Adani Enterprises Ltd (AEL) on Friday (September 8) said its step-down wholly-owned subsidiary, Adani Global Pte Ltd, Singapore (AGPTE), has entered into a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore (KOWA).
This new entity will focus on the sales and marketing of green ammonia, green hydrogen, and related derivatives, all of which will be produced and supplied by the Adani Group. The agreement specifies an agreed-upon territory for these operations, according to a stock exchange filing.
The joint venture agreement outlines the terms for the establishment of a joint venture company in Singapore, the company said.
The joint venture will have an equal shareholding structure, with AGPTE and KOWA each holding a 50 percent stake in the newly incorporated joint venture company, it added.
Shares of Adani Enterprises Ltd ended at Rs 2,519.10, up by Rs 10.60, or 0.42 percent on the BSE.
