Adani Enterprises (NSE:ADANIENT, BOM:512599) has incorporated a wholly-owned subsidiary named "CORR Tollways", according to a filing to the Indian stock exchanges.
The new entity will engage in the business of undertaking, operating, and executing the tolling, operations, and maintenance of the Chennai Outer Ring Road (CORR), including all associated facilities and infrastructure.
The operations will follow the concession, license, or authorization granted by the Tamil Nadu State Highways Authority.
The company's shares were down nearly 3% in recent trade.
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