Adani Green arm signs pact to supply 20.8 MW hybrid power to Asahi India Glass

Adani Green Energy on Wednesday, January 7, said its wholly owned step-down subsidiary, Adani Green Energy Twenty Five B Ltd, has entered into a power consumption and tripartite agreement to supply 20.8 MW of solar-wind hybrid power to Asahi India Glass Ltd(AIS).

The renewable power will be supplied from a 25 MW solar power unit and a 20.8 MW wind power unit, both located at Khavda in Gujarat, the company said in a regulatory filing.

Along with the power supply arrangement, Adani Green Energy Twenty

Five B Ltd and Adani Renewable Energy Holding Four Ltd (AREH4L) have also signed an investment agreement with Asahi India Glass on January 7, 2026, in line with captive power generation norms.

Under the agreement, Asahi India Glass, as the captive user, has agreed to subscribe to a minimum 26% of the proportionate equity share capital of the project in one or more tranches, to meet the minimum captive shareholding requirements prescribed under the captive rules.

As per the shareholding structure, AREH4L currently holds 100% stake in the generator entity, while AREH4L itself is a wholly-owned subsidiary of Adani Green Energy Ltd. Upon final phase completion, AREH4L will hold 98.78% equity in the generator, while Asahi India Glass will hold 1.22% equity with voting rights.

The investment agreement grants AREH4L the right to appoint all directors on the board of the generator. It also provides that, upon termination of the power consumption agreement, the generator and AREH4L will have the right to buy back the shares held by the captive user, subject to customary approvals.

Adani Green Energy clarified that the deal does not qualify as a related-party transaction, and that neither the company nor its subsidiaries have any shareholding relationship with Asahi India Glass.

Shares of Adani Green Energy ended marginally lower on Wednesday, January 7, by 0.05% at ₹1,018.90 on the NSE.

Shares of Asahi India Glass Ltd ended higher by 3.06% at ₹999.20.

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