On 11 October, Adani Green Energy announced Adani Renewable Energy Holding Four had incorporated two new subsidiaries, Adani Renewable Energy Forty-Eight and Adani Renewable Energy Forty-Four. 

Two new subsidiaries have incorporated Adani Renewable Energy Holding Four with an authorised and paid-up capital of Rs 1 lakh each. The aggregate cost of acquisition is Rs 2 lakh. The media reported that Adani Renewable Energy Holding has to develop, transform, transmit, supply, sell, and distribute any kind of power or electrical energy using solar and wind energy or other renewable sources. 

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On 11 October 2022, the new subsidiaries were incorporated in India and had a Registrar of Companies in Gujarat at Ahmedabad to commence their business operation.

Adani Green Energy (AGEL) has one of the largest global renewable portfolios, with an overall portfolio of 20.4 gigawatts (GW). The company has to build, own, develop, operate and maintain utility-scale grid-connected solar and wind farm projects.

On a consolidated basis, the net profit of Adani Green Energy declined 2.3 per cent to Rs 214 crore on a 64 per cent surge in net sales to Rs 1,591 crore in the first quarter of FY23 over the first quarter of FY22. On the Bombay Stock Exchange (BSE), shares of Adani Green Energy declined 1.15 per cent.