Adani Enterprises-backed JV incorporates new subsidiary to provide IT-related services; stock rises 3%

Adani Enterprises on Monday announced that joint venture AdaniConnex has incorporated a wholly-owned subsidiary DC Development Noida Two Limited (DCDNTL) for undertaking business in IT services. Also, the newly launched subsidiary will undertake businesses related to infrastructure development. On BSE, the Adani Group's flagship company touched a new 52-week high before closing on a higher note.

AdaniConnex is a joint venture between Adani Enterprises and EdgeConnex.

As per the regulatory filing today, AdaniConnex incorporated DC Development Noida Two with an initial authorized and paid-up share capital of ₹1 lakh each on December 16.

DCDNTL will undertake business to develop, operate, maintain, and deal with data centers, Information Technology (IT)/Information Technology Enabled Services (ITES) / Cloud, providing services related thereto.

Also, the subsidiary will undertake activities associated with its infrastructure development including land acquisition & development for the said purpose.

Adani Enterprises said in its filing, DCDNTL will commence its business operations in due course.

On BSE, Adani Enterprises stock closed at ₹4,081.30 apiece up by ₹102.20 or 2.57%. Earlier, in the trading session, the company touched a new 52-week high of ₹4,104.55 apiece.

Adani Enterprises is currently the tenth largest company in India with a market share of ₹4,65,268.66 crore as of December 19, 2022.

Earlier this month, the company announced the acquisition of 10,000 (100%) equity shares of Alluvial Mineral Resources from Adani Infra (India). Alluvial Mineral Resources is engaged in carrying out mining of minerals & ores activities and other allied activities in any part of India or elsewhere. Meanwhile, Adani Infra is a related party falling under the joint control i.e. Adani Group.