A big quarter for energy stocks can make India’s richest man even richer
Three of Gautam Adani's infra, energy, and utility businesses-Adani Ports & Special Economic Zone, Adani Green Energy, and Adani Enterprises-are reporting earnings in the coming weeks.
Adani has a 62% stake in Ports & SEZ business, and a 75% stake in the rest-Adani Enterprises, Adani Power, Adani Transmissions and Adani Gas.
The political goodwill Adani has amassed has helped him take advantage of relaxed regulations-think his foray into airports which Adani had nothing to do with-but the debt-ridden business could collapse in on themselves in the long run.
Adani's $1 trillion green energy ambition Having grown the bulk of its wealth from fossil fuels and mining, the Adani Group is looking to invest over $150 billion across green energy, data centers, airports, and healthcare as it harbors the dream of joining the big leagues of companies worth over $1 trillion.
To name a few: In June, Adani said it will create the world's largest green hydrogen ecosystem alongside French energy major TotalEnergies.
The group has committed $70 billion for climate change and green energy, including building three giga factories which will extend from polysilicon to solar modules, complete manufacturing of wind turbines and the manufacturing of hydrogen electrolysers Adani is looking to build wind and solar plants in the North African nation Morocco It's making a Rs65,000 crore investment over the next 5-7 years in Rajasthan to, among other things, build a 10,000 megawatt solar power capacity In early October, Adani Green set up three subsidiary firms.
Person of interest: India's other mega-billionaire, Mukesh Ambani Adani's not the only Indian businessman with a keen eye for all things green energy and profits.