Indian conglomerate Adani Group, led by Gautam Adani, Asia’s second wealthiest individual, has expanded its global infrastructure footprint by establishing a new entity, Celeritas International FZCO, in Dubai’s Jebel Ali Free Zone. This move comes two months after the company set up Adani Power Middle East Ltd. in Abu Dhabi, furthering its ambitions in the UAE market.
Celeritas International was launched by Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, with an initial capital of Dh100,000. AAHL holds a 74% stake in Celeritas, ensuring its independence from related-party transactions and a streamlined operational structure. News of Celeritas’s formation helped Adani Enterprises shares rise by over 3% as the company strengthens its position in the Middle East.
This latest expansion follows Adani’s earlier incorporation of Adani Power Middle East Ltd., a wholly-owned subsidiary in Abu Dhabi. Adani Power Middle East has authorized capital valued at $27,000, with shares priced at $1 each, all owned by Adani Power Limited. This subsidiary will invest primarily in power and infrastructure projects across the region, aiming to align with the UAE’s development goals.
As India’s largest private thermal power producer, Adani Power Limited (APL) has a robust power generation portfolio of 15,250 MW. The company’s thermal power operations span across Indian states such as Gujarat, Maharashtra, and Karnataka, and include a 40 MW solar power facility in Gujarat. APL holds the distinction of being the world’s first company to establish a coal-based Supercritical thermal power project under the Clean Development Mechanism (CDM) of the Kyoto Protocol.
International interest in Adani Enterprises has also risen, notably from Abu Dhabi’s International Holding Company (IHC). In 2023, IHC raised its stake in Adani Enterprises Ltd. to over 5%, shortly after divesting its shares in two other Adani companies. IHC previously invested $500 million each in Adani Green Energy and Adani Transmission, alongside a $1 billion investment in Adani Enterprises in 2022.
Furthering its infrastructure initiatives, Adani Power Limited and its subsidiary Mahan Energen Limited (MEL) recently secured a significant contract with Bharat Heavy Electricals Limited (BHEL), valued at Rs 110 billion. Signed on August 25, the deal will see the development of three advanced supercritical thermal power projects, underscoring Adani’s commitment to expanding India’s and the UAE’s energy infrastructure.
With these recent ventures, Adani Group’s presence in the UAE highlights its ongoing commitment to international expansion in key markets like energy and infrastructure, aiming to meet the growing demands of the Middle East.