Adani Group Stocks: There’s news buzzing around in the stock market that Gautam Adani plans to form a new company in a new sector. Actually, Adani Group of Companies plans to form a new company particularly dedicated to the renewable energy sector. At present the renewable energy sector is growing very fast. Many big companies are investing heavily in it including business tycoons like Anil Ambani and Gautam Adani. Both the business giants want to get ahead in this sector.
What’s the Story?
Gautam Adani is entering the renewable energy sector to get ahead in the race. According to sources, Gautam Adani has also formed a new subsidiary for the renewable energy sector. Adani Green Energy Limited has formed a subsidiary that will deal with renewable energy. In a recent filing, the company informed the stock exchange regarding this matter.
What’s the Newly Formed Company Name?
According to the filing, Adani Renewable Energy Holding Nine Limited has formed a wholly-owned subsidiary. This newly formed company will work in the renewable energy sector.
Adani Green Energy Limited (AGEL) informed the stock exchange that its wholly-owned subsidiary Adani Renewable Energy Holding Nine has formed Adani Green Energy Sixty Nine Limited (AGE69L) on Friday December 13.
Company’s Business Model
As per the filing Adani Green Energy Sixty Nine Limited (AGE69L) will primarily focus on produce, develop, transform, distribute, transmit, sell and supply any type of electricity or electric energy. To fulfill India’s power demand, the company will utilize renewable energy sources i.e. wind energy, solar energy or other renewable energies.
Adani Group Peer Anil Ambani is Stepping up in This Sector
Adani Group companies peer Reliance group has also Formed a new company for renewable energy sector. This Ambani group company is named as Reliance NU Energies Private Limited, a Reliance Power subsidiary. Solar Energy corporation of India (SECI) gave a 930 MW Solar Energy contract to Reliance NU Energies Pvt Ltd recently after its Incorporation.
Future Outlook of Newly Formed Adani Group Stocks
As the renewable energy sector is growing rapidly in the country, this newly formed Adani Group Company will also grow. The government of India is also stepping up for the development of this sector. To achieve zero carbon emissions by the year 2070, the Government is investing heavily in the renewable energy sector. Along with this, it is also giving many types of incentives to companies coming into this sector. The goal of the companies is to also become a part of this rapidly growing sector
Other Adani Group Stocks Will Rise
As the new company grows, especially the parent company will benefit from the growth. Adani Green Energy Limited shares will rise.
Investors who wants to get benefitted from the market should keep an close eye on the stock and stay updated in upcoming news regarding this.
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