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.
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Solar with storage will bring in flexibility in usage. This is gaining ground, which should be promoted from utilization point of view.
“Mundra Solar Energy is registered in Gujarat, with authorized share capital of Rs 500,000 and paid-up share capital of Rs100,000″…
These amounts are really puny compared to what this kind of venture would need. Are the amounts correct? Are these numbers in Crores of Rs., like Rs. 500,000 Cr or Rs 100,000 Cr? That would make more sense.
Hi Pradeep, thanks for writing to us. The amounts are correct (Rs 5 lakh and Rs 1 lakh), and the units are yet to commence business operations.
Does the plant production is in running condition or production is stop?
Kurmitar Iron Ore Mines are in Orissa. Are you sure the “will carry out mining activities in the state of Chhattisgarh” is not an error?
Dear Shantanu, Thanks for writing to us, it’s Chattisgarh as per the company’s statement.