Adani Group's energy business to be led by Adani New Industries

The Adani Group’s logistics-to-energy conglomerate has established a new subsidiary, ANIL, to undertake green hydrogen projects, generation of low-carbon electricity, and manufacturing of wind turbines, solar modules, and batteries. In November 2021, Adani announced that his company would invest $70 billion in the new energy space over the next decade. Adani Enterprises Limited, the company's flagship, has now formed a wholly-owned subsidiary, Adani New Industries Limited (ANIL), according to a regulatory filing. ANIL will develop and operate projects for the synthesis of low-carbon fuels and chemicals, the generation of low-carbon electricity, and the manufacturing of key components and materials for projects such as the production of green hydrogen, related downstream products, electricity generation, and wind turbine manufacturing. Companies in the group have already devised ambitious plans. Adani Green Energy Limited (AGEL), the world's largest solar power developer, plans to build 45 gigawatts of renewable energy capacity by 2030, investing $20 billion to build a 2 GW per year solar manufacturing capacity by 2022-23. Adani Transmission Limited (ATL), India's largest private sector power transmission and retail distribution company aims to boost renewable energy procurement from 3% to 30% by FY 2023 and 70% by FY 2030. The founder-chairman of Adani Group, speaking at an event on November 11, 2021, said the company is working to make renewable energy a viable and affordable alternative to fossil fuels. Prime Minister Narendra Modi announced 2070 as India's target year for achieving net-zero carbon emissions at COP 26 in Glasgow. India also announced a slew of other, more ambitious climate goals for 2030, including increasing renewable energy's share in the country's energy mix to 50%, increasing non-fossil energy installed capacity from 450 to 500 GW, and reducing the economy's carbon intensity by 45%, as opposed to the previous goal of 33 to 35%. Adani, as well as Mukesh Ambani, India's richest man, have announced ambitious plans in this regard. Image Source