Billionaire Gautam Adani-led Adani group has forayed into the healthcare space by incorporating a wholly owned subsidiary, Adani Health Ventures (AHVL). The new entity will be engaged in healthcare-related activities like setting up medical and diagnostic facilities, and research centres.
Adani Enterprises, the flagship company of Adani group, in an exchange filing said that it has established AHVL with an initial authorised and paid-up share capital of ₹1 lakh each to carry on the business of healthcare related activities including, setting up, running, administrating medical and diagnostic facilities, health aids, health tech based facilities, research centers and to do all other allied and incidental activities in this regard.
“Adani Enterprises Limited has incorporated a WOS namely, Adani Health Ventures Limited ("AHVL"), on 17th May 2022, with an initial authorised and paid-up share capital of ₹1,00,000 each to carry on the business of healthcare related activities including, inter alia, setting up, running, administrating medical and diagnostic facilities, health aids, health tech based facilities, research centers and to do all other allied and incidental activities in this regard,” it said in a BSE filing.
As per the release, AHVL will commence its business operations in due course.
The development came days after the Adani family signed definitive agreements for the acquisition of Switzerland-based Holcim’s entire stake in leading cement companies – Ambuja Cements and ACC. With this, the business conglomerate has become the second largest player in the cement sector after Aditya Birla Group’s UltraTech Cement. The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is around $10.5 billion, making this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space. Holcim, through its subsidiaries, holds 63.19% in Ambuja Cements and 54.53% in ACC - of which 50.05% is held through Ambuja Cements.
Besides, Adani group has also entered into media business by acquiring a stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd. Adani Enterprises has established a subsidiary, AMG Media Networks, which has inked a pact to buy a 49% share in the business and financial news company for an undisclosed amount. Quintillion Business Media, an indirect subsidiary of BSE-listed Quint Digital, is a business and financial news company and operates a leading business news digital platform BloombergQuint.