AdaniConneX Pvt Ltd (ACX), a joint venture of Adani Enterprises Ltd, has acquired a 100% equity stake in Chandenvalle Infra Park Ltd (CIPL) from Adani Power Ltd for a cash consideration of ₹535.69 crore.
The transaction has been completed and will support ACX’s plans to establish data centre infrastructure facilities, strengthening its platform for the development of large-scale digital infrastructure.
Acquisition strengthens data centre platform
CIPL was incorporated in Gujarat on February 24, 2022, with the objective of undertaking infrastructure development activities.
Although CIPL has not yet commenced commercial operations, it owns a sizeable land parcel and has secured key licences required to commence infrastructure activities. The acquisition is expected to provide ACX with a head start in developing the proposed infrastructure.
AdaniConneX expands digital infrastructure
AdaniConneX is a joint venture between Adani Enterprises and EdgeConneX, focused on developing and operating hyperscale data centre infrastructure in India.
The company is building a pan-India data centre network to support the rapidly growing demand for cloud computing, artificial intelligence, digital services and data storage. Its strategy includes developing large-scale campuses supported by reliable power and connectivity infrastructure.
The acquisition of CIPL adds to this infrastructure platform by giving ACX access to land and regulatory approvals that can accelerate the development of future data centre facilities.
Transaction completed at arm’s length
The acquisition is not considered a related-party transaction for Adani Enterprises under the SEBI Listing Obligations and Disclosure Requirements (LODR) regulations.
While CIPL is controlled directly or indirectly by the promoter or promoter group of Adani Enterprises, the company said the transaction was undertaken on an arm’s-length basis.