Adani Green Energy on Thursday said its subsidiary Adani Renewable Energy Middle East Ltd (AGEL UAE) has signed a joint venture agreement with Minerva Holding RSC to develop renewable energy projects in India.
According to a regulatory filing, EPointZero Holding RSC Ltd (EPointZero), the energy and infrastructure arm of International Holding Company PJSC (IHC Group), has entered in a Joint Venture with Adani Green Energy Ltd for the development, construction and operation of renewable energy projects, which the JV intends to develop in India.
Minerva is wholly owned by EPointZero.
IHC Group is the largest listed company in the UAE with a market capitalisation of over $230 billion.
Under the agreement, AGEL UAE will acquire up to 20 per cent stake in the joint venture Minerva Renewables Holding RSC.
Minerva will have the right to appoint up to four Directors, and Adani Green Energy will have the right to appoint one Director.