Adani Enterprises incorporates wholly-owned subsidiary for coal washing biz

Adani Enterprises, the flagship firm of the Adani Group, has incorporated subsidiary Korba Clean Coal Pvt Ltd for carrying on the business of coal washing.

"We would like to inform you that the company has incorporated a wholly-owned subsidiary namely 'Korba Clean Coal Pvt Ltd (KCCPL) on February 26, 2016," Adani Enterprises said in a filing to BSE today.

KCCPL is incorporated in India and is yet to commence its business operations, the company said.

Adani Enterprises' third quarter net profit plunged 44% to Rs 196 crore, compared to the year-ago period, on lower income.

The company had earlier said that it has extracted and supplied washed coal totalling 3.7 million tonnes (MT) to RRVUNL during the nine months of the current fiscal compared with 2.1 MT in April-December period of the previous fiscal.

The company said it is ramping up coal production and is well placed to tap the growth opportunities in domestic coal mining space.