Subhash Chandra-led Essel to sell solar units to Adani for Rs 1300 Crores

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....
New Delhi, Aug 29 (IANS) Subhash Chandra-led Essel Group has sealed a deal with Adani Green Energy Ltd (AGEL) to sell its solar units in Punjab, Karnataka and Uttar Pradesh for an enterprise value of Rs 1,300 crore.

“The Group has signed an agreement with Adani Green Energy Ltd (AGEL) to sell 205 MW operating solar assets of Essel Green Energy Private Ltd and Essel Infraprojects Ltd at an enterprise value of Rs 1,300 crore. The assets are located in Punjab, Karnataka and Uttar Pradesh,” Essel Group said in a statement.

All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies.

The diversified group which runs Zee network of channels said that it remains focused towards its commitment made to its lenders and is furthermore confident to complete the overall repayment process.

“The Group is also constantly working towards arriving at a closure on the divestment of the additional 480 MW solar assets portfolio,” it said.

An Essel Group spokesperson noted that its asset divestment process is well within the purview of the agreed timelines with its lenders.

“The sale of the Group’s solar assets to AGEL, is yet another positive step taken in this direction,” the spokesperson said.


Disclaimer This article is published directly through a syndicated feed and not edited by The Indian Wire staff.

- Advertisement -

Latest News

R&D centre for clean coal unveiled in Bengaluru

Bengaluru, Sep 16 (IANS) Union Minister of Science and Technology Harsh Vardhan on Monday opened the national centre for...

RBI expands BBPS coverage to all categories

Mumbai, Sep 16 (IANS) The Reserve Bank of India on Monday expanded the Bharat Bill Payment System coverage to included all categories of billers,...

Wanted criminal held in Narela murder case

New Delhi, Sep 16 (IANS) With the arrest of 25-year-old history-sheeter, the Delhi Police claimed to have solved the Virender Maan murder case, who...

GM, TCS launch partnership for global vehicle engineering

New Delhi, Sep 16 (IANS) Automobile manufacturer General Motors and IT major Tata Consultancy Services on Monday entered into a partnership for future global...

Italy resuming a central role in Europe: EU Commissioner

Rome, Sep 16 (IANS/AKI) With its new left-leaning government, Italy, a founder member of the European Union, and the eurozone's third largest economy, is...
- Advertisement -

More Articles Like This