Adani Enterprises merges two subsidiaries to bolster green energy initiatives
Mumbai: Adani Enterprises Ltd. (AEL) has consolidated two of its subsidiaries with Adani New Industries Ltd. (ANIL) as part of its strategy to enhance its green energy portfolio.
The merger, which includes Adani Infrastructure and Mundra Solar Technology, became effective on October 1, with all regulatory and procedural formalities completed, according to a filing by AEL.
ANIL, an incubator company under Adani Enterprises, is focused on advancing solar and wind energy production while streamlining its supply chain.
The company’s wind division recently secured certification for a 3 MW wind turbine, and its solar manufacturing operations achieved a full capacity of 4 GW in the June quarter.
In addition to solar and wind power, ANIL is planning further investments in electrolyzer production and green hydrogen initiatives.
Adani Enterprises has confirmed that any additional capital expenditure required by ANIL will be funded through a Qualified Institutional Placement (QIP), expected to commence next week.
ANIL, as part of the broader Adani Group, is connected to businesses in data centers, airports, and road infrastructure. In the June quarter of 2023, ANIL saw a 125% increase in sales of its solar modules, reaching 1,379 MW.
Established in 2022, Adani New Industries is viewed as a cornerstone of the group's efforts to expand into green energy and sustainable technologies.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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