Adani Enterprises Ltd said its joint venture company, AdaniConneX Pvt Ltd (ACX) has acquired a 100% equity stake in Madhuvanti Build Estate Ltd (MBEL) from Adani Infra (India) Ltd. for a cash consideration of ₹765.25 crore.
The acquisition was completed on June 11 and forms part of the group’s infrastructure expansion strategy and gigawatt-scale data centre roadmap. The transaction was executed on an arm’s length basis and does not qualify as a related-party transaction under SEBI’s Listing Obligations and Disclosure Requirements (LODR) regulations.
Supports data centre plans
According to the company, the acquisition has been undertaken primarily to establish infrastructure facilities that will support AdaniConneX’s future growth plans.
MBEL, incorporated in November 2019 with a paid-up capital of ₹10,000. It was set up to undertake infrastructure development activities. While the company is yet to commence commercial operations, it owns a sizeable land parcel and has secured key approvals and licences required for infrastructure development.
Adani Enterprises said the acquisition would provide AdaniConneX with a head start in developing infrastructure assets aligned with its expanding data centre business.
AdaniConneX is the data centre joint venture between Adani Group and EdgeConneX, focused on building a nationwide network of hyperscale and edge data centres to support India’s rapidly growing digital infrastructure requirements.