The company's arm, Adani Renewable Energy Holding Four, has incorporated two new subsidiaries with an authorised and paid-up capital of Rs 1 lakh each. The aggregate cost of acquisition is Rs 2 lakh (Rs 1 lakh for each of the new subsidiaries).

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 stated in the press release.

The company said that the new subsidiaries are incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad on 11 October 2022 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). The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The company's consolidated net profit declined 2.3% to Rs 214 crore on 64% surge in net sales to Rs 1,591 crore in Q1 FY23 over Q1 FY22.

Shares of Adani Green Energy declined 1.15% 2105 on the BSE.