Adani Enterprises share in focus after subsidiaries merge with ANIL

The Adani Enterprises share is in focus on October 3, after Gautam Adani’s flagship announced the Adani Group’s decision to amalgamate the two step-down subsidiaries Adani Infrastructure and Mundra Solar Technology with Adani New Industries Limited (ANIL).

Markets in India were shut on October 2 on the occasion of Gandhi Jayanti, and the Adani Enterprises share had witnessed a 2 per cent surge to hit Rs 3,184 at close of trade the day before.

“Adani Infrastructure Private Limited and Mundra Solar Technology Limited stand amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the company,” Adani Enterprises said in an exchange filing. The information was also conveyed to the media through a press release.

ANIL is a subsidiary of Adani Enterprises Limited (AEL) that focusses on low-carbon initiatives such as green hydrogen projects and supplies. ANIL is also involved in the production of solar module batteries and wind turbines. The company is currently setting up facilities to manufacture aluminium sheets and frames, besides solar glass, for solar cell and modules. Adani Enterprises has a 75 per cent stake in ANIL while the French energy company TotalEnergies owns the rest.

Adani Infrastructure and Developers builds and develops solar and thermal power projects, and also provides commissioning, engineering, techno-commercial, and project control and management services.

Mundra Solar Technology is a company focussed on generating, collecting and distributing electricity. The company is a relatively young one, having been established just over two years ago.