Adani Ent arm to acquire 49% stake in Adani Esyasoft Smart Solutions

Adani Enterprises on Friday announced that its wholly owned subsidiary, Adani Global will acquire a 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi.

In an exchange filing, the company said that the Mauritius-based company, Adani Global, has entered into a shareholders' agreement (SHA) to acquire a 49% stake in Adani Esyasoft Smart Solutions from Esyasoft Holding (EHL), UAE.

The SHA has been executed to engage in the business of developing smart solutions such as smart metering software, load forecasting, revenue maximization and other efficiency based software products and solutions for utilities both in India and globally, the Adani Group company stated in the press release.

Under the terms of the agreement, Adani and Esyasoft Holding will hold 49% and 51% shareholding, respectively, in Adani Esyasoft Smart Solutions.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

The company reported consolidated net profit to Rs 1,888 crore in Q3 FY24, steeply higher than Rs 820 crore in Q3 FY23. Revenue from operations increased 6.47% to Rs 28,336.38 crore in Q3 FY24 from Rs 26,612.23 crore posted in Q3 FY23.

Shares of Adani Enterprises declined 1.03% to close at Rs 3,208.75 on Friday, 12 April 2024.

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