Adani Energy forms subsidiary to explore power transmission biz in Kenya

New Delhi, Adani Energy Solutions Ltd (AESL) on Friday said it has incorporated a wholly-owned subsidiary in Kenya to explore new avenues in power transmission projects in the African country. The subsidiary, Progressive Grid Networks Ltd has "initial share Capital of KES (Kenyan Shillings) 10,00,00,000 divided into 1,00,000 ordinary shares with a nominal value of KES 1,000 each," a regulatory filing said.

The company will explore new business opportunity in power transmission projects in Kenya. AESL would hold 100 per cent equity stake in the arm.

Progressive Grid Networks Ltd has no turnover as of now as it is yet to commence business operations.