Adani Power Establishes Wholly Owned Subsidiary in Singapore Market

19 Jun, 2024

Adani Power Establishes Wholly Owned Subsidiary in Singapore Market

Adani Power has announced the incorporation of a wholly owned subsidiary, Adani Power Global PTE., in Singapore on 14 June 2024. This new entity has been established with an authorized capital of 1,000 Singapore dollars. The primary objective behind this incorporation is to invest in power, infrastructure, and related sectors.

Adani Power is part of the diversified Adani Group and stands as the largest private thermal power producer in India. The company boasts an impressive installed thermal power capacity of 15,210 MW across eight power plants located in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand. Additionally, Adani Power operates a 40 MW solar power plant in Gujarat.

In financial news, Adani Power reported a 47.8% decline in net profit, amounting to Rs 2,737 crore in Q4 FY24, down from Rs 5,242 crore in Q4 FY23. Despite the drop in net profit, the company saw a 27.3% year-over-year increase in revenue from operations, reaching Rs 13,288 crore in the fourth quarter. This strategic move to establish a subsidiary in Singapore reflects Adani Power's commitment to expanding its footprint in the global power and infrastructure sectors.