Adani Enterprises Ltd.

Gujarat-based Adani Gas, an arm of Adani Enterprise, is planning to acquire up 20% equity in Green Gas, a joint venture between Gail and the Indian Oil Corporation (IOC).

Green Gas supplies city gas and compressed natural gas in Agra and Lucknow in Uttar Pradesh. Gail and IOC hold 22.5% each in the company, while Uttar Pradesh State Industrial Development Corporation holds five percent. Aditya Vikram Birla Group and financial institutions IDFC and UTI together hold 50% stake in Green Gas.

On consolidated basis, the Adani Enterprise posted a rise of 0.90% in its net profit at Rs 569.81 crore as compared to Rs 564.73 crore for the quarter ended June 30, 2010. Its total Income increased by 60.49% at Rs 9650.16 crore for the quarter under review as compared to Rs 6013.04 crore for the similar quarter of the previous year.