April Moon Retail Private Limited, a joint venture of Adani Airport Holdings Limited, plans to acquire a 74% stake in Cococart Ventures Private Limited for ₹200 crore, as stated in a stock exchange filing.
The filing detailed that April Moon Retail, a wholly owned subsidiary of Adani Airport Holdings, executed a Share Purchase Agreement (SPA), Joint Venture Agreement (JVA), and Share Subscription Agreement (SSA) on September 27, 2024, with Cococart Ventures and its existing shareholders, Karan Ahuja and Arjun Ahuja. The acquisition is expected to be completed by October 31, 2024.
Additionally, Adani Dahanu Thermal Power Station (ADTPS) announced that Adani Electricity Mumbai has entered into a business transfer agreement with its wholly owned subsidiary, North Maharashtra Power Limited, to carve out ADTPS through a slump sale on a going concern basis. The Dahanu Power Plant is a 500 MW coal-fired project located in Maharashtra.
In related news, Adani Enterprises, the flagship company of the Adani Group, reported a remarkable 116% year-on-year increase in consolidated net profit, reaching ₹1,454 crore for the first quarter ending June 2024, up from ₹674 crore in the same period last year.
