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What is the story about?
Adani Green Energy Ltd. said on Thursday, April 9, its wholly owned subsidiary, Adani Renewable Energy Middle East Ltd. (AGEL UAE), has entered into a joint venture agreement with UAE-based Minerva Holding RSC Ltd. to develop renewable energy projects in India.
The agreement, signed on April 8, will see the formation of a joint venture entity, Minerva Renewables Holding RSC Ltd., which will focus on the development, construction and operation of renewable energy projects.
Minerva is backed by EPointZero Holding RSC Ltd., the energy and infrastructure arm of International Holding Company PJSC (IHC Group), one of the largest listed companies in the UAE.
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Under the agreement, AGEL UAE will invest up to a 20% stake in the joint venture company, while Minerva will hold the remaining stake.
As part of the governance structure, Minerva will have the right to appoint up to four directors on the board of the JV entity, while Adani Green will have the right to appoint one director.
The company clarified that the transaction does not fall under related party transactions and that neither party holds shares in the other.
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The joint venture is aimed at strengthening Adani Green’s presence in the renewable energy space by partnering with global investors to scale up project development in India.
Shares of the company were trading 0.58% up at ₹1,035.60 as of 11.57 am. The stock has gained more than 21% in the last month.
The agreement, signed on April 8, will see the formation of a joint venture entity, Minerva Renewables Holding RSC Ltd., which will focus on the development, construction and operation of renewable energy projects.
Minerva is backed by EPointZero Holding RSC Ltd., the energy and infrastructure arm of International Holding Company PJSC (IHC Group), one of the largest listed companies in the UAE.
Also read: Glenmark Pharma gets USFDA nod for progesterone inserts; eyes $59 million market
Under the agreement, AGEL UAE will invest up to a 20% stake in the joint venture company, while Minerva will hold the remaining stake.
As part of the governance structure, Minerva will have the right to appoint up to four directors on the board of the JV entity, while Adani Green will have the right to appoint one director.
The company clarified that the transaction does not fall under related party transactions and that neither party holds shares in the other.
Also read: Lupin gets USFDA nod for diabetes drug tablets, boosting presence in key US market
The joint venture is aimed at strengthening Adani Green’s presence in the renewable energy space by partnering with global investors to scale up project development in India.
Shares of the company were trading 0.58% up at ₹1,035.60 as of 11.57 am. The stock has gained more than 21% in the last month.
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