Business News Desk, The Government of India is working rapidly to promote the green energy sector. This is the reason why the shares related to it are also giving fast returns. Meanwhile, Adani Group has signed a big deal. Actually, Adani Green Energy Company of Adani Group has started a joint venture with a French company. The board of directors of Adani Green Energy, a company of Adani Group, has approved the joint venture agreement with Total Energies. Both units will have a 50:50 ratio in the joint venture. In this, the French energy company will invest an additional US $ 444 million.
Deal with Total Energies
In a notice to the stock exchange, the company said that definitive agreements will be made between the company, Total Energies and Adani Renewable Energy Sixty Four Limited. As per the agreement, Total Energies will invest another approximately $444 million, directly or through its subsidiaries, to form a new 50:50 joint venture company with Adani Green Energy. The new joint venture company will have a capacity of 1,150 MW. This will include solar assets under operation and implementation.
The company’s focus is also in the power sector
Adani Group’s power company Adani Power informed the stock markets in an exchange filing about getting approval from NCLT. It said that the Hyderabad Bench of the National Company Law Tribunal (NCLT) has given the green signal to the plan presented to acquire Lanco Amarkantak Power Limited under the insolvency resolution process. Adani Group had offered Rs 3650 crore to buy this power company. According to the Economic Times report, Adani Group has presented a second offer to buy the company. Lanco Amarkantak has a huge debt, to repay which the company is selling its stake.
