Adani Green Energy Limited (AGEL), India’s largest conglomerate of Adani Group,  has completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed on May 18, 2021.

With this deal, SB Energy India is now a 100 percent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group. The transaction pegs SB Energy India at an enterprise valuation of Rs 26,000 crore and marks the largest acquisition in the renewable energy sector in India.

The very last week, Adani Group Chairman Gautam Adani had announced that the Group would infuse over USD 20 billion across the next 10 years in renewable energy generation.  

Commenting on the development,  Vneet S. Jaain, MD & CEO, AGEL said, "This transaction takes us closer to becoming the global leader in renewables," "The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy's intent to accelerate India's efforts to transition towards a carbon-neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors."  

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