AdaniConneX was advised by Khaitan & Co on its completed acquisition of a 100% stake in Madhuvanti Build Estate Limited for a consideration of ₹765.25 crore. The transaction gives AdaniConneX immediate access to a strategic land parcel and essential infrastructure development licences. The deal was disclosed via a regulatory filing on June 11, 2026.
Introduction
Khaitan & Co advised AdaniConneX, a joint venture between Adani Enterprises Limited and EdgeConneX, on its completed acquisition of a 100% stake in Madhuvanti Build Estate Limited for a consideration of approximately ₹765.25 crore. The shares were acquired from Adani Infra (India) Limited, the seller in this transaction.
Madhuvanti Build Estate Limited was incorporated on November 11, 2019, in Ahmedabad, Gujarat, to undertake infrastructure development activities. The company has an authorised and paid-up share capital of ₹10,000 each and has not commenced commercial operations, reporting nil turnover. The acquisition by AdaniConneX does not fall under related-party transactions for Adani Enterprises Limited; however, Madhuvanti Build Estate Limited is controlled, directly or indirectly, by the promoter or promoter group, and the transaction was undertaken on an arm’s length basis.
Khaitan & Co advised AdaniConneX on conducting a comprehensive legal due diligence of Madhuvanti Build Estate Limited and also assisted in the drafting and negotiation of the share purchase agreement for the acquisition. The acquisition was completed in cash and does not require any governmental or regulatory approvals.
Deal Value
AdaniConneX Private Limited completed the acquisition of a 100% equity stake in Madhuvanti Build Estate Limited for a cash consideration of ₹765.25 crore. The cash transaction was completed on June 11, 2026. Further details on the financing structure were not disclosed.
Legal Teams Involved
Only one legal team was disclosed in connection with this transaction.
Khaitan & Co — advised AdaniConneX
Core Transaction Team:
- Ashraya Rao — Partner
- Unnita Bhattacharya — Principal Associate
- Alankrita Singh — Senior Associate
- Palak Sheth — Associate
Real Estate Team:
- Devendra Deshmukh — Partner
- Rahul Sunil Agarwal — Principal Associate
- Sanket Wakshe — Associate
Significance and Impact
Madhuvanti Build Estate Limited owns a sizeable land parcel and has secured key licences required to commence infrastructure operations, which Adani Enterprises stated will provide a head start to AdaniConneX. The move aims to fast-track infrastructure development by acquiring land and licences, bypassing typical delays.
AdaniConneX is a 50:50 joint venture between Adani Enterprises and EdgeConneX. The two companies have expressed a goal of delivering 1 GW of hyperscale data centre capacity throughout India. This acquisition is part of the company’s broader effort to scale up its infrastructure backbone to support increasing demand from cloud service providers, artificial intelligence companies, and large enterprises, with major facilities planned or underway in Chennai, Hyderabad, Navi Mumbai, Noida, Pune, and Visakhapatnam.
Madhuvanti Build Estate Limited, which is yet to commence commercial activities, owns a significant land parcel and has secured necessary licences for infrastructure development, providing a strategic advantage for AdaniConneX‘s future operations. The transaction also demonstrates a dual-practice advisory model, with Khaitan & Co deploying both a core M&A team and a specialist real estate team on a single instruction — reflecting the complexity inherent in acquiring a pre-revenue, licence-holding infrastructure entity. For further context on deal activity by leading Indian law firms, see the Deal Meter.
The ₹765.25 crore acquisition of Madhuvanti Build Estate Limited by AdaniConneX represents a strategic land and licence consolidation move in support of the joint venture’s hyperscale data centre ambitions in India. Khaitan & Co‘s role encompassed comprehensive legal due diligence and the drafting and negotiation of the share purchase agreement. The transaction closed on June 11, 2026, with no regulatory approvals required.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
