Adani Enterprises incorporates two wholly owned subsidiaries

Adani Enterprises on Tuesday (4 October 2022) announced that it has incorporated two wholly owned subsidiaries, Alwar Alluvial Resources and Adani Disruptive Ventures on 3 October 2022 and 4 October 2022 respectively.

The company incorporated a wholly owned subsidiary, Alwar Alluvial Resources (AARL), on 3 October 2022, with an initial authorized & paid-up share capital of Rs 10 lakh each, to carry on manufacturing and processing of minerals, TiO2 Slag manufacturing, pigment manufacturing etc. and to do all necessary and incidental activities in this regard.

The other subsidiary being incorporated is Adani Disruptive Ventures (ADVL), on 4 October 2022, with an initial authorized & paid-up share capital of Rs 5 lakh each. ADVL will carry on the business of buying, selling, reselling, importing, exporting, transporting, storing, promoting, marketing or supplying, trading, dealing in any manner whatsoever in all type of goods, products, merchandise, services and commodities of every description & to do all necessary and incidental activities in this regard.

Adani Enterprises said that both the companies will commence its business operations in due course.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses. The next generation of its strategic business investments is centered around green hydrogen ecosystem, airport management, roads, data center and water infrastructure.

The company's consolidated net profit jumped 72.9% to Rs 469.46 crore in Q1 FY23 as against Rs 271.46 crore in Q1 FY22. Revenue from operations in the first quarter stood at Rs 40,844.25 crore, surged 224.7% from Rs 12,578.77 crore reported in the same period last year.

Shares of Adani Enterprises were up 0.63% to Rs 3,258.70 on the BSE.

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