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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="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<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><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

Top 10 richest people in Asia in 2024

<ul class="summary-list"><li>Coal billionaire Gautam Adani is building the world's largest power plant, and it's all renewable.</li><li>Adani's nephew, who's in charge of the project, says there's "no choice" but to go big on green energy.</li></ul>The largest power plant in the world is under construction, and it'll produce enough clean energy to fuel entire countries like Belgium, Chile, or Switzerland.It will cover 200 square miles — nearly the size of Chicago.Adani Green Energy Limited (AGEL) is building the solar and wind power plant in a salt desert in the western Indian state of Gujarat. AGEL is the clean energy unit of the Adani Group, the biggest coal miner and importer in India founded by <a target="_blank" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">billionaire Gautam Adani</a> in 1988. Adani is currently the second richest person in Asia, <a target="_blank" href="https://www.forbesindia.com/article/explainers/top-10-richest-people-asia/88245/1">according to Forbes</a>.The Adani Group has promised to dump $70 billion into clean energy by 2030 — including $20 billion on this project alone — as India tries to reduce its reliance on fossil fuels, <a target="_blank" href="https://www.cnn.com/2024/03/19/business/india-adani-green-energy-plant-climate-intl-hnk/index.html">CNN reported</a>."There is no choice for India but to start doing things at a previously unimagined size and scale," Sagar Adani, the 30-year-old nephew of Gautum Adani and the executive director of AGEL, told CNN.India — the <a target="_blank" href="https://climatepromise.undp.org/what-we-do/where-we-work/india">third-largest energy consumer in the world</a>, 73% of which comes from coal — has pledged to reach net-zero emissions by 2070, two <a target="_blank" href="https://www.whitehouse.gov/wp-content/uploads/2021/10/us-long-term-strategy.pdf">decades later than the US has pledged</a>. India also hopes to get half of its energy from renewable sources by 2030.And AGEL's massive new plant could be a major step in making that happen.The project, expected to be finished in five years, will create 15,200 green jobs and produce enough clean energy to power 16 million Indian homes, AGEL <a target="_blank" href="https://www.adanigreenenergy.com/newsroom/media-releases/Adani-Green-Energy-operationalizes-1000-MW-of-the-30000-MW-Khavda-renewable-energy-park">said in a press release on its website</a>.As India develops, Sagar Adani told CNN he hopes his country does not burn through as much fossil fuel as other countries did during their developments."If India does what China did, if India does what Europe did, if India does what the US did, then we are all in for a very, very bleak climatic future," Sagar Adani told the outlet.However, AGEL's plant and green energy commitments are still built on profits from coal production.The Adani Group's coal mining operations make up at least 3% of the world's coal-based carbon dioxide emissions, and the group makes 62% of its revenue from fossil fuel, <a target="_blank" href="https://www.bloomberg.com/news/features/2022-09-09/world-s-third-richest-billionaire-adani-pivots-from-coal-mogul-to-green-champion?sref=yaJhKSOh">Bloomberg reported</a>.

Billionaire Gautam Adani got rich off coal. Now his company is building a green energy plant the size of Chicago. 

Just six weeks after the <keyword id="12430412" type="General" weightage="20" keywordseo="glasgow-climate-summit" source="Orion">Glasgow climate summit</keyword> (<keyword id="8557638" type="General" weightage="20" keywordseo="cop26" source="Orion">COP26</keyword>), where the world agreed to phase down coal, Australia is opening the world's biggest new coal basin, the <keyword id="948066" type="General" weightage="20" keywordseo="galilee-basin" source="Orion">Galilee Basin</keyword> in Queensland. Coal giant <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> is commencing its first exports of coal from the Carmichael mine. Adani says the first coal for export is "being assembled" at its coal port in Bowen, the North Queensland Export Terminal. Adani plans for the mine to be Australia's biggest, but has faced 10 years of opposition from Wangan and Jagalingou traditional owners and climate campaigners. Responding to the development, Joseph Sikulu, 350.org Pacific Coordinator, recently returned from COP26, says: "Just last month I was at the Glasgow climate summit when global governments pledged to phase down coal. Adani is doing the opposite of this agreement. "Adani and the governments who enabled them are throwing a wrecking ball at global efforts to protect the Pacific from the impacts of climate change. But we won't let them, we stand in solidarity with the Wangan and Jagalingou people. "We are in the fight of our lives to stop dangerous climate change. We simply cannot afford for Adani's mine to expand to 60 million tonnes per year. We will fight to keep every single tonne of coal in the ground where it belongs." Julien Vincent, Executive Director of Market Forces said: "People power has kept tens of millions of tonnes of Adani's coal in the ground. We'll keep fighting to prevent as much climate-wrecking coal from being mined and burned by Adani as we can. "At this point in the climate crisis, every tonne of coal counts if we are to avoid catastrophic climate impacts like mega fires and superstorms. Adani plans to pour fuel on the fire, continuing to build the Carmichael mine to be Australia's biggest, as well as new coal mines and plants overseas. "We're so close to denying Adani a critical source of finance it needs to be able to keep running the Carmichael mine: insurance. Over 100 companies have walked away from this disastrous project so far. If we keep pushing, we can stop it, permanently." On opposition to Adani's mine, Adrian Burragubba, Senior Elder and spokesperson for the Nagana Yarrbayn, Wangan and Jagalingou Cultural Custodians, said: "Wangan and Jagalinagou people first said no to Adani's mine in 2012, and we continue to say no. Adani has never had free prior and informed consent from the Wangan and Jagalingou people. "We will continue to resist Adani's coal mine, practice our culture, and assert our human rights as the first nations people of this country. We are not going away: this is our land and we have human rights." Wangan and Jagalingou people have been conducting the cultural ceremony Waddananggu for over 120 days on Wangan and Jagalingou country and Adani's mining lease. "This Ceremony will continue and our Human Rights to practice ceremony on the country must be respected," Burragubba added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-sun-pharma-dr-reddys-and-other-hot-stocks-to-watch-out-for-on-december-29/slidelist/88556621.cms" data-type="tilCustomLink">Reliance Industries, Sun Pharma, Dr Reddy’s and other hot stocks to watch out for on December 29</a> <a href="https://www.businessinsider.in/business/startups/news/nykaa-zomato-paytm-oyo-and-policybazaar-made-their-employees-millionaires/slidelist/88552831.cms" data-type="tilCustomLink">19 people who became millionaires by working for Indian tech startups</a> <a href="https://www.businessinsider.in/finance/banks/news/there-is-a-small-pool-of-hope-amid-all-the-fear-around-rbl-bank/articleshow/88538626.cms" data-type="tilCustomLink">There is a small pool of hope amid all the fear around RBL Bank</a>

Adani is commencing its first exports from world's biggest coal basin despite the protests

<keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>'s Australian mining division Bravus Mining &amp; Resources has struck coal in the much controversial Charmichael project in Queensland. <keyword id="10224761" type="COMPANY" weightage="20" keywordseo="bravus-mining-and-resources">Bravus Mining and Resources</keyword> CEO David Boshoff noted that it was an exciting day for the over 2,600 people on the Project; a day that has been in the making for over a decade. "Nearly two years ago today we received our final approvals to develop the Carmichael mine and rail Project. We have faced many hurdles along the way, but thanks to the hard work and perseverance of our team, we have now reached the coal seams," the CEO said. Boshoff said Bravus was on track to export first coal as promised, in 2021. "We're on track to export first coal this year, and despite reaching this significant milestone, we will not take our eyes off our larger goal of getting coal to market," he said. Taking to Twitter, <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, Chairman of Adani Group said: "Proud of my tenacious team who mined Carmichael's 'first coal' in the face of heavy odds. There couldn't be a better birthday gift than being able to strengthen our nation's energy security and provide affordable power to <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s millions. Thank you, Queensland and <keyword id="6355478" type="LOCATION" weightage="20" keywordseo="australia">Australia</keyword>." As per the company, India will be a foundation customer for the Carmichael mine and is the fourth largest global user of electricity as well as the source of the biggest growth in global energy demand. The mine has been at the centre of several protests and campaigns by environmentalists. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-have-lost-90-million-in-the-recent-crypto-crash/articleshow/83773974.cms">Bitcoin's dip to below $30,000 has Tesla sitting on a loss of $90 million even if the price recovers</a> <a href="https://www.businessinsider.in/india/faqs/delta-plus-variant-of-covid-19-all-you-need-to-know-about-this-variant/articleshow/83770735.cms">Delta Plus: All you need to know to need to know about the new Coronavirus variant</a>

Adani Group's Bravus Mining and Resources strikes coal at Australia's Charmichael project in Queensland

<keyword id="6355267" type="General" weightage="20" keywordseo="mining" source="Orion">Mining</keyword> mogul <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> has said his <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> group has ample cash flow to service all its <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> repayment obligations and that it aims to become a "net <keyword id="817349" type="General" weightage="20" keywordseo="zero-debt" source="Orion">zero debt</keyword> company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we will have USD 9 billion profit" across the group. The cash flows are more than sufficient to meet debt servicing obligations. "We are very comfortable," he said. "We have never defaulted to make any payment. We always have a plan to make the payments." Earlier this week, Vedanta Resources Ltd, the parent company of Mumbai-listed mining giant Vedanta Ltd, said it has paid all its maturing loans and bonds due this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years, of which it has achieved 75 per cent of the committed reduction in 14 months. Agarwal said it is "absolutely irrelevant" to talk about the debt payment capability of the group. The group, whose business spans from zinc to silver, iron ore to aluminium and oil and gas, borrows the bare minimum, and "we have enough cash flow to service that debt," he said. He went on to state that the group would be a net zero debt company in 2-3 years' time. "At the moment the plan is that in 2-3 years we will be a net zero debt company," he said hastening to add that the group may have to borrow in pursuit of its aggressive expansion plans. Diversified natural resources conglomerate plans building capacities in zinc, oil and gas, and aluminium businesses as it believes supply will remain a challenge in the commodities' space in the medium term. The group, which has already invested USD 35 billion in the country so far, plans to become a USD 100-billion company by 2030. Vedanta is also foraying into the manufacturing of semiconductor and display fabs and signed an initial pact with Apple supplier Foxconn to set up a manufacturing facility in Gujarat. India is 100 per cent import-dependent for fabs and semiconductors with domestic consumption expected to cross USD 80 billion by 2026 and touch USD 110 billion by 2030. "Yes 100 per cent within a maximum of 2-3 years time, we will be zero debt company. But we have to do a lot in India. We have to create semiconductors (factory), we have to create display glass (factory), we have to expand our copper (business), we have to expand our aluminium (business), we have to expand oil and gas (operations), this is important. At that point, we might have to take debt (but) we have no plan (as of now)," he said. S&amp;P Ratings on April 3 stated that Vedanta will likely have enough liquidity until December. US short-seller Hindenburg Research's damning report on billionaire tycoon Gautam Adani's infrastructure conglomerate this year triggered a stock market routing that had erased about USD 145 billion in his group's market value at its lowest point. Adani group has denied all allegations by Hindenburg and is plotting a comeback strategy. Agarwal dismissed concerns about paying upcoming liabilities, stressing his commodities businesses were generating enough cash to service debt. 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Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

Australia's controversial new Adani coal mine has claimed victory over environmental activists, while announcing on Friday that the project had brought more than 1,500 jobs to the state of Queensland during its construction. After a nearly decade-long battle between the Indian-owned company and those determined to put a stop to it, Adani Mining Chief Executive David Boshoff said the coal mine would go ahead whether they like it or not, reports Xinhua news agency. "The 'Stop Adani' movement said our project would never go ahead and would never create a single job. We have proved our opponents wrong," Boshoff said. While construction is still underway on the project which includes a purpose built rail line, dam and airfield, Boshoff said the temporary jobs involved were vital to sustaining the economy through Covid-19. "Mining has cushioned the Queensland and Western Australian economies from the worst of the devastating economic impact of the Covid-19 lockdowns and we are proud to be a part of that," he said. The Stop Adani movement became a household name both in Australia and abroad, due to the mine's planning and construction taking place against a backdrop of rising climate change concern. Additionally the project's proximity to Australia's treasured Great Barrier Reef means it will drive an increase in shipping traffic through the already sensitive area. According to the activist group, coal extracted by the mine, most of which will go to India, will contribute 4.6 billion tonnes of carbon pollution to the atmosphere. "We are looking forward to the day next year when we can celebrate our success with our Queensland partners and employees, while watching the first shipment of coal being exported. Until then, it remains full speed ahead on construction," Boshoff said.

Australia's controversial Adani coal mine says it has proved environmentalists wrong by creating over 1,500 jobs

<ul><li>India’s richest and world’s third richest person <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday.</li><li>In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, his group debt and more.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> revealed that Reliance Industries’ founder, the late Dhirubhai <keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is his role model, and that Mukesh Ambani is a very good friend.</li></ul>India’s richest and world’s third richest person Gautam Adani was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday. In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, and Mukesh Ambani, his closest rival. “To become successful, discipline and hard work is the only formula, leave the rest to God,” Adani said in the opening segment of the<a href="https://www.youtube.com/watch?v=pYKPBgNPlVo"> show</a>. <cmsannotation type="cmsannotation" annotationid="‘Doubting the class topper who achieved the first rank’" comment="subhead" text="‘Doubting the class topper who achieved the first rank’">‘Doubting the class topper who achieved the first rank’</cmsannotation> The show, which is known to make top celebrities answer the most uncomfortable questions about themselves, started off with the political connections that Gautam Adani allegedly enjoys. The opposition parties have termed Adani’s meteoric rise as a case of “<a href="https://www.indiatoday.in/india/story/rahul-gandhi-bharat-jodo-yatra-delhi-red-fort-address-2313120-2022-12-24">crony</a> capitalism”. He is known to be close to the ruling BJP government. One of Adani’s frequent critics is Rahul Gandhi, senior leader of the primary opposition party, the Indian National Congress. The show’s anchor Sharma pointed out how Gandhi has been critical of Adani over the past eight years, calling him “ungrateful”, amongst other things. On this, Adani said, “Rahul Gandhi is a senior leader of the Congress party. As an industrialist, I think it’s not good that I pass a comment about him. He’s a respected leader and wants the progress of the country. Sometimes in the heat of politics, he makes a comment, but I don’t consider it anything more than a political comment.” Adani added that his companies don’t bag projects in only BJP-ruled states. “We want to make maximum investments in every state. Adani group is happy that it is working in 22 states, and not all of them are ruled by the BJP,” he said. “I can say with clarity that we do not have any problem with any state government. We work in Left-ruled Kerala, with Mamata Didi in West Bengal, in Naveen Patnaikji’s Odisha, with Jagan (in Andhra Pradesh), and KCR (in Telangana),” he added. <div type="Article" hostid="261" msid="96610248" title="Gautam Adani: Man of the year" mstype="2" mssubtype="0"></div> Gandhi also alleged that the Modi government has given away business in key areas like mining, green energy, power and others to Adani’s group companies. On this, Adani said, “We have not done any work without bidding. We don’t enter any business without bidding or merits. Adani’s group’s philosophy has been to not touch anything without bidding.” “This is like doubting how the class topper has achieved the first rank,” he quipped. <cmsannotation type="cmsannotation" annotationid="‘Lenders don’t give loans based on what someone says’" comment="subhead" text="‘Lenders don’t give loans based on what someone says’">‘Lenders don’t give loans based on what someone says’</cmsannotation> Adani’s rise has also been criticized for being <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">funded by debt</a>. Sharma pointed out that Adani’s critics say he has over ₹2 lakh crore worth of debt in the books of his companies. Responding to this, Adani said, “Our credit rating is equal to that of India’s sovereign rating. We have brought down the share of loans taken from banks in India to 35% of our total debt now, from 80% in 2013.” “The rest of it is from outside India, and those lenders don’t give loans based on what someone says in India. So, this allegation is entirely baseless,” he added. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="‘Mukesh bhai is a very good friend’" comment="subhead" text="‘Mukesh bhai is a very good friend’">‘Mukesh bhai is a very good friend’</cmsannotation> As Adani rose through the ranks of the world’s richest, he also displaced Mukesh Ambani as India’s richest man — who had been holding on to the tag for a very long time. In addition, both the business groups’ interests clash be it green hydrogen, renewable energy and most recently media. On the topic of rivalry, Adani said that Ambani is a very good friend of his, and that his late father, Dhirubhai Ambani is his role model. “Dhirubhai is a role model. The way he set up and scaled Reliance Industries even before liberalization, he showed the way forward. He is an inspiration,” Adani said. Adani also praised Mukesh Ambani, saying he took the Reliance group forward and expanded it. “Mukesh bhai is a very good friend. I respect him a lot. He gave Reliance Industries a new direction with Jio, technology and retail, apart from his primary petrochemical business. He has made a big contribution towards developing the country,” he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-hdfc-bank-axis-bank-among-other-private-and-public-bank-earnings-could-see-a-further-ramp-up-in-q3-2022/articleshow/96768992.cms">Bank earnings could see a further ramp up in Q3, say analysts</a> <a href="https://www.businessinsider.in/business/startups/news/skippi-ice-pops-what-this-hyderabad-popsicle-brand-is-doing-after-raising-rs-1-crore-from-shark-tank-india-season-1/articleshow/96759786.cms">Skippi Ice Pops – how the Hyderabad-based popsicle brand fared after bagging a ₹1 crore deal on Shark Tank India S1</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-other-it-companies-earnings-preview-for-q3-fy23/articleshow/96731891.cms">December quarter likely to be a weak one for the IT sector – Infosys amongst top analyst picks</a>

Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani

<ul><li><keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> has been known to be environmentally unfriendly and inefficient.</li><li>Now, a new study claims that miners spend $3 out of $4 of their <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> income on paying for electricity costs.</li><li>Another study estimates that mining a single Bitcoin consumes the same amount of electricity that an Indian household consumes in 380 days.</li></ul>Bitcoin mining has long been criticised for being inefficient and a power guzzler. Now, a new report says that electricity charges are actually the single biggest contributor to the costs of mining Bitcoin. According to a report by <a href="https://cryptomonday.de/news/2022/05/31/over-75percent-of-bitcoin-miners-income-is-going-to-electricity-costs/">CryptoMonday</a>, the electricity costs for Bitcoin mining can be prohibitively high for some. The report adds that $3 out of every $4 earned by Bitcoin miners go towards paying for electricity. Mining a single Bitcoin can consume as much as 2,165 kilowatt-hours of electricity. According to a <a href="https://www.ceew.in/blogs/urban-households-consumed-less-electricity-during-lockdown-some-parts-india">study</a>, an Indian household on average consumes 5.7kWh per day – it would take 380 days for an Indian household to consume the same amount of electricity that is needed to mine a single Bitcoin. <div type="Article" hostid="261" msid="91764218" title="Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times" mstype="2" mssubtype="0"></div> Cryptocurrencies – for all the money that people have made off of them – have long been a cause of concern for being environmentally unfriendly. Although solutions are being worked on to reduce the environmental impact of mining these cryptocurrencies, there’s still a lot of room for progress in this regard. <cmsannotation type="cmsannotation" annotationid="Bitcoin’s proof-of-work (PoW) problem" comment="subhead" text="Bitcoin’s proof-of-work (PoW) problem">Bitcoin’s proof-of-work (PoW) problem</cmsannotation> Bitcoin uses a ‘proof of work’ (PoW) mechanism to regulate the creation of new blocks and the overall state of the cryptocurrency. ‘Proof of stake’ (PoS), on the other hand, uses a simple mechanism to lock coins in a smart contract and owners make their stakes via a lottery system. For a long time now, PoW has been criticised for consuming more energy than PoS. The PoS evangelists also claim that it is more secure than PoW – essentially, there is little reason to not use PoS. According to an estimate, Bitcoin mining emits 114 megatonnes of carbon dioxide annually. To put this in context, this is equivalent to Czech Republic’s annual CO2 emission, which has a population of nearly 11 million. For comparison, Bitcoin mining’s global CO2 emissions are over 4% of India’s total CO2 emissions – and it has a population of nearly 1.38 billion. Other estimates <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-generates-30-7-kilotons-e-waste-annually-enough-to-cover-luxembourgs-e-waste-five-times/articleshow/91764218.cms">suggest</a> that Bitcoin mining uses 127 terawatt-hours of electricity – equivalent to Norway’s annual consumption. <cmsannotation type="cmsannotation" annotationid="Why is Bitcoin mining getting progressively expensive?" comment="subhead" text="Why is Bitcoin mining getting progressively expensive?">Why is Bitcoin mining getting progressively expensive?</cmsannotation> Bitcoin derives its value from scarcity. To ensure its value remains stable or that it grows, the rate of Bitcoin mining is managed in such a way that it doesn’t result in excess supply. Bitcoin mining is dependent on solving complex mathematical equations. The more computational power that is available, the more difficult it becomes to mine a Bitcoin. Likewise, the lesser the availability of computing power, the easier it becomes to mine. This inherent logic behind the value of Bitcoin and therefore its mining is one of the main reasons behind the increase in power to mine the same Bitcoin today when compared to a year, or a decade ago. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-generates-30-7-kilotons-e-waste-annually-enough-to-cover-luxembourgs-e-waste-five-times/articleshow/91764218.cms">Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times</a> <a href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-together-borrowed-more-than-1-out-of-every-5-from-foreign-lenders/articleshow/91909834.cms">Mukesh Ambani and Gautam Adani account for $1 out of every $5 of foreign loans</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-will-have-a-solid-turnaround-war-chest-if-it-clinches-the-amazon-deal/articleshow/91906347.cms">Vodafone Idea will have a solid ‘turnaround’ war chest if it clinches the Amazon deal</a>

You Searched For "adani mine" and got 10 results

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

PTI

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

PTI

Top 10 richest people in Asia in 2024

BI India Bureau

Billionaire Gautam Adani got rich off coal. Now his company is building a green energy plant the size of Chicago.

Grace Eliza Goodwin

Adani is commencing its first exports from world's biggest coal basin despite the protests

IANS

Adani Group's Bravus Mining and Resources strikes coal at Australia's Charmichael project in Queensland

IANS

Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

PTI

Australia's controversial Adani coal mine says it has proved environmentalists wrong by creating over 1,500 jobs

IANS

Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani

Rounak Jain

An Indian home can live for a year with the energy it needs to mine a single Bitcoin

Rounak Jain

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