Adani merges two green energy subsidiaries with Adani New Industries

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.