Adani Energy gets transmission project from REC

The Letter of Intent was received under Phase-III Part-I through the Tariff-Based Competitive Bidding Process. The LoI is contingent upon the company's unconditional acceptance and meeting certain conditions within 10 days of issuance and is subject to the execution of binding agreements between the parties.

Adani Energy Solutions (formerly known as Adani Transmission (ATL)) is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. It is the country's largest private transmission company, holding an operational portfolio of 28 projects and an under-implementation portfolio of nine transmission and nine smart meter projects with a cumulative transmission network of more than 20,509 circuit km (ckm).

REC, a Navratna company under the Ministry of Power, provides financial assistance to the power sector in all segments. It funds its business with market borrowings of various maturities, including bonds and term loans, apart from foreign borrowings.

Shares of Adani Energy Solutions fell 0.83% to Rs 809.45, while those shares of REC shed 0.36% to Rs 541.70 on the BSE.