Gautam Adani Enters Cement Business
Adani Enterprises Ltd. has set up a new unit to foray into the cement business. The Gautam Adani-led company incorporated a wholly-owned subsidiary Adani Cement Industries Ltd. on June 11, with an authorised share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh, according to an exchange filing. The unit has been set up to "carry on business as manufacturers, producers, processors of all types of cement", the filing said. Adani Cement Industries is yet to commence business operations. Adani Enterprises had announced the incorporation of a wholly-owned subsidiary Mundra Windtech Ltd., for manufacturing wind turbine generators, on June 7. The Gautam Adani-led conglomerate has business interests ranging from ports, airports, and power to fast-moving consumer goods. A rally in the stocks of group companies has added over $43 billion to Adani's wealth this year, catapulting him to the spot of the second-richest person in Asia.
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