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Hot Pursuit
11-Sep-23
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Adani Ent rises on incorporation of JV in Singapore
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Adani Enterprises rose 1.55% to Rs 2,559.20 after its step down wholly owned subsidiary, Adani Global Pte., Singapore, signed a joint venture (JV) agreement with Kowa Holdings Asia Pte., Singapore on 8 September 2023.
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The joint venture agreement records the terms of incorporation of a JV company in Singapore for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory.
The shareholding in the JV will be 50:50 for both the companies.
Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.
The company reported 43.55% jump in consolidated net profit to Rs 673.93 crore in Q1 FY24 as against Rs 469.46 crore posted in Q1 FY23. Revenue from operations slipped 37.72% year on year (YoY) to Rs 25,438.45 crore in the quarter ended 30 June 2023.
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