Mumbai: Adani Enterprises Friday said its board has approved divestment of stake in Maharashtra Eastern Grid Power Transmission Company to its subsidiary, Adani Transmission.
In November last year, the company had proposed to divest shares in the transmission company to Adani Transmission.
"Adani Enterprises has now informed BSE that the Board at its meeting held on January 16, 2015 has approved the proposal to divest its holding of 70.75 crore shares in MEGPTCL to Adani Transmission, a wholly owned subsidiary of the company subject to requisite approvals, if any," Adani Enterprises said in a BSE filing.
Maharashtra Eastern Grid Power Transmission Company (MEGPTCL) was formed in February 2010 for development of a 765kV transmission system which evacuates power from projects in north-eastern Maharashtra.
In a separate filing, Adani Power said its Board approved the proposal to divest the company's holding of 90.91 percent shares in Adani Transmission (India) to Adani Transmission Ltd subject to requisite approvals.