Adani Group Forms JV For Green Hydrogen Marketing And Sales; Adani Enterprises Share Price Falls

Adani Global Pte Ltd, Singapore, a step-down wholly owned subsidiary of Adani Enterprises Ltd announced a 50:50 joint venture (JV) with Kowa Holdings Asia Pte Ltd, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives. 

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The JV will concentrate on marketing of products in Japan, Taiwan and Hawaii. Group’s long-standing marketing and trading relationship with Kowa.  Adani New Industries Limited (ANIL), the green hydrogen platform of Adani Group, is developing end-to-end solutions to produce globally competitive green hydrogen and its associated sustainable derivatives at scale, the company said in an exchange filing.

The first project of Adani New Industries Limited (ANIL) of 1 million metric tonnes per annum (MMTPA) green hydrogen is being implemented in phases in Gujarat. The initial phase is expected to start production by FY2027. Depending on market conditions, ANIL aims to increase capacity to up to 3 MMTPA of green hydrogen in the next 10 years, with an investment of about $50 billion.

“The combined strength of Adani Group’s experience in renewable equipment manufacturing, setting up large scale generation projects, building grid infrastructure, and proven project execution capabilities gives it a significant competitive advantage while building the green hydrogen ecosystem in India,” the company added.

ANIL’s strategy is focused on development of an integrated hydrogen ecosystem with three business streams — Manufacturing of supply chain products, like solar- polysilicon, ingot, wafer, cell & module etc, green hydrogen generation, production of downstream derivative products including green ammonia, green methanol etc.

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The shares of Adani Enterprises were trading lower 0.26% at Rs 2,512.40 per share at the time of writing this article, 12:57 pm IST. The stock opened at Rs 2,537.75 per piece in the early morning session on Thursday.