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Adani Enterprises unit incorporates wholly owned subsidiary

NHAI will consider organizing its road assets into Special Purpose Vehicles and use innovative monetizing structures like Toll, Operate and Transfer (TOT) and InvITs for raising funds, Arun Jaitley added. Photo: MintPremium
NHAI will consider organizing its road assets into Special Purpose Vehicles and use innovative monetizing structures like Toll, Operate and Transfer (TOT) and InvITs for raising funds, Arun Jaitley added. Photo: Mint

  • Badakumari Karki Road Pvt. Ltd, the wholly owned subsidiary, was incorporated in India and registered with the registrar of companies, Gujarat, at Ahmedabad on Monday with an authorized and paid-up capital of Rs1 lakh

MUMBAI : Mumbai: Adani Road Transport (ARTL) has incorporated Badakumari Karki Road Pvt. Ltd (BKRPL) as its wholly owned subsidiary.

BKRPL was incorporated in India and registered with the registrar of companies, Gujarat, at Ahmedabad on Monday with an authorized and paid-up capital of Rs1 lakh. It is yet to commence its business operations. The announcement was made after market hours on Tuesday.

Earlier this month, ARTL, itself a wholly owned subsidiary of Adani Enterprises, had won a Rs1,169.10-crore contract from the National Highways Authority of India (NHAI) to build the Badakumari-Karki section of NH-130CD. BKRPL's objective is to carry out the development, operation, maintenance and management of the six-lane road project that falls under the Raipur-Visakhapatnam economic corridor in Odisha on hybrid annuity model (HAM).

With this project award, Adani Group has a total of 10 NHAI road projects under HAM, toll-operate-transfer and build-operate-transfer toll basis in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha.

The board of Adani Enterprises has approved the raising of Rs1,000 crore in May through non-convertible debentures on private placement basis and will seek shareholders' nod for raising up to Rs2,500 crore through qualified institutional placements.

Adani Enterprises reported a fall of 11.1% in its consolidated net profit to Rs286.60 crore for the quarter ended 31 December against Rs322.21 crore for the same quarter last year. Net sales rose 6.1% to Rs11,620.45 crore in December 2020 quarter over Rs10,948.17 crore in December 2019 quarter.

Shares of Adani Enterprises advanced 2.76% to close at Rs1,105.85 on Tuesday on BSE, while the benchmark index, Sensex gained 1.38% to 48,544.06.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates.

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