Adani Global, Singapore, a step-down, wholly-owned subsidiary of Adani Enterprises, on September 14, announced a 50:50 joint venture with Kowa Holdings Asia for sales and marketing of green ammonia, green hydrogen and its derivatives.
The JV will concentrate on marketing of products in Japan, Taiwan and Hawaii, the press release stated.
At 9:45 am, Adani Enterprises was quoting at Rs 2,538.10 on the NSE, up 0.76 percent from the previous close. Adani Green Energy was quoting at Rs 991.90 on the NSE, up 0.62 percent.
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Adani New Industries Limited (ANIL), the green hydrogen platform of Adani Group is developing end-to-end solutions to produce globally competitive green hydrogen and its associated sustainable derivatives at scale.
As per the exchange filing, its first project of 1 million metric tonnes per annum (MMTPA) green hydrogen is being implemented in phases in Gujarat. The initial phase is expected to start production by FY2027.
The company aims to increase capacity to up to 3 MMTPA of green hydrogen in the next 10 years, with an investment of about $50 billion.
In other development, Bloomberg reported that Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd.
Banks are likely to refinance a total of $3.5 billion, sources told Bloomberg. Adani would repay at least $300 million on the original Ambuja facility, they said.
At 9:45 am, ACC and Ambuja Cement were trading flat at Rs 2,062 and Rs 443.50 on the NSE, respectively.
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