Adani Enterprises (AEL) has merged two subsidiaries with Adani New Industries (ANIL) to strengthen its green energy ecosystem, as it gears up to ramp up capex with the much-talked about fund raise through the QIP route expected to start next week.
ANIL, one of the incubating portfolio companies of Adani Enterprises, merged Adani Infrastructure and Mundra Solar Technology with itself effective October 1, and all procedural formalities, statutory filings have been completed, the exchange was informed by AEL.
Adani New Industries has been ramping up solar and wind power manufacturing as well as optimizing the supply chain. ANIL’s wind manufacturing business has received the certification for 3 MW of wind turbine, and the solar manufacturing has operated at full capacity of 4GW as of June quarter.
ANIL, the new industries vertical of Adani Enterprises has lined up manufacturing in solar and wind power business, as well as electrolyzer and green hydrogen.
The company has already said that any additional capex requirement for ANIL will be funded through the planned QIP of Adani Enterprises, expected to launch next week.
ANIL is part of the Adani ecosystem with related businesses in data centres, airports and roads. Compared to the June quarter of 2023, ANIL witnessed a 125% growth in sale of solar modules manufactured by the company at 1379 MW.
Adani New Industries Limited (ANIL) is a subsidiary of Adani Enterprises, set up in 2022 to lead the investments in green energy and sustainable technologies. ANIL is being seen as a key entity for Adani Group's plans in the green hydrogen production.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
