Adani Group merges subsidiaries with Adani New Industries to boost green energy

Adani Group Merger: Adani Group has merged its two step-down subsidiaries with its green hydrogen and wind turbine manufacturing arm Adani New Industries for stronger focus on green energy. Adani Group today said it has merged two step-down subsidiaries, namely Adani Infrastructure Private Limited and Mundra Solar Technology Limited, with its green hydrogen and wind turbine manufacturing arm, Adani New Industries Ltd. The company said this in a stock exchange filing on Wednesday.

The filing also said, "Adani Infrastructure Private Limited and Mundra Solar Technology Limited are amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the company."

Adani Infrastructure and Developers are largely in real estate. The company completes substantial construction work and then develops thermal and solar power projects; therefore, it offers engineering and project management services. Mundra Solar Technology is less than three years old and specializes in the production, collection, and distribution of electricity.

ANIL is a subsidiary of Adani Enterprises Ltd, which is to be focused on low-carbon projects that include green hydrogen development projects and the manufacturing of wind turbines and solar modules. Service sectors include energy, utilities, transport, and logistics sectors across the globe.

The July report by CARE Ratings Ltd states that Adani already has operational facilities capable of manufacturing 4 GW of solar PV modules and has a backward integration capability for 4 GW of solar PV cells and 2 GW of ingots and wafers. In addition, ANIL is developing facilities for solar glass, aluminum frames, and backsheets, which are the major components in the production of solar cells and modules.

French energy supermajor TotalEnergies holds 25 per cent of equity interest in ANIL, and the rest balance is held by Adani Enterprises Ltd. The merger is going to be expected to strengthen its commitment of Adani toward energy solutions that are sustainable and place it on a stronger footing in the fast-evolving green technology space.