Adani Enterprises incorporates new subsidiary

12 Apr 2023 , 09:36 AM

On Tuesday, Adani Enterprises Ltd (AEL) has announced the establishment of a wholly-owned subsidiary for conducting coal washery operations.

As per a regulatory filing, Adani Enterprises Ltd (AEL) has formed a Wholly-Owned Subsidiary (WOS) by the name of Pelma Collieries Ltd (PCL) on April 7, with an authorized share capital of Rs 10,00,000 and a paid-up share capital of Rs 5,00,000, specifically for coal washery operations.

According to the filing, the newly formed entity will engage in the development, erection, and operation of a coal washery, along with coal handling systems, and undertake all essential and associated activities related to this business.

The newly formed subsidiary will commence its business operations in the due course.

At around 9.25 AM, Adani Enterprises was trading 1.67% higher at Rs 1,833.30 per piece, against the previous close of Rs 1,803.15 on NSE. The counter opened at Rs 1,814.

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