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BUSINESS EYE MARCH 29, 2024 | The Indian Eye 38

How Adani Group is making investments

to turn India into a green energy hub

Mahindra partners with Adani Total Energies E-Mobility to broaden

access to EV charging infrastructure

OUR BUREAU
New Delhi/Mumbai
he Adani Group is expected to invest more
than 70 per cent of its total investments to-
Twards green energy, including renewable
power, green hydrogen, and green evacuation
transmission line, sources said. The conglomerate is
building the world’s largest renewable park at Kha-
vda, Gujarat, spanning over 530+ square km area.
According to sources, Adani Group plans to
invest USD 14 billion (Rs 1.2 lakh crore) in the
2024-25 financial year through its portfolio of 11
listed companies, in developing the country’s infra-
structure. The projected capital expenditure is 40
per cent higher than what it invested in the current
financial year 2023-24, which is estimated at USD
10 billion.
India’s largest infrastructure conglomerate
with showcase projects like Navi Mumbai Airport,
Ganga Expressway, the world’s largest renewable
park at Khavda and Mundra Port has committed a
USD 100 billion investment over the next 7-10 years.
This investment is expected to play a pivotal
role in transforming India’s energy and transpor-
tation landscape.
A large portion of total investments is ear-
marked for expansion and development of its Adani Green Energy Limited (AGEL) recently completed operationalization of the 300 MW wind power in Gujarat on Thursday (ANI)
fast-growing airports business and ports business,
the sources added. ited (ATEL). This collaboration signifies a leap to- tive Division, M&M.
With a portfolio boasting 8 airports including wards building a greener, more sustainable future, According to Suresh P Manglani, Executive
the upcoming Navi Mumbai airport and 14 domes- aligning with India’s ambitious climate action goals. Director and CEO of Adani Total Gas Ltd, This is
tic ports, Adani Group wants to further solidify its The MoU between the two entities will set one more step towards expanding the footprint of
presence in these sectors. a roadmap for the creation of an expansive EV Adani Total Gas Ltd in the EV space.
In the December quarter, it reported a record charging infrastructure across the country. More- “The collaboration with M&M for the charging
quarterly EBITDA growth of 63.6 per cent year- over, the partnership will also entail rolling out infrastructure will bolster the confidence of cus-
on-year, taking its twelve-month EBITDA to an e-mobility solutions to provide seamless access to tomers to embrace EV technology as part of the
all-time high of USD 9.5 billion (Rs 78,823 crore) the charging network for the customers covering energy transition. Together, such steps will help
in calendar year 2023, led by its investments in pre- discovery, availability, navigation, and transactions, reduce carbon emissions, and help India meet its
vious years. according to a joint release. climate action goals,” said Manglani.
The net debt to EBITDA at the end of Sep- With this association, the XUV400 customers In line with COP 26 commitments, this partner-
tember was 2.5x, which is expected to further re- will now have access to more than 1,100 chargers ship between Mahindra and ATEL is a testament
duce by the end of 2023-24, due to strong growth. on the ‘Bluesense+ App’, significantly enhanc- to the collaborative efforts required to decarbonize
With higher investments, it is setting the stage ing the convenience and reach of electric vehicle transportation and move towards an electric and
for exponential growth in the coming years, a charging for Mahindra EV owners, the release said. sustainable future.
source said. “This alliance is a cornerstone in enhancing At COP26 held in 2021, India committed to an
In a media statement released in February, the EV charging infrastructure, ensuring our cus- ambitious five-part “Panchamrit” pledge. They in-
the group said increasing cashflows and its robust tomers enjoy seamless access to charging network cluded reaching 500 GW of non-fossil electricity ca-
credit profile have set stage for unrivalled ‘Green and digital integration for an unparalleled EV ex- pacity, generating half of all energy requirements
Investment.’ perience. In line with our commitment to enhance from renewables, to reducing emissions by 1 billion
Meanwhile, to accelerate the adoption of elec- customer experience with partner network, we are tonnes by 2030.
tric vehicles (EV) in India, Mahindra & Mahin- actively on-boarding multiple partners to broaden India as a whole also aims to reduce the emis-
dra has signed a memorandum of understanding the EV ecosystem, driving the adoption of electric sions intensity of GDP by 45 per cent. Finally, India
(MoU) with Adani Total Energies E-Mobility Lim- vehicles,” said Veejay Nakra, President - Automo- commits to net-zero emissions by 2070.

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