QIA to pick 25% stake in Adani's Mumbai power distribution business

The agreement requires the Mumbai distribution business to source 30 per cent power from green alternatives

Adani Transmission on Wednesday entered into an agreement to sell a 25.1 per cent stake in its Mumbai power distribution business to Qatar Investment Authority (QIA) for Rs 3,200 crore. The power transmission company acquired the business from Reliance Infrastructure for Rs 12,100 crore in August 2018. At present, the business is housed under its subsidiary Adani Electricity Mumbai (AEML). 

In a statement, Adani Transmission said the company, AEML, and a subsidiary of QIA had entered into a definitive agreement. The agreement is “for the sale of a 25.1 per cent stake in AEML to QIA and for a shareholder subordinated