Adani Transmission will sell its 25.1 percent stake in Adani Electricity Mumbai (AEML) to Qatar Investment Authority (QIA) for Rs 3,200 crore ($450 million).
AEML, which distributes electricity in Mumbai and its suburbs, serves over three million customers.
“Adani Transmission and QIA have agreed definitive plans to ensure that over 30 percent of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023,” the company said in a BSE statement.
The deal is expected to complete in early 2020, subject to regulatory approvals, the statement said.
“We believe this transaction is a significant step in the journey of the Adani Group, marking the start of a long term partnership with QIA,” Adani Group Chairman Gautam Adani said.