Gautam Adani, Chairman of Adani Green Energy Limited , has issued a letter to shareholders, addressing the company's journey since the Hindenburg report and recent SEBI clearance. The letter reflects on the challenges faced and the company's subsequent growth.

Regulatory Clearance and Resilience

Adani emphasized the significance of SEBI's recent dismissal of allegations against the Adani Group, stating, "With SEBI's clear and final word, truth has prevailed or like we had always said सत्यमेव जयते (truth alone will prevail)." He described the period following the Hindenburg report as a test of the company's resilience and governance.

Strong Financial Performance

Despite the challenges, Adani Green Energy reported robust financial growth:

The company achieved a two-year CAGR of 25% in portfolio EBITDA and added nearly ₹2 lakh crores to its Gross Block.

Key Project Achievements

Adani highlighted several transformative projects completed during this period:

• Commissioning of India's first container transshipment port at Vizhinjam
• Addition of 6 GW of renewable capacity, including the Khavda project, touted as the world's largest single-location renewable project
• Commissioning of the world's largest copper smelter and metallurgical complex
• Expansion of energy infrastructure with 7,000 circuit kms of transmission lines and 4 GW of thermal capacity

Future Commitments

Looking ahead, Adani outlined three key commitments:

1. Strengthening governance standards to inspire confidence across markets and regulators
2. Accelerating innovation and sustainability, aiming to set global benchmarks
3. Doubling down on nation-building through infrastructure investments to power India's long-term growth

Closing Remarks

Adani concluded his letter with a quote from Shri Sohan Lal Dwivedi, emphasizing resilience and determination: "The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore...."

The Chairman expressed gratitude to shareholders, lenders, suppliers, and partners for their support during challenging times, reaffirming the company's commitment to building a brighter future for India and the world.

Adani Green Energy Limited (AGEL), a leading player in the renewable energy sector, has announced the incorporation of a new wholly-owned subsidiary through its step-down subsidiary, marking a significant expansion in its renewable energy portfolio.

New Subsidiary Details

Adani Renewable Energy Holding Eleven Limited (AREH11L), a wholly-owned subsidiary of AGEL, has incorporated a new company named Adani Ecogen Three Limited (AE3L) on September 22, 2025. The newly formed entity is registered with the Registrar of Companies, Gujarat at Ahmedabad, with both authorized and paid-up capital of Rs. 1,00,000 each.

Business Objectives

AE3L's primary objective is to establish a strong presence in the renewable energy sector. The company aims to generate, develop, transform, distribute, transmit, sell, and supply power or electrical energy using various renewable sources, including:

• Wind energy
• Solar energy
• Other renewable energy sources

This move aligns with Adani Green Energy's commitment to expanding its footprint in the clean energy sector and contributing to India's renewable energy goals.

Current Status and Industry

As of now, AE3L has not commenced business operations. The company will operate in the renewable energy power generation industry, which is experiencing rapid growth and attracting significant investments in India.

Corporate Structure

The incorporation of AE3L creates a multi-tiered structure within the Adani Green Energy group:

1. Adani Green Energy Limited (Parent Company)
2. Adani Renewable Energy Holding Eleven Limited (Wholly-owned subsidiary of AGEL)
3. Adani Ecogen Three Limited (Wholly-owned subsidiary of AREH11L)

This structure allows AGEL to maintain full control over its expanding renewable energy operations while potentially benefiting from operational and financial efficiencies.

Market Impact

While the incorporation of a new subsidiary is a significant development for Adani Green Energy, the company has clarified that recent movements in its stock volume are purely market-driven. In a separate disclosure to the BSE, AGEL stated that it has no control over or knowledge of the reasons for the increase in trading volume of its equity shares.

As Adani Green Energy continues to expand its renewable energy portfolio, investors and industry observers will be watching closely to see how this new subsidiary contributes to the company's overall growth strategy in the rapidly evolving clean energy sector.