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Adani Group acquires RInfra’s Mumbai power business
Mumbai, Aug 29 (IANS) The Adani Group’s Adani Transmission Ltd (ATL) has acquired Reliance Infrastructure’s integrated business of generation, transmission and retail electricity distribution in Mumbai and Maharashtra, and will be known as ‘Adani Electricity Mumbai Ltd.’ (AEML), an official said here on Wednesday.
The business, acquired from RInfra by ATL after a process of nearly nine months, includes power generation units in Dahanu, power transmission networks in Mumbai and Maharashtra, and retail power distribution setup in Mumbai suburbs.
RInfra and ATL had signed the Definitive Binding Agreement for 100 per cent stake sale of the integrated business of generation, transmission and distribution for Mumbai in December 2017.
The total consideration value for the deal between the two companies was around Rs 18,800 crore.
The RInfra had said it would utilise the proceeds of this transformative transaction entirely to reduce its debt, making it the largest ever debt-reducing exercise by any corporate in the country.
The new business of the Adani Group shall be housed in the AEML, a newly-formed entity and a subsidiary of ATL, serving over three million customers spread across 400 sq. km of Mumbai suburbs, marking its entry into the large scale power distribution sector.
The business operations at AEML shall now function seamlessly with the absorption of around 5,000 existing employees across these three business areas.
“We aspire into electricity distribution in key cities and districts in India in pursuit of the government’s vision to enable ‘Power for all by 2020’. We are committed to leverage the experience to emerge as a leading utility in electricity, thereby state-of-the-art, reliable, and competitive supply experience to all customers,” said Adani Group Chairman Gautam Adani.
EML’s Managing Director and CEO Anil Sardana, who is also ATL Chairman, said with the ‘power of service’, ATL will strive to revitalise the customer experience combined with innovative service platforms to improve overall service.
“Our endeavour would be to make this as a benchmark distribution system, both on network management and customer services. The immense knowledge of Mumbai team would also help us in multiplying our presence at other geographies,” said Sardana.
ATL owns and operates 35 Bulk Power Grid sub-stations with approximately 19,300 MVA of transformation capacity across the country, making it the the largest private sector Transmission & Electricity Distribution Company in the country.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.