Adani Ports and Special Economic Zone (APSEZ) has incorporated a wholly owned subsidiary to develop and operate two dry bulk berths at Paradip Port in Odisha, according to a regulatory filing.

The new company, Paradip Mahanadi Terminal, was incorporated on October 6 and has not yet started business operations. APSEZ holds 100% of the shares in the entity, which has been established specifically for the planned port development and operations.

Paradip Mahanadi Terminal has an authorised and paid-up share capital of Rs. 0.5 mn. The capital is divided into 50,000 equity shares, each with a face value of Rs. 10.

The subsidiary belongs to the port industry and will focus on the development and operation of the two dry bulk berths at Paradip Port. The incorporation follows an earlier letter issued by APSEZ on September 9, the filing said.

The company has not disclosed any further operational details about the berths or provided a timeline for the start of activities through the subsidiary. The incorporation nevertheless creates a dedicated entity for the project within the APSEZ group.

Shares of Adani Ports closed at Rs. 1,783.40 on the National Stock Exchange on October 6, marking a gain of Rs. 9.40, or 0.53 per cent, from the previous close. The filing did not indicate whether the subsidiary’s incorporation would have an immediate financial impact on APSEZ.