(Bloomberg) -- Adani Group will double capital spending this year, accelerating investments in green energy and infrastructure projects, including ports, airports and roads, in yet another sign that the conglomerate has put the fallout from a damaging shortseller report behind it.

Billionaire Gautam Adani’s coal-to-ports empire will spend 1.3 trillion rupees ($15.6 billion) during the year through March 2025, nearly double of what it spent in the previous 12 months, Chief Financial Officer Jugeshinder Singh told reporters at the company’s headquarters in the western Indian city of Ahmedabad. 

The group’s finances and corporate governance standards are robust, Singh said, and cited investors such as GQG Partners and French energy giant TotalEnergies SE as proof. The group plans to raise as much as $2.5 billion via share sales this financial year, he said.

Adani Green Energy Ltd., the clean energy arm of the group, will double its annual capacity additions to 6 gigawatts, and plans to add a similar amount every year to reach its goal of 50 gigawatts by the turn of the decade, Chief Executive Officer Amit Singh said at the same event. 

The company plans to spend 340 billion rupees during the fiscal year on building projects. 

India’s tycoons, including Adani, Mukesh Ambani as well as state energy giants like NTPC Ltd. are championing Prime Minister Narendra Modi’s ambition to increase India’s clean power capacity to 500 gigawatts by 2030, as the government seeks to reduce the emissions intensity of the fossil fuels-driven economy.  

Adani has 11 gigawatts operating now. It recently expanded its 2030 target to 50 gigawatts, from 45 earlier, adding pumped hydro projects for energy storage. The company has tied up adequate equity funding to meet the goal, it said.



©2024 Bloomberg L.P.