Adani Green Energy Limited (AGEL) announced the incorporation of its wholly-owned step-down subsidiary, Ecothrive Renewables Limited (ERL), on December 26, 2025. ERL was incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on the same date. The authorized and paid-up capital of ERL is ₹1,00,000 each. ERL is yet to commence business operations and its main objective is to generate, develop, transform, distribute, transmit, and supply power from renewable sources like wind and solar energy. Adani Renewable Energy Holding Eleven Limited (AREH11L), a wholly-owned subsidiary of AGEL, holds 100% of ERL's share capital. The incorporation does not fall within related party transactions, and no promoter or promoter group entities have an interest in ERL.