Adani Total Gas announced that it has incorporated two wholly owned subsidiaries on 26 August, 2022.
The company incorporated Adani TotalEnergies Biomass (ATEBL), with an initial authorized and paid-up share capital of Rs 1 Lakh to carry on the business of developing, establishing and operating bio-conversion plants at various locations.Along with that it will also produce compressed bio-gas (CBG) and supplemental products including organic manure and fertilizer in solid & liquid form and to do all necessary and incidental business activities in this regard.
The other company being incorporated is Adani TotalEnergies E-Mobility (ATEEL), with an initial authorized and paid-up share capital of Rs 1 Lakh. This company will carry on business of e-mobility areas like setting up electric vehicles (EV) stations directly and through its network of dealers, EV charging and to do all necessary and incidental business activities in this regard.
Adani Total Gas said that both the companies will commence its business operations in due course.
Adani Total Gas is one of India's leading private players in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.
The company's consolidated net profit skid 3% to Rs 138.37 crore on a 110.9% jump in net sales to Rs 1,042.35 crore in Q1 FY23 over Q1 FY22.
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Shares of Adani Total Gas closed 2.8% higher at Rs 3,459.45 on BSE.
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