13
Saturday
August 2022
8:00 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
ANIL to be Adani Group's vehicle for new energy business
 
New Delhi, Jan 9 (PTI) Billionaire Gautam Adani's logistics-to-energy conglomerate has set up a new subsidiary, ANIL to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world's largest renewable energy company and produce the cheapest hydrogen.

Adani had in November last year stated that his group will invest USD 70 billion in the new energy space of the next decade.

And now the company has incorporated a wholly-owned subsidiary, Adani New Industries Ltd (ANIL), its flagship Adani Enterprises Ltd said in a regulatory filing.

ANIL will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines, it said.

ANIL will also manufacture solar modules, batteries, electrolyzers, associated upstream manufacturing as well as ancillary industries and undertake all such activities associated therewith in this regard, it added.

Group companies have already charted out ambitious plans. Adani Green Energy Ltd (AGEL), the world's largest solar power developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest USD 20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23.

Adani Transmission Ltd (ATL), India's largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030.

Speaking at an event on November 11, 2021, Adani Group's founder-chairman said the group is working to make renewable a viable, affordable alternative to fossil fuels.

"By 2030, we expect to be the world's largest renewable energy company without any caveat - and we have committed USD 70 billion over the next decade to make this happen. There is no other company that has yet made such a large bet on developing its sustainability infrastructure," Adani had said.

Adani Group already is the world's largest solar power developer.

"We, therefore, believe the combination of our renewable capacity and the size of our investment makes us the leader among all global companies in the effort to produce cheap green electricity and green hydrogen," he said without giving details of the plans to produce hydrogen.

Adani Enterprises in the regulatory filing said, "ANIL will commence its business operations in due course."

At COP 26 in Glasgow, Prime Minister Narendra Modi announced 2070 as India's target year to reach net-zero carbon emissions.

India also announced a slew of other, more ambitious, climate targets for 2030: increasing the share of renewables in the country's energy mix to 50 per cent; expanding installed capacity of non-fossil energy from 450 to 500 GW; and reducing the carbon intensity of the economy by 45 per cent, as opposed to the previous goal of 33-35 per cent.

And towards that Adani as well as the richest Indian, Mukesh Ambani have announced ambitious plans.

On June 24, 2021, addressing Reliance Industries shareholders, Ambani said his oil-to-telecom conglomerate will invest Rs 60,000 crore to set up four giga factories, which "will manufacture and fully integrate all the critical components of the new energy ecosystem".

Subsequent to that, his company has made a slew of acquisitions to get the technology and capability to generate green hydrogen, manufacture solar modules and make batteries.


Visaka Industries Ltd announces Rs 120 cr Vnext Boards plant at West Bengal
Maruti Suzuki aims to produce 20 lakh units this fiscal: Chairman RC Bhargava
UCO Bank clocks over 21 pc growth in Q1 FY 2023
Govt cuts windfall tax on diesel, ATF export; raises levy on domestic crude oil
RBI's financial inclusion index rises; showing growth across all segments
IDFC First Bank reports Rs 474 crore profit in Q1
Auto component industry to see 9-11% revenue from EV parts by 2027: Crisil
HOP’s high-speed electric bike ‘HOP OXO’ receives more than 5k bookings ahead of Commercial Launch
Sensex, Nifty nearly 1 pc on global recession fears
IT Cos' sombre profit story continues as Infosys misses profit estimates
Yes Bank reports 50pc jump in net profit in Q1
TCS is UK's no.1 software and IT services company once again
RINL-VSP inks MoU with STPI for promotion of Innovation and Startup activities
Fuel prices remain unchanged
IndiGo appoints M Damodaran as non-independent non-executive Director
Anil Agarwal elected as President of FTCCI
I-Tax Dept raids pharma group in Bengaluru, seizes Rs 1.20 Cr cash
Scidia hails Trivandrum and Kochi airports
RBI sets up international trade settlement mechanism in INR
Traders oppose inclusion of essential food grains under 5 pc GST
KERALA NEWS
Take prompt action to prevent disasters during monsoons: Kerala HC to state govt
 Kochi, Aug 7 (PTI) The Kerala High Court has said the state government has to "take proper and promp  
India's 2nd monkeypox patient tested negative: Veena George
‘Flood tourism’ will not be permitted: Minister
Fifth case of monkeypox reported from Kerala
INTERNATIONAL NEWS
Biden signs bill bolstering US semiconductor industry
 Washington: US President Joe Biden on Tuesday signed legislation passed by Congress to strengthen do
5.9-magnitude quake jolts eastern Indonesia
US, Australia, Japan urge China to immediately cease military exercises
Israeli airstrike kills 2nd top Islamic Jihad commander
NATIONAL NEWS
PM remembers heroes of quit India movement
 New Delhi: Prime Minister Narendra Modi on Tuesday remembered all those who took part in the Quit In
Govt ran away from Parliament: Congress
Next Vice President: EC issues certificate of election to Dhankhar
Active Covid cases in country increase to 1,34,933
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.