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Published on 11/12/2019 4:40:52 PM | Source: Reuters

Qatar wealth fund to invest $450 million in India`s Adani Transmission unit

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Qatar's sovereign wealth fund will invest $450 million in a unit of Indian power company Adani Transmission Ltd for a 25.1% stake, the two entities said on Wednesday.

Qatar Investment Authority will buy the stake in Adani Electricity Mumbai Ltd (AEML) in a deal that will also include subordinated loans.

AEML is an integrated power distribution, transmission and generation business that serves more than 3 million consumers in Mumbai, India's financial capital.

Shares in Adani Transmission fell as much as 4.8% after the announcement. The stock was up 4.2% and trading at a record high earlier on Wednesday.

The two sides also said they plan to ensure that about 30% of the electricity supplied by AEML will be sourced from solar and wind power plants by 2023.

The transaction is expected to be completed in early 2020.

(Reporting by Nallur Sethuraman and Sachin Ravikumar in Bengaluru; Editing by Arun Koyyur)