Adani Enterprises on Friday announced a 50:50 joint venture with Kowa Holdings Asia for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by the Adani Group.
The joint venture agreement was signed between Adani Global Pte Ltd, Singapore, which is Adani Enterprises’ step-down wholly-owned subsidiary, and Japan’s Kowa Holdings. The company did not divulge any further details related to the joint venture, including the agreed territory for the stated sales and marketing.
Adani Group’s earlier stated timeline to start green hydrogen generation is the end of the calendar year 2025 or the start of 2026.
It was not immediately clear what impact the new joint venture will have on Adani’s earlier proposed partnership with TotalEnergies for its green hydrogen business.
In June 2022, TotalEnergies and Adani Enterprises agreed to acquire a 25 per cent interest in Adani New Industries Limited (ANIL), as an exclusive platform of the two companies to produce and commercialise green hydrogen in India, with a target of one million tonnes per year by 2030. TotalEnergies’ plans to pick an interest, however, ran into trouble post the Hindenburg Research report on the Adani conglomerate in January this year.
Adani Group has earlier stated plans to spend $50 billion as capital expenditure over the years for its planned green hydrogen ecosystem. The planned green hydrogen ecosystem consists of manufacturing capacities for ingots, cells, modules, wind turbines, and electrolysers to form the entire value chain of green hydrogen generation.
In August, Adani Enterprises indicated to analysts its willingness to go ahead with the green hydrogen plans, with or without a partner. Further, top executives in August also indicated work on the proposed electrolyser manufacturing facility is expected to start before December this year.
First Published: Sep 08 2023 | 11:25 PM IST