Adani Ports' New Subsidiary Udanvat

25 Oct 2023 CW Team

Adani Ports and Special Economic Zone Limited (APSEZL) announced the establishment of a wholly-owned subsidiary company, "Udanvat Leasing IFSC Limited," dedicated to the ownership and leasing of aircraft, as per an official exchange filing. Situated in GIFT City, Gandhinagar, the company is yet to initiate its operations, according to statements from the Gautam Adani-led corporation.

Udanvat boasts an authorized and paid-up share capital of Rs. 2.5 crore, divided into 25,00,000 equity shares, each valued at Rs. 10. The Adani Group has been actively expanding its presence in the aviation industry, as evidenced by the incorporation of Adani Aviation Fuels Limited in September 2022. This subsidiary was established to handle sourcing, transportation, supply, and trading of aviation-related fuels.

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