Adani Enterprises (AEL) announced that the company has signed a Memorandum of Understanding (MoU) with Australian energy major Woodside Energy for corporation for exploring business opportunities across a broad spectrum in the oil and gas sector in India, as part of the Vibrant Gujarat initiative.

The two companies will jointly explore opportunities in sourcing of liquefied natural gas (LNG), supply and purchase arrangements for India.

"This cooperation arrangement is a landmark and first of its kind between two large organizations of India and Australia sharing common aspirations and vision. This MoU will go a long way in bringing new perspective to addressing the energy issues, enhancing energy trade and further strengthen warm relationship shared by the two countries," said Gautam Adani, chairman of Adani Group.

Shares of the company gained Rs 12.15, or 2.4%, to trade at Rs 518.25. The total volume of shares traded was 148,141 at the BSE (11.21 a.m., Monday).