Adani Enterprises Merges Key Subsidiaries into Adani New Industries, Boosting Stock Market Surge

Adani Enterprises, the main company of the Adani Group, announced that it has merged two of its subsidiaries with Adani New Industries Limited (ANIL). This was confirmed in a filing with the Bombay Stock Exchange (BSE) on Wednesday, October 2.

The two companies, Adani Infrastructure Private Limited and Mundra Solar Technology Limited, are now officially part of ANIL. This merger took effect on October 1, after all the necessary legal steps were completed.

In the filing, the company stated, “We are informing that, according to Section 233 and other parts of the Companies Act, 2013, along with the related rules, two of the company’s wholly-owned subsidiaries, Adani Infrastructure Private Limited and Mundra Solar Technology Limited, have been merged with Adani New Industries Limited.”

Following this news, Adani Enterprises’ shares increased by 1.6% on Tuesday, closing at ₹3,184.80 compared to ₹3,134.75 on Monday. The stock market was closed on Wednesday for Gandhi Jayanti.

About the Companies:

• Adani Infrastructure Private Limited works in real estate, focusing on building thermal and solar power projects. It also provides services related to project management, engineering, and technical support.
• Mundra Solar Technology Limited is involved in the production, collection, and distribution of electricity.
• Adani New Industries Limited (ANIL), a subsidiary of Adani Enterprises, focuses on green energy projects, such as low-carbon initiatives, green hydrogen, and manufacturing solar and wind energy equipment.

ANIL is also setting up facilities to manufacture important solar components like solar glass and aluminium frames. According to a report from CARE Ratings, ANIL has an operational facility that can produce 4 gigawatts (GW) of solar PV modules. This includes backward integration of 4 GW solar PV cells and 2 GW of ingots and wafers, as well as facilities for wind turbine production.