Adani group incorporates a wholly owned subsidiary "Bailadila Iron Ore Mining Private Ltd" as a special purpose vehicle for Adani Enterprises Limited (AEL).
"The company has incorporated a wholly owned subsidiary namely, "Bailadila Iron Ore Mining Private Limited" ("BIOMPL") on September 20, 2018," the company said.
AEL is a successful bidder for mine developer-cum-operator (MOO) for Bailadila Iron Ore Deposit, Dantewada District, Chhattisgarh, by NMDC-CMDC.
"As per tender, Iron Ore Mining Services Agreement (IMSA) has to be signed within 60 days from issuance of LOA and AEL may form 100 per cent owned SPV to act as the MOO and sign the IMSA with NCL and such SPV shall be formed within 30 days from the date of issue of the LOA by NCL," the company said.
It added: "Accordingly, Bailadila Iron Ore Mining Private Limited is formed as SPV of AEL for execution of IMSA with NCL."
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