Adani Transmission announces completion of Qatar Investment Authority investment in Adani Electricity Mumbai Limited

Ahmedabad, February 11, 2020: Adani Transmission Limited (ATL) today announced that Qatar Investment Authority (QIA) has completed acquisition of 25.10% stake in Adani Electricity Mumbai Limited (AEML) from ATL along with an investment in shareholder subordinated debt in AEML (“Transaction”) on 10 February, 2020. The total QIA investment in AEML is approximately INR 3,220 Crore (approximately USD 452 million), which includes equity consideration of approximately INR 1,210 Crore (approximately USD 170 million) and shareholder subordinated debt of USD 282 million (approximately INR 2,010 Crore).

The definitive agreements for the Transaction were signed on 11 December 2019, and all the requisite approvals were received subsequently.
AEML has recently completed an investment grade, USD 1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors and was oversubscribed by 5.9x.

Entire equity proceeds of 25.1% stake sale in AEML has been used by ATL towards return of the Perpetual to the tune of INR 1,209.62 Crore in favor of contributory promoter entity. Perpetual was infused by Promoter entity to acquire AEML. Post return of INR 1,209.62 Crore, Promoter Perpetual outstanding has got reduced to INR 2,544.38 Crore.

AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in 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.

About Adani Electricity Mumbai Limited(AEML) – Adani Electricity Mumbai Limited, part of the diversified Adani Group, is an integrated business of power generation, transmission and retail electricity distribution. AEML owns and operates the largest and the most efficient power distribution network in India. AEML serves over 3 million consumers spread across 400 sq. km. in Mumbai and its suburbs meeting close to 2,000 MW of power demand with 99.99% reliability, which is among the highest in the country. AEML provides excellent customer care services with the help of advanced technologies. For more information, please visit www.adanielectricity.com

About Adani Transmission Limited (ATL) – Adani Transmission Limited is the transmission and distribution business arm of the Adani Group, one of India’s largest business conglomerates. ATL is the country’s largest private transmission company with a cumulative transmission network of around 14,738 ckt. km., out of which 11,477 ckt. km. is operational and 3,261 ckt. km. is at various stages of construction. With India’s energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards achieving ‘Power for All’ by 2022. For more information, please visitwww.adanitransmission.com

About Qatar Investment Authority(QIA) – Qatar Investment Authority is the sovereign wealth fund of the State of Qatar and is a major contributor to realizing the Qatar National Vision of 2030. QIA was founded in 2005 to strengthen the country’s economy by diversifying into new asset classes. Building on the heritage of Qatar investments dating back more than three decades, QIA’s growing portfolio of long-term investments help complement the State of Qatar’s wealth in natural resources. Headquartered in Doha, and with a subsidiary in New York (QIA Advisory), QIA is structured to operate at the very highest levels of global investing. As a world-class investor, QIA adheres to the strictest financial and commercial disciplines. QIA has a strong track record of investing in multiple asset classes, including listed securities, property, alternative assets and private equity in all the major markets globally. QIA seeks socially, economically, and environmentally responsible investments and looks beyond short-term returns, as QIA pursues balanced and sustainable growth to maximize long-term returns. For more information, please visit www.qia.qa

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