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Adani Enterprises has announced that its step-down subsidiary, Cococart Ventures (CVPL), has incorporated a wholly owned subsidiary, Cococart International-FZCO (CIFZCO), in Dubai, UAE, on 21 March 2025.
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CIFZCO will be engaged in overseas trading as part of CVPL's business expansion. CVPL will hold 100% of the share capital of CIFZCO, with an issued share capital of AED 100,000, divided into 10,000 equity shares of AED 10 each.
The company has been incorporated under the Dubai Integrated Economic Zones Authority in Dubai Silicon Oasis. However, CIFZCO has not yet commenced its business operations.
The official announcement was made on 21 March 2025, after market hours.
Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centered on the fields of airport management, technology parks, roads, data centers, and water infrastructure.
The company’s consolidated net profit tanked 96.93% to Rs 57.83 crore in Q3 FY25 as against Rs 1,888.45 crore reported in Q3 FY24. Revenue from operations declined 8.78% to Rs 22,848.42 crore in Q3 FY25 from Rs 25,050.23 crore recorded in the same period a year ago.
The counter rose 1.04% to end at Rs 2,363.30 on the BSE on Friday.
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