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Gautam Adani

Adani Enterprises, the flagship firm of the Gautam Adani-led Adani Group, has unveiled ambitious investment plans totaling ₹80,000 crore for the fiscal year 2024-25. This significant capital expenditure will be directed towards various sectors including new energy, airports, roads, PVC business, and data centers, marking a strategic move to further expand its presence and capabilities.

During an analyst call, Saurabh Shah, Deputy Chief Financial Officer of Adani Enterprises, highlighted the company’s investment focus for the upcoming fiscal year. The majority of the planned capital expenditure, approximately ₹50,000 crore, will be allocated to Adani New Industries Ltd (ANIL) and airport businesses. ANIL, specializing in solar modules and green hydrogen production, is set to receive substantial funding to enhance its manufacturing capabilities and drive renewable energy initiatives.

A significant portion of the investment will also be dedicated to roads, particularly for the development of the Ganga Expressway, with a planned capex of ₹12,000 crore. Additionally, Adani Enterprises will channel funds into its PVC business, earmarking around ₹10,000 crore for project development. The remaining investment will be directed towards data centers, with an allocation of approximately ₹5,000 crore.

Shah emphasized ANIL’s ambitious targets, aiming to establish factories capable of producing 10 gigawatts of solar modules and 3 gigawatts of wind turbines. Looking ahead to FY26, the company plans further investment to support its green hydrogen business and downstream products.

Adani Group has already commenced commercial production of wafer and ingots for solar cells and modules at its Gujarat factory, with plans to venture into polysilicon production by 2027-28. This strategic move aims to position Adani as India’s first integrated renewable energy player, reducing reliance on imported polysilicon.

With a vision to generate 45 gigawatts of renewable power by 2030, Adani Group is making significant strides towards sustainability and energy independence. The Khavda renewable energy park in Gujarat will play a pivotal role in achieving this goal, with two-thirds of the renewable power output expected to be generated from this site.

Furthermore, Adani Enterprises is advancing its airport portfolio, with plans to commence operations at the Navi Mumbai greenfield airport by the end of FY25. This expansion is anticipated to catalyze a substantial increase in passenger traffic, further solidifying the company’s position in the aviation sector.

Overall, Adani Enterprises’ strategic investments underscore its commitment to driving growth, innovation, and sustainability across multiple sectors, positioning itself as a key player in India’s economic development journey.

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Kanpur, Uttar Pradesh: The Adani Group, led by billionaire Gautam Adani, has commenced operations at two defense facilities in Uttar Pradesh’s Kanpur, marking a significant investment of ₹3,000 crore ($362 million). The move aligns with India’s push for self-reliance and the promotion of local manufacturing in the defense sector.

Adani Defence & Aerospace, a subsidiary of the Adani Group, unveiled the facilities spanning 500 acres, which will focus on the production of small, medium, and large-caliber ammunition for the Indian Armed Forces, paramilitary forces, and police. Karan Adani, the founder’s son overseeing the defense business, highlighted the strategic importance of these factories.

The factories are projected to manufacture 150 million rounds of ammunition annually, addressing approximately 25% of India’s ammunition needs. Karan Adani emphasized the diverse requirements of the Indian Armed Forces and the role these facilities would play in meeting those demands.

Prime Minister Narendra Modi’s emphasis on boosting indigenous manufacturing to reduce dependence on imports has created substantial business opportunities for conglomerates like the Adani Group, Tata Group, Larsen & Toubro Ltd., and Mahindra Group. The defense facilities in Kanpur are a response to this call for self-reliance.

Karan Adani, who also serves as the Chief Executive Director of Adani Ports and Special Economic Zone Ltd., highlighted the significance of reducing dependence on defense imports for India’s strategic autonomy and economic growth. The newly inaugurated manufacturing facility is anticipated to generate over 4,000 jobs.

The manufacturing goals for the facility include producing 200,000 rounds annually of large-caliber artillery and tank ammunition by 2025, along with five million rounds of medium-caliber ammunition a year later. Additionally, the facility aims to manufacture short-range and long-range missiles.

Adani Defence is already involved in the production of drones, anti-drone systems, and small arms such as light machine guns, assault rifles, and pistols, as per the company’s website.

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Adani Realty has emerged as the ‘preferred bidder’ for the redevelopment contract of the 24-acre Bandra Reclamation land parcel in Mumbai. The Maharashtra State Road Transport Corporation (MSRDC) initiated the bidding process, and Adani Realty’s proposal, offering the highest financial bid, is currently pending final approval by the MSRDC Board.

Adani Realty’s bid, providing 22.79 percent revenue to MSRDC, surpassed the bid by Larsen and Toubro (L&T), which offered 18 percent. Notably, despite L&T boasting a stronger net worth of approximately ₹84,000 crore compared to Adani’s ₹48,000 crore, the higher bid secured preference.

The Bandra Reclamation land, with a potential development area of 45 lakh square feet, holds an estimated value of around ₹30,000 crore. The bidding process, based on a revenue-sharing model, saw Adani Realty aligning with the government’s interest in maximizing revenue for infrastructure projects.

Anil Kumar Gaikwad, Vice Chairman and MD of MSRDC, emphasized the openness and transparency of the bidding process, dispelling allegations of favoritism. Gaikwad highlighted that both Adani Realty and L&T met the stringent criteria for technical and financial capability.

Gaikwad stated, “Since the MSRDC bids are of a revenue-sharing model, the developer who offers the maximum percentage of revenue and is beneficial to the government will be the obvious choice. Adani has offered us a higher bid, so he is our preferred choice. We need resources and funds for our new and ongoing infra projects.”

If approved, Adani Realty will undertake responsibilities such as fund allocation, securing clearances and permissions, and making a minimum payment of ₹8,000 crore to MSRDC as a benchmark amount. The revenue-sharing model designates a 22.79 percent share for MSRDC, allowing for additional revenue sharing if the project’s income exceeds expectations.

The bidding process, which included stringent criteria such as a minimum consolidated net worth of ₹15,000 crore by March 31, 2023, drew the participation of 18 prominent players in the real estate sector. However, only three, including Adani Realty and L&T Realty, responded to the bidding process.

While some concerns were raised regarding the eligibility norms favoring a select few, MSRDC emphasized that the criteria were established to address concerns and ensure the financial capability of developers, considering the substantial financial commitment of ₹8,000 crore over 9 to 14 years to MSRDC.

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A remarkable comeback – Industrialist Gautam Adani has reclaimed a position in the coveted $100 billion club, marking a resurgence for the Adani Group. Currently ranked as the 12th richest person globally, with a net worth of $101 billion, Adani’s fortune reflects the group’s robust performance, overcoming the setbacks triggered by last year’s Hindenburg Research market manipulation charges.

Adani Enterprises, the flagship company, reported an impressive 130% surge in profit, propelling its shares to an eighth consecutive day of gains. The renewed financial vigor comes after the Adani Group successfully refuted all charges, receiving a clean chit from both the Supreme Court and the markets regulator.

Once valued at over $150 billion, the Adani Group faced a substantial decline in share prices following the short-seller attack. However, it has since recovered a significant portion of the lost wealth, currently standing about $50 billion below its 2022 peak.

In a notable legal victory, the Supreme Court affirmed the Securities and Exchange Board of India’s (SEBI) exoneration of the Adani Group, dismissing the need for further investigation. The court’s ruling further solidified the company’s position and restored investor confidence.

Gautam Adani, who had termed the Hindenburg allegations as a “malicious combination of selective misinformation,” remains vigilant, expressing in a recent statement that he does not anticipate an end to such attacks. Reflecting on the potential repercussions, Adani highlighted the critical role his infrastructure assets play in supporting essential sectors, underscoring the potential catastrophic consequences for any country had the detractors’ plan succeeded fully.

The billionaire’s resurgence underscores the resilience of the Adani Group and its ability to overcome challenges, reaffirming its status as a major player in the global business landscape.

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Adani Enterprises Ltd’s subsidiary, Kutch Copper Ltd (KCL), is on the brink of inaugurating the world’s largest single-location copper manufacturing plant in Mundra, Gujarat. This monumental $1.2-billion facility, set to initiate operations in its first phase by March-end, aims to significantly reduce India’s reliance on copper imports, catering to the escalating demand driven by industries such as renewable energy, telecom, and electric vehicles.

Strategic Move to Bolster India’s Copper Independence

Kutch Copper, a greenfield copper refinery boasting an eventual capacity of 1 million tonnes per annum, is strategically positioned to bolster India’s copper independence. The first phase, with a production capacity of 0.5 million tonnes per annum, is scheduled to be operational by March-end. The entire facility is projected to reach its full-scale production capacity by FY29 (March 2029), reinforcing India’s position in the global copper market.

Adani’s Ambition to Lead Global Copper Industry

Adani Enterprises, with an eye on global leadership in the copper industry, envisions leveraging its robust presence in resource trading, logistics, renewable power, and infrastructure. The group aspires to establish the world’s largest copper smelting complex by 2030, a bold ambition that aligns with India’s increasing copper consumption and demand.

Adani’s Strategic Investment in Energy Transition

In the context of energy transition, Adani’s substantial investment in the copper business positions it strategically. With a focus on clean energy systems, electric vehicles, and associated applications, the Adani Group recognizes the pivotal role copper plays. The group’s expansion into adjacent areas complements its capabilities, making the copper business a seamless fit in its broader strategy.

Revolutionary Impact on India’s Copper Consumption

India’s per capita copper consumption, currently estimated at approximately 0.6 kg, pales in comparison to the global average of 3.2 kg. The impending surge in domestic copper demand, driven by the country’s commitment to clean energy systems and the proliferation of electric vehicles, is expected to double by 2030. Kutch Copper’s operation is poised to contribute significantly to meeting this rising demand.

Addressing Import Challenges and Catering to Byproduct Production

With India’s copper imports consistently escalating over the past five years, Kutch Copper emerges as a vital solution to bridging the demand-supply gap. The plant’s integrated complex is expected to produce not only refined copper but also valuable byproducts, including gold, silver, selenium, platinum, sulphuric acid, and phosphoric acid. This diversification is crucial for India’s self-sufficiency in key industrial raw materials.

Adani’s Green Copper Initiatives and Environmental Impact

Kutch Copper is anticipated to be one of the most efficient and environmentally conscious copper smelters in India. Adani’s commitment to increasing the share of renewables in the overall energy mix aligns with its vision to be a proponent of ‘green copper.’ The emphasis on lower greenhouse gas emissions reflects Adani’s dedication to sustainable and environmentally friendly industrial practices.

Kutch Copper’s Projected Production Highlights

In Phase I, the plant is set to produce 500,000 tonnes of refined copper per annum, accompanied by approximately 25 tonnes of gold, 250 tonnes of silver, 1.5 million tonnes of sulphuric acid, and 250,000 tonnes of phosphoric acid. The subsequent Phase II expansion will elevate the refined copper capacity to an impressive 1 million tonnes per annum, solidifying Kutch Copper’s position as a global copper manufacturing powerhouse.

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In a notable recognition of the Adani Group’s strategic importance, US brokerage firm Cantor Fitzgerald has given an ‘Overweight’ rating to Adani Enterprises, the flagship company of the Adani Group. The firm has set a target price of ₹4,368 per share, projecting a potential upside of over 50% on Adani Enterprises shares.

Cantor Fitzgerald emphasized that Adani Enterprises holds a central position in India’s pursuit of various economic objectives. The report underscores the diversified nature of Adani Enterprises, describing it as a “publicly-trading incubator” with numerous business segments set for demerger.

According to Cantor Fitzgerald, the current valuation of Adani Enterprises is largely influenced by three primary segments: airports, roads, and the new energy ecosystem. However, the report suggests that investors are receiving a valuable “free call option” on the remaining 85%+ of Adani Enterprises’ business, which includes several businesses in their incubation phase.

The firm points out that Adani Enterprises owns eight airports, with seven already operational and the Navi Mumbai International Airport (NMIA) under development. Cantor Fitzgerald views the additional six businesses as essentially being obtained for free at current share levels.

Cantor Fitzgerald’s Sum-of-the-Parts (SOTP) derived price target implies a target EV/EBITDA multiple of 23.5x for FY26E, compared to the current trading multiple of 13.9x for the same period. The report anticipates potential catalysts for share appreciation, particularly as Adani’s green hydrogen facility becomes operational in FY27E.

Addressing concerns raised by the Hindenburg report, Cantor Fitzgerald acknowledges that Adani Enterprises has taken measures to reduce liquidity risk, enhance governance, and increase transparency. The brokerage firm concludes that Adani is “too big to ignore,” and for India, Adani’s role is deemed essential, asserting that the country needs Adani as much as Adani needs the country.

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In a compelling address at the 10th edition of the Vibrant Gujarat Global Summit, Prime Minister Narendra Modi highlighted India’s pivotal role on the global stage, showcasing the nation as a beacon of hope, stability, and economic growth. Here are the key takeaways from the insightful speech:

India: A Pillar of Stability

PM Modi emphasized India’s newfound status as an essential pillar of global stability, positioning the country as a trusted friend and a driver of worldwide economic growth.

Global Recognition of India’s Rise

Major rating agencies project India to be among the top three largest economies globally in the coming years, a testament to the nation’s remarkable economic trajectory.

India’s Commitment to World Welfare

Described as a “vishwa mitra” or friend of the world, India’s dedication to common global goals, welfare, and hard work stands as a source of security and prosperity in the contemporary world.

Clear Priorities and Aspirations

India’s priorities, spanning sustainable industry, infrastructure, manufacturing, skills development, futuristic technology, AI, innovation, green hydrogen, renewable energy, semiconductors, and more, align with a vision for a prosperous and inclusive future.

Resilience Amid Uncertainties

In the face of global uncertainties, India has emerged as a ray of hope, showcasing resilience and growth momentum, attributed to a focus on structural reforms over the last decade.

Future Vision: “Amrit Kaal”

With the celebration of 75 years of independence behind and 25 more years to India’s centennial celebrations, PM Modi set forth a vision for an “amrit kaal” — a golden era for India, marking its transformation into a developed nation.

Global Partnerships and Relations

Acknowledging the role of key partners, PM Modi credited UAE President Sheikh Mohamed bin Zayed al Nahyan for the robust India-UAE relations, signifying collaborative efforts and a shared vision for the future.

India’s Achievements

India’s accomplishments in strengthening its banking system, ease of doing business, GST implementation, and global supply chain diversions were highlighted. The signing of Free Trade Agreements (FTAs) and increased Foreign Direct Investment (FDI) further positions India as an attractive global business destination.

Infrastructure Growth and Green Initiatives

India’s exponential growth in infrastructure investment, coupled with substantial strides in green and solar energy, showcases the nation’s commitment to sustainable development.

Digital Revolution and Start-up Ecosystem

PM Modi noted the transformative impact of a digital revolution, cheaper phones, and increased data accessibility, contributing to India’s status as the world’s third-largest start-up ecosystem.

Social and Economic Empowerment

The government’s efforts in poverty alleviation, increased average income, and enhanced participation of the female workforce signal positive trends for India’s future. Over 13.5 crore people have moved out of poverty in the last five years.

Logistics and Transportation Enhancement

Emphasizing improvements in logistics and transportation, PM Modi highlighted the growth of airports, national highway networks, and metro train networks, portraying a nation committed to modernization.

International Collaborations and Agreements

The summit witnessed significant collaborations, with MoUs signed for the development of food parks, renewable energy cooperation, and investments in the health sector. Additionally, substantial investments in India’s port infrastructure and activities in GIFT City were announced. Prime Minister Modi concluded the address by inviting the world to join India’s growth journey and expressing gratitude for the presence of Sheikh Mohamed bin Zayed Al Nahyan at the event, indicating the strengthening bond between the two nations. The Vibrant Gujarat Global Summit serves as a testament to India’s unwavering commitment to progress and prosperity on the global stage.

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Recently, Gautam Adani, the Chairperson of the Adani Group, has claimed the title of India’s and Asia’s wealthiest person, surpassing Mukesh Ambani of Reliance Industries. Both Adani and Ambani have ascended the global rich list, securing positions 12 and 13, respectively.

Net Worth Climbs: Adani on Top

With a staggering net worth of $97.6 billion, Gautam Adani now holds the 12th position among the world’s richest individuals. Adani’s wealth has experienced significant growth, marking a gain of $7.67 billion since the last update and accumulating $13.3 billion year-to-date. Despite facing challenges earlier in the year due to stock-related allegations, Adani has made a remarkable comeback.

Source of Wealth: Adani Group’s Diverse Ventures

The Adani Group, based in Ahmedabad and led by Gautam Adani, is a prominent infrastructure conglomerate in India. The group’s diverse ventures include ownership of the nation’s largest private port and a substantial role in global coal trading. Adani’s wealth is primarily derived from his ownership stakes in six publicly traded companies affiliated with the Adani Group.

Other Indians on the List

Mukesh Ambani, the Chairman of Reliance Industries, now holds the 13th spot on the global list with a net worth of $97 billion. Despite a gain of $764 million since the last update, Ambani stands as India and Asia’s second richest individual. Other notable Indians on the Bloomberg Billionaire’s Index include Shapoor Mistry at the 38th position with $34.6 billion and Shiv Nadar at the 45th spot with $33 billion.

Adani’s Rise Despite Challenges

Gautam Adani’s ascent to the top reflects resilience and success, overcoming challenges earlier in the year. Despite facing setbacks related to allegations and a decline in stock prices, Adani’s strategic positions in various sectors have propelled him to the forefront of India’s wealthiest individuals.

As we enter the new year, the dynamics of wealth and success continue to evolve, and individuals like Gautam Adani and Mukesh Ambani shape the economic landscape of India and beyond.

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In just nine months, Rajiv Jain, an Indian-American investor, saw his firm’s investment in Adani Group shares skyrocket, gaining a whopping ₹17,000 crore.

The Rise of Adani Shares:

Rajiv Jain, the founder of GQG Partners, made a smart move in March by investing in Adani Group shares. Back then, Adani faced challenges, losing nearly 2/3rd of its market value after a report by an American conglomerate. Jain’s early support was crucial, bringing back confidence in the conglomerate.

A Remarkable Turnaround:

Since Jain’s investment, the Adani Group’s market value has soared, rising by billions of dollars. Adani, which faced skepticism, got a boost from Jain’s backing. The conglomerate’s market value, once at $150 billion, has now experienced a remarkable turnaround.

Jain’s Investment Success:

Jain invested ₹20,360 crore initially, and thanks to the rally in Adani shares, the portfolio’s value has ballooned to ₹37,459 crore by December 5. This incredible increase of 84 percent translated into a profit of over ₹17,000 crore.

Recent Developments Boost Adani’s Fortunes:

Recent positive developments, including Adani’s green energy unit securing a $1.4 billion loan and favorable reports from Bloomberg News, further fueled the rally. The sentiments of Adani’s investors were lifted by the Supreme Court’s remark that media reports against the group weren’t always “gospel truth.”

About Rajiv Jain:

Rajiv Jain is the chairman and chief investment officer of GQG Partners, a company he founded in 2016. Born in India, Jain moved to the US in the 1990s to pursue an MBA in Miami. His strategic investment in Adani Group has not only reaped significant rewards for his firm but has also played a key role in Adani’s impressive comeback.

Conclusion:

Rajiv Jain’s timely and confident investment in Adani Group shares has proven to be a game-changer, contributing to the conglomerate’s remarkable turnaround. As Adani continues its positive trajectory, Jain’s success story stands out as a testament to the impact of strategic and well-timed investments in the dynamic world of finance.

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In a big move towards solar energy, the Adani Group plans to increase its solar manufacturing by 2.5 times, reaching 10 gigawatts (GW) by 2027. Right now, they have 4 GW of solar manufacturing capacity. To fund this growth, they’ve recently raised an impressive $394 million with the help of Barclays PLC and Deutsche Banks AG.

Adani Solar, part of the Adani Group, already has orders for over 3,000 megawatts (MW) of solar exports to fulfill in the next 15 months. This boost could significantly boost India’s solar energy production, which has already grown from 2.63 GW in 2014 to 71.10 GW in 2023. However, a lack of strong manufacturing capabilities had been a hurdle.

To tackle this issue, the Indian government introduced measures like safeguard duties, an approved list of module manufacturers, and production-linked incentives, encouraging companies like Adani to invest more in solar manufacturing.

Adani’s journey into solar manufacturing began in 2015 with Adani Solar, following their success in conventional energy through Adani Green Energy Limited (AGEL). In just six years, they’ve grown from a 1.2 GW capacity to 4 GW for both solar cells and modules.

Adani Solar operates India’s biggest solar capacity for cells and modules in the Mundra Special Economic Zone. They’ve sold over 7 GW of modules and are now among the top three solar module suppliers in India, as per Mercom’s India Solar Market Leaderboard for 2023.

Adani’s expansion in solar manufacturing is not only significant for their group but also for India’s clean energy future. Their commitment to green innovation shines a bright light on the future of solar energy in India.

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