Adani Energy Solutions secures Letter of Intent from REC Ltd under certain conditions
Adani Energy Solutions received the LoI under Phase-III Part-I through the Tariff-Based Competitive Bidding Process.
Adani Energy Solutions secures Letter of Intent from REC Ltd under certain conditions
Adani Energy Solutions Ltd. has informed the exchanges has, in the ordinary course of business, received a Letter of Intent (LoI) from a unit of state-run REC Ltd. The LoI has been received from the REC Power Development and Consultancy Ltd. for the establishment of a Transmission System for the evacuation of power from the Renewable Energy Zone (REZ) in Rajasthan.
Adani Energy Solutions received the LoI under Phase-III Part-I through the Tariff-Based Competitive Bidding Process. However, the company said that the LoI is contingent upon the company's unconditional acceptance of the same and satisfying certain conditions within 10 days from the issuance of the Letter of Intent.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
The LoI is also further subject to execution of binding agreements between the parties, Adani Energy Solutions said in the exchange filing. Shares of Adani Energy Solutions are currently fluctuating between gains and losses, trading at Rs 814.55. The stock is down 40% from its recent peak of Rs 1,348. The stock is down 23% so far on a year-to-date basis.
Read Also : GAIL signed second Unilateral Advance Pricing Agreement with CBDT