April Moon Retail Private Limited, a joint venture of Adani Airport Holdings Limited, is set to acquire a 74% stake in Cococart Ventures Private Limited for͏͏ INR͏͏ 200͏͏ crore,͏͏ according͏͏ to͏͏ the͏͏ stock͏͏ exchange͏͏ filing.
Key͏͏ Agreements͏͏ Signed͏͏ for͏͏ Cococart Ventures Acquisition:
“We͏͏ wish͏͏ to͏͏ inform͏͏ you͏͏ that͏͏ April͏͏ Moon͏͏ Retail͏͏ Private͏͏ Limited,͏͏ a͏͏ joint͏͏ venture͏͏ of͏͏ Adani͏͏ Airport͏͏ Holdings͏͏ Limited,͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ the͏͏ Company,͏͏ has͏͏ signed͏͏ a͏͏ Share͏͏ Purchase͏͏ Agreement͏͏ (SPA),͏͏ Joint͏͏ Venture͏͏ Agreement͏͏ (JVA),͏͏ and͏͏ Share͏͏ Subscription͏͏ Agreement͏͏ (SSA)͏͏ on͏͏ September͏͏ 27,͏͏ 2024,͏͏ with͏͏ Cococart͏͏ Ventures͏͏ Private͏͏ Limited͏͏ (CVPL)͏͏ and͏͏ its͏͏ existing͏͏ shareholders,͏͏ Karan͏͏ Ahuja͏͏ and͏͏ Arjun͏͏ Ahuja,͏͏ to͏͏ acquire͏͏ a͏͏ 74%͏͏ stake͏͏ in͏͏ CVPL,”͏͏ the͏͏ statement͏͏ read.
The͏͏ acquisition͏͏ deal͏͏ is͏͏ anticipated͏͏ to͏͏ be͏͏ completed͏͏ by͏͏ October͏͏ 31,͏͏ 2024.
Continue͏͏ Exploring:͏͏ Adani Wilmar͏͏ eyes͏͏ expansion͏͏ with͏͏ $1͏͏ Bn͏͏ fund͏͏ to͏͏ acquire͏͏ three͏͏ food͏͏ brands͏͏ in͏͏ India
Alongside͏͏ the͏͏ acquisition͏͏ of͏͏ Cococart͏͏ Ventures,͏͏ Adani͏͏ Dahanu͏͏ Thermal͏͏ Power͏͏ Station͏͏ (ADTPS)͏͏ announced͏͏ on͏͏ Friday͏͏ that͏͏ Adani͏͏ Electricity͏͏ Mumbai͏͏ has͏͏ entered͏͏ into͏͏ a͏͏ business͏͏ transfer͏͏ agreement͏͏ with͏͏ its͏͏ wholly͏͏ owned͏͏ subsidiary,͏͏ North͏͏ Maharashtra͏͏ Power͏͏ Limited,͏͏ to͏͏ carve͏͏ out͏͏ ADTPS͏͏ through͏͏ a͏͏ slump͏͏ sale͏͏ on͏͏ a͏͏ going͏͏ concern͏͏ basis.͏͏ The͏͏ Dahanu͏͏ Power͏͏ Plant͏͏ is͏͏ a͏͏ 500͏͏ MW͏͏ coal-fired͏͏ power͏͏ project͏͏ situated͏͏ in͏͏ Maharashtra.
Adani Enterprises Reports͏͏ Significant͏͏ Profit͏͏ Growth:
Adani͏͏ Group’s͏͏ flagship͏͏ entity,͏͏ Adani͏͏ Enterprises,͏͏ reported͏͏ a͏͏ consolidated͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 1,454͏͏ crore͏͏ for͏͏ the͏͏ first͏͏ quarter͏͏ ended͏͏ June͏͏ 2024,͏͏ marking͏͏ a͏͏ 116%͏͏ year-on-year͏͏ (YoY)͏͏ increase.͏͏ This͏͏ compares͏͏ to͏͏ INR͏͏ 674͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.
Revenue͏͏ from͏͏ operations͏͏ for͏͏ the͏͏ reporting͏͏ period͏͏ rose͏͏ by͏͏ 12%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 25,472͏͏ crore,͏͏ up͏͏ from͏͏ INR͏͏ 22,644͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.
