Adani Enterprises buys 26% stake in Gidhmuri Paturia Collieries
28 Dec 2024
Adani Enterprises Ltd (AEL), the flagship company of the Gautam Adani Group, has acquired 26 per cent interest in Gidhmuri Paturia Collieries Private Limited (GPCPL), in a move to reinforce its presence in the mining sector.
AEL acquired 2,600 equity shares of face value Rs10 each, constituting 26 per cent of the paid-up share capital of GPCPL, from Sainik Mining and Allied Services Limited, for a total consideration of Rs26,000.
GPCPL, which was incorporated on 30 March 2019, is engaged in the development and operation of mines, including coal and other minerals.
Adani Group said GPCPL will become a wholly-owned subsidiary of AEL following the acquisition. AEL also said the acquisition will be an all-cash transaction.
GPCPL did not report any turnover for fiscal 2024, a stock exchange filing said, adding that AEL planned to further develop the mines for coal and other minerals.
GPCPL reported no turnover for fiscal 2024, as per the filing. According to the filing, the acquisition aligns with the company's objectives to develop and operate coal and mineral mining assets.
The Adani Group is India's largest listed business incubator, with a focus on four core sectors such as energy and utility, transportation and logistics, consumer goods, and primary industry.
AEL said the acquisition is in line with the company's objective to develop and operate coal and mineral mining assets.
