Adani Enterprises informed the regulators that it has incorporated Adani Petrochemicals Ltd (APL) as a wholly-owned subsidiary. This new unit will put marks the entry of Adani group into petrochemicals sector, which is a legacy business of Reliance Industries.
"We would like to inform you that the Company has incorporated a wholly-owned subsidiary namely, 'Adani Petrochemicals Limited (APL) on July 30, 2021," the Gautam Adani-led conglomerate said in a regulatory filing on Saturday.
Adani Petrochemicals Limited (APL) will have authorised and paid-up share capital of ₹1 lakh, the parent company said in its filing. There is no turnover to report as the company is yet to commence operations, it further clarified.
APL will carry on business of setting up refineries, petrochemicals complexes, specialty chemicals units, Hydrogen and related chemical plants and other such similar units.
APL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on July 30, 2021.
This is the one of the numerous subsidiaries Adani group has incorporated since the beginning of this fiscal, with interests ranging from road construction to power transmission and wind turbine manufacturing. The conglomerate had ventured into cement business in June with its new subsidiary Adani Cement.
Adani's interest in infrastructure businesses could be an indication of its optimism towards demand returning to the market in future.
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Adani Enterprises incorporates new petrochemicals subsidiary - Mint
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