Adani has formed a new company. Adani Enterprises has announced the expansion of its business. The company has been named Pelma Collieries. This company has been formed on 7th April.
On January 24, American short selling company Hindenburg released its negative report against the Adani group. After this report, the controversy went on increasing. Opponents prevailed. From the streets to the Parliament, a front was opened against Adani. Questions were raised on Adani’s loan, his business. Investors also turned away amidst the questions being raised on Adani. Adani’s shares, company’s market cap, Gautam Adani’s net worth all started falling. Controversies kept increasing, but Gautam Adani did not give up. Adani set up his new company in the midst of these uproars. Adani’s flagship company Adani Enterprises has announced the expansion of its business. The company has entered into Coal Washery business. The company has formed a subsidiary company for this business, named Pelma Collieries. Actually, the coal washery business of Adani Enterprises will be handled by the Playma Collieries. Its information has been given to the exchanges on behalf of Adani. Adani Enterprises informed that on April 7, it has formed a wholly owned subsidiary company, Pluma Collieries Limited (PCL). This company was formed at a time when questions are being raised on the company.
About Adani’s new company
The name of Adani’s new company is Pelma Collieries Hash. This company is owned by Adani Enterprises. This company was formed on 7 April 2023. It has been set up with an initial authorized share capital of Rs 10 lakh along with a paid up share capital of Rs 5 lakh. This company will work under coal handling system. The work of the company will be related to coal washery. It will be responsible for the development, completion and operation of the coal washery. Let us tell you that coal washing is the process of cleaning the dirt of coal.
Adani changed strategy
All the allegations were leveled against the Adani group. The company also gave its clarification. After Hindenburg’s attack on Adani, the company changed its strategy. Started focusing on paying off the debt. To win the trust of investors, it was decided to strengthen the already running companies. Adani group also changed the business strategy and instead of starting a new business, talked about handling the already running business. Roadshows were done abroad, rapid steps were taken to win the trust of investors. Its effect was also visible. Adani’s shares started rallying.