Adani Enterprises Forms Subsidiary To Foray Into Cement Business
The Adani Group’s flagship company Adani Enterprises on Saturday, informed the stock exchanges that it has incorporated a new wholly-owned subsidiary Adani Cement Industries with an authorized share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh.
The newly incorporated company will be headquartered in Gujarat, Gautam Adani-owned Adani Enterprises said in a regulatory filing.
"ACIL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 11th June, 2021 and is yet to commence its business operations," stated the filing.
The company will carry on business as manufacturers, producers, processors of all types of cements.
In its filing, it was mentioned that Adani Cement Industries' turnover is nil as it's yet to commence business operations.
A rally in the stocks of companies controlled by Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot of the second-richest person in Asia.
Adani’s net worth of $76.7 billion got a boost from a 330% jump in Adani Total Gas Ltd., a 235% rise in his conglomerate’s flagship Adani Enterprises Ltd. and a 263% increase in Adani Transmission Ltd. this year.
Elara India Opportunities Fund, Apms Investment Fund, Cresta Fund, Albula Investment Fund, Lts Investment and Asia Investment Corp. have put more than 95% of their assets in Adani group firms, according to data compiled by Bloomberg Intelligence.
The ports-to-power conglomerate also got a boost after MSCI Inc. included three more Adani firms to its India benchmark index last month, taking the group’s total footprint to five. This leads to mandated buying by investors that track this index.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more