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Indian conglomerate boosts UAE operations

Adani launches new entity at Jebel Ali Free Zone

Published: Wed 30 Oct 2024, 7:19 PM

Updated: Wed 30 Oct 2024, 7:59 PM

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A view of the Jebel Ali free zone. — File photo

A view of the Jebel Ali free zone. — File photo

Gautam Adani, Asia’s second richest businessman, is expanding Adani Group's infrastructure capabilities internationally by establishing an entity named Celeritas International FZCO in Jebel Ali Free Zone two months after setting up Adani Power in Abu Dhabi.

Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, launched Celeritas with an authorized and fully paid-up share capital of Dh100,000.

Adani Airport Holdings Limited holds a 74 per cent stake in Celeritas, and this acquisition is free from any related party transactions, ensuring smooth and independent functioning.

Adani Enterprises has seen its shares rise by over 3.0 per cent after the announcement of Celeritas International.

The formation of Celeritas comes close on the heels of Adani’s incorporation of a wholly-owned subsidiary, Adani Power Middle East Ltd., in Abu Dhabi. The entity will invest in power, infrastructure, and related fields. Adani Power Middle East Ltd. has an authorised share capital of $27,000, with each share valued at $1. Adani Power Limited owns 100 per cent of the shares in the new subsidiary.

With a power generation capacity of 15,250 MW, Adani Power Limited (APL) is India's largest private thermal power producer. The company operates thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, along with a 40 MW solar power project in Gujarat. APL claims to be the world's first entity to establish a coal-based Supercritical thermal power project registered under the Clean Development Mechanism (CDM) of the Kyoto Protocol.

In 2023, Abu Dhabi’s International Holding Company (IHC) increased stake in Adani Enterprises Ltd to above 5.0per cent, days after it sold its stakes in two other Adani Group companies.

IHC had invested about $500 million each in renewables arm Adani Green Energy and power company Adani Transmission, and a further $1 billion in the group's flagship Adani Enterprises in 2022.

Recently, Adani Power Limited, along with its subsidiary Mahan Energen Limited (MEL), signed an Rs 110 billion contract with Bharat Heavy Electrical Limited (BHEL). This contract, finalized on August 25, involves the development of three supercritical thermal power projects.



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