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Adani New Industries Ltd to enter green energy segment

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Adani Enterprises has set up a wholly owned subsidiary to undertake its new energy projects

New Delhi:

Adani Enterprises has formed a new wholly owned subsidiary named Adani New Industries Limited (ANIL) which will manufacture green hydrogen projects, wind turbine and solar module batteries among other components.

The move is aimed at producing the cheapest hydrogen possible and can be analyzed in light of the fact that rival of billionaire Mukesh Ambani and Mr. Gautam Adani has also announced to enter the green energy business.

Mr. Adani announced in November 2021 that his group would invest $70 billion in the new energy segment over the next 10 years as it seeks to become the world’s largest renewable energy company and produce the cheapest hydrogen on Earth.

ANIL is a step in that direction and the new entity will take up the business of developing and operating projects for the synthesis of low-carbon fuels and chemicals, production of low-carbon electricity and manufacturing of key components and materials, Adani Enterprises said in a regulatory filing. For projects including production of green hydrogen, related downstream products, power generation, manufacturing of wind turbines, it said.

ANIL will also manufacture solar modules, batteries, electrolysers, allied upstream manufacturing as well as ancillary industries and carry out all activities in this regard.

Adani Green Energy Limited (AGEL), the world’s largest solar power developer, is targeting 45 gigawatts (GW) of renewable energy capacity by 2030 and $20 billion to develop 2 gigawatts per year solar manufacturing capacity by 2022-23. will invest.

Adani Transmission Limited (ATL), India’s largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power purchases from the current 3 per cent to 30 per cent by 2022-23 and to 70 per cent by 2029-30 .

“By 2030, we expect to become the world’s largest renewable energy company without warning – and we have pledged $70 billion over the next decade to do so. There is no other company that has yet achieved its sustainability Such a big bet on developing the infrastructure,” Mr. Adani said in November 2021.

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