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Rediff.com  » Business » Adani to invest $12 bn over next 5 years

Adani to invest $12 bn over next 5 years

Source: PTI
May 12, 2011 17:33 IST
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Adani Enterprises Limited, a flagship company of Adani group, on Thursday said it would invest close to $10-12 billion over next four to five years to expand its domestic as well as global footprints.

"We shall be investing close to $10-12 billion over next 4-5 years period on the expansion of our overseas projects as well as domestic ones," Adani Group CFO and Executive Director Devang Desai told reporters.

The company has proposed to invest around $6.9 billion on the development of Galilee Coal Tenement in Queensland, Australia, which is amongst the largest investment made by an Indian firm there.

The AEL has also proposed to invest $1.65 billion in setting up rail connectivity and a port in Sumatra
region, Indonesia, with the coal mining firm PT Bukit Asam Tbk.

"The proposed investment over 4-5 years includes acquisition of Abbot Point terminal in Australia for $1.8 billion Australian dollar," Desai said adding that the company is expected to complete the acquisition process by June this year.

AEL reported a jump of 173 per cent in net profit at Rs. 928 crore (Rs. 9.28 billion) in the quarter ended March 2011 against Rs. 340 crore (Rs. 3.4 billion) in the corresponding period a year ago while the net profit for FY 2010-11 soar by 169 per cent to Rs. 2,476 crore (Rs. 24.76 billion), as compared to Rs. 919 crore (Rs. 9.19 billion) in a year ago period, he said.

The company sales grew by two per cent at Rs. 26,405 crore (Rs. 264.05 billion) in FY 10-11, as compared to Rs. 25,890 crore (Rs. 258.9 billion) in the previous year.
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