Adani Enterprises subsidiary acquires 49% stake in Adani Esyasoft Smart Solutions

Adani Enterprises shares declined more than 3% on Monday, April 16, amid losses in the broader market on geopolitical concerns.

The fall in the Adani group flagship company’s shares was also witnessed after the announcement to acquire a 49% stake in an Abu Dhabi-based company to offer smart metering and other software products to power utilities.

Adani Enterprises shares dropped 3.32% to hit a low of ₹3,103.2 apiece on the NSE in morning deals. The stock later trimmed some of the losses to trade at ₹3,163.45 per share at 10.55 am, still down by 1.45% over the previous close.

The stock has clipped by around 7% from its 52-week high levels hit last month. Adani Enterprises shares however still trade more than 70% higher than the 52-week lows hit in March 2023.

Adani Enterprises arm to acquire 49% in Adani Esyasoft Smart Solutions

Adani Enterprises informed the stock exchanges that its wholly-owned subsidiary, Adani Global Ltd, is acquiring a 49% stake in Adani Esyasoft Smart Solutions Ltd from UAE-based Esyasoft Holding Ltd.

Adani Global Ltd entered into a Shareholders’ Agreement with Esyasoft Holding Ltd on April 12 for the proposed acquisition.

Under the shareholders’ agreement, Adani Global Ltd will hold a 49% stake in Adani Esyasoft Smart Solutions Ltd (AESSL) while Esyasoft Holding Ltd will have a majority 51% stake.

However, there will be equal participation in the Board of Directors of Abu Dhabi-based AESSL.

AESSL will 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, an Adani Enterprises filing stated.

Adani Enterprises last month announced that its subsidiary, Kutch Copper, commissioned the first unit of a greenfield copper refinery project in Mundra. The Adani group flagship has announced an investment of USD 1.2 billion in the copper smelter. The facility will have a production capacity of 0.5 MTPA in the first phase.