Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd,[4] is an
electric power transmission company headquartered in
Ahmedabad.[5] Currently, it is one of the largest private sector power transmission companies operating in India.[6][7] As of July 2020, the company operates a cumulative network of 12,200 circuit kilometers, and more than 3,200 circuit kilometers are under various stages of construction.[8][9]
In 2016, ATL further acquired the
GMR Group’s transmission assets in the state of
Rajasthan — the Maru Transmission Services Ltd (MTSL) and Aaravalli Transmission Services Ltd (ATSL).[13] In the same year, the company also acquired
Reliance Infrastructure's transmission assets of the Western Region System Strengthening Scheme (WRSSS).[14]
In December 2017, the company obtained a share purchase agreement (SPA) for the acquisition of the Mumbai Generation Transmission & Distribution (GTD) business from Reliance Infrastructure.[15][16] In March 2018, the shareholders of Reliance Infrastructure approved the sale of its power business for Rs. 18,800 crore to Adani Transmission Limited.[17][18] This resulted in the founding of Adani Mumbai Electricity Limited, a 100% wholly owned subsidiary of ATL which currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of
Mumbai.[19]
In July 2020, the company signed definitive agreements with Kalpataru Power Transmission (KPTL) for acquiring Alipurduar Transmission.[27][28][9][29] adding 650 circuit kilometers in its network from the state of
Bihar and
West Bengal.[8]
In May 2024, the company announced its acquisition of Essar's Mahan-Sipat transmission assets for Rs. 1,900 crore through its wholly owned subsidary Adani Transmission Step Two (ATST). This move will consolidate its presence in Central India with 4 operating assets of 3373 ckt km in the region [30]
Controversies
Allegations of stock manipulation
In January 2023,
Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in
market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding
short positions on Adani Group companies.[31][32][33][34] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[35][36] Adani denied the fraud allegations as unfounded and ill intentioned.[37]