India's diversified business conglomerate Adani Group has announced the formation of a new wholly owned subsidiary calling it Adani New Industries Limited (ANIL) which will undertake new energy business, including green hydrogen (see India PV News Snippets).
The new company will commence its business operations in due course, the company stated. ANIL will operate as a subsidiary of Adani Enterprises Ltd.
In a stock exchange filing, the company's legal department informed ANIL will undertake business of developing and operating projects in the space of low carbon fuels and chemicals, along with generating low carbon electricity.
The new entity will also focus on manufacturing of key components and materials for the generation of green hydrogen, and related downstream products. Electricity generation, manufacturing of wind turbines, solar modules, batteries, electrolyzers, associated upstream manufacturing and ancillary industries.
Adani Group already has Adani Green Energy Ltd (AGEL) operating in the space of grid connected utility scale solar and wind farm projects. Touting a 13.99 GW portfolio, it supplies clean energy to central and state government entities and government backed corporations. AGEL aims to invest $20 billion to install 45 GW capacity by 2030. Plans also include a 2 GW solar manufacturing capacity by FY 2022-23 (see Adani Targets 45 GW RE Capacity By 2030).
Separately, Adani Solar with a 3.5 GW annual capacity works as the group's solar PV manufacturing and EPC arm.
Before Gautam Adani of Adani Group, another Indian business tycoon, Reliance Industries owner Mukesh Ambani has already announced plans to establish 4 manufacturing gigafactories, 1 each for solar PV modules, energy storage, electrolyzer and fuel cell (see Indian Billionaire Wants 4 New Energy Gigafactories).