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Adani Green Energy on Thursday announced the merger of two ‘step-down’ subsidiaries Adani Renewable Energy Fifty One Limited and Adani Renewable Energy Fifty Five Limited. A ‘step-down’ subsidiary company refers to the subsidiaries of a direct subsidiary. Meanwhile, shares of Adani Green Energy rose €=6% to Rs. It closed at 1,504.
Adani Green Energy informed the stock market that the company’s wholly-owned subsidiary Adani Solar Energy (KA) Limited has merged with its wholly-owned subsidiary Adani Renewable Energy Fifty One Limited (ARE51L) on December 13, 2023.
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Its wholly owned subsidiary company Adani Renewable Energy Holding Nine Limited has merged its wholly owned subsidiary company Adani Renewable Energy Fifty Five Limited (ARE55L) with itself on December 13, 2023, the company said.
The main function of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, supply any form of electricity or electrical energy using wind energy, solar energy or other renewable sources of energy.