Reading Time: 1 minutes
Adani Group has formed a new subsidiary named ‘Adani New Industries Limited’ (ANIL). The unit will work in the areas of manufacturing of wind turbines, solar modules and batteries along with green hydrogen projects, low carbon emission power generation.
Adani Enterprises Limited has informed the stock exchange that the company has formed a wholly owned subsidiary ‘ANIL’.
The new subsidiary of the Adani Group aims to become the world’s largest renewable energy company and produce hydrogen at the lowest cost. Adani had said in November last year that his group would invest $70 billion in the renewable energy sector over the next decade.
ANIL will handle solar modules, batteries, electrolysers, allied upstream manufacturing as well as ancillary industries and all activities related thereto in this regard. The group companies have already made ambitious plans, said the company.
ANIL will undertake the business of developing and operating projects for the synthesis of low-carbon fuels and chemicals, the information said. The company will manufacture key components/materials such as wind turbines for projects including low-carbon power generation and green hydrogen generation, among others.
Adani Green Energy Limited (AGEL), the world’s largest solar power producer, has set a target of 45 GW of renewable energy generation capacity by 2030 and will spend $20 billion to develop 2 GW per year solar power generation capacity by 2022-23.