OCTOBER 20249ADANI TO OPERATE ELECTRICITY INFRASTRUCTURE IN KENYAASCENT CIRCUITS ALLOCATES RS 650 CRORE FOR NEW PCB FACILITY IN HOSURIndian billionaire Gautam Adani-led conglomerate has signed a pact to build and operate key electricity transmission lines in Kenya for 30 years, the African nation's Cabinet Secretary for Energy Opiyo Wandayi said. Adani Energy Solutions signed a project agreement with the Kenya Electricity Transmission Company (Ketraco)."This agreement marks the beginning of a transformative initiative to develop, finance, construct, operate, and maintain key transmission lines and substations across Kenya," he said in a press statement.Kenya faces persistent power blackouts and the projects awarded to Adani are to upgrade the country's transmission infrastructure to ensure reliable power."As part of this infrastructure development, the project company (AESL) will raise all the funding in the form of debt and equity that will be repaid over the 30-year period of the project agreement," he said. "The project cost, that is currently estimated at Kenyan shilling 95.68 billion (USD 736 million) will be crystallised through a competitive bidding process that will be jointly handled by Ketraco and AESL."The Government of Kenya will not incur any financial expenditure on the project."AESL will manage the transmission lines for 30 years, ensuring long-term sustainability and efficiency, and thereafter transfer the project and all its assets to Ketraco," he said.AESL will develop three transmission lines and two substations.Adani Group was previously talking to the Kenyan government to operate its main airport but the proposal has been put on hold following protests. The subsidiary of the listed company Amber Group, Ascent Circuits, announced that it plans to invest Rs 650 crore in establishing a printed circuit boards (PCBs) manufacturing unit in Hosur, Tamil Nadu. The company specified that this cutting-edge PCB facility will fortify local productionof vital parts as India found its presence in semiconductor & chip substrates."The new facility will employ advanced manufacturing technologies to produce a wide range of PCBs, from single-sided to complex multilayer and specialty circuits," an Amber Group spokesperson mentioned in the report. "Further, this facility will also create a direct and indirect employment opportunity for more than 1,000 people in the state," he added.The factory will have the capability to produce up to 840,000 square meters per year once both phases of construction are completed. It will encounter the increasing requirements in India's automotive, telecom, industrial, defense, and aerospace industries.In the quarter ending June 2024, Amber Group saw a 96 percent rise in standalone profit, amounting to Rs 44.31 crore. Income from operations increased by 45 percent compared to the previous year, reaching Rs 1,739.89 crore. In January, Amber Group purchased a 60percent share of the south-Indian company Ascent Circuit, thereby turning it into a subsidiary of Amber Group.
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