New Delhi, Jun 5 (PTI) Adani Power on Wednesday said that Mirzapur Thermal Energy U.P. Pvt Ltd has become its arm following the allotment of 99.8 per cent of its equity to the company.

"Company has been allotted 50,00,000 equity shares of Rs. 10/- each by Mirzapur Thermal Energy U.P. Private Limited (“MTEUPL”) on preferential basis resulting in a 99.8% equity stake in MTEUPL. Consequently, MTEUPL has become a subsidiary of the Company," a BSE filing said.

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MTEUPL is yet to commence commercial activities and will be involved with infrastructure development activities.

The entity is a related party of Adani Power. Before allotment of equity shares of MTEUPL to the Company, the MTEUPL was a wholly owned subsidiary of Adani Infra (India) Ltd (AIIL).

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)