Cleary Gottlieb advised Qatar Investment Authority (QIA) on an acquisition by its subsidiary of a 25.1% stake in Adani Electricity Mumbai Limited (AEML) from Adani Transmission Limited and for a shareholder subordinated debt investment by QIA in AEML.
The total QIA investment in AEML will be approximately INR 3,200 Crore (equivalent to approximately $450 million).
AEML, part of the Adani Group, is the licensee for an integrated power distribution, transmission, and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai, the world’s seventh-largest city by size of population. AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served, and 55% by electricity supplied.
The transaction is expected to complete in early 2020 subject to receipt of regulatory approvals and satisfaction of customary conditions precedent.