The port, power and coal businesses of Adani Group continued to grow on a steady basis and the infrastructure major was actively investing in changing the Indian scenario, Adani Enterprises Ltd, the flagship company of Adani Group, said while announcing its results for the third quarter and nine months ended December 31, 2014.
The group recently signed MoUs with SunEdison, Inc. to jointly invest $4 billion in setting up India’s largest integrated solar photovoltaic manufacturing facility in Mundra, Gujarat, and with Australian energy major Woodside Energy for exploring business opportunities across a broad spectrum in the oil and gas sector in India.
“Our overall performance has improved due to higher contribution from coal, ports and logistics, and power businesses,” Ameet Desai, CFO, Adani Group, and Executive Director, Adani Enterprises, said.
Meanwhile, Adani Group recently announced two major developments in its ports and energy businesses.
Adani Ports & Special Economic Zone Ltd, India’s largest port developer, commissioned a bulk terminal at Tuna Tekra, Kandla Port, Gujarat, with an annual handling capacity of over 20 million tonnes.
“We expect the Tuna Tekra terminal to be a game-changer for export-import trade of the northwest hinterland of India,” said Karan Adani, Executive Director, APSEZ.
Sudipta Bhattacharya, CEO, APSEZ, noted, “The port facility is our fourth in Gujarat and fifth on the entire western coast. Its commissioning marks the further consolidation of our leadership in the port infrastructure sector in India. This new facility will play a crucial role in the ‘Make in India’ campaign. We are now aiming to complete the container terminal project in Chennai in a record timeframe.”
The dry bulk cargo terminal was set up by a consortium led by APSEZ which formed an SPV, Adani Kandla Bulk Terminal Pvt. Ltd, after winning the contract in June 2012. The terminal was completed within the stipulated timeframe. Facilities include a T-shaped jetty with four bulk berths, a vessel handling capacity of 1,00,000 DWT with (-)16.2 m CD dredged depth and a capacity of 20 million tpa.
APSEZ also operates ports in Mundra, Hazira and Dahej, in Gujarat; Dhamra in Odisha; and operates specialised coal handling facilities in Mormugao in Goa; and Visakhapatnam in Andhra Pradesh. It is currently setting up a container terminal in Tuticorin, Chennai.
Earlier, Adani Enterprises Ltd and Government of Rajasthan signed an MoU to jointly set up India’s largest solar park of 10,000 MW in Rajasthan.
AEL and Rajasthan Renewable Energy Corporation Ltd will form a joint venture to set up the solar park, which will include generation projects and a manufacturing unit for solar module, parts and equipment. The solar park will produce clean and green energy of approximately 16,644 million units.
The Indian government has announced plans to set up 100,000 MW of solar capacity by 2022. It has also issued guidelines for setting up at least 25 solar parks each with a capacity of 500 MW and above across the country.
Last month, AEL signed an MoU with US-based SunEdison Inc to jointly invest $4 billion in setting up India’s largest integrated solar photovoltaic making plant in Mundra, Gujarat.
* In 9MFY15, coal trading volume grew by 42 per cent to 44 million tonnes compared to 31 million tonnes in 9MFY14. Similarly, coal trading volume grew by 61 per cent to 17 million tonnes in Q3FY15 compared to 10.5 million tonnes in Q3FY14.
* Ports cargo volume grew 29 per cent to 108 million tonnes compared to 9MFY14. Similarly, ports cargo volume grew by 33 per cent to 39 million tonnes in Q3FY15 compared to 29 in Q3FY14.
* In 9MFY15, power sales volume grew by 36 per cent to 39 billion units compared to 9MFY14. Similarly, power sales volume grew by 32 per cent to 14.7 billion units in Q3FY15 compared to 11.2 billion units in Q3FY14.
* Adani awarded mine operations contract to Downer EDI for Carmichael Coal Mine project in Queensland, Australia.
* The Board of Directors of AEL unanimously approved the Scheme of Demerger of its business and undertakings.
* Adani Power signed a binding term sheet to acquire 100 per cent stake in Korba West Power Company Ltd.
* Signed an MoU with SunEdison to establish a joint venture to build the largest, vertically integrated solar photovoltaic manufacturing facility in India.
* Adani Enterprises signed an MoU with Australian energy major Woodside Energy for exploring business opportunities in the oil and gas sector in India.