Adani Green Arm Incorporates Three Subsidiaries To Generate And Supply Renewable Energy
Adani Renewable Energy Holding Nine Ltd., a wholly owned subsidiary of Adani Green Energy Ltd., incorporated three wholly owned subsidiaries, Adani Green Energy Sixty Five Ltd., Adani Green Energy Sixty Six Ltd., and Adani Green Energy Sixty Seven Ltd., on Thursday, according to a press release from the company posted on the National Stock Exchange.
Adani Green Energy said that the main objective of the subsidiaries 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.
All three subsidiaries have an authorised and paid-up share capital of 1 lakh.
The subsidiaries are incorporated and registered with the Registrar of Companies, Gujarat, Ahmedabad, on Wednesday. The turnover is nil because the subsidiaries are yet to begin business operations.
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 company said that its total operational renewable generation capacity increased to 11,434 MW after the commissioning of the plant.
The share price of Adani Green Energy closed 6.09% higher at Rs 1,217.95 apiece.
Share price rose as much as 8.79% to Rs 1,249 apiece. This compares to a 0.38% decline in the NSE Nifty 50 Index.
It had fallen 23.74% on a year-to-date basis and 16.80% over the past 12 months.
The average of 12-month analysts' consensus price targets implies a potential upside of 61.4%.
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