Adani Enterprises Ltd said it has incorporated a new subsidiary, Prayagraj Water Pvt Ltd.
The subsidiary was formed on December 26 with an authorised and paid-up share capital of Rs 1 lakh and is yet to commence its operations, the company said in a BSE filing.
Adani Enterprises has a 74 per cent stake in the subsidiary while wastewater treatment solutions provider ORGANICA Technologies Pvt Ltd has the rest 26 per cent, according to the filing .
The subsidiary would undertake development and rehabilitation of sewage treatment plants and its associated infrastructure on HAM mode basis at Prayagraj (Allahabad), it said.
Shares of Adani Enterprises witnessed a sharp rise in trading activity before closing higher by 0.96 per cent at Rs 162.20 on BSE. Around 10.57 lakh shares of the company were traded on the bourse.