Adani Enterprises incorporates wholly-owned arm Gare Pelma

Adani Enterprises today said it has incorporated a wholly-owned subsidiary Gare Pelma III Collieries Ltd.

The arm with authorised and paid up capital of Rs 10 lakh is yet to commence operations.

"The company has incorporated a wholly-owned subsidiary company namely, Gare Pelma III Collieries Ltd on July 18," Adani Enterprises said in a filing to the BSE.

It said Chhattisgarh State Power Generation Company Ltd (CSPGCL) has issued letter of award for the coal block on June 24, 2017 to the company after it emerged as a successful bidder.

"As per tender, Coal Mining Services Agreement has to be signed within 60 days from issuance of LoA and AEL may form 100 per cent owned special purpose vehicle (SPV) to act as MDO and sign the CMSA with CSPGCL and such SPV shall be formed within 30 days...Accordingly Gare Pelma III Collieries Ltd is formed as SPV of AEL for execution of CMSA," it said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)