Gautam Adani incorporates new petrochemicals subsidiary - Economic Times

Adani Enterprises has incorporated Adani Petrochemicals Ltd (APL) as a wholly-owned subsidiary to carry on business of setting up refineries, petrochemicals complexes and specialty chemicals units, a business dominated by Reliance Industries.

In a filing to BSE, the company said it incorporated the subsidiary on Friday and it is yet to commence business operations. APL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on July 30, 2021. It has an authorised and paid-up share capital of Rs 1 lakh, Adani Enterprises said.

The move follows Mukesh Ambani’s June announcement of a massive Rs 75,000-crore investment in a green energy giga complex in Jamnagar, Gujarat.

India’s two richest men are vying to be at the forefront of Prime Minister Narendra Modi’s ambition to ramp up green energy capacity in the world’s second-most populous country more than four-fold to 450 gigawatts (GW) by 2030.

They have mostly avoided operating in each other’s space and the renewable energy push by Ambani’s flagship Reliance Industries and the Adani group of companies will be the highest profile faceoff between them.

Ambani, 64, built up his family-owned petrochemicals and textiles business into a sprawling empire including telecoms and retail. Adani, 59, is a self-made billionaire who has focused on electricity generation, transmission and distribution and the operation of ports and airports.

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Gautam Adani incorporates new petrochemicals subsidiary - Economic Times
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