Adani Expands Footprint: New Subsidiary in Kenya for Power Projects
Adani Energy Solutions Ltd has formed a wholly-owned subsidiary, Progressive Grid Networks Ltd, in Kenya to pursue opportunities in power transmission projects. With an initial share capital of KES 1 billion, the venture aims to focus on developing infrastructure but has not yet commenced operations.
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Adani Energy Solutions Ltd (AESL) announced on Friday the establishment of a new wholly-owned subsidiary in Kenya, Progressive Grid Networks Ltd, to explore potential opportunities in the power transmission sector within the African nation.
The new subsidiary, Progressive Grid Networks Ltd, has been launched with an initial share capital of KES 1 billion, divided into 100,000 ordinary shares, each valued at KES 1,000, according to a regulatory filing.
AESL will retain full ownership of Progressive Grid Networks Ltd, which is yet to begin its business operations, and aims to drive new ventures in power infrastructure projects in Kenya.
(With inputs from agencies.)
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