Adani Enterprises Ltd said Thursday it has incorporated a new subsidiary, Prayagraj Water Pvt Ltd.
The subsidiary was formed on December 26 with an authorised and paid-up share capital of Rs 100,000 and is yet to commence its operations, the company said in a BSE filing.
Adani Enterprises has a 74 per cent stake in the subsidiary while wastewater treatment solutions provider ORGANICA Technologies Pvt Ltd has the rest 26 per cent, according to the filing.
The subsidiary would undertake development and rehabilitation of sewage treatment plants and its associated infrastructure on HAM mode basis at Prayagraj (Allahabad), it said.
Shares of Adani Enterprises witnessed a sharp rise in trading activity before closing higher by 0.96 per cent at Rs 162.20 on BSE. Around 1.057 million shares of the company were traded on the bourse.