Financial Wire

Adani Enterprises Forms Three Subsidiaries for Real Estate Activities

-- Adani Airport City's step-down subsidiary, Adani Enterprises (NSE:ADANIENT, BOM:512599), has incorporated three wholly owned subsidiaries, according to a Saturday filing to the Indian stock exchanges.

The company's shares were up over 1% in Monday's trade.

The three new companies, Adani Navi Mumbai Airport City, Adani Guwahati Airport City, and Adani Ahmedabad Airport City, will be engaged in real estate activities. They will own or lease properties, construct buildings on an own-account basis or on a fee or contract basis, and operate hotels with integrated restaurants, banquets, and business centers.

They have been incorporated with a paid-up share capital of 1 million rupees, each of 100,000 equity shares of 10 rupees apiece.

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Adani Enterprises Forms Three Subsidiaries for Real Estate Activities | Financial Wire