Adani Group incorporates wholly-owned subsidiary, ANIL for new energy business

Billionaire Gautam Adani’s logistics-to-energy conglomerate has set up a new subsidiary, Adani New Industries Ltd (ANIL) to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world’s largest renewable energy company and produce the cheapest hydrogen.

Adani had in November last year stated that his group will invest USD 70 billion in the new energy space of the next decade. “The company has incorporated a wholly-owned subsidiary, Adani New Industries Ltd (ANIL),” its flagship Adani Enterprises Ltd said in a regulatory filing.

ANIL will undertake 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 / 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, it added.

Group companies have already charted out ambitious plans. Adani Green Energy Ltd (AGEL), the world’s largest solar power developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest USD 20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Adani Transmission Ltd (ATL), India’s largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030.

Speaking at an event on November 11, 2021, Adani Group’s founder-chairman said the group is working to make renewable a viable, affordable alternative to fossil fuels. “By 2030, we expect to be the world’s largest renewable energy company without any caveat – and we have committed USD 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,” Adani had said.

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