Photo used for representation purpose only.
| Photo Credit: Reuters

Adani group plans to invest about ₹1.3 lakh crore across its portfolio companies this fiscal as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, group CFO said on June 25.

The investment across portfolio companies that range from ports to energy, airports, commodities, cement and media will be 70% met through internal cash generation and the remaining through debt, Group CFO Jugeshinder ‘Robbie’ Singh told reporters here.

The group will look to refinance $3-4 billion of debt maturing in the year and raise an additional $1 billion in project financing, he said, adding the annual $2-2.5 billion of equity infusion by bringing in new investors is also likely to continue.

“This year will be more about asset completion,” he said.

Renewable energy firm Adani Green will complete 6-7 GW project, while the solar wafer manufacturing unit will attain scale. Also, the new airport at Mumbai will be completed, he said.

The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40% higher than what the portfolio is estimated to have incurred in FY24.

The group had previously guided a $100 billion capex over the next 7-10 years. Most of this investment is going to go into the group’s fast growing businesses — renewable, green hydrogen and airports and infrastructure, he said.

As much as 70% of the planned capex will go into its green portfolio — primarily renewable power, green hydrogen, green evacuation. Of the remaining 30%, the majority will be spent towards airports and ports businesses.

Adani Group companies posted a record 45 per cent rise in pre-tax profit (Ebitda) to ₹82,917 crore (about $10 billion) in FY24, Singh said.

Emerging from a damning report of a US short seller, which hit the market value of its listed companies, Adani Group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54%.

A school drop-out, group chairman Gautam Adani started out as a commodities trader and rose to be counted among world’s richest with an empire spanning across ports, power generation, airports, mining, renewables, gas, data centres, media and cement.

Today, Adani Group is the world’s second largest solar power company, it is the largest airport operator with 25 per cent of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30 per cent of national market share, largest integrated energy player, and the country’s second largest cement manufacturer.

With strong emphasis on green energy transition, it will be allocating more than 70 per cent of this USD 100 billion to its green businesses including renewable power, green hydrogen, and green evacuation transmission lines.

The conglomerate is building the world’s largest renewable park at Khavda, Gujarat, spanning over 530 square kilometers – an area five times the size of the city of Paris.

A large portion of total investments is earmarked for expansion and development of its fast-growing airports business and ports business.

With a portfolio boasting eight airports including the upcoming Navi Mumbai airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, Gujarat. FILE
| Photo Credit: REUTERS

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group’s flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday.

The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party’s 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

ALSO READ:Adani Group’s FY24 net jumps 55%; mulls $90-billion capex

In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

New Delhi:

The promoters of Adani Ports & SEZ have acquired an additional 2.17 per cent stake in the company, according to exchange filings.

With this, the promoters have raised their stake to 65.23 per cent from 63.06 per cent.

The promoters of Adani Enterprises acquired an additional 2.06 per cent stake in the company. With this, the promoters’ stake has been raised to 71.93 per cent from 69.87 per cent.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

According a report published in Bloomberg news,  Adani Enterprise has been considering a potential sale of its 44% stake in Adani Wilmar for a few months.
| Photo Credit: AFP

India’s Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar for a few months, according to the report.

Indian billionaire Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, while Wilmar could decide to retain its stake in the business, Bloomberg reported.

Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said.

Adani Enterprises and Wilmar did not immediately respond to Reuters’ requests for comment.

Last week Adani Wilmar reported a first-quarter loss, hurt by a steep decline in edible oil prices