Adani New Industries

What Adani New Industries does

Adani New Industries Limited (ANIL) is the renewable energy manufacturing arm of the Adani Group, established in 2023 as a wholly-owned subsidiary of Adani Enterprises Limited and headquartered in Ahmedabad, Gujarat. The company operates an integrated renewable energy manufacturing platform spanning three verticals: solar modules (Adani Solar brand), wind turbine components including India's longest onshore blades at 91.2 metres, and green hydrogen production. Its flagship Mundra facility in Gujarat operates 2 GW ingot/wafer, 4 GW solar cell, and 4 GW solar module capacity, with a planned 10 GW fully integrated (polysilicon-to-module) scale-up, while a 5 MW off-grid green hydrogen pilot plant in Kutch—India's first, powered by solar plus battery storage with a fully automated closed-loop electrolyzer system—serves as proof of concept for a larger Mundra-based Green Hydrogen Hub targeting up to 3 million metric tonnes annually.

ANIL serves three primary customer segments: utilities and power producers procuring solar modules for utility-scale projects supporting India's 110 GW PV target; independent power producers purchasing high-capacity wind turbines for onshore wind farm development; and industrial energy consumers procuring green hydrogen and ammonia for decarbonization. The business model is hardware sales-led via direct enterprise and field sales with quote-based pricing on large infrastructure contracts; distribution is direct-to-buyer for Indian customers and via export channels (with stated presence in Europe, Australia, Brazil, Vietnam, and the Philippines). Revenue is captured from hardware sales across solar modules, wind turbines and blades, with green hydrogen positioned as a future recurring/commodity revenue stream at scale.

The company is privately held (no standalone revenue or financials are disclosed for ANIL specifically), is backed by $394 million in trade finance from Barclays and Deutsche Bank secured in July 2023, and has committed to a planned $50 billion investment over the next decade for the green hydrogen ecosystem. It has ranked 6th globally in Wood Mackenzie's 2026 Solar PV Module Manufacturer Rankings—the highest-ranked Indian company with Grade A classification—and employs 10,000+ across the broader Adani manufacturing operations.

Name

Adani New Industries

Legal name

Adani New Industries Limited

Website

https://adani.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Adani New Industries Limited (ANIL) is the Adani Group's renewable energy manufacturing subsidiary, producing solar modules (integrated polysilicon-to-module), wind turbine blades (India's longest at 91.2 metres), and green hydrogen for utilities, independent power producers, and industrial off-takers in India and select export markets.

Ownership category

akta.pro rank

Product category

Renewable Energy Manufacturing

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Electric Power Generation (22111)

SIC

Engines & Turbines (3510), Motors & Generators (3621)

akta.pro primary industry

Power Electronics & Grid-Tie Equipment Manufacturing (Converters, Transformers, Switchgear) (EUAMAHAH)

akta.pro secondary industries

Wind Turbine OEM Manufacturing (Nacelles, Drivetrains, Generators) (EUAMAHAD), Energy Storage Components for Renewables Manufacturing (BESS Packs, PCS, Thermal Management) (EUAMAHAI)

Keywords

• Solar modules
• Wind turbine blades
• Green hydrogen production
• Renewable energy manufacturing
• Photovoltaic cells

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Personnel, Technology or R&D, Operations

Revenue model

1. Solar Module Manufacturing and Sales: Manufacturing and sale of solar modules from integrated facilities, serving utilities and power producers. Revenue from module sales and potential technology licensing
2. Wind Turbine Manufacturing: Manufacturing and sale of wind turbines and components including 91.2-metre blades for next-generation above 5 MW turbines
3. Green Hydrogen Production: Green hydrogen production and sales targeting 1-3 million metric tonnes annually as part of the green hydrogen ecosystem development

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Adani New Industries Limited (ANIL) manufactures integrated renewable energy hardware including solar PV modules, wind turbine blades, and green hydrogen for utility-scale energy projects. The company operates an integrated solar manufacturing facility at Mundra producing from polysilicon to finished modules at up to 10 GW planned capacity, produces India's longest 91.2-metre onshore wind turbine blades for next-generation turbines above 5 MW, and runs India's first off-grid 5 MW green hydrogen pilot plant at Kutch with planned production scale-up to 3 million metric tonnes annually.

Product overview

Adani New Industries Limited (ANIL) operates as a diversified renewable energy manufacturing platform under Adani Enterprises. The company offers an integrated portfolio spanning solar module manufacturing (Adani Solar), wind turbine blade production (91.2-metre blades for turbines above 5 MW), and green hydrogen ecosystems. ANIL's flagship integrated solar manufacturing facility at Mundra produces from polysilicon to finished modules at 10 GW scale, while its green hydrogen initiatives aim for up to 3 million tonnes annually production capacity with a planned USD 50 billion investment over a decade.

Differentiator

Problem solved

Functional benefit

Brands

• Adani Solar: Solar manufacturing division producing polysilicon to finished modules; ranked 6th globally in Wood Mackenzie's 2026 Global Solar PV Module Manufacturer list with Grade A classification
• Adani Wind

Products and services

• Adani Solar Modules Integrated solar photovoltaic module manufacturer operating from polysilicon to finished modules at the Mundra facility (2 GW ingot/wafer capacity plus 4 GW each of solar cell and module manufacturing), serving utilities and power producers for utility-scale renewable projects supporting India's 110 GW PV capacity target.
• Adani Wind Turbine Blades Onshore wind turbine blade manufacturing division producing India's longest 91.2-metre blades for next-generation above 5 MW capacity turbines, with manufacturing capacity scaling from 2.25 GW to 5 GW per annum, targeting a longer-term 10 GW ambition.
• Green Hydrogen (Off-Grid 5 MW Pilot Plant and Ecosystem) Green hydrogen production including India's first off-grid 5 MW pilot plant at Kutch (solar-powered with battery storage and closed-loop electrolyzer), serving as proof of concept for the planned larger Green Hydrogen Hub at Mundra targeting up to 3 million metric tonnes annually, with a USD 50 billion planned investment over the next decade.

Quantifiable outcome

• Ranked 6th globally in Wood Mackenzie's 2026 Module Manufacturer list, highest-ranked Indian company with Grade A classification
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Kowa Holdings Asia Pte LtdcoreStrategic or Co-development Partner · 23 January 2026Adani Global Pte Ltd (step-down subsidiary of Adani Enterprises) formed 50:50 joint venture with Kowa Holdings Asia for sales and marketing of green hydrogen, green ammonia, and derivatives in Japan, Taiwan, and Hawaii. The JV will market products manufactured by ANIL with first green hydrogen project of 1 MMTPA being implemented in Gujarat with planned expansion to 3 MMTPA.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Suzlon Energy: India's largest wind turbine OEM, directly competing with ANIL's Adani Wind division in the domestic wind turbine market. Both target above-3MW onshore platforms and Indian IPPs/CPSUs for utility-scale wind farm development.
• Waaree Energies: One of India's largest solar PV module manufacturers and an ALMM-listed domestic supplier, competing head-to-head with Adani Solar in module tenders for India's utility-scale solar projects and rooftop segments.
• Inox Wind: Indian wind turbine OEM competing with Adani Wind in the domestic above-3MW wind turbine segment, supplying IPPs and captive industrial customers across low and medium wind sites in India.
• Tata Power Solar Systems: Tata Group's solar manufacturing and EPC arm, directly competing with Adani Solar in domestic module supply and integrated solar project development for utility and C&I customers in India.
• First Solar: Global top-10 solar PV module manufacturer competing directly with Adani Solar in international utility-scale project supply, particularly in markets prioritizing CdTe thin-film or low-carbon manufacturing footprints.
• Trina Solar: Top-3 global crystalline silicon module manufacturer with vertically integrated polysilicon-to-module operations, competing with ANIL in module supply for utility-scale projects and tracking dual-glass/n-type technology leadership.
• JinkoSolar: Top-3 global solar PV module manufacturer and vertically integrated player competing with ANIL on N-type TOPCon technology, module cost leadership, and global utility-scale project supply.

Emerging players

• Reliance New Energy / Reliance Industries: Diversified conglomerate building a green hydrogen and renewable manufacturing platform through Reliance New Energy, with announced investments in electrolyzers, fuel cells, and solar — competing with ANIL across all three verticals in India.
• ACME Group: Indian green hydrogen and renewable energy developer with planned electrolyzer manufacturing and project pipeline in India, competing with ANIL for green hydrogen offtake customers and policy-driven incentives under India's National Green Hydrogen Mission.

Broad incumbents

• Vestas Wind Systems: Global #1 wind turbine OEM with broad onshore and offshore platform portfolio, competing with Adani Wind as ANIL attempts to scale above-5MW onshore platforms and enter export markets in Europe, Australia, and Latin America.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/adanionline
• YouTubeyoutube.com/user/AdaniOnline
• Facebookfacebook.com/AdaniOnline
• LinkedInlinkedin.com/company/adani-group
• Instagraminstagram.com/adanionline

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adani New Industries