Bringing more power to India is not just a slogan for some people. While some people make great riches in the shores outside India, there is a rare breed of business magnates, who toil to enrich India, and put it on the global map. Gautam Adani, who owns the Adani Group that dabbles in power and coal, has clear visions about electrifying the streets of India, quite literally. Gautam Adani’s group includes portfolios from ports to power.
On Wednesday, the shares of Adani Power soared by nearly 9%, right after media reported that the Central Electricity Regulatory Authority (CERC) has granted relief to the company. The stock soared and was capped at Rs 32.90 on the BSE (Bombay Stock Exchange). On the NSE (National Stock Exchange), it surged by 8.59% to close at Rs 32.85. It was indeed good news for Gautam Adani, as the company’s market valuation went up by Rs 689.42 crore.
Gautam Adani’s interest in the power sector has yielded a few marquee projects in India. One of them is the 648-MW solar park in Tamil Nadu’s Kamuthi area. Considered the world’s largest single location project, the park was established in 2016. Another 100-MW project in Punjab that boasts of being the largest project in India, works with the aid of Single Axis Tracking technology. This means lightening up the dark corners of India, where lakhs of people are still deprived of a basic necessity like electricity.
That’s not all. Gautam Adani entered Australia in 2010 with an aim to double the power yield for India. His buying the greenfield Carmichael coal mine in the Galilee Basin, and the Abbot Point port in Australia upset a lot of environmentalists, for they believed that work on the port will cut into the Great Barrier Reef World Heritage Area. The port, which is to be used for exporting coal to India, has faced stiff opposition since 2010 from the green groups.
Quite often, the environmentalists fighting against the Charmichael Port seems like being backed with an agenda other than the safeguard of the so-called deterioration of the Great Barrier Reef. For, the site has already been bleached and facing decay due to other pollutants that have been eroding the reef for decades now. What could be the reason then?
It’s not a very uncommon thing that developed nations are not keen on seeing India as a rising economy. For an Indian conglomerate like the Adani Group working on a $16.5 billion project outside the country might stick out like a sore thumb to business houses who are eyeing power projects in India.
Gautam Adani, in an interview, envisaged his vision that the conglomerate is also looking at green energy in Australia, besides coal. “The Adani Group plans to develop 1,500 MW of solar projects by 2022, he said.
“Like in India, we are investing heavily in renewable energy in Australia too,” he said. The Adani Group is expecting nods from the Australian federal and state government for the coal project.