Adani Group

Adani Group, is an Indian multinational conglomerate company headquartered in Ahmedabad, Gujarat, India. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited (previously Adani Exports Limited). Gautam Adani is the chairman. The Group's diverse businesses include energy, resources, logistics, agribusiness, real estate, financial services, defence and aerospace.[2] The group has annual revenue of over US$13 billion[3] with operations at 70 locations in 50 countries.[4][5] It is India's largest port developer and operator with ten ports and terminals including Mundra Port, its largest.[6] Through a joint venture with Wilmar International in Singapore, the Group co-owns India's largest edible oil brand, Fortune.[7]

Adani Group
TypePrivate
IndustryConglomerate
Founded20 July 1988 (20 July 1988)
FounderGautam Adani
Headquarters
Ahmedabad, Gujarat
,
India
Area served
Worldwide
Key people
Services
Revenue ₹1.1 lakh crore ($15 billion)[1] (2020)
OwnerGautam Adani
Number of employees
17,000+ (2020)[1]
Subsidiaries
Websitewww.adani.com

In April 2014, it added the fourth unit of 660 megawatts at its Tiroda Thermal Power Station, making Adani Power India's largest private power producer. In 2015, Adani was ranked India's most trusted infrastructure brand by The Brand Trust Report 2015.[8] The Group operates mines in India, Indonesia and Australia and supplies coal to Bangladesh, China, and countries in Southeast Asia. The Group handled a total cargo of 200 megatonnes (Mt) in 2018–19.[9] It has a coal mine in Bunyu, North Kalimantan, Indonesia, which produced 3.9 Mt of coal in 2016–17.

The Group has made the largest investment by an Indian company in Australia at the controversial Carmichael coal mine in the Galilee Basin, Queensland, but development of this mine is as of 2020 the subject of a court challenge to the Australian Government over its lack of adherence to environmental legislation.[10]

In January 2018, the logistics and SEZ arm of the Group, Adani Ports & SEZ Limited, added equipment and machinery to become the largest dredger fleet in India.[11] The Group was the first in India to build a high-voltage direct current (HVDC) system, commissioned in May 2012.[12][13]

History

First phase

The Adani Group commenced as a commodity trading firm in 1988 and diversified into the import and export of multi-basket commodities. With a capital of 5 lakhs, the company was established as a partnership firm with the flagship company, Adani Enterprises Limited, previously Adani Exports Limited.[14] In 1990 the Adani Group developed its own port in Mundra to provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc.[15] The company began coal trading in 1999 followed by a joint venture in edible oil refining in 2000 with the formation of Adani Willmar.[7]

Second phase

The group's second phase started with the creation of large infrastructure assets. The company established a portfolio of ports, power plants, mines, ships and railway lines inside and outside India.

Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largest coal importer in India with 11 Mt of coal handling.[15] The company expanded its business in 2008 purchasing Bunyu Mine in Indonesia which has 180 Mt of coal reserves. In 2009 the firm began generating 330 MW of thermal power. It also built edible oil refining capacity in India of 2.2 Mt per annum.[15] Adani Enterprises became the largest trading house in India importing coal with a market share 60%. It also supplies coal to NTPC Limited, India. The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010.[16] Operations at the Port of Dahej commenced in 2011 and ts capacity subsequently grew to 20 Mt. The company also bought Galilee Basin mine in Australia with 10.4 gigatonnes (Gt) of coal reserves. It also commissioned 60 Mt of handling capacity for the coal import terminal in Mundra, making it the world's largest.[17] In addition, in the same year, the Adani group also bought Abbot Point port in Australia with 50 Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40 MW. As the firm achieved 3,960 MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.[18]

Adani Power emerged as India's largest private power producer in 2014.[19] Adani Power's total installed capacity then stood at 9,280 MW.[20] The Mundra Port, Adani Ports and SEZ Ltd. (APSEZ), handled 100 Mt in fiscal 2013–14. On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for ₹5,500 crore (equivalent to ₹71 billion or US$990 million in 2019).[21] Dhamra Port was a 50:50 joint venture between Tata Steel and L&T Infrastructure Development Projects, which has now been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3 Mt in 2013–14.[22] With the acquisition of Dhamra Port, the Group is planning to increase its capacity to over 200 Mt by 2020.[23][24]

In 2015 the Adani Group's Adani Renewable Energy Park signed a pact with the Rajasthan Government for a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000 MW.[25] In November 2015, the Adani group began construction at the port in Vizhinjam, Kerala.[26]

Adani Aero Defence signed a pact with Elbit-ISTAR and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises Limited secured approval from the Government of Gujarat to begin work on building a solar power equipment plant. In September, Adani Green Energy (Tamil Nadu), the renewable wing of the Adani Group, began operations in Kamuthi in Ramanathapuram, Tamil Nadu with a capacity of 648 MW at an estimated cost of ₹4,550 crore (equivalent to ₹53 billion or US$740 million in 2019). In the same month, the Adani Group inaugurated a 648 MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up[27] In December, the Adani Group inaugurated a 100 MW solar power plant in Bhatinda, the largest in Punjab. The plant was built at a cost of ₹640 crore (equivalent to ₹740 crore or US$100 million in 2019).

On 22 December 2017, the Adani Group acquired the power arm of Reliance Infrastructure for ₹18,800 crore (equivalent to ₹210 billion or US$3.0 billion in 2019).[28]

Listed companies

Adani Enterprises Limited

The company began as Adani Exports Limited in 1988 trading commodities. In March 1993, the partnership company M/s. Adani Exports was converted into a limited company – Adani Enterprises Limited. Run by Gautam Adani the company originally exported dyes and intermediates, plastic products, agricultural products and frozen food to about 28 countries around the world. Adani Management Consultancy Services was amalgamated with the company in 1994.[29]

With major interests in logistics and energy, the enterprise handles the mining, trading, gas distribution, solar and agribusiness divisions of the Group. Adani Gas, a wholly owned subsidiary executes the gas distribution business. Its real estate activities are managed by Adani Infrastructure & Developers Private Limited.[30][31] The Adani Enterprises-Mining is the only mining company in the list of top 50 organisations that has bagged the India's Great Place to Work certification two years in a row.[32] AEL is an incubator for infrastructure companies. All of the below listed companies have been demerged from AEL once they stabilised revenues with a stable business model. AEL's current incubation portfolio includes - Mining Services, Integrated Coal Management, Airports, Road, Rail / Metro, Water, Data Center, Solar Mfg, & Defence.

Adani Ports & SEZ Limited

Adani Ports and Special Economic Zone Limited (APSEZ) is the largest private port company and special economic zone in India. The company is headed by Karan Adani, CEO of APSEZ. The company's operations include Port management, logistics and the special economic zone. The company operates at the following ports: Mundra, Dahej, and Hazira, Gujarat; Dhamra, Odisha; Kattupalli, Tamil Nadu; and Vizhinjam, Kerala.

In addition, the Adani Group manages terminals at the ports of Mormugao, Ennore, Vishakhapatnam and Kandla (Tuna Takra). [33] The logistics arm was initially promoted by the Mundra Port Infrastructure Development Company Limited, an enterprise of the Government of Gujarat and Adani Port Limited. The company began operations at the Mundra Port in October 1998. With a Concession Agreement with the Government of Gujarat and the Gujarat Maritime Board in February 2001I, the group was granted the right to operate and develop the Mundra Port situated at the Navinal Island in the Kutch region for 30 years.[34]

Adani Power Limited

Established in August 1996 as Adani Power Limited, the company gained a certificate of commence business in September of the same year. The company is run by Gautam Adani, Rajesh S. Adani[35] and Adani Enterprises Limited. The company develops and maintains power projects in India. The firm has a combined installed capacity of 10,440 MW with four thermal power projects across India. The company runs the following subsidiaries: Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Adani Power Dahej Limited, Mundra Power SEZ Limited and Adani Power (Overseas) Limited[36][37]

In 2014, Adani Power overtook Tata Power to become India's largest power producer.[38] The third phase of Adani Power Ltd's (APL) thermal power plant at Mundra in Gujarat is the world's first coal-fired plant to receive carbon credits from the United Nations Framework Convention on Climate Change (UNFCCC)[39] Adani Power's Udupi Power Plant has been conferred with the Power Award by the Government of Karnataka.[40]

Adani Transmission Limited

Integrated in 2013, Adani Transmission Limited handles the commissioning, operations and maintenance of electric power transmission systems.[41] The holding company holds, operates and maintains 8,511[42] circuit kilometres of transmission lines that range from 400 to 765 kilovolts. The total transmission capacity of the company is 16,200 MW.[43] The company has the following subsidiaries: Maharashtra Eastern Grid Power Transmission Company Limited, Maru Transmission Service Company Limited, Adani Transmission (India) Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited, and Chhattisgarh-WR Transmission Limited.

Adani Green Energy Limited

Largest listed pure-play renewable power producer in India with portfolio of solar and wind assets of 2,545 MW operational capacity. It is the largest listed renewable company in India and aims to scale up its infrastructure to produce 18GW by 2025 and 25GW by 2030.

Adani Total Gas Limited

A city gas distribution company mainly serving both industrial and residential customers in Gujarat.[44]

Sports

The Adani Group has multiple initiatives in sports.

Launched in 2016 to prepare athletes for Rio Olympics, Garv Hai is a nationwide programme to promote sports and support athletes in India. It has been re-launched for a second time to groom athletes for 2020 Tokyo Olympics, 2022 Asian Games and Commonwealth Games. The programme focuses on archery, shooting, athletics, boxing, and wrestling. Beneficiaries of the Garv Hai pilot project in 2016 include Ankita Raina (tennis), Pinki Raina (boxing), Shiva Thapa (boxing), Khushbir Kaur (athletics), Inderjeet Singh (athletics), Mandeep Jangra (boxing), Malaika Goel (shooting), Deepak Punia (wrestling), KT Irfan (racewalking) and Sanjeevani Jadhav (athletics).[45][46][47][48][49]

Another initiative is the Surguja Football Academy in Chhattisgarh. So far 11 players from Surguja have been selected to play for national Indian football team.[49]

Tax corruption

On 27 February 2010, Central Bureau of Investigation arrested Rajesh Adani, Managing Director of Adani Enterprises Ltd on charges of custom duty evasion to the tune of ₹80 lakh.[50]

In August 2017, Indian customs alleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using a Dubai shell company to divert the funds.[51] The details of $235 million diversion were obtained and published by The Guardian.[52] In 2014, the Directorate of Revenue Intelligence mapped out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly owned by Vinod Shantilal Adani, the older brother of Gautam Adani.[53]

Controversy over mining projects in Australia

Carmichael Coal Mine Project
Main article: Carmichael coal mine

The Adani Group launched in 2014, with the support of a part of the Australian Government and Queensland, a mining and rail project (Carmichael coal mine) in Carmichael in Queensland's Galilee Basin for €21.5 billion[54] (over the life of the project, i.e. 60 years[54]). This controversial mine,[55] if implemented, would be the largest coal mine in the world. Its annual capacity would be 60 Mt of coal corresponding to the emission of 127 Mt of CO2, the equivalent of the total emissions of Belgium.

This project is planned to occupy an area of 35,000 hectares (86,000 acres) and would consume 297 million m3 of water taken from the aquifers of the region, which will have consequences for the environment and the local population. In view of the suggested environmental consequences of this project, most international banks refused to finance it,[56] taking into account risks of flooding and/or induced earthquakes that may occur when working at such scale. In 2018 several international banks declined approaches to finance the project, and the conclusions of the environmental report for the authorisation of the project are postponed until 2019, following promises of local job creation by the Adani group.[57]

The Australian Government has been taken to the Federal Court of Australia by the Australian Conservation Foundation twice, once in 2018 and once in March 2020 (still ongoing as of September 2020), relating to its contravention and alleged contravention of the Environment Protection and Biodiversity Conservation Act 1999 with respect to the impact of the mine on groundwater and the country's water resources.[10]

Great Barrier Reef Project

In 2014, the Adani group also launched a project to dig a channel through the Great Barrier Reef of Australia to facilitate the export of coal with dredging of 38 million m3 reef sand.[58] This controversial project with dubious financing has aroused international opposition.

Awards and recognition

APSEZ

  • Adani Ports & SEZ Limited (APSEZ) received "India's Container Port of the Year 2016" in Mumbai. The port developer and logistics arm of the Group was awarded the same at the 7th edition of the All India Maritime and Logistics Awards (MALA).[59][60]
  • Adani Ports and Special Economic Zone (APSEZ) Limited won the "Non-Major Port of the Year 2015" by the All Time Maritime and Logistics Award (MALA).[61]
  • Adani Ports and Special Economic Zone (APSEZ) Limited won the Emerging Company of the year 2014 at the Economic Time awards.[62]
  • Mundra Port was, recognised by The International Association of Ports and Harbors (IAPH), among 55 top ports of the world, to commit to jointly reduce the threat of global climate change.[63]

Adani Green Energy Limited

  • In January 2018, Adani Green Energy Limited, a division of Adani Group, entered into the global top 15 list of solar power developers by GTM Research, the market analysis and consulting arm of Greentech Media.[64]

AEL-Mining

  • The Adani Enterprises-Mining achieved "India's Great Place to Work 2019" certification on 19 July in Mumbai. The Great Place to Work Institute awarded the certification to the company in the category of the Mid-size Organisations.[32]

Philanthropy

Adani Foundation has established cost free schools, the Adani Vidya Mandir, at 3 different locations in Ahmedabad[65] Bhadreshwar[66] and Surguja[67] for underprivileged children. Other schools funded by the foundation include Adani DAV Public School, Adani Vidyalayas and Navchetan Vidyalaya. The foundation provides education to 1,00,000 children through 600 schools and balwadis.[68]

Set up by Gujarat Adani Institute of Medical Sciences, the GK General Hospital with 750 beds in Bhuj provides treatment to many people.[69] The foundation has inaugurated village development works in the villages of Bada gram panchayat.[70]

The Adani Foundation has implemented System of Rice Intensification method on 4,000 acres of farmland spread across 42 villages and empowered 2,050 farmers.[71]

In 2020, the Adani Foundation donated ₹100 crore (US$14 million) to the PM CARES Fund to fight the Coronavirus outbreak.[72][73] The Foundation made contributions of ₹5 crore (US$700,000) to the Gujarat CM Relief Fund and ₹1 crore (US$140,000) to Maharashtra CM Relief Fund.[74] The employees of Adani Group made a contribution of ₹4 crore (US$560,000) to Adani Foundation for COVID-19 relief measures.[75]

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