Adani Enterprises, the flagship company of the Adani Group, has announced the formation of a wholly-owned subsidiary, Adani Disruptive Ventures (ADVL), a note shared with the stock exchanges said. It also announced the formation of another subsidiary, Alwar Alluvial Resources (AARL).
ADVL will commence its business operations in due course. While further information about ADVL was not immediately available, its website states that its mission is to partner with businesses and entrepreneurs who are looking to create solutions through disruptive technology, and help them scale up their ventures.
“As ‘your partner for growth’, ADV aims to turn great ideas into great outcomes by leveraging its existing platform to enable companies to create commercially viable solutions,” ADVL’s mission statement says.
Jeet Adani, vice-president, group finance, Adani Group, and son of Adani Group founder Gautam Adani, is part of the core team of ADVL.
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“On October 4, 2022, with an initial authorized and paid-up share capital of Rs 5,00,000 each to, interalia, carry on the business of buying, selling, reselling, importing, exporting, transporting, storing, promoting, marketing or supplying, trading, dealing in any manner whatsoever in all type of goods, products, merchandise, services and commodities of every description and to do all necessary and incidental activities in this regard,” Adani Enterprises said in its disclosure.
The group’s flagship company announced the formation of one more subsidiary, Alwar Alluvial Resources (AARL). AARL has initial authorised and paid-up share capital of `10 lakh each.
AARL will be engaged in the manufacturing and processing of minerals, TiO2 slag manufacturing, pigment manufacturing and to will undertake all necessary and incidental activities in this regard. AARL will commence its business operations in due course.