Two Adani companies merge with Adani New Industries

Adani Group's flagship company, Adani Enterprises, has announced in its BSE listing that two subsidiaries of the conglomerate have merged with Adani New Industries Limited.

The two subsidiaries, Adani Infrastructure Private Limited and Mundra Solar Technology Limited are now part of  Adani New Industries. 

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 percent higher at ₹3,184.80 after Tuesday's trading session, compared to ₹3,134.75 in Monday's market close.

Adani's solar arms

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. Mundra Solar Technology is engged in 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. 

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.

(By arrangement with livemint.com)