<ul><li>AEL’s fund raise globally is validation of its governance and capital allocation practices. No regulatory failure asserts the boss of <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> Group.</li><li><keyword id="6379895" type="General" weightage="40" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> is on track and is preparing for operational readiness and airport transition by December 2024.</li><li>New businesses that are being incubated under AEL have accounted for 50% of its EBITDA in FY23</li></ul> In what has been a tumultuous year for billionaire <keyword id="111343" type="General" weightage="70" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, the boss of the Adani Group. Months after Adani Enterprises withdrew its follow-on public offer, Gautam Adani addressed the company’s shareholders at its Annual General Meeting, where he said that the track record spoke for itself. He said that despite the allegations made by the New York-based Hindenburg Research, “...not only did we raise several billions from international investors – but also that – no credit agency – in India or abroad – cut any of our ratings. This is the strongest validation of the belief that the investors have in your company’s governance and capital allocation practices.” All Adani Group companies were trading in the green in morning trade. Among many other new businesses that it is incubating, the airport business is a big one. The boss of Adani Enterprises said on Monday that the Navi Mumbai Airport is on track and is preparing for operational readiness and airport transition by December 2024. <keyword id="8414386" type="General" weightage="20" keywordseo="adani-airports" source="Orion">Adani Airports</keyword>, the new business incubated within AEL has won the mandate to modernise and operate six airports that are in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram through a globally competitive tendering process. Adani Airports also manages the Mumbai airport and is developing the Navi Mumbai Airport. The other major project that is ready to go onstream is the copper smelter. Adani Enterprises is seen as the incubation arm of the group and houses several capital intensive businesses under its umbrella. Through his speech, Adani reiterated the strength of the company’s balance sheet and its governance standards, which were demonstrated by the faith of global marquee investors. Adani said, “Our balance sheet, our assets, and our operating cash flows continue to get stronger and are now healthier than ever before. The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion. Our national and international partnerships are proof of our governance standards.” He also highlighted the company’s success in other international markets such as Australia, Israel, Bangladesh, and Sri Lanka. Adani Enterprises during FY23 grew its operating income by 36% to Rs 57,219 crore and total income by 85% to Rs 2,62,499 crore. Despite being a capital intensive business, the company’s profit after tax grew by 82% to Rs 23,509 crore. He added, “Adani Enterprises Limited, continued to successfully demonstrate its incubation capabilities with new businesses accounting for a massive 50% of its EBITDA in FY23.” Many of its new businesses, which are currently in the process of coming onstream, are expected to drive the flagship company’s operating income. The media foray through the acquisition of NDTV and the data centre business are ready for the next phase of growth. In addition, Adani’s Green Power business is expected to be a game changer as computation becomes the most precious resource in the world. Adani said: “Speaking of green power, the Adani Group is set to play a critical role in India’s net zero journey. Our renewable energy business, Adani Green Energy Limited, commissioned the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan.” The company’s operational renewable energy portfolio has grown by 49% to over 8 GW. This is the largest operational renewable portfolio in India. Our focus remains on producing the lowest cost green electron at scale – and I would like to reaffirm our target of 45 GW of renewable energy capacity by 2030.” AEL is also building the largest hybrid renewables park in the world – right in the middle of the desert – in Khavda. It will be the most complex and ambitious project that we have ever executed. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our execution history.

No credit agency – in India or abroad – cut any of our ratings, says Gautam Adani at AEL AGM

<ul><li><keyword id="6379895" type="General" weightage="80" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> is on track and is preparing for operational readiness by December 2024, says <keyword id="76451" type="General" weightage="70" keywordseo="adani" source="Orion">Adani</keyword>.</li><li>Adani invokes 'matrabhumi', again slams Hindenburg for malicious attempt to damage reputation.</li><li>Adani reiterates confidence on company's governance and disclosure standards.</li></ul> Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> on Tuesday said that the Navi Mumbai airport project is on schedule and that it will be operational by 2024 end. The ports-to-energy conglomerate chief was addressing the annual shareholders meeting of Adani Enterprises. For Adani, among many its other new businesses that it is incubating, the airport business is a big one and the Navi Mumbai Airport project is valued at Rs 16,700 crore (US$2.1 billion). The statement confirms what the Secretary of the Ministry of Civil Aviation, <keyword id="347003" type="General" weightage="20" keywordseo="Rajiv-Bansal" source="Orion">Rajiv Bansal</keyword> had said in March when he expressed optimism that the Navi Mumbai Airport was likely to be inaugurated by next year. The announcement also coincides with the Prime Minister Narendra Modi virtually inaugurating the new integrated terminal building (NITB) of the <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-virtually-inaugurates-new-integrated-terminal-building-of-veer-savarkar-international-airport/articleshow/101863342.cms" data-type="tilCustomLink" target="_blank">Veer Savarkar International Airport</a> at Port Blair in Andaman and Nicobar Islands. Adani Airports has won the mandate to modernise and operate six airports that are in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram through a globally competitive tendering process. Adani Airports also manages the Mumbai airport and is developing the Navi Mumbai Airport. The other major project that is ready to go onstream is the copper smelter. A brief history and why it is important The Navi Mumbai Airport was first first conceived in 1997. However, it was in 2008, that the then Maharashtra government granted approval for development of the project. The project after many twists and turns was sold to the Adani Group in 2021, and Adani Group started the construction in August 2021. The airport will serve as the second airport in the financial capital of India. It will be an alternative to Mumbai's existing Chhatrapati Shivaji Maharaj International Airport (CSMIA), becoming the second airport of the Mumbai Metropolitan Region. Other highlights of Adani's speech The conglomerate chief again <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-at-agm-no-credit-agency-cut-adani-enterprises-ratings-even-after-hindenburg-saga/articleshow/101848756.cms" data-type="tilCustomLink" target="_blank">slammed US short-seller Hindenburg</a> for a 'malicious' attempt to damage the reputation of his conglomerate. Adani also said the group's assets and operating cashflows have got stronger and healthier and it will continue to consolidate what it has built while looking at expanding its horizons. He used the same language as he had used in the annual reports of his group's listed firms last month, to hit back at <keyword id="9916845" type="General" weightage="20" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword>'s "malicious" allegations and "false narratives" that "various vested interests tried to exploit". He has reiterated that his conglomerate remains confident in its governance and disclosure standards. Hindenburg on January 24 accused Adani of "brazen stock manipulation and accounting fraud" as well as using a "labyrinthian network" of shell companies for surreptitious money movements, allegations that the conglomerate has strongly denied, calling the report "a calculated attack on India". Adani then turned to his belief in the future of "matrabhumi" (the motherland). He invoked growth prospects of 'matrabhumi' India and the potential it offers for his business empire. "While economic cycles are getting increasingly hard to forecast, there is little doubt that India - already the world's 5th largest economy - will become the world's 3rd largest economy well before 2030 and, thereafter, the world's 2nd largest economy by 2050," he said. Citing the statistics of India's growth story, he said India will start adding a trillion dollar to its GDP every 18 months, putting it on track to be a USD 25 to 30 trillion economy by 2050. Road ahead... Post-Hindenburg, Adani Group has recast its ambitions, scrapped acquisitions, pre-paid debt to address concerns about its cash flows and borrowings, and scaled back its pace of spending on new projects as part of a comeback strategy. Promoters raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies to US-based global equity investment boutique GQG Partners in two tranches. In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors as the group continues to build on a comeback strategy. Adani Enterprises Ltd, the group's flagship firm, plans to raise Rs 12,500 crore through share sale to investors while Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore. (With text inputs from PTI)

Navi Mumbai airport to be ready by 2024 end, says Gautam Adani

<ul><li><keyword id="14295223" type="General" weightage="80" keywordseo="kutch-copper" source="Orion">Kutch Copper</keyword> Ltd (KCL), a subsidiary of the group's flagship Adani Enterprises</li><li>The Rs 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI</li><li>Copper is the third most used industrial metal after steel and aluminium</li></ul> Billionaire Gautam Adani-led group's copper-producing factory at <keyword id="66822" type="General" weightage="80" keywordseo="mundra" source="Orion">Mundra</keyword> in Gujarat will start operations from March next year, helping cut India's dependence on imports and aiding energy transition, sources said. Copper is known as the "metal of electrification" as deeper electrification requires wires, which are primarily made from copper. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the group's flagship <keyword id="258914" type="General" weightage="80" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword> (AEL), is setting up a greenfield copper refinery project for the production of refined copper with 1 million tonnes per annum in two phases. For Phase-1, capacity of 0.5 million tonnes per annum, KCL has achieved financial closure through a syndicated club loan, sources with direct knowledge of the matter said. The first phase is expected to become operational by the end of the current fiscal, they said. Adani, at the company's AGM a few days back, stated, "Of the several projects underway, two of the key ones include the <keyword id="6379895" type="General" weightage="50" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> and the Copper Smelter, and both are on schedule". The Rs 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI earlier this year, they said, adding the entire debt requirement of Rs 6,071 crore for Phase-1 has been provided by the consortium of banks. The equity for the project has been invested by the parent Adani Enterprises Ltd. In addition, it has got all the major approvals in place to ensure timely execution. Copper is the third most used industrial metal after steel and aluminium, and its demand is rising on the back of fast-growing renewable energy, telecom and electric vehicle industries. India's copper production has been unable to meet this demand, and domestic supply disruptions have led to a higher dependency on imported copper. India's imports have been consistently on the rise for the past five years. For FY23 (April 2022 to March 2023 fiscal), India imported a record 1,81,000 tonnes of copper, while exports plummeted to a record low of 30,000 tonnes, even lower than the pandemic period, according to the data from the government. The country is estimated to have consumed 7,50,000 tonnes of copper in FY23 (612 KT in FY22). The number is expected to rise to 1.7 million tonnes by 2027 on the back of huge demand from the green energy industry. Global demand for copper from solar photovoltaic (PV) installations alone is estimated to double to 2.25 million tonnes in the current decade. Adani group, which is rapidly growing its renewable portfolio, will be a significant consumer of the red metal, sources said. The strategically located plant at Mundra on the west coast will play a crucial part in the green energy infrastructure development, and encourage 'Make in India'. The project has the potential to make the Mundra Special Economic Zone a hub for downstream ecosystems of value-added copper products going forward. Sources said the location provides the additional advantage of access to lower cost and uninterrupted energy supply and logistical infrastructure to cater to domestic and international demand. On the operational front, the company is engaged in long-term supply agreements for the key raw material -- copper concentrate. This, along with strategic location and integrated value chain advantage, will help Kutch Copper to be one of the most sustainable and lowest-cost copper producers in the world, according to sources. Keeping in mind the group's ESG priorities, the plant's sustainable solution-based project design will have zero liquid discharge. It will explore using green power and deploying byproducts for cement and other businesses. In addition, the plant will be producing 25 tonnes per annum old, 250 tonnes of silver and 1,500 kilotonnes per annum (<keyword id="2844568" type="General" weightage="80" keywordseo="ktpa" source="Orion">KTPA</keyword>) sulphuric acid and 250 KTPA phosphoric acid as byproducts. India imports roughly two million tonnes of sulphuric acid, which is a key raw material for manufacturing phosphatic fertilisers, detergents and speciality chemicals. Globally, copper production is more concentrated than oil. The two top producers - Chile and Peru - account for 38 per cent of world production. Demand growth during the energy transition - moving away from fossil fuels to renewable sources of energy - is projected to be pronounced in the US, China and Europe, besides India. By 2035, the US is projected to import up to two-thirds of its copper needs.

Adani's $1.1 bn copper project to start operations from March 2024

<ul><li>Given the size and scale of its portfolio, <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> is targeting a group valuation of $1 trillion.</li><li>Adani Group will play to its strengths and focus on its core verticals – mining, infrastructure and utilities. Businesses that fit well into the group’s overarching superstructure will become adjacencies like cement, copper and aluminum. </li><li>Adani Enterprises will continue to be the group’s incubator that currently houses new businesses. The Group is looking to hive off some of these new businesses like new energy, airports and roads over the next 2-4 years.</li></ul> The Adani Group’s market capitalisation has been the subject of much conversation in recent times, as the returns have taken many by surprise and propelled <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> to the third spot on the list of the world’s richest people. The value of the group’s listed entities have zoomed from $16 bn in 2015 to $240 bn in 2022, but billionaire Gautam Adani’s ambition is to take his group’s value to $1 trillion. All the pieces of this strategy were put in place back in 2015. On 10 October, the group’s Chief Financial Officer Jugeshinder ‘Robbie’ Singh, narrated an incident outlining the group’s gambit to a roomful of high networth individuals in New Delhi. He said: “Whatever you see today, it might look like it has just happened in the last one or two years, but in reality what we have done – both GSA (Gautam Shantilal Adani) and myself – we discussed this in 2015. When the discussion happened, the group’s market cap was around $16 bn in 2015. Given what we had as a set of companies, we believed that if we had assets and companies of that type we should really be a $1 trillion group. So we went through the steps that we needed to take to get to the point.” <div type="image" title="Jugeshinder ‘Robbie’ Singh, Chief Financial Officer, Adani Group" msid="94857724" hostid="261" caption="&amp;lt;p&amp;gt;Jugeshinder &amp;#8216;Robbie&amp;#8217; Singh, Chief Financial Officer, Adani Group&amp;lt;/p&amp;gt;"></div> Since then, the Adani Group has set about building its infrastructure and logistics portfolio in a manner that it could emerge as the top five globally and not just India’s largest player. To achieve this goal, Singh said they took steps to transform the very way the group functioned at every level. “We came to the conclusion that a lot of the steps could be executed, When we concluded that we could (execute) these steps, both of us knew at the stage that if we didn’t achieve this, at least two people – Gautam Adani and me – would know we failed,” he added. Building It Brick By Brick While market experts have at times questioned the Group’s foray into cement, the Group is clear that it will play to its strengths and focus on its core – mining, infrastructure and utilities. And businesses that fit well into the group’s overarching superstructure will become adjacencies. Given that power and logistics are the largest components of any metals and materials business, the group has seen it fit to enter copper, aluminum and cement businesses. Power continues to be core to the Group’s future growth plans. And to this end, Adani Green is redefining the future of renewable energy. In 2020, Adani Green became the largest solar company in the world. Adani New Industries, which is currently within Adani Enterprises, will focus on the Group’s foray into the new energy business. Singh went on to explain to investors that for the first time in India’s history, a portfolio of a group has emerged that is the world’s top five in the entire sector. He said: “If you take the infrastructure portfolio of the Adani Group, then the core is among the top 5 in the world. If you take Adani Green, Adani Ports, Adani Total, Adani Transmission and Adani Power are in total among the world’s top five infra portfolios. It is the fastest growing portfolio. Our primary industry vertical materials, metal and mining again sits next to our core infra portfolio.” Not surprising then that Adani Ports and Special Economic Zones (APSEZ) was the first company to undergo a major transformation from being a mere ports operator to becoming an integrated port services and logistics player. According to Gautam Adani in his AGM speech, “Financial year 2021 was a transformational year. No company runs a port business of such scale and reach.” The company added LNG and LPG business to the portfolio. In all, Adani’s ports business moves $100 bn worth of trade every year. Why Entering The Materials Business Makes Sense for Adani? The Adani Group emerged as a surprise bidder for Holcim’s cement business in India earlier this year. While many believe it was a foray into an unrelated business, the Group has compelling reasons behind it. Whether it is building materials like paints and cement or metals, 74% of the cost in these businesses comprise of three things – transport and logistics, power and extraction. Singh believes that the cement industry is like any materials industry, where infra and energy are core components. Explains Singh, “We never looked at cement as a manufacturing business. We believe that the Indian cement industry is horrifically inefficient. And we can bring efficient logistics and power to it. Anyone who has predicted the EBITDA of ACC and Ambuja will be wrong by a factor in the next 9-12 months. The same thing is true for copper and aluminum.” <div type="image" title="Jugeshinder ‘Robbie’ Singh on Adani Group entering the cement business" msid="94857795" hostid="261" caption="&amp;lt;p&amp;gt;Jugeshinder &amp;#8216;Robbie&amp;#8217; Singh on Adani Group entering the cement business&amp;lt;/p&amp;gt;"></div> Given that Adani Group has all the clearances, it can deliver the key raw materials at a better price.The group already is the largest mining services player in the country and which is why it believes that the development cost of its copper smelter would be a third of the cost of any other developer in the country and aluminum would be the same. “So when you hear we are buying XYZ, I would like you to see in this chart that broadly 100% of our investments are core infra or adjacent areas. We do not do anything outside of this,” said Singh to investors. Surplus Cash &amp; Credit Rating Higher Than Sovereign: Group is generating cash faster than it can deploy Most businesses of the Adani Group enjoy the best in class margins. The ports business has reported operating margins of 70%, while its closest competitor’s margins are at 56%. Adani Total Gas has reported margins of 41%, while Adani Tranmission’s operating margin is at 92%. The businesses are profitable and efficient and generate high levels of free cash flows. The growth, explains Singh, is higher than even some tech companies. The group currently generates earnings before interest, tax, depreciation and amortization of $8 bn. Of this $8 bn, approximately $3.6 bn is spent on servicing debt (interest and principal). Of the remaining $4.4 bn, the group spends $700 mn towards tax. Businesses spend $1.8 bn towards capex, while the remaining the group is unable to deploy. While in absolute terms the Group’s debt has gone up, but so has its EBITDA, explains Singh. Over the last nine years, the Group’s EBITDA has grown 23% CAGR, while debt has grown by 12%. Nearly 41% of Adani’s portfolio has the same credit rating as that of the Government of India. “We are rated higher than the banks so if we keep the money there, then it is a problem for us,” adds Singh. According to the Group’s CFO Robbie Singh, soon enough the group will have a company in its portfolio, with all its business in India, that will be rated higher than the Government of India. Global Relationships and Capital Drive Growth The Group’s portfolio has evoked interest from global partners like TotalEnergies and even global funds like International Holding Company. TotalEnergies has expanded its investment across the portfolio of companies. Total Energies has invested $4 bn across <keyword id="4929350" type="General" weightage="20" keywordseo="adani-group-companies" source="Orion">Adani Group companies</keyword> and it is the French company’s largest single minority position in the world. IHC has also invested $2 bn across group companies. The Adani Group has deep relationships with most Indian banks, but since they have group exposure limits, Group Adani cannot grow if it is only dependent on Indian banks. Almost the entire European banking system has relationships with Adani Group along with leading investment banks from the US and Japan. The group has not only raised $16 bn capital in the last three years to fuel growth, but has also run one of the largest equity capital programmes, which is almost the same size as that of Reliance Jio. Adani Enterprises to act as the Group’s Incubator Adani Enterprises has been positioned as the group’s incubator. The group is currently nurturing several new businesses under the aegis of AEL till they become independent and can fund their own capital expenditure plans. The Group believes that it should not be valued on the basis of P/E multiple as its business is the incubation of new businesses. For instance, Adani New Industries is the green hydrogen business under AEL for which the Group has committed capex of $50 bn over the next 10 years. Apart from the new energy venture, data centers, airports and the roads businesses will sit inside AEL till they can be independent and support their own growth ambitions. The Group is looking to hive off some of these new businesses over the next 2-4 years. To be outside of Adani Enterprises, businesses need to meet two conditions: 1) They can sustain their growth on their own and not need money from shareholders. 2) There can be no financial cross holdings. When a business can stand on its feet, it will be demerged from AEL, explains Singh. In the next 2-3 years, hydrogen, airports and transmission businesses can be demerged when they can be independent. But from the look of it, Adani Group’s transformation is a 25-year story of growth and ambition. <div type="image" title="Adani: A world class infrastructure and utility portfolio" msid="94857846" hostid="261" caption="&amp;lt;p&amp;gt;Adani: A world class infrastructure and utility portfolio&amp;lt;/p&amp;gt;"></div>SEE ALSO <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT majors cut down their hiring by half despite high attrition</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/infosys-shares-surge-after-q2-results-9300-buyback-announcement/articleshow/94850939.cms">Infosys shares surge after Q2 results, ₹9,300 crore buyback announcement</a>

Gautam Adani puts in place plan to take Group valuation to $1 trillion

<keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman, <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has said that the combined Group market capitalisation this year exceeded $200 billion. "We were able to raise billions of dollars from the international markets, a direct validation of confidence in the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> growth story. Our growth and success have been recognised around the world. Several foreign governments are now approaching us to work in their geographies and help build their infrastructure. Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India's boundaries," he said at the annual general meeting (AGM) of Adani Enterprises Limited (<keyword id="236769" type="General" weightage="50" keywordseo="ael" source="Orion">AEL</keyword>). The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India, said Gautam Adani. "The best evidence which showcased our confidence and belief in the future, is our investment of $70 billion in facilitating India's green transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future. We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. "While we now hold a major global renewable energies portfolio, we have made also remarkable progress in several other industries over the past 12 months. In one stroke, we have become the largest airport operator in India. "Around these airports that we operate today we are engaged in the adjacent businesses of developing aero-tro-polises and creating localised community based economic centres. We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in business such as ports, logistics, transmission and distribution, city gas and piped natural gas. "Our successful IPO of Adani Wilmar makes us the largest FMCG company in the country. And following the acquisition of Holcim's assets in India that include two of the most recognised brand names across the country, <keyword id="6374289" type="General" weightage="50" keywordseo="acc" source="Orion">ACC</keyword> and <keyword id="105382" type="General" weightage="50" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>, we are now the second largest cement manufacturer in India. This is a classic example of our adjacency based business model at work. In addition, we have also made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials, all aligned with the government's vision of an Atmanirbhar Bharat," he says. Gautam Adani said the group's rising market capitalisation has been supported by a robust and sustained growth in our cash flows. "Our focus on operational excellence across our portfolio and the accretive capacity addition delivered an EBITDA growth of 26 per cemt. Portfolio EBITDA stood at Rs 42,623 crore. This diversified growth was reflected across our range of businesses. Our utility portfolio grew by 26 per cent, our transport and logistics portfolio grew by 19 per cent, our FMCG portfolio grew by 34 per cent, and Adani Enterprises Limited, our incubator business, grew by 45 per cent. AEL's unique business model has no parallel and we intend to leverage this further." The high growth of AEL provides the Group with a reliable foundation for the continued development of new businesses for yet another big decade. "While we may look back and feel content, it is only now that we are gathering real momentum. What we have been able to achieve in two decades, is become India's largest integrated infrastructure business based on a rapid extension into adjacent businesses. This has resulted in our transformation into an integrated 'platform of platforms' that combines an energy platform with a logistics platform, both of which help us with unprecedented access to the Indian consumer. I today know of no company that has such an unique business model with potential access to an unlimited B2B and B2C market for the next several decades," Gautam Adani said.

Our group's combined market cap exceeds $200 billion, says Gautam Adani

<ul><li>The fifth tranche of stimulus measures to revive India's economy revealed today.</li><li>This is part of the ₹20 lakh crore, about $270 billion, package promised by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>.</li><li>Get the latest news and updates on the unravelling COVID-19 crisis on <a data-type="tilCustomLink" target="_blank">Business Insider</a>.</li></ul>The fifth tranche of stimulus measures to revive India's economy revealed today. This is part of the ₹20 lakh crore, about $270 billion, package promised by Prime Minister Narendra Modi. In the first four tranches, the government has already announced expenditure of about ₹18 lakh crore ($240 billion), about 9.3% of India's gross domestic product (GDP), which will widen fiscal deficit by about half a percentage point, according to Nomura. RBI and Finance Ministry have <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms" data-type="tilCustomLink" target="_blank">already spent nearly half</a> of Narendra Modi's ₹20 lakh crore stimulus even before the steps were announced. The Modi administration has used the COVID-19 crisis to push through many long-term reforms like the liberalisation of the <keyword id="6356966" type="UNKNOWN" weightage="20" keywordseo="coal">coal</keyword> and mining sector, higher foreign direct investment (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) limit in defence, opening up more airspace to reduce flying time for airlines, and thereby reducing fuel demand, to name few. ALSO READ: <a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms" data-type="tilCustomLink" target="_blank">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a> Aside from these, there has been short-term cash injection for a wide range of sectors from micro, small and medium (<keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword>) businesses, non-banking financial companies, farming and allied activities including fisheries and animal husbandry, and migrant workers among others. These are the top highlights from Sitharaman's speech on May 17: Today's announcements related to Mahatma Gandhi Rural Employment Guarantee programme (MNREGA), healthcare, decriminalisation in certain aspects under the Companies Act, improving ease of doing business, central <keyword id="182472" type="CITY" weightage="20" keywordseo="Public-sector-enterprises">public sector enterprises</keyword>, and resource allocation between centre and state governments. Mahatma Gandhi Rural Employment Guarantee Act (MNREGA) The government adds ₹40,000 crore to the budgeted allocation to provide employment for migrant workers who have gone back to their villages from the cities. Health infrastructure: Investment in health and wellness centres in rural and urban areas will be ramped up. All districts will have an infectious diseases block. There will be an integrated public health labs in all districts, at the block level labs. A public health unit will also be set up to manage pandemics. National Digital Health Blueprint will also be implemented. On May 16, the Finance Minister said that the government will provide ₹8,100 crore viability gap funding ⁠— increased up to 30% from 20% earlier ⁠— for private investment in social infrastructure like hospitals. Digital education: Prime Minister's e-Vidya (e-education) programme for digital/online education wil be launched immediately. Another programme DIKSHA, for school education to provide digital content and QR-coded text books in states and Union Territories. ‘One class, one channel’ programme will be used to educate children of the same class. One TV channel per class from 1 to 12 has been earmarked. There will be special e-content for visually and hearing impaired. Top 100 universities will be permitted to automatically start online courses by May 30, 2020. Bankruptcy law: "Any indebted situation that comes up because of coronavirus will not be considered as default and no fresh insolvency proceedings will be initiated for the next one year," Finance Minister said. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. The threshold for initiating insolvency proceedings for micro, small, and medium enterprises will be raised by 10-fold to to ₹1 crore. These measures will be enforced via ordinance and then later taken to Parliament for approval. Companies Act: Decriminalisation of Companies Act violations involving minor and technical defaults like shortcomings in CSR reporting, inadequacy in board report, fixing defaults, delay in holding AGM. 40 new sections have been added — it was 18 earlier — to the 'internal adjudication' mechanism to reduce the harrasment of companies, and the pressure of cases on courts. Companies can now list their securities directly in permissible foreign jurisdictions. Private companies which list their non-convertible debentures on stock exchanges will not be regarded as listed companies. Public sector enterprises: There will be 2 categories: Government of India will notify 'strategic sectors' where at least one public sector enterprises will be present while private players will be allowed to. There will be another set of strategic sectors, where there won't be more than four public sector enterprises; private sector will also come in. If there are sectors where there are too many government companies, they will be brought together in such a way ⁠— including via mergers and privatisation ⁠— that there won't be more than four. A detailed policy will soon be issued. Allocation of resources of state governments: RBI has increased Ways and Means Advance limits of States by 60%. Currently, the net borrowing ceiling of states for 2020-21 is ₹6.41 lakh crore — 3% of gross state domestic GSDP. The government has increased the net borrowing from 3% to 5%. This will make ₹4.28 lakh crore available as extra resources to the states. Part of the borrowing will be linked to specific reforms, from 3% to 3.5%, will be unconditionally extended. We will release the 1% in 4 tranches of 0.25% with each tranche linked to clearly specified, measurable and feasible reform actions. The next 0.5% will be given as soon as milestones are achieved in atleast three of four reform areas. The article will be updated as she speaks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/power-utilities-in-union-territories-will-be-privatised/articleshow/75774658.cms">Modi government privatises power utilities in Union Territories ⁠— wants states to follow suit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms">Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/hindalco-jspl-coal-india-companies-that-will-benefit-from-nirmala-sitharamans-reforms/articleshow/75775443.cms">Hindalco, JSPL, Adani, Coal India, and many more stocks that can benefit from India’s sweeping reforms in coal and mineral sector</a>

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No credit agency – in India or abroad – cut any of our ratings, says Gautam Adani at AEL AGM

Malini Bhupta

Navi Mumbai airport to be ready by 2024 end, says Gautam Adani

Abhishek Jha

Adani's $1.1 bn copper project to start operations from March 2024

PTI

Gautam Adani puts in place plan to take Group valuation to $1 trillion

Malini Bhupta

Our group's combined market cap exceeds $200 billion, says Gautam Adani

IANS

India's Finance Minister reveals the final lot of Modi's economic stimulus programme

BI India Bureau