Billionaire Gautam Adani’s logistics-to-energy conglomerate has set up a new subsidiary, ANIL to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world’s largest renewable energy company and produce the cheapest hydrogen.

Adani had in November last year stated that his group will invest $70 billion in the new energy space of the next decade.

And now the company has incorporated a wholly-owned subsidiary, Adani New Industries Ltd (ANIL), its flagship Adani Enterprises Ltd said in a regulatory filing.

ANIL will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components, material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines, it said.