Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
Tata Power saw a big sell-off, with the stock falling almost 8 per cent after declaring disappointing results for the October-December quarter (Q3) of 2023-24 (FY24) on Friday evening. The company reported net consolidated revenue of Rs 14,650 crore, up 4.4 per cent year-on-year (Y-o-Y), and earnings before interest, tax, depreciation, and amortisation (Ebitda) of Rs 2,607 crore, up 2 per cent Y-o-Y, in the quarter, led by higher sales across Odisha distribution companies (discoms) and capacity addition in renewables. This was well below consensus estimates.
Conserving energy, the prime minister said, is the need of the hour.
A pro rata expansion of that number for 100 Gw means investing that much every year.
If even a fraction of the 175 GW target is achieved, India's reliance on coal and oil would be reduced, says expert.
The Great Indian bustard is at the centre of another impending legal tussle. The government is planning to move the Supreme Court seeking a review of its order that asked Gujarat and Rajasthan to lay transmission lines linked to solar power units underground so as to not pose any threat to the endangered bird. The ministry of new and renewable energy (MNRE) has sought a view from the law ministry and will move the court basing its arguments on estimates showing that the bird's population was declining even before solar power plants came to the region, said a senior government official requesting anonymity.
Researchers found that fuel-based lighting today provides 150,000 jobs worldwide.
Billionaire Gautam Adani's group is building the world's largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Speaking at the opening of 'Energy Revolution: The Adani Green Energy Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said.
Hemant Shivsaran lists the number of projects the Modi government has announced since August to woo Gujarat voters.
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
Adani group will invest more than $100 billion (around Rs 8,340 crore) in energy transition projects and manufacturing capability to produce every major component required for green energy generation, its chairman said on Wednesday. Besides building solar parks to produce electricity from sunlight and wind farms that do the same from wind, the conglomerate is building major facilities to manufacture electrolyzers for making green hydrogen, wind power turbines and solar panels.
Gautam Adani had in the late 1970s applied to join a Mumbai college for education, but the college rejected his application. He did not pursue education but turned to business and went on to build a $220 billion empire. About four-and-a-half decades later, he gets called to the same college to deliver a lecture to students on Teachers Day. Adani had moved to Mumbai at the age of 16 and started working as a diamond sorter.
Hailing Prime Minister Narendra Modi and the Bharatiya Janata Party government, top industry captains pledged mega investments at the Vibrant Gujarat Global Summit
'In terms of growth rate, India is better than China.'
ADAG slots Rs 1,200 cr for wind power plants
Power Minister Piyush Goyal on the government's manufacturing push and other key issues.
Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
Harish Hande, who has been honoured recently with a prize for social entrepreneurship, has made it his business to take solar power to every un-lit home.
India's traditional companies are now moving full scale into the renewable and alternative energy space that had been dominated by smaller players over the past decade. Companies such as government-owned NTPC and the Adani and the Tata groups restructured their businesses well in time to become major players in the green space. At the same time, other conventional companies, such as Larsen & Toubro and Reliance Industries Ltd (RIL), which have a presence both in the energy sector as well as myriad other activities - construction, technology and retailing - are tying up with new-age companies to hitch a ride to a greener path.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
In a statement, the ministry of defence said the official winners were picked by panels of judges.
A selection of Indian corporations are cutting costs and contributing to a green economy by embracing clean fuel and India Inc sees a strong business case in adopting renewable energy to power their operations.
A selection of Indian corporations are cutting costs and contributing to a green economy by embracing clean fuel and India Inc sees a strong business case in adopting renewable energy to power their operations.
Reliance Industries Ltd, whose offering of rock-bottom tariffs shook up the telecom industry, is looking to repeat the feat in the green energy business, where its billionaire chairman Mukesh Ambani sees promise to outshine all existing growth engines in 5-7 years. Having pledged Rs 6 lakh crore on green energy, Ambani says RIL will scale up investments in this business which will start going live in the next 12 months. "Over the next 12 months our investments across the Green Energy value chain will gradually start going live, scaling up over the next couple of years," Ambani, chairman and managing director of RIL, said in the company's latest annual report.
Lot will depend on the discom's ability to source cheap power and pass on the same to consumer
Prime Minister Narendra Modi on Thursday appealed to farmers and other stakeholders associated with the cooperative sector to make GCMMF, which owns the 'Amul' brand, the world's number one dairy company from its current eighth position. He was addressing nearly one lakh people, mostly cattle rearers and farmers, gathered at the Narendra Modi stadium in Motera area of Ahmedabad for the golden jubilee celebration of the Gujarat Cooperative Milk Marketing Federation (GCMMF).
Billionaire Gautam Adani-led Adani Group on Monday announced a Rs 20,000-crore investment for expanding the capacity of its Gujarat ports to 100 million tons per annum by 2020.
How the 4 ministries have performed
The first phase of the infrastructure renovation and creation of some new ones has been recently completed on a stretch of 26 kilometres along the front in Jammu while another 33 kilometres in the same region is being carried out, official sources told PTI.
Accompanied by Maharashtra Chief Minister Eknath Shinde and deputy CM Devendra Fadnavis, Guterres placed a floral wreath at the 26/11 attacks memorial in the hotel.
Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO). The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
"Nari shakti" and women empowerment dominated the theme of tableaux of Kerala, Karnataka, Tamil Nadu, Maharashtra and Tripura at the Republic Day parade here on Thursday.
He also said that efforts were on to increase the use of natural gas by four times in this decade and to double the oil refining capacity in the next five years.
Gujarat, the home state of Prime Minister Narendra Modi and portrayed as 'growth engine' of India has witnessed a steep fall in new investments for the second quarter of 2014-15 compared to the first quarter of the same fiscal.
The IIM-B's 'Karnataka innovation report' has become the basis for the Congress party's election narrative, particularly to distinguish it from the 'Gujarat model of development', reports Archis Mohan.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
Those who have not seen poverty and go to learn about it at Kalavati's house in the darkness of night, say there are no jobs, Singh said.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
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