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Adani Green Energy, which is a part of Adani Group, said in a statement that it has acquired 100% stake in AGEPteL (Adani Green Energy Pte Limited) which was previously a part of Adani Global Pte Limited. AGEPteL was founded in March 2017 for investment in the global renewable energy business.
According to the BSE filing, AGEPteL authorized paid-up share capital of US$ 2000 with no turnover as per March 31, 2018. After the takeover, the Adani Green Energy Pte Limited has become the wholly-owned subsidiary to the Adani Green Energy. The objective of the acquisition is regarded as to have the benefit of synergy and convert AGEPteL as the investment arm of Adani Green Energy for international renewable business.
Adani Green Energy also published their quarterly financial report for the June-end quarter of the current fiscal year, with a widening loss of Rs 74.26 crores. The company reported a loss of Rs. 17 crores in the corresponding quarter of the previous year.
The company’s net consolidated revenue for the quarter under review stood at Rs. 482.42 crores against the revenue of Rs. 194.13 crores in the previous year same period. Thus the company witnessed a 148% surge in the quarterly revenue for the June-end period of the current fiscal year.
The company also experienced the rise in expenses to Rs. 581.8 crores in the quarter under review from Rs. 213.33 crore incurred in the same period a year earlier.
