The two firms have merged with ANIL, a wholly owned subsidiary of Adani Enterprises Ltd, that undertakes low-carbon projects.
Gautam Adani-led Adani Group often changes its strategy to be among the top companies in the market. The group has billion-dollar revenue with a presence in several sectors including airports, energy and more. Now, Adani Group has merged two step-down subsidiaries Adani New Industries Ltd (ANIL), a green hydrogen and wind turbine manufacturing firm, according to a stock exchange filing on Wednesday.
The two firms that have merged are Adani Infrastructure Private Limited and Mundra Solar Technology Limited. ANIL is a wholly owned subsidiary of Adani Enterprises Ltd, that undertakes low-carbon projects.
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 production, collection and distribution of electricity.
ANIL undertakes green hydrogen projects, manufacturing of wind turbines and solar modules batteries. It serves energy and utilities, transportation, logistics and incubation sectors worldwide. 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 per cent equity stake in ANIL while AEL holds the remaining.
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Adani Group chairman Gautam Adani is one of the richest Indians. He has a real-time net worth of Rs 705594 crore, as per Forbes. His group began in 1988 as a commodities trading firm but later expanded into several businesses.
(With inputs from PTI)
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