Adani to invest Rs 2,000 crore to build two transmission lines in Mumbai

Adani Energy Solutions formerly known as Adani Transmission and trading in the same name is the transmission business arm of the Adani Group, one of India’s largest business conglomerates. Today the script was opened at Rs 872.05 and in the last trading session it was closed at Rs 871.30. Today it was closed at Rs 923.40, up by 5.98%.    

Adani Electricity Mumbai, a wholly owned subsidiary of Adani Energy Solutions, is spending over Rs 2,000 crore to strengthen its network and reach its goal of becoming more environmentally friendly by sourcing up to 60% of the city’s energy needs from renewable sources by 2027. The Thane-Aarey Colony line and the 84 km Kharghar (in Navi Mumbai) Vikhroli line are the two new transmission lines. They are located in the northeastern neighbourhood of the megalopolis. By 2025, the Vikhroli line will be completed. 

By increasing the supply of solar and wind power by ten times in the past three years to 30% from only 3% three years ago, the company has made significant progress in improving the city’s supply of green energy. The company serves more than 34 lakh customers or 6% of the city’s total consumers. 

The transmission lines project entails creating the first 400 kV substation facility ever built in the city. A 400kV substation is part of the 34 km of 400kV and 220kV transmission lines that make up the Kharghar-Vikhroli project. Because the transmission corridor’s current capacity is insufficient to provide more power to the city, this project is crucial for the city. This project would allow for the delivery of 1000 mw of more power into Mumbai, helping to satisfy the city’s anticipated future demand. In December 2019, Adani was granted permission for the project. 

The BSE group ‘A’ stock of face value of Rs 10 has a 52-week high of Rs 4238.55 and a 52-week low of Rs 630. The company has a market capitalization of around Rs 1,03,000 crore. The promoters holding in the company stood at 68.28%, while Institutions and Non-Institutions held 23.47% and 8.25%, respectively. 

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