Adani Enterprises merges 2 subsidiaries into Adani New Industries
Adani Enterprises, the flagship firm of the Adani Group, has announced the merger of two of its subsidiaries with Adani New Industries Limited (ANIL). The integration involves Adani Infrastructure Private Limited and Mundra Solar Technology Limited. This strategic move was disclosed in an exchange filing by the company. The merger became effective on October 1, following the completion of all necessary procedural formalities and statutory filings with the authorities.
Merger in accordance with Companies Act, 2013
The merger was carried out in accordance with Section 233 and other relevant provisions of the Companies Act, 2013. The company stated in its exchange filing that "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." This move signifies a significant restructuring within the Adani Group's business operations.
A closer look at the merged entities
Adani Infrastructure is a real estate firm specializing in the construction and development of thermal and solar power projects. It also offers engineering, techno-commercial, project management, control, and commissioning services. Mundra Solar Technology's primary business involves producing, collecting, and distributing electricity. ANIL is a wholly-owned subsidiary of Adani Enterprises that undertakes low-carbon projects including green hydrogen projects as well as manufacturing wind turbines and solar module batteries.
ANIL's future plans and current operations
ANIL is currently establishing facilities to manufacture solar glass, aluminium frames, and back sheets. These components are crucial for its existing solar cell and module manufacturing operations. According to CARE Ratings, Adani has an operational facility capable of producing 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. The company also operates a wind turbine generator (WTG) manufacturing facility under the wind segment.
