Adani Renewable Energy Holding Nine Ltd., a wholly owned subsidiary of Adani Green Energy Ltd., incorporated a wholly owned subsidiary, Adani Green Energy Sixty Nine Ltd., on Friday, according to an exchange filing.
Adani Green said that the main objective of the subsidiary is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources of energy.
The subsidiary is incorporated and registered with the Registrar of Companies, Ahmedabad, on Wednesday and has an authorised and paid-up share capital of 1 lakh. The turnover is nil because the firm is yet to begin business operations.
Earlier this week, Adani Renewable Energy Holdings Nine incorporated three wholly owned subsidiaries, Adani Green Energy Sixty Five Ltd., Adani Green Energy Sixty Six Ltd., and Adani Green Energy Sixty Seven Ltd.
The subsidiaries will generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources of energy.
This move came after Adani Green's step-down subsidiary, Adani Green Energy Twenty Five Ltd., authorised a 250 MW solar power project at Badi Sid, Jodhpur district, Rajasthan.
The share price of Adani Green Energy closed 1.56% lower at Rs 1,217.95 apiece, compared to a 1% gain in the BSE Sensex. It has fallen 16.8% over the past 12 months.
The average of 12-month analysts' consensus price targets implies a potential upside of 61.4%, as per Bloomberg.
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