Adani Enterprises forms Adani New Industries Ltd for new energy ventures
Adani Enterprises has announced that it has formed a new wholly-owned subsidiary named Adani New Industries Limited (ANIL) for green hydrogen projects, manufacturing of wind turbines and solar modules, batteries among other components.
In November 2021, Mr. Gautam Adani had announced that his conglomerate will invest $70 billion in the new energy segment during the next 10 years as it wants to become the world's largest renewable energy company and produce the cheapest hydrogen on earth.
ANIL is a move towards that direction and Adani Enterprises said in a regulatory filing that the new entity will undertake the business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity, and the manufacture of key components and material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines, it said.
ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard, the filing added.
"By 2030, we expect to be the world's largest renewable energy company without any caveat - and we have committed $70 billion over the next decade to make this happen. There is no other company that has yet made such a large bet on developing its sustainability infrastructure," Mr. Adani had stated in November 2021.
