Adani merges step-down subsidiaries with ANIL

Adani Enterprises Ltd. merges subsidiaries to boost green energy projects, including solar, wind, and hydrogen technologies

Adani group has merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd, according to a stock exchange filing on Wednesday (October 2, 2024).

“Adani Infrastructure Private Limited and Mundra Solar Technology Limited stand amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the company,” Adani Enterprises Ltd. (AEL), the group’s flagship firm said in the filing.

Adani Infrastructure and Developers operates as a real estate company, constructing and developing thermal and solar power projects as well as providing engineering, techno-commercial, project management and control, and commissioning services.

Less than three years old Mundra Solar Technology is involved in the production, collection and distribution of electricity.

Adani New Industries Ltd. (ANIL) is a subsidiary of AEL that undertakes low-carbon projects. It undertakes green hydrogen projects and manufacturing of wind turbines and solar module batteries. It serves energy and utilities, transportation, logistics and incubation sectors worldwide.

According to a July note by CARE Ratings Ltd., Adani has an operational facility for manufacturing 4 GW of solar PV modules with backward integration capacity of 4 GW of solar PV cells and 2 GW of ingot and wafer, and the wind turbine generator (WTG) manufacturing facility under the wind segment.

ANIL is reportedly setting up facilities to produce solar glass, aluminium frames, and backsheets – key parts for its existing solar cell and module manufacturing.

French energy giant TotalEnergies holds a 25% equity stake in ANIL while AEL holds the remaining.

Published - October 02, 2024 06:29 pm IST