Adanis plan to invest $6-b in global projects by 2015

Integrated infrastructure major Adani Group plans to invest between $12-15 billion on its expansion projects over the next seven years, Mr Gautam Adani, Chairman, said here on Thursday.

About half of this sum will be used to expand international operations.

Unveiling a new global corporate brand identity and a three-colour logo, reflecting the Gujarat-based Group’s renewed focus on an integrated business model and global presence through its core cluster businesses of resources, logistics and energy, he said the conglomerate would invest over $6 billion on global projects by 2015. “This will be done through a combination of internal accruals and debt.”

Mr Adani also announced commencement of exploration programme on Thursday at Galilee Basin coal mines, at Queensland, Australia, where the Group has so far committed to invest $3 billion in acquisition of coal mines and a port.

In India, he said the Adanis are now the largest private power generator with a total generation capacity of 4,000 megawatt (MW). Besides, Adani Enterprises Ltd recently commissioned India’s largest, 40 MW, solar power plant in Gujarat, as part of the Vision 2020 program of achieving the target of producing 20,000 MW, he said.

Mr Adani, however, clarified that the Group, which is also into the city gas distribution business in Gujarat, has no plans to go in for gas-based power plants at present.

Replying to questions, he said in view of the rise in coal prices and lack of coal for thermal power projects, it was necessary to revise tariffs in the PPAs. Similarly, laws remained to be amended in respect of imported coal to ease the situation.

Addressing the media conference via a video message, Mr Peter Varghese, Australian High Commissioner to India, said the Adani investment into the Galilee Basin is a first-order international investment into Australia and a flagship Indian investment in that country. It involves the construction of a railway track 400 to 500 km long and the redevelopment of a port
Source: BL


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