The company’s arms incorporated two wholly owned subsidiaries, with an authorized & paid-up share capital of Rs 1 lakh each.

The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy.

The company said that the new subsidiaries are incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on 13 December 2023 and are yet to commence their business operations.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The company’s consolidated net profit soared 149.66% to Rs 372 crore in Q2 FY24 as compared with Rs 149 crore in Q2 FY23. Total income climbed 53.74% to Rs 2,589 crore in Q2 FY24 as compared with Rs 1,684 crore posted in corresponding quarter last year.

Shares of Adani Green Energy jumped 5.77% to end at Rs 1509.40 on the BSE.