Adani Enterprises Limited has announced the incorporation of a new power distribution subsidiary through its joint venture, marking another expansion in the company's energy portfolio. The company received confirmation of this development on February 13, 2026, at 02:17 pm.

New Subsidiary Formation

AdaniConneX Private Limited (ACX), a joint venture of Adani Enterprises, has incorporated a wholly owned subsidiary named Navi Mumbai Power Distribution Limited (NMPDL). The new entity was officially incorporated on February 12, 2026, and has been registered with the Registrar of Companies, Ahmedabad.

Business Focus and Operations

NMPDL has been established to carry out the business of electric power generation and distribution. The company operates in the power distribution industry and is positioned to contribute to India's growing energy infrastructure needs.

Key operational details include:

• Industry Focus: Power Distribution
• Business Objective: Electric power generation and distribution
• Operational Status: Yet to commence business operations
• Geographic Presence: India

Ownership Structure

Through its joint venture ACX, Adani Enterprises indirectly holds a 50% stake in NMPDL. This ownership structure allows the parent company to maintain significant influence over the subsidiary's strategic direction while leveraging the joint venture framework.

Regulatory Compliance

The incorporation has been disclosed in compliance with Regulation 30 of SEBI Listing Regulations and relevant SEBI circulars. The company has confirmed that no governmental or regulatory approvals are required for this incorporation, and no cash consideration or share swap arrangements were involved in the formation process.

Strategic Implications

This development represents Adani Enterprises' continued expansion in the power sector, complementing its existing energy and infrastructure portfolio. The formation of NMPDL through the joint venture structure demonstrates the company's strategic approach to entering new markets while managing operational risks through partnerships.

Adani Enterprises has disclosed receiving a formal Request for Information (RFI) from the U.S. Office of Foreign Assets Control (OFAC) regarding allegations contained in a Wall Street Journal article published on June 2, 2025. The company made this disclosure on February 10, 2026, through official regulatory filings to BSE Limited and the National Stock Exchange of India Limited, in compliance with Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

OFAC Investigation Details

The company received the RFI through its counsel on February 4, 2026 (India time) / February 3, 2026 (US time). According to the formal disclosure, OFAC has indicated it is conducting a civil investigation of the company's transactions processed through U.S. financial institutions that may have involved, directly or indirectly, Iran or interests of persons subject to U.S. sanctions against Iran.

Company's Voluntary Engagement

Adani Enterprises emphasized that it proactively and voluntarily initiated discussions with OFAC concerning the WSJ allegations. The company stated it is voluntarily engaging and fully cooperating with OFAC and will supply the requested information. The official disclosure confirms that no aberrations, non-compliances, penalties, restrictions, or sanctions have been imposed pursuant to the communication.

Financial Impact Assessment

The company has assessed the expected financial implications as minimal, providing specific context about its LPG operations in the regulatory filing:

Regulatory Compliance and Filing Details

The disclosure was made under Regulation 30(13) of SEBI regulations, which requires disclosure of communication from regulatory, statutory, enforcement, or judicial authorities. The filing was signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal), and submitted to both BSE Limited (Scrip Code: 512599) and the National Stock Exchange of India Limited (Scrip Code: ADANIENT). The company's response demonstrates transparency in its dealings with international regulatory bodies and commitment to maintaining compliance with both Indian and U.S. regulatory requirements.

Precautionary Measures

Out of abundant caution and as part of its cooperation efforts, Adani Enterprises ceased all LPG imports with effect from June 2, 2025. This decision was made despite LPG forming a very small and operationally non-material component of both the company's and the broader Adani Group's revenue streams. The company continues to maintain its position of full cooperation with the ongoing investigation while emphasizing the limited scope and financial impact of the matters under review.