Adani Enterprises inches up on incorporating wholly owned subsidiary; Adani GCC to offer services from ITeS to administrative services

Adani Enterprises (AEL) has incorporated a wholly owned subsidiary (WOS) company by name ‘Adani GCC’ on September 24, 2024. The Certificate of Incorporation for the same is received on September 25, 2024.

The said WOS has been incorporated to provide all kinds of services, including business transformation services and back office services, including Finance & Accounts, Human Resources, Information Technology Services (ITS), Information Technology Enabled Services (ITeS), Digital Transformation Services (DTS), Data Entry, Processing, Mining & Analytics, Business Process Management, Services & Consulting, supply-chain, procurement, administrative, logistical and other support services of all kinds on a shared basis.

Earlier this month the company also announced another subsidiary in China. Adani Enterprises step-down subsidiary -- Adani Global Pte., Singapore, incorporated a wholly owned subsidiary namely Adani Energy Resources (Shanghai) Co. (AERCL), domiciled in Shanghai, China on September 2, 2024.

AERCL is incorporated to carry out business of providing supply chain solutions and project management services. AERCL is yet to commence its business operations.

Adani Enterprises is the flagship company of Adani Group, one of India’s largest business organisations. The company has interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.

On a consolidated basis, the company reported a 2-fold jump in its net profit to ₹1,772.26 crore for the quarter ended June 30, 2024, compared to ₹676.93 crore for the same quarter in the previous year. The company's total income increased by 13.26% to ₹ 26,066.72 crore for Q1FY25, compared to ₹23,015.94 crore for the corresponding quarter of the previous year.

The shares of Adani Enterprises have delivered a meagre 6.3% return from the beginning of 2024 till 25th September 2024.