Adani Group building. File
| Photo Credit: Vijay Soneji
Adani Group has merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd. (ANIL), 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.
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
