Adani Energy Solutions Ltd (AESL) on Thursday announced it had signed a share purchase agreement (SPA) with REC Power Development and Consultancy Limited (RECPDCL) to acquire 100 per cent equity in Mahan Transmission Limited (MTL).

MTL will facilitate the transmission of 1,230 megawatts of electricity from Adani Power Ltd.'s forthcoming 1,600 MW expansion units at Mahan in Madhya Pradesh’s Singrauli district, supplying power into the state grid, according to a stock exchange disclosure.

“This acquisition is aimed at furthering AESL’s strategy to enhance shareholder value through both organic and inorganic growth avenues,” the statement read. The equity shares of Mahan Transmission are being acquired at a nominal value of Rs 10 each. Shares of Adani Energy Solutions closed 8.3 per cent higher at Rs 870 apiece on Thursday.

Adani Energy Solutions emerged as the successful bidder for this scheme through the tariff-based competitive bidding route, with RECPDCL acting as the bid process coordinator. RECPDCL is a subsidiary of the state-owned REC Ltd.

Last week, AESL secured a power transmission project worth Rs 2,800 crore in Gujarat. The project, expected to be commissioned within 36 months, will provide green energy for the production of Green Hydrogen and Green Ammonia in Mundra. This marked AESL’s sixth contract win in the current financial year, pushing its order book to Rs 57,561 crore.

In January this year, Adani Energy Solutions secured its largest-ever contract—worth Rs 25,000 crore—for the Bhadla (Rajasthan) to Fatehpur (Uttar Pradesh) high voltage direct current (HVDC) transmission project.