Qatar Investment Authority to Invest 450 Million in Adani Electricity Mumbai Limited

AHMEDABAD, India, Dec. 12, 2019 /PVTIME/ -- Adani
Transmission Limited ("ATL"), Adani Electricity Mumbai Limited
("AEML") and a subsidiary of Qatar Investment Authority
("QIA") have signed definitive agreements for the sale of a 25.1%
stake in AEML to QIA and for a shareholder subordinated debt investment by QIA
in AEML (the "Transaction"). The total QIA investment in AEML will be
approximately INR 3,200 Crore (equivalent to approximately $450 million).

AEML is the licensee for an integrated power distribution, transmission
and generation business that currently serves more than 3 million consumers
across a license area of approximately 400 square kilometers in the city of Mumbai,
the world's seventh largest city by size of population. AEML's market share of Mumbai
is approximately 87% by license area, 67% by consumers served and 55% by
electricity supplied.

As part of the Transaction, ATL and QIA have agreed definitive plans to
ensure that over 30% of the electricity supplied by AEML is sourced from solar
and wind power plants by the year 2023. In addition, ATL and QIA have agreed a
number of other green initiatives to combat climate change and facilitate the
transition to a sustainable, low carbon economy.

The Transaction demonstrates the increasingly strong relations between India
and Qatar and the commitment of both countries to further develop their close
ties in the years ahead.

Adani Group Chairman, Mr. Gautam Adani, commented: "We are delighted to embark on this
partnership with the Qatar Investment Authority. Together, we will continue to
work towards improving the reliability of supply and consumer satisfaction for
over 3 million AEML consumers served in Mumbai. We believe this transaction is
a significant step in the journey of the Adani Group, marking the start of a
long term partnership with QIA".

Adani Chairman, Mr. Gautam Adani

QIA Chief Executive Officer, Mr. Mansoor Al-Mahmoud, commented: "We believe that Adani Electricity Mumbai Limited
is the best-in-class electricity utility in India and has tremendous potential
for growth. We look forward to a long term partnership with the Adani Group,
with whom we share an inter-generational perspective on investments and a
common vision for the sustainable growth and continued success of AEML".

QIA CEO, Mr. Mansoor Al-Mahmoud

Mr. Al-Mahmoud added: "This investment
demonstrates our confidence in India, with whom Qatar shares deep-rooted ties
and excellent relations".

The Transaction is the latest in a series of investments undertaken by QIA
in world-class infrastructure assets with trusted partners globally.

The Transaction is expected to complete in early 2020 subject to receipt
of regulatory approvals and satisfaction of customary conditions precedent.

SKN Advisors Limited acted as financial advisor and Cyril Amarchand
Mangaldas acted as legal advisor to ATL and AEML on the Transaction.

J.P. Morgan acted as financial advisor and Cleary Gottlieb Steen &
Hamilton LLP and AZB & Partners acted as legal advisors to QIA on the
Transaction.

SOURCE: Qatar Investment Authority (QIA)

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