look news india
It seems that Adani Group, which is involved in various businesses, has now completely come out of the influence of short sellers. Within a week the group opened a $1.2 billion copper plant, bought a port in Odisha and increased its stake in a cement company. It has also tied up with rival Mukesh Ambani's Reliance Industries. The group, through its filings and press releases to the stock exchanges last week, highlighted the expansion and investment in its core port business, diversification into metal refining, capital investment in its two-year-old cement sector and the commissioning of its mega. Solar project. Continued progress has been announced.
It began on March 26 with Adani Ports announcing the acquisition of 95 per cent stake in Gopalpur Port at an enterprise value of Rs 3,350 crore. With this the number of ports under his control increased to 15. This is the highest number of ports owned by any private company in the country. Following this, the group's flagship company Adani Enterprises Limited on March 28 announced the first phase of the world's largest copper manufacturing plant at a single location in Mundra, Gujarat. This marks the group's entry into the metal refining sector.
The total $1.2 billion (about Rs 10,000 crore) plant has helped India join China and other countries. These countries are increasing copper production rapidly. It is an important metal to reduce the use of fossil fuels like coal. Critical to the energy transition, electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries all require copper.
The same day, group chairman Gautam Adani and his family announced an investment of Rs 6,661 crore to increase stake in Ambuja Cements, the country's second largest cement company, to 66.7 per cent. A day later, the group's renewable energy arm Adani Green Energy Ltd announced the launch of its 775 MW solar power projects in Khavra, Gujarat. Khavda is the place where it is building a huge solar farm to set up power projects of 30 GW capacity from solar energy. This is part of the group's plan to achieve a target of 45 GW capacity by 2030.