In a note shared with the stock exchanges, Adani Enterprises, the flagship company of the Adani Group, announced the creation of Adani Disruptive Ventures (ADVL), which will be a wholly-owned subsidiary, and Alwar Alluvial Resources (AARL).
ADVL will start conducting business soon. ADVL’s website indicates that its goal is to collaborate with businesses and entrepreneurs that are looking to create solutions through disruptive technology, and help them scale up their ventures.
The mission statement of ADVL says, “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.”
The core group of ADVL includes Jeet Adani, vice president of group finance for the Adani Group and the son of Gautam Adani, the company’s founder.
Adani Enterprises said in its disclosure, “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.”
The group’s other new subsidiary, Alwar Alluvial Resources has an initial authorised and paid-up share capital of Rs 10 lakh each.
The manufacturing and processing of minerals, the production of pigments and TiO2 slag, and other incidental activities related to these will be undertaken by AARL. The company will commence its business operations in due course.