Adani Renewable Energy Holding Four, a fully-owned company of Adani Green Energy (AGEL), has transferred a 74% stake of Mundra Solar Energy (MSEL) to Adani Tradecom LLP (ATLLP). AGEL revealed the details of the transfer to the Bombay Stock Exchange (BSE). Altogether, 7,400 equity shares were transferred to ATLLP at a face value of Rs 10 each accumulating to Rs 74,000. The approved share capital of MSEL is Rs 500,000, while the paid-up share capital is Rs 100,000. MSEL is a step-down subsidiary of the AGEL, consolidated in India and registered with the Registrar of Companies in Ahmedabad, Gujarat, on October 18, 2019. The transfer to ATLLP has been done on an arm’s length basis and shareholding transfer based on an independent valuation report. MSEL was consolidated to produce crystalline silicon solar photovoltaic cells, modules, and ancillary operations. These procedures are related to the line of businesses initiated by Adani Enterprises through its subsidiary, Mundra Solar PV. This procurement is anticipated to bring synergy to Adani’s current manufacturing operations and improve the market share by its brand value. MSEL was a special purpose vehicle designed to engage in the manufacturing-linked solar project development tender. The tender had stated that the bidders had to have 26% ownership in a solar manufacturing unit and the same body had to initiate manufacturing of capacity under this tender. MSEL was formed with a 26% shareholding in MSPVL and 74% by Adani Green. According to an executive of MSEL, the company is transforming its units and this transfer is a part of the process. In 2020, Adani Solar elaborated its plans to develop its cell and module manufacturing facility with an added capacity building of 2 GW. A spokesperson of Adani Solar told the media that the new capacity will come online in 2021. The stated capacity increase of its facility is in expectation of the domestic demand of 10-12 GW in 2021. The company’s total cell and module manufacturing capacity will reach 3.5 GW by the expansion, the spokesperson added. Last week, AGEL confirmed a share purchase agreement to obtain a 100% shareholding in SB Energy India from SoftBank Group (80%) and Bharti Group (20%). The transaction records the largest procurement in the renewable energy sector in India. SB Energy India’s transaction costs at an enterprise valuation of about Rs 260 billion. The transaction is expected to be completed by August 2021. Image Source Also read: Adani Green to purchase 5GW renewable assets of SB Energy India Also read: Total SE buys 20% stake in Adani Green