Adani Energy Solutions Limited (AESL) has announced the execution of a Share Purchase Agreement to acquire 100% equity shares of Mundra I Transmission Limited (MITL). This transaction took place on March 20, 2025. The agreement was signed with PFC Consulting Limited (PFCCL), the bid process coordinator for this project. The acquisition aligns with AESL’s strategy to enhance its presence in the energy sector through both organic and inorganic growth. This move further strengthens the company’s plans to support Green Hydrogen and Green Ammonia manufacturing in Mundra, Gujarat.
AESL has won a transmission project valued at approximately ₹2,800 crore. The project aims to supply power for Green Hydrogen and Green Ammonia production, supporting India’s renewable energy initiatives. The new transmission system will upgrade the Navinal (Mundra) substation by adding two 765/400kV transformers. Additionally, a 75-kilometer, 765kV double-circuit transmission line will connect the Navinal substation to the Bhuj substation. The project will add 150 circuit kilometers of transmission lines and increase AESL’s transformation capacity by 3,000 MVA. Once completed, this will take the company’s total transmission network to 25,928 circuit kilometers and its transformation capacity to 87,186 MVA.
The project was secured under the Tariff Based Competitive Bidding (TBCB) mechanism, demonstrating transparency and competition in the bidding process. The successful handover of the project’s special purpose vehicle (SPV) to AESL took place on March 20, 2025. This marks AESL’s sixth major order win for the fiscal year, taking its total order book to Rs. 57,561 crore.
Mundra I Transmission Limited, the target company, is an electric utility entity involved in transmission services. It was incorporated in India on December 26, 2024, and is registered with the Registrar of Companies, New Delhi. The company has an authorized and paid-up share capital of Rs. 1 lakh. AESL has acquired the company at face value, with the transaction fully funded through cash consideration. There are no related-party connections or interests between AESL and MITL, and the acquisition was done at arm’s length.
The acquisition of MITL is expected to support the implementation of Phase-I: Part B1 scheme in the Mundra region. This phase targets a capacity of 3 GW at the Navinal substation and could expand to a cumulative capacity of 4,500 MW in the future. AESL is leveraging this project to cater to the power transmission needs of Green Hydrogen and Ammonia production units, helping India transition towards cleaner energy.
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