ANIL to be Adani Group's vehicle for new energy business

Adani Enterprises has formed a new wholly-owned subsidiary named Adani New Industries Limited (ANIL) which will undertake green hydrogen projects, manufacturing of wind turbines and solar modules batteries among other components.

The move is aimed at producing cheapest hydrogen and can be analysed in the light of the fact that billionaire Mukesh Ambani and Mr Gautam Adani's rival, too has announced his foray into the green energy business.

Mr Adani had in November 2021 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 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.