Adani Enterprises Ltd. said its data center joint venture agreed to acquire two subsidiaries of Adani Power Ltd. for a total of 540 crore Indian rupees ($65 million) in cash.

AdaniConnex Private Ltd. will acquire 100% stakes in the power producer’s subsidiaries involved in infrastructure development activities, namely Aviceda Infra Park Ltd. and Innovant Buildwell Private Ltd., the Indian conglomerate said in a stock exchange announcement.

AdaniConnex, a 50:50 joint venture between Adani Enterprises and EdgeConneX, will buy Aviceda at 190 crore rupees and Innovant at 350 crore rupees to set up infrastructure facilities.

Adani Enterprises said both Aviceda and Innovant, which are yet to commence commercial activities, own a sizeable land parcel and have secured key licenses to commence infrastructure activities. This would give a head start to AdaniConnex, it added.

AdaniConnex is engaged in the business of developing data centers and providing co-location hosting and ancillary services, including managed services, remote hands and feet, and other related services.

The related-party transactions, which will be done at arms’ length basis, are likely to complete by 31 March 2024.

Note: $1 = 83.1407 Indian rupees

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