Adani Enterprises' board has approved the sale of interests in Maharashtra Eastern Grid Power Transmission Company to its subsidiary, Adani Transmission.

The company proposed its plan to divest shares in the transmission company to Adani Transmission in November 204, according to Press Trust of India (PTI).

PTI cited Adani Enterprises as saying in a BSE filing: "Adani Enterprises has now informed BSE that the Board at its meeting held on January 16, 2015 has approved the proposal to divest its holding of 70.75 crore shares in MEGPTCL to Adani Transmission, a wholly owned subsidiary of the company subject to requisite approvals, if any."

Established in 2010, Maharashtra Eastern Grid Power Transmission Company (MEGPTCL) aims to develop a 765kV transmission system in order to evacuate power from projects in north-eastern Maharashtra.

Adani Power board, in a separate filing, also approved the proposal to sell 90.91% of its shares in Adani Transmission (India) to Adani Transmission, subject to requisite approvals.