Adani Enterprises has formed a new wholly-owned subsidiary named Adani New Industries Limited (ANIL) which will undertake green hydrogen projects, manufacturing of wind turbines and solar modules batteries among other components.
The move is aimed at producing cheapest hydrogen and can be analysed in the light of the fact that billionaire Mukesh Ambani and Mr Gautam Adani’s rival, too has announced his foray into the green energy business.
Mr Adani had in November 2021 announced that his conglomerate will invest $70 billion in the new energy segment during the next 10 years as it wants to become the world’s largest renewable energy company and produce the cheapest hydrogen on earth.
ANIL is a move towards that direction and Adani Enterprises said in a regulatory filing that the new entity will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components and material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines, it said.
ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard, the filing added.
Adani Green Energy Ltd (AGEL), the world’s largest solar power developer, is targeting 45 gigawatts (GW) of renewable energy capacity by 2030 and will invest $20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.
Adani Transmission Limited (ATL), India’s largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by 2022-23 and to 70 per cent by 2029-30.
“By 2030, we expect to be the world’s largest renewable energy company without any caveat – and we have committed $70 billion over the next decade to make this happen. There is no other company that has yet made such a large bet on developing its sustainability infrastructure,” Mr Adani had said in November 2021.