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<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani group</keyword> plans to invest about Rs 1.3 lakh crore across its portfolio companies in this financial year, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, the group's CFO said. The investment will range from ports to energy, airports, commodities, cement and media. 70% of this will met through internal cash generation and the remaining will be taken care through debt, group CFO Jugeshinder 'Robbie' Singh noted. 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," the CFO continued. <keyword id="34553" type="General" weightage="20" keywordseo="Renewable-energy" source="Orion">Renewable energy</keyword> firm <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword> Green will complete 6-7 GW project, while the solar wafer manufacturing unit will also attain scale. Also, the new airport at Mumbai will be completed. 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 energy, <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> and airports and infrastructure. As much as 70% of the planned capex will go into its green portfolio - primarily <keyword id="19904987" type="General" weightage="20" keywordseo="renewable-power" source="keywords">renewable power</keyword>, 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% rise in pre-tax profit (Ebitda) to Rs 82,917 crore (about $10 billion) in FY24, Singh said. Emerging from a damning report of a US short seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword>, 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 <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> started out as a commodities trader and rose to be counted amongst 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% of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30% market share, largest integrated energy player, and the country's second largest cement manufacturer. With strong emphasis on <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> transition, it will be allocating more than 70% of this $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, which is about 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 <keyword id="57321" type="General" weightage="20" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword> airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Adani to invest Rs 1.3 lakh crore in FY25 across its companies

<keyword id="19895436" type="General" weightage="20" keywordseo="Adani-Green-Energy-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Green Energy Ltd" meta.hostid="261" meta.entityid="Adani Green Energy Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Friday posted a 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly on account of increased expenses. Its net profit was Rs 507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing. During the fourth quarter of FY24, the company's total income fell to Rs 2,806 crore from Rs 2,977 crore a year ago. The company's expenses surged to Rs 2,379 crore during the period under review, as against Rs 2,053 crore in the year-ago period. In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects. With this, AGEL became the first company in India to cross the 10,000 MW <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity. AGEL's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF. The revenue from power supply rose 23 per cent to Rs 1,575 crore from Rs 1,941 crore earlier. <keyword id="19919864" type="General" weightage="20" keywordseo="Adani-Green-Energy" source="keywords">Adani Green Energy</keyword> Ltd Chief Executive Officer Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. "Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum." The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, he said. AGEL further said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed. The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project. Part of Adani Group, AGEL is India's largest and one of the leading renewable energy companies in the world enabling clean energy transition. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a>

Adani Green Energy Q4 net profit declines 39 pc to Rs 310 cr due to rising expenses

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. 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EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

Billionaire Gautam Adani's group is building the world's largest <keyword id="864915" type="General" weightage="20" keywordseo="renewable-energy-park" source="Orion">renewable energy park</keyword> in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from <keyword id="6357019" type="General" weightage="20" keywordseo="solar-energy" source="Orion">solar energy</keyword>. Speaking at the opening of '<keyword id="694229" type="General" weightage="20" keywordseo="energy-revolution" source="Orion">Energy Revolution</keyword>: The <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said. "In Khavda, which is in the state of Gujarat, we are building the world's largest renewable energy park. It will have a generation capacity of 30 GW of energy - and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris." This is part of the aim to reach 45 GW of renewable energy by 2030, said Adani, the chairman of the apples-to-airport conglomerate. "This will be like providing clean energy to almost every house in England," he said. It currently has an operating renewable portfolio of over 9.5 GW and locked-in projects of up to 21.8 Gigawatt (GW). The Gallery explores how the world can generate and use energy more sustainably to urgently decarbonise and to limit dangerous climate change. "Through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future," a company statement said. The Gallery, which is open to the public for free, examines this century's defining challenge through the lens of imagination across three sections. In Future Planet, visitors can explore how scientists use complex computer-based models to understand our planet, and what these tell us about the range of climate futures that might lie ahead. In Future Energy, technologies and the people behind them that are reimagining how energy is supplied and used are highlighted alongside historic artefacts which provide a longer view of the transition away from fossil fuels. Adani said museums are very important because they teach and inspire. "This new gallery is about more than just clean air - or about moving away from oil and gas. It is about the energy transition we need - this world needs - and it is about the revolution that is taking place in the world of energy." The gallery, he said, was special because it makes us think, dream and wish for change. At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist. Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897. The challenges of electrification, energy storage, and supply and demand are also explored, with visitors invited to play interactive games and use models that show how energy can be generated and distributed. Possible routes to low-carbon transport are featured, as well the decarbonisation of our buildings and construction industries, and visitors can learn about climate modelling and see instruments used to measure climate. Energy Revolution was designed by award-winning architects, Unknown Works. A key element of sustainable design was the reuse of redundant shelves from the Science Museum's former object store. The gallery's carbon footprint has been monitored, and recyclable aluminium was used where possible. The gallery's Title Funder is Adani Green Energy. Sagar Adani, Executive Director, AGEL, said, "The Science Museum has put together the world's best curated gallery on energy transition. As one of the world's largest renewable energy companies, we are committed to making progress towards net zero - and there is no greater resource in the fight against climate change than education. "Through the sponsorship of the gallery, we aim to inspire young minds, scientists and innovators to imagine a future powered by clean energy and build a carbon-free world. It is an initiative to stimulate their interest, curiosity and awareness, and encourage their active participation in creating clean technologies. The gallery brings together the global community to enable the shift towards energy efficiency, clean energy adoption and carbon emissions reduction." Sir Ian Blatchford, Director and Chief Executive of the Science Museum Group, said, "In a week when we're celebrating a record 2.25 million visits by UK residents to the museum, including a million children, this stunning gallery offers even more to ignite curiosity among those who will visit in the year ahead - provoking important conversations about the urgent need for the world to generate and use energy more sustainably."

Adani eyes 45 GW renewable energy capacity by 2030

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

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On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

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