Adani Enterprises has incorporated two new subsidiaries, Mundra Solar Energy (through its renewables arm Adani Green Technology) and Kurmitar Iron Ore Mining.
Mundra Solar Energy will undertake design, development, construction, implementation, commissioning, operation and maintenance of solar photovoltaic equipment and ancillaries. The newly formed subsidiary’s business will span cells and modules in renewables, electronics and other sectors in special economic zones.
Mundra Solar Energy is registered in Gujarat, with authorized share capital of Rs 500,000 and paid-up share capital of Rs100,000.
Kurmitar Iron Ore Mining, the other subsidiary, will carry out mining activities in the state of Chhattisgarh. It also has authorized share capital of Rs100,000 and paid-up share capital of Rs100,000.
At present, Adani has a state-of-the-art solar cell and module manufacturing unit in Mundra special economic zone of Gujarat. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit and got operational in FY 2017-18. It plays host to the entire solar manufacturing ecosystem from polysilicon to modules, including ancillaries and supporting utilities.
The solar manufacturing arm—Adani Solar (also called Mundra Solar)—aims to strengthen its retail space for solar panels beyond business-to-business segment across markets in India. It eyes massive growth and aims to tap more than 600 towns in the country for solar power installation in the near future.