Adani Group, which has presence in ports, airports, power, gas distribution, among others, is set to enter the cement business.
Adani Enterprises Ltd on Saturday said it has incorporated a wholly-owned subsidiary namely Adani Cement Industries Ltd (ACIL) on June 11.
ACIL, which has an authorised share capital of Rs 10 lakh and a paid-up share capital of Rs 5 lakh, is yet to commence its business operations, Adani Enterprises said in an exchange filing.
"ACIL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 11 th June, 2021 and is yet to commence its business operations," the filing said.
The company will carry on business as manufacturers, producers, processors of all types of cements, it added.
As per some reports, the Adani Group has also started initial discussions to hive off its airport business from holding firm Adani Enterprises Ltd.
The Gautam Adani-led group will likely raise $500 million through a private placement of shares in Adani Airports Holdings prior to an eventual IPO (initial public offering).
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