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.

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.

Shares of Adani Enterprises Ltd., the flagship of Indian billionaire Gautam Adani’s group, have erased all the losses inflicted by a scathing short-seller report in early 2023, after the conglomerate cut debt and landed major projects.

The stock crawled back losses of more than $30 billion that came after US-based Hindenburg Research alleged wide-ranging corporate malfeasance and share-price manipulation at the ports-to-power conglomerate in January 2023. The group has repeatedly denied those allegations.

The flagship’s stock rose 1.7% to 3,445.05 in Mumbai on Friday and has now almost tripled since its nadir in February 2023. The latest upswing comes as some analysts expect Adani Enterprises’ stock to be included in the benchmark S&P BSE Sensex Index in June, potentially bringing passive flows.  

Other Adani companies are engaging with global investors to raise fresh debt as the group pushes ahead with plans to expand its cement and copper businesses. Besides Adani Enterprises, at least five of the 10 listed Adani group stocks are trading above the levels seen before the Hindenburg report. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)