Adani Enterprises' Renewable Energy Subsidiary Incorporates Solar Unit

The renewable energy subsidiary of Adani Enterprises Ltd. incorporated wholly owned subsidiary Adani New Industries One Ltd. on Monday, according to an exchange filing.

Adani New Industries Ltd. incorporated the solar arm, which has an authorised and paid-up share capital Rs 1 lakh, divided into 10,000 equity shares.

The aim is to carry on business of trading and supplying of components, equipment and materials associated with solar and wind manufacturing, including solar panels, inverters, wind turbine, blades and other related equipment in order to provide a range of services.

Adani New Industries holds a 100% stake in ANIOL, which is yet to commence its business operations.

Adani Enterprises had also recently incorporated Praneetha Ecocables Ltd. through a joint venture between wholly owned subsidiary Kutch Copper Ltd. and Praneetha Ventures Pvt. on March 19. The shareholding for the joint venture was divided in the 50:50 ratio. The authorised and paid-up share capital was Rs 10 lakh, which was divided into 100,000 equity shares worth Rs 10 each.

The objects and effects of the acquisition included manufacturing, marketing, distributing and selling metal products, cables and wires.

Shares of Adani Enterprises closed 0.25% higher at Rs 2,368 apiece on the National Stock Exchange, compared to a 0.05% decline in the benchmark Nifty. Four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg.