Adani Enterprises Limited has officially established a wholly owned subsidiary, Munger Sultanganj Road Limited (MSRL), as confirmed on November 3, 2025 at 3:40 PM IST. The incorporation was reported to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) under the respective scrip codes 512599 and ADANIENT. The newly formed entity has a subscribed capital of Rs. 1,00,000, divided into 10,000 equity shares of Rs. 10 each, and is yet to commence any business operations.

MSRL will focus on the development, maintenance, and management of the project titled "Construction of Ganga Path Connecting Munger (Safiabad) - Bariyarpur-Ghorghat-Sultanganj Road" in the state of Bihar. This infrastructure initiative is set to be executed on a Hybrid Annuity Mode, reflecting Adani's continued commitment to expanding its footprint in the infrastructure sector. Notably, the incorporation does not fall under any related party transactions, and Adani Enterprises will retain 100% ownership of MSRL.

As of now, there are no governmental or regulatory approvals required for this incorporation, nor any associated costs, as MSRL has yet to generate any revenue. With this strategic move, Adani Enterprises aims to bolster its infrastructure portfolio, aligning with its broader business objectives. Further updates on the project's timeline and operational milestones are anticipated as the entity progresses towards commencing its business activities.