Tag: Adani Group

News

ACC delivers lifetime highest annualised PAT

Apr 25, 2024 by Sujata Muguda 0 Comments #ACC Limited, #Adani Group, #Mr. Ajay Kapur, #PAT

Ahmedabad, April 25, 2024: ACC Limited (ACC), the most trusted legacy brand and one of India’s largest Cement and Building materials company of the diversified Adani Group, today announced robust results for Q4 and full year ended March 31, 2024. The improved performance is attributed to all round improvement in volume, cost and efficiency parameters.

Mr. Ajay Kapur, Whole Time Director & CEO, ACC Limited, said, “We continue to solidify our position as a frontrunner in the cement industry. Our financial performance with jump in EBITDA by 138% during the year is a testament to the flexibility and strong foundation of our business model. The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc. has furthered our success, as we emerge even stronger than before. With passing time ACC is getting younger and stronger with the expansion and performance efficiency plans”

Operational Highlights:

Particulars (YoY) Q4 FY’24 FY’24
Sales Volume

(Clinker & Cement)

 Growth of

23.5% at 10.4 MioT

 Growth of

20.3% at 36.9 MioT
Kiln Fuel

Cost

 Down by 19%

(Rs 2.35 to Rs 1.91 per ’000 kCal)

 Down by 30%

(Rs 2.76 to Rs 1.94 per ’000 kCal)
WHRS as a % of total power Consumption Up by

1.0 pp to 8.2%

 Up by

4.1 pp to 8.6%
  • Kiln fuel cost improved with change of fuel basket and higher consumption of alternative fuel.

*  Includes exceptional item of Rs. 229 Cr and reversal of earlier years tax provision of Rs 257 Cr

  • 16.3 MW of WHRS at Ametha commissioned in Q3 FY’24. Work on WHRS facility at Chanda (18 MW) & Wadi (21.5 MW) is on track and will be commissioned in Q2 this year, which will help to take total capacity to 86 MW or 25% of total power. 

Financial Highlights:

  • Significant improvements in all financial matrices. Revenue growth at 13%; Operating EBITDA up 79%, EBITDA margin up from 9.8% to 15.5%.
  • A total of Rs. 1,044 Cr cash flows generated from the Operations in Q4, Rs. 2,995 Cr in FY 24. Cash & Cash equivalent at Rs. 4,667 Cr, Consolidated Net Worth at Rs. 16,333 Cr, up by Rs. 2,191 Cr from FY’23. Business Working Capital is amongst the best in comparison with peers and stands at 13 days cycle.
  • EPS(Diluted) Rs. 50.2 in Mar’24 quarter, compared to Rs. 12.5 in Mar’23 quarter.

Consolidated Financial Performance for Q4 and FY 2023-24:

Particulars UoM Q4

FY’24

 Q4

FY’23

 FY’24 FY’23

 (12 M)
Sales Volume

(Cement & Clinker)

 Million

Tonnes

 10.4 8.5 36.9 30.7
Sales Volume
Ready Mix Concrete		 Million Cubic Meters 0.66 0.71 2.68 3.08
Revenue from Operations Rs. Cr. 5,409 4,791 19,959 17,784
Operating EBITDA & Margin

(Excluding Other Income)

 

 Rs. Cr 837 469 3,062 1,290
Rs. PMT 802 554 830 421
% 15.5% 9.8% 15.3% 7.3%
Other Income Rs. Cr 120 119 493 283
EBIT Rs. Cr 721 411 2,671 886
EBIT Margin % 13.3% 8.6% 13.4% 5.0%
Profit after Tax Rs. Cr 945 236 2,337 489
EPS (Diluted) Rs. / Share 50.2 12.5 124.1 26.0

Dividend

In context of the ongoing capex and growth plans of the company, the Board of Directors have recommended a dividend on equity shares at Rs. 7.50 per share, which is consistent with last year dividend on 12 months basis.

ESG Updates:

  • ACC Suraksha, ACC Concrete Plus, ACC Gold, ACC F2R, and ACC HPC enlisted in GRIHA’s green product catalogue.
  • Ongoing green power initiatives which will help to achieve 60% green power by 2028, reduce cost, improve EBITDA & accelerate on SDP Plan 2030.
  • Net Zero commitment by 2050, with near-term targets validated by SBTi, first of its kind in the sector.
  • CSR initiatives reinforce and Improve lives of more than 1.4 million people through various activities in the field of water management, sustainable livelihoods and social inclusion schemes.
  • Achieved 7x plastic negativity by co-processing of plastic waste in cement kiln.
  • Adani Cement Business committed to planting 8.3 million trees by 2030, following Adani Group’s plan to plant 100 million trees.
  • Embracing the circular economy, target to achieve TSR of 27% by FY 28
  • Our range of innovative products including ACC ECOMaxX, ACC AEROMaxX and ACC Coolcrete continues to grow, offering a wide array of go-green options to customers.

Branding

  • The ‘Bharosa Atoot‘ campaign portrays ACC as a trusted builder beyond cement manufacturing, emphasising its pivotal role in shaping the nation’s infrastructure and everyday lives which was amplified digitally through Connected TVs. Advertisements were strategically streamed across 1,300+ screens and aired during the ICC Cricket World Cup 2023, along with thematic campaigns being rolled out at premium locations.
  • ACC relaunched in Gujarat with a trust-focussed campaign titled ‘Bharat ki 1st Cement Company ka Bharosa ab Phir se Gujarat mein’.
  • ACC partnered with Gujarat Giants in Pro Kabaddi League and with Gulf Giants team in ILT20 (International League T20)
  • Throughout the year, ACC has celebrated its enduring partnerships with channel partners by organising nationwide meets, with a family-centric approach and emphasis on mutual growth

 

Outlook

Outlook for cement industry remains positive based on higher budgetary allocation to infrastructure and construction and government’s push for affordable housing along with green energy transition, demand-supply dynamics, and greater consolidation.  Adani Cement will have the advantage of accelerated growth, lower cost, group synergies which in turn will help to sustainable performance & market leadership.

Achievements

  • Ranked as ‘India’s Most Trusted Cement Brand’ by TRA Research in its Brand Trust Report 2024, winning the accolade for the second year in a row.
  • Received ‘Global Brand Excellence Award’ in the category of ‘Most Inspirational Social Media Campaign’ for our stellar initiative, “Unbreakable Spirit of India”.
  • Recognised as the ‘Most Engaging Loyalty Program’ and felicitated with ‘Loyalty Champion Award’ at the DCX Digital Customer Experience Confex & Awards 2024
  • International Safety Award 2024 by British Safety Council for excellence in workplace safety practices.

Industrial Safety & Occupational Health Award by ICC & Govt of Odisha and Five Accolades for Environmental Excellence at 3rd National Sustainability Awards by Quality Circle Forum of India.

Disclaimer: Information in this release is for informational purposes only. While we aim for accuracy, we can’t guarantee completeness or suitability for specific purposes. Reliance on this information is at your own risk.

Business World, News

Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billion

May 19, 2021 by Rekha Nair 0 Comments #Adani Group, #Bharti Enterprises, #Chairman, #Chairman & CEO of SoftBank Group Corp., #Corporate Officer, #Mr. Gautam Adani, #Mr. Masayoshi Son, #Mr. Sunil Bharti Mittal, #Representative Director

Ahmedabad: Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion.

The target portfolio consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited. The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.

With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW (1) and operating renewable capacity of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions.

Mr. Gautam Adani, Chairman, Adani Group, said: “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030. India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage). We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward.”

Mr. Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said: “We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India’s growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.”

Mr. Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: “I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank.

Business World

Adani Group on a mission to secure oxygen supplies from across the world

Apr 26, 2021 by Neel Achary 0 Comments #Adani Group

In the wake of the shortage of medical oxygen required for the healthy recovery of COVID-19 positive patients, the Adani Group has initiated a endeavour to secure oxygen supplies from across the world.

The first shipment of 4 ISO cryogenic tanks with 80 tons of liquid oxygen is now on its way from Dammam to Mundra port.

Adani Group on a mission to secure oxygen supplies from across the world Adani Group on a mission to secure oxygen supplies from across the world

In addition the diversified organisation is securing 5,000 cylinders of life-saving medical grade oxygen from Linde, Saudi Arabia. Meanwhile, the government of Dubai and the Indian Air Force partnered with the group in securing another 12 ready-to-use cryogenic tanks to transport liquid oxygen from Dubai. The Indian Air Force is airlifting 6 of these tanks to India.

The group is also arranging additional oxygen supplies for speedy distribution in Gujarat. Every day, its workforce are filling 1,500 cylinders with medical oxygen and transporting them to wherever they are required in the Kutch district.

Business World, News

Adani Power announces Q3 FY21 consolidated results

Feb 5, 2021 by Rekha Nair 0 Comments #Adani Group, #Adani Power Limited, #Chairman, #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Ahmedabad: Adani Power Ltd. [“APL”], a part of the Adani Group, today announced the financial results for the quarter and nine months ended December 31st, 2020.

Performance during Q3 FY 2020-21

During Q3 FY 2020-21, APL, along with the power plants of its subsidiaries achieved an Average Plant Load Factor [“PLF”] of 75%,andaggregate sales volumes of19.1 Billion Units [“BU”]. In comparison, during Q3 FY 2019-20, APL and its subsidiaries achieved an average PLF of 65% and salesvolume of 16.4 BU. Improvement in PLF was due to higher demand for power under both long term PPAs and in the short term and merchant markets. The sales volume for Q3 FY2020-21 includes 1 BU from REGL.

Consolidated Total Revenue for Q3 FY 2020-21stood 6% higher atRs. 7,099 Crore, as compared to Rs. 6,685 Crore in Q3 FY 2019-20. Revenue from Operations for Q3 FY 2020-21 includes revenue recognition pertaining to earlier years amounting to Rs. 25 Crore on the basis of various regulatory orders. In comparison, Revenue from Operations for Q3 FY 2019-20 included prior period itemsof Rs. 18 Crore.

The EBITDA for Q3 FY 2020-21 stood17% higher at Rs. 1,827 Crore, as compared to Rs. 1,557 Crore in Q3 FY 2019-20,aided by lower landed cost of imported and e-auction coal, as well as higher volumes.

The Lossbefore tax and exceptional items for Q3 FY 2020-21 was Rs. (-)206Crore, as compared to Rs. (-)649 Crore for Q3 FY 2019-20. The Total Comprehensive Loss after Tax was Rs. (-)289 Crore for Q3 FY 2020-21, as compared to Rs. (-)703 Crore for Q3 FY 2019-20.

Performance during 9M FY 2020-21

During the nine months ended December 31st, 2020, APL and the power plants of its subsidiaries achieved an Average Plant Load Factor (PLF) of 59% and aggregate sales volumes for the period were 44.4 BU. In comparison, APL and its subsidiaries achieved a PLF of 67% and sales volume of 47.5 BU in the nine months ended December 31st, 2019.Performance for the first nine months of FY 2020-21 was affected by the sharp drop in demand during the first quarter, which was caused by the strict nation-wide lockdown imposed to combat COVID-19.

Consolidated Total Income for the first nine months of FY 2020-21was almost similar to the previous year at Rs. 21,248 Crore as compared to Rs. 21,514 Crore.The figures for the nine month period of FY 2020-21 include recognition of prior period Revenue from Operations of Rs. 2,625 Crore and Other Income of Rs. 777 Crore, as compared to Rs. 1,077Crore and Rs. 780 Crore respectively for the nine month period of the previous year, primarily on account of various regulatory orders.

Consolidated EBITDA for 9M FY 2020-21 grew by 26% to Rs. 8,454 Crore as compared to Rs. 6,700 Crore for 9M FY 2019-20, due to a higher level of operations as well has higher prior period income recognition.

The Profit Before Tax for 9MFY 2020-21 was Rs. 2,055 Crore, as compared to loss of Rs. (-) 612 Crore in 9MFY 2019-20. Total Comprehensive Income for 9MFY 2020-21was Rs. 1,221 Crore, as compared to Total Comprehensive Loss of Rs. (-) 966 Crore for 9M FY 2019-20.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “India has demonstrated its indomitable spirit by combating and restricting the toll of COVID-19 on its people and the economy. The nation is poised to take off on a path of high growth for the economy and prosperity of its people, presenting an attractive set of opportunities for committed players in the infrastructure space. Energy will play a key role in fulfilling the dreams of our young citizens, and the demand for power will call for imaginative solutions for ensuring sustainability and stability. The Adani Group remains committed to sustainable growth of the energy infrastructure, and becoming a key contributor to the nation’s economic progress”.

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “As India’s power demand reclaims its growth trajectory, Adani Power, with its modern and efficient portfolio is standing ready to fulfil the need for reliable, cost effective, and efficient base load supply. Even as the execution of our strong growth pipeline progresses as per schedule, we strive to enhance our operating efficiencies on all parameters, in order to realize maximum value of our operating assets. We will continue to seize value accretive opportunities in furtherance of our vision and long term growth strategies, leveraging our deep operating experience along with our complementarity with the Adani Group’s energy mix portfolio and strategic partnerships”.

Business World

Adani Green Energy Limited expands TOTAL JV with INR 1,632 Cr solar assets acquisition

Oct 15, 2020 by Gouri Achary 0 Comments #Adani Green Energy Limited (AGEL), #Adani Group, #Mr. Gautam Adani, #TOTAL JV, #TOTAL SA (TOTAL)

Adani Green Energy Limited (AGEL) and TOTAL SA (TOTAL) had formed a 50:50 JV for 2,148 MW solar power assets in India, which was set up at an enterprise valuation of INR 17,385 Cr in April 2020. The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 1,632 Cr. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.

TOTAL, through its step-down subsidiary, has invested INR 310 Cr in the JV for 50% stake in the new acquisition. AGEL had earlier announced the acquisition of these assets from Essel Group on 01 Oct 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years.

The transaction underlines AGEL’s and TOTAL’s commitment to grow the JV platform and deepens their partnership in the renewables space. The assets expand the JV’s footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL’s strong operational expertise will help deliver value to the JV partners.

Adani Group Chairman, Mr. Gautam Adani, commented; “India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030.”

Business World

Adani Transmission Limited Consolidated Results for Q1 FY2021

Aug 8, 2020 by Gouri Achary 0 Comments #a part of the Adani Group, #Adani Group, #Adani Transmission Ltd, #Adani Transmission Ltd. (“ATL”), #Chairman, #MD & CEO, #Mr. Anil Sardana, #Mr. Gautam Adani, #Results for Q1 FY2021

Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

COVID-19 impact:

Transmission: Power sector is an essential service with must-run status. Our lines are operating at
99.9% availabilities and there is no adverse impact on billing.

Distribution: Due to lockdown, even though power demand is down due to lower consumption by
industrial and commercial consumers slightly offset by retail demand, Distribution business being
a regulated asset there is no significant impact on EBIDTA margin.

Liquidity position: The Company maintains enough liquid investments and working capital lines to
meet its obligations in FY21.

Because of COVID-19, there was no impact on Transmission business, however, distribution business got affected due to lower power demand from C&I customers which had an impact on overall consolidated performance. However, the Company is also entitled to delay payment surcharge for delayed payment by customers.

Other Key Highlights:

 Acquisition of “KhargharVikhroli Transmission Private Limited” from Maharashtra State
Electricity Transmission Company Ltd.
 Signed SPA agreement with Kalpataru Power Transmission Limited for the acquisition of
“Alipurduar Transmission Limited” in July 2020.

Economic activity in Mumbai is picking up post relaxation in lockdown. We noticed
improvement in power demand in July 2020 and accordingly the collection scenario has
improved substantially.

Note 1: Q1FY21 Operational Revenue and Operational EBITDA doesn’t include Rs. 330 Cr. APTEL order in favour of MEGPTCL *ASAI – Average Service Availability Index

Speaking on the performance of the company, Mr Gautam Adani, Chairman, Adani Group, said, “We are steadfast in our pursuit of energizing and ensuring continuous power supply across all regions
through our assets in India. Adani Transmission is well-positioned to deliver exponential growth and we
are working towards fulfilling our nation’s electricity needs and strengthening our position as a world-class utility. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years from a high growth developing company to a growing cum mature asset operation company with minimal throughput risk. ATL is constantly benchmarking to be best in class and is
pursuing focused approached to be world-class integrated utility through development agenda coupled
with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is striving to achieve consumer participation and 24×7 quality power supply despite being disrupted by health and pandemic challenges. The journey towards robust ESG framework and practising a culture of safety is being made integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Power Q1 FY21results

Aug 7, 2020 by Gouri Achary 0 Comments #Adani Group, #Adani Power Limited, #Adani Power Ltd, #Chairman, #financial results[1] for the first quarter of FY 2020-21., #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Adani Power Ltd, a part of Adani Group, today announced the financial results[1] for the first quarter of FY 2020-21.

Operating performance

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19. Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales volume of 16.5 BU.

Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for a major part of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320 MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was relaxed and power demand started to normalize.

However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The Mundra plant self was also affected by lower power demand and subdued short term market tariffs.

On the other hand, all power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation.

Financial performance

Consolidated total revenue for Q1 FY21 stood at. 5,356 crore as compared to Rs. 8,015 crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for the corresponding previous quarter.

Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894 crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income recognized in the corresponding quarter of the previous year, lower EBITDA of Mundra due to lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.

Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.

The results of the corresponding previous quarter included an exceptional item of Rs. 1,004 Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for the acquisition of REGL (previously Korba West Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.

The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to a loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21, as compared to a Total Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.

Other developments

The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW Power Supply Agreement (PSA) entered into by the Company’s wholly-owned subsidiary, Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.

Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740 MW thermal power plant in Odisha, which includes a recently commissioned Supercritical capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State Government.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power continues to march ahead towards the achievement of its vision to play an important role in fulfilling India’sgrowing demand for electricity. The Adani Group has a strong belief in India’s economic fundamentals and potential and the role of the infrastructure sector in attaining long term growth. Achieving the Government’s ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation-building.”

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet the aspiration of millions of Indian who don’t have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility. We are committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society.”