Billionaire Gautam Adani’s group on Friday said it has formed an equal joint venture with Japanese trading house Kowa Group for marketing of green ammonia and green hydrogen produced by the Indian conglomerate.
"Adani Global Pte Ltd, Singapore, a step-down wholly-owned subsidiary of (Adani Enterprises Ltd) has signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore on September 8," the Adani group flagship firm said in a stock exchange filing. Adani Group is investing multi-billion dollars in setting up facilities to produce green ammonia and green hydrogen from water.
"Joint venture agreement records the terms of incorporation of a joint venture company in Singapore in accordance with the terms of the agreement for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory," it said. Adani and Kowa will hold a 50 per cent stake each in the joint venture. No other details were provided by the group.
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