Adani Enterprises Limited (AEL) has announced the demerger of its renewable energy business into an associate company, Adani Green Energy Limited (AGEL), in an attempt to simplify the overall business structure of the company. AGEL will be listed on the exchanges, and as per the agreement, it will issue 761 new equity shares for every 1,000 equity shares of AEL. The demerger is expected to close by the first quarter of 2018, subject to regulatory approvals. At present, AEL holds a renewable energy portfolio of 2,148 MW in the country.
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