Gautam Adani Unveils Renewable Energy, Port Expansion Plans
Gautam Adani, the chief of Adani Enterprise, said at the group's Annual General Meeting (AGM) on July 18 that the company's power venture is poised to be a game changer as computation becomes the most valuable resource in the world.
He highlighted the significance of green power and the Adani Group's role in India's journey towards achieving net-zero emissions.
Adani Green Energy, the group's renewable energy business, recently commissioned the world's largest hybrid solar-wind project in Rajasthan, with a capacity of 2.14 GW. This project contributes to the group's operational renewable energy portfolio, which has grown by an impressive 49 per cent to over 8 GW. This achievement solidifies the group's position as the largest operational renewable portfolio in India. Adani emphasized the company's commitment to producing the lowest-cost green energy at scale and reaffirmed its target of reaching 45 GW of renewable energy capacity by 2030.
Adani Group's ambitious plans extend beyond Rajasthan. They are currently building the largest hybrid renewables park in the world, called Khavda, located in the desert. This project, which covers 72,000 acres and is projected to be finished quickly, seeks to produce 20 GW of green energy.
The ports business also remains a vital pillar of the Adani Group's operations. Adani Ports and Special Economic Zone (APSEZ) continues to be one of the most profitable port operators globally, boasting an impressive port EBITDA margin of 70 per cent. By 2030, the organisation hopes to become not just India's largest transport utility also the world's most profitable port company, able to move a billion tonnes of cargo yearly.
APSEZ aims to achieve carbon neutrality and triple its EBIDTA by that time. In the coming months, APSEZ plans to commission India's largest transhipment hub in Vizhinjam and a port in Colombo. Additionally, the recent acquisition of Haifa Port in Israel positions the group to capitalise on both India's growth story and the larger regional growth narrative by establishing connections across the Indian Ocean to the Mediterranean.
Adani Power Limited (APL) marked a significant milestone by successfully commissioning the 1.6 GW ultra-supercritical Godda power plant, supplying power to Bangladesh. This venture signals the company's entry into transnational power projects. In the domestic power sector, APL is currently adding another 1.6 GW ultra-supercritical project in Mahan, Madhya Pradesh.
Adani Transmission (ATL) is experiencing accelerated growth in its transmission business, surpassing market trends. ATL anticipates an 18 per cent revenue expansion, crossing Rs 4,000 crore in annuity income. Notably, ATL's Mumbai distribution business achieved an impressive reliability rating of 99.99 per cent and was recognised as the No.1 discom by the Union Ministry of Power. Furthermore, the company aims to take Mumbai's power supply to 60 per cent renewable energy, making it the first mega-city in the world to achieve over 50 per cent power from solar and wind sources.
Adani Total Gas Limited (ATGL) has expanded its reach by providing clean cooking fuel to 1,24,000 households, resulting in a 46 per cent increase in revenue to Rs 4,683 crore. ATGL is transforming into a comprehensive sustainable energy provider, with a rapid expansion of urban electric vehicle charging infrastructure and biofuel businesses.
According to Gautam Adani, he has never been able to mention as many accomplishments in the history of the Adani Group. He expressed his thanks for the support and faith shown in the organisation.
Furthermore, Adani emphasised the opportunities and challenges posed by the technological revolution, particularly the remarkable advancements in artificial intelligence.
He highlighted the need for a reset in global operating models, affecting various aspects such as work, education, medicine, and economic growth itself.
Adani said that India, is already the world's 5th largest economy, and it is expected that it will become the 3rd largest economy well before 2030 and eventually the 2nd largest economy by 2050.
Adani attributed this expected growth to a stable government, the implementation of structural reforms, India's demographics, and the continuous expansion of internal demand.
As the Adani Group concludes one financial year and enters another, they aim to assess the global situation and India's position within it, recognising the dynamic nature of economic cycles and the potential for India to become a global economic powerhouse in the coming decades.
