Adani Enterprises Forms Water Subsidiary for Rajasthan Project
Filing Summary
Adani Enterprises Limited announced the incorporation of a new subsidiary, Morsagar Bisalpur Water Limited (MBWL), on November 03, 2025. The new entity has a subscribed capital of Rs. 1,00,000. Adani Enterprises will hold a 74% stake, while Cemindia Projects Limited will hold the remaining 26%. MBWL was formed to design, finance, construct, and operate the Mor Sagar Artificial Reservoir and a related feeder project in Rajasthan under a Hybrid Annuity Model. The company is yet to commence business operations and has a current turnover of Nil.
Adani Enterprises Limited (AEL) has incorporated a subsidiary company named Morsagar Bisalpur Water Limited (MBWL). The incorporation in India was completed on November 03, 2025. The new entity will operate in the infrastructure development and water resource management sector. AEL will hold 74% of the share capital in MBWL, with the remaining 26% held by Cemindia Projects Limited, which is identified in the filing as a related party of the company.
The initial subscribed capital of Morsagar Bisalpur Water Limited is Rs. 1,00,000. This capital is divided into 10,000 equity shares, each with a face value of Rs. 10. As the subsidiary has been newly incorporated, it has not yet commenced its business operations. Consequently, the company’s current turnover is reported as Nil. The filing states “Not Applicable” for the cost of acquisition, the nature of consideration, and whether the transaction falls within related party transactions.
The primary objective of MBWL is to carry on the business of design, finance, development, construction, operation, and maintenance of a specific water infrastructure project. The project involves the Mor Sagar Artificial Reservoir and a feeder from Bisalpur to the Mor Sagar Artificial Reservoir. This infrastructure development will be located in the state of Rajasthan. The project is designated to be executed under the Hybrid Annuity Model (HAM).
According to the regulatory disclosure, the incorporation of the subsidiary does not require any specific governmental or regulatory approvals. The filing also indicates “Not Applicable” for an indicative time period for the completion of the acquisition. MBWL was registered with the Registrar of Companies in Ahmedabad, Gujarat. The turnover history for the last three years is not applicable as the entity is newly formed.
Cemindia Projects Limited, formerly known as ITD Cementation India Limited, is an engineering and construction company. The firm specializes in heavy civil and infrastructure projects, including marine structures, transportation, and urban infrastructure development.
Adani Enterprises Limited serves as the flagship entity and business incubator for the Adani Group. The company’s strategic focus is on establishing new businesses in the infrastructure and energy sectors. Its portfolio includes airports, roads, water management, data centers, and solar manufacturing.
