Adani Global Pte., a step-down subsidiary of Adani Enterprises Ltd., has incorporated a joint venture in Singapore to sell and market green ammonia and green hydrogen.
The conglomerate's unit entered into a joint venture with Kowa Holdings Asia Pte.'s to form Kowa Green Fuel Pte. on Sept. 13 in Singapore, according to an exchange filing. The JV will look after the sales and marketing of green ammonia, green hydrogen, and their derivatives in Japan, Taiwan, and Hawaii.
Adani will hold 50% stake in the joint venture Kowa Green Fuel Pte., which is yet to commence business operations
Adani Group To Commence Green Hydrogen Production By FY27
Adani New Industries Ltd., the green hydrogen platform of Adani Group, is developing end-to-end solutions to produce globally competitive green hydrogen and its associated sustainable derivatives at scale.
The first project, consisting of 1 million metric tonnes of green hydrogen per annum, is being implemented in phases in Gujarat. The initial phase is expected to start production by FY27.
Depending on market conditions, Adani New Industries aims to increase capacity to up to 3 MMTPA of green hydrogen in the next 10 years, with an investment of about $50 billion.
"The combined strength of Adani Group's experience in renewable equipment manufacturing, setting up large scale generation projects, building grid infrastructure, and proven project execution capabilities gives it a significant competitive advantage, while building the green hydrogen ecosystem in India," the company said in the filing.
Shares of Adani Enterprises Ltd. rose 0.25% to Rs 2,525.15 apiece on Thursday, compared to a 0.10% advance in the Nifty 50. The stock rose as much as 1.04% intraday to Rs 22,545 apiece.
The stock has fallen 34.5% on a year-to-date basis. The relative strength index was at 51.7.
One analyst tracking the company maintains a 'buy' on the stock, according to Bloomberg data.
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