Adani Global Acquires 50% Stake in Monvarex Aluminium

Adani Global Limited, a wholly owned subsidiary of Adani Enterprises Ltd, has acquired a 50% equity stake in Monvarex Aluminium Holding RSC Ltd (MAHRSCL). The acquisition was completed for a cash consideration of USD 25,000. MAHRSCL, incorporated in Abu Dhabi, is involved in the metals, mining, and chemicals sector and aims to undertake the manufacturing/extraction of alumina, aluminium smelter, and Coal-to-Gas business in India. The target entity has an authorized and paid-up share capital of USD 50,000 and has reported nil turnover as it has not yet commenced commercial activities. This transaction is not considered a related party transaction.