As such It seems that the Adani Group, which is involved in various businesses, has now completely come out of Hindenburg’s influence. The group opened a $1.2 billion copper plant within a week. Bought a port in Odisha and increased stake in a cement company. It has also tied up with rival Mukesh Ambani’s Reliance Industries. In the last one week, the Group has informed the stock exchanges through press releases and updates on expansion and investment in its core port business, diversification into metal refining, capital infusion into its two-year-old cement sector and the commissioning of its mega solar project. Continual progress has been announced. It started on March 26 with Adani Ports’ announcement of acquiring 95 per cent stake in Gopalpur Port for Rs 3,350 crore. This brought the number of ports under his control to 15. This is the highest number of ports owned by any private company in the country. After this, the group’s flagship company Adani Enterprises Ltd. announced the first phase of the world’s largest copper manufacturing plant at a single location in Mundra, Gujarat on March 28. This marks the group’s entry into the metal refining sector.
Copper production is increasing rapidly in the country
The total $1.2 billion (about Rs 10,000 crore) plant has helped India join China and other countries. These countries are increasing copper production rapidly. It is an important metal for less use of fossil fuels like coal. Critical to the energy transition, electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries all require copper. On the same day, group promoter Gautam Adani and his family announced an investment of Rs 6,661 crore to increase stake in Ambuja Cements, the country’s second largest cement company, to 66.7 percent. A day later, the group’s renewable energy arm Adani Green Energy Ltd. announced the commissioning of its 775 MW solar power projects in Khavra, Gujarat.
Huge solar farm being built in Khavra
Khavra is the place where Adani Group is building a huge solar farm to set up 30 GW capacity of power projects from solar energy. This is part of the group’s plan to achieve a target of 45 GW capacity by 2030. On March 28 itself, Adani and his rival industrialist Mukesh Ambani announced their alliance for the first time. Under this, Reliance Industries bought 26 percent stake in Adani Power’s Madhya Pradesh power project for Rs 50 crore and signed an agreement to self-utilize 500 MW of the plant’s power.
Adani Group is on the path of expansion again
Analysts say the announcements made in the last one week indicate that Adani is on the path to expansion again. Adani has announced large-scale expansion 14 months after the report against the Hindenburg Research group. The report accused the group of ‘blatant share manipulation’ and manipulation of accounts. This led to a huge fall in the shares of the group companies and at one time there was a loss of about 150 billion dollars in market valuation. However, the group rejected Hindenburg’s report, calling it completely baseless. The company management said in a recent filing with investors that the group plans a capital expenditure of Rs 7 lakh crore over the next decade to expand its infrastructure business.
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