Adani Energy Solutions (AESL), Adani Group’s electric power distribution company, plans to invest Rs 20,000 crore over the next eight years to expand and modernise its distribution business.Following the expansion, the company aims to capture over 20% of the total market size, targeting a customer base of 4.5 million, according to the company’s FY24 annual report.The firm has applied for parallel licenses in three new areas, two of which are adjacent to its existing license areas of Mumbai and Mundra SEZ.
These areas include GautamBuddha Nagar and Ghaziabad districts in Uttar Pradesh, Thane, Mulund, Bhandup, Navi Mumbai, and Panvel in Maharashtra, and Mundra Taluka in the Kutchh district of Gujarat.Currently, AESL serves 3.18 million customers, primarily in Mumbai.“During the year, we won the distribution license to supply power to Santacruz Electronics Export Processing Zone (SEEPZ). Here we are making a significant impact by guaranteeing power reliability and quality as a service at competitive tariffs.
Furthermore, our efforts include the removal of batteries, aiding factories in reducing their carbon footprints. We intend to scale this model further,” said AESL MD Anil Sardana.With many states moving towards privatisation and parallel licensing, the firm is looking to participate in bidding and explore further opportunities.AESL, formerly Adani Transmission, was carved out of Adani Enterprises in 2015. In 2018, it entered the distribution sector by acquiring Reliance Infrastructure’s power generation, transmission, and distribution businesses.
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The company is currently implementing Rs 17,000 crore worth of transmission projects, covering 2,114 circuit kilometers (ckm), mainly for green power evacuation. AESL has set a target of 30,000 ckm of transmission network by 2030.
From: financialexpress
Financial News
