In a press release on the National Stock Exchange Adani Energy Solutions responded to the clarification on media reports sought by the exchanges on projects, SEC indictment, and transmission line contracts.
Adani Energy Solutions has responded to media queries regarding its recent receipt of a Letter of Intent from REC Power Development and Consultancy Limited (REC) for a transmission project in Rajasthan.
The company clarified that the LoI, issued on December 3, 2024, pertains to establishing a transmission system for a 20 GW Renewable Energy Zone (REZ).
This project was awarded through a Tariff-based Competitive Bidding Process and is subject to certain conditions, including the signing of binding agreements.
As the award was made in the ordinary course of business, it does not trigger the disclosure requirements under SEBI regulations.
In response to a media report regarding its transmission line project in Kenya, Adani Energy Solutions confirmed that the project, awarded on October 9, 2024, is part of its regular business operations in energy transmission.
The company highlighted that the project does not fall within the scope of SEBI’s Listing Regulations requiring disclosure of projects awarded in the ordinary course of business.
Furthermore, the company addressed a separate matter regarding a US legal case involving Adani Group members, clarifying that no allegations have been made against Adani Energy Solutions. The legal action pertains solely to individual board members of Adani Green Energy Limited and not the company.
The company further emphasised that any potential cancellations of the Rajasthan and Kenya projects would not require disclosure under SEBI’s Listing Regulations.
Additionally, it reassured investors that the ongoing legal matters involving Adani Group board members have no direct implications for the company itself.
On December 10, 2024, Adani Energy Solutions’ share price (NSE: ADANIENSOL) was trading 1.94% lower at ₹787.90 at 11:00 AM on the NSE. The stock opened at ₹805.45 marginally higher than its previous close of ₹803.45.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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