Ahmedabad-based power, port and mining company Adani Enterprises has decided to part with its real estate business. Promoted by Gautam Adani, the company with Rs45,000 crore market capitalisation, Adani Enterprises announced on Thursday that it will divest its holding in its realty subsidiary firm, Adani Infrastructure Development Pvt Ltd (AIDPL).
Shantigram Township, the dream project of Gautam Adani, may now see new promoters in the coming months.
The real estate project, christened after the names of Adani’s parents, is also home to the new corporate office of the group.
A year ago, Adani believed that on completion, the corporate office building would definitely be one-of-its-kind in Gujarat.
“Shantigram is going to be the landmark township of Gujarat. Our aim is to give something different to Ahmedabad, where people have never seen such a thing,” Adani had said.
By divesting from AIDPL, a 100% subsidiary of Adani Enterprises and exiting its real estate business, the company aims to raise more than Rs2,000 crore.
Including its township, the real estate arm of Adani group is developing 40 million square feet area of residential and commercial space in the city and Mumbai combined.
At its board meeting held on Thursday in the city, the Adani Enterprises board of directors approved the proposal to divest its holding in the real estate business subject to requisite approvals, formalities and clearances.
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