Adani Group's flagship company, Adani Enterprises, announced in its BSE listing on Wednesday, October 2, that the conglomerate has merged two subsidiaries with Adani New Industries Limited.
Adani Infrastructure Private Limited and Mundra Solar Technology Limited are now integrated with Adani New Industries Limited, per the company's exchange filing.
“We would like to inform you that pursuant to Section 233 and other applicable provisions of the Companies Act, 2013 read with Rules made thereunder, two of the Company’s wholly-owned step-down subsidiaries, namely, Adani Infrastructure Private Limited and Mundra Solar Technology Limited, stand amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the Company,” the company said in the exchange filing.
The merger became effective on October 1, when all the procedural formalities, including statutory filings with the authorities, were completed.
Adani Enterprises shares closed 1.6 per cent higher at ₹3,184.80 after Tuesday's trading session, compared to ₹3,134.75 in Monday's market close. The stock markets are closed on Wednesday, October 2, due to the Gandhi Jayanti holiday.
Adani Infrastructure and Developers is a real estate firm which deals with the construction and development of thermal and solar power projects. The company also provides engineering, techno-commercial, project management and control, and commissioning services.
Adani Group's Mundra Solar Technology deals with producing, collecting and distributing electricity.
Adani New Industries Ltd (ANIL) is a wholly owned subsidiary of Adani Enterprises, which undertakes low-carbon projects, green hydrogen projects, and the manufacturing of wind turbines and solar module batteries.
According to the news agency PTI, ANIL is setting up facilities to produce solar glass, aluminium frames, and back sheets, key parts for its existing solar cell and module manufacturing.
The agency also quoted a CARE Ratings note that stated Adani has an operational facility for manufacturing 4 gigawatts (GW) of solar PV modules with a 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.
