The company announced that the remaining 806 MW capacity from the project is in various stages of commissioning and is expected to be operational in phases between March 2025 and June 2025. This development is set to have a positive impact on the company’s EBITDA, yielding a significant 70% cost-saving compared to current power expenses.

Ajay Kapur, CEO of Cement Business, Adani Group, highlighted the company’s commitment to sustainability, stating, “Growing responsibly and sustainably is fundamental to our ESG excellence journey as we are proudly committed to achieving Net Zero emissions by 2050. This is the first phase of our 1 GW Renewable Power Project in our efforts to decarbonize the value chain. We aim to power 60% of our total energy consumption from green power sources by FY’28. This helps us in reducing our overall cost and delivering strong value to our stakeholders. Our sustainability principles are integrated into all aspects of our business and reflect our forward-thinking vision.”

The Western Regional Load Dispatch Centre (WRLDC) has granted standing clearance for the 200 MW solar power project, effective December 12, 2024.

This project marks the initial phase of the company’s ambitious green energy initiative, which represents a Rs. 10,000 crore investment in renewable energy. The overall plan includes 1 GW of solar and wind power, alongside 376 MW of Waste Heat Recovery Systems (WHRS).

Regarding the additional 806 MW capacity, the company revealed that 156 MW of wind power from Khavda and 300 MW of solar power from Rajasthan are on track to be commissioned by March 2025. The remaining 350 MW of solar power is slated for completion by June 2025.

Ambuja Cements reaffirmed its dedication to the decarbonisation of the cement industry, emphasizing future-ready initiatives aimed at fostering a greener and more inclusive future.

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Adani referred to allegations brought less than two weeks ago by the US Department of Justice and the Securities and Exchange Commission (SEC). On November 20, 2024, the agencies filed charges of securities fraud, wire fraud, and violations of SEC guidelines against Gautam Adani, Sagar Adani, and Vneet Jaain, key executives of Adani Green Energy Ltd (AGEL).

The indictment alleged misleading statements in AGEL’s bond offering documents concerning anti-bribery and anti-corruption policies. Adani Group has denied these claims, calling them baseless and pledging to defend itself legally.

At the event, Adani emphasized that no charges of violating the Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice had been proven against the group. He remarked, “In today’s world, negativity spreads faster than facts,” but reiterated the group’s “absolute commitment to world-class regulatory compliance.”

The controversy has had financial repercussions. AGEL canceled a $600-million bond issue on November 21, just hours after the indictment was made public. The bond, initially oversubscribed threefold, aimed to fund renewable energy projects.

Stocks of Adani Group companies suffered sharp losses, wiping out $26 billion (₹2.19 lakh crore) in market value, more than double the losses incurred during the Hindenburg report controversy in January 2023. However, group stocks have shown recovery since Wednesday, with Adani Green Energy and Adani Energy leading gains on Friday.

Reflecting on the group’s challenges, Adani said, “The roadblocks we face are the price of pioneering… But it is precisely in that scrutiny that you must find the courage to rise.”

Adani recounted the setbacks faced in the past, including the fallout from the Hindenburg Research report, which accused the group of stock manipulation and accounting fraud. He described it as a “double hit,” targeting financial stability and dragging the group into political controversies. Despite the challenges, he highlighted the group’s resilience, including the return of proceeds from India’s largest-ever follow-on public offering (FPO) and the successful reduction of its debt-to-EBITDA ratio.

Addressing long-standing challenges, Adani recalled the decade-long resistance faced while developing a coal mine in Australia, funded entirely through equity. He framed the achievement as a testament to the group’s resilience and commitment to energy security for India.

Adani concluded his speech by urging businesses to embrace sustainability, technology, and innovation. He emphasized the need to empower skilled workers and equip the next generation to balance tradition with transformation and legacy with sustainability.

The Adani Group, despite significant hurdles, continues to assert its position as a pioneering force in various sectors, navigating scrutiny and setbacks with a focus on resilience and growth.

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