was cash.

SPPL  is yet to commence commercial activities. Its authorized capital is Rs 74,01,00,000 and its paid-up capital is Rs 67,91,00,000. Participates in infrastructure development activities. The objective of the acquisition is the installation of infrastructure facilities.

ERPL has not commenced commercial activities either. Its authorized capital is Rs 80,01,00,000 and its paid-up capital is Rs 74,01,00,000. The consideration for the acquisition was cash.

Also Read: Agnipath Scheme: Anand Mahindra welcomes opportunity to employ Agniveers