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Adani chalks out $6 bn capex in Australia, Indonesia

Last Updated: Thursday, February 23, 2012 - 19:02

Mumbai: The diversified Adani Group, which is into energy, ports, shipping, mining and power generation, apart from agri business, on Thursday said it will invest USD six billion in overseas expansion by 2015, primarily in its Australian mining and related assets.

The Adani Group, which unveiled a new corporate identity on Thursday, also said the proposed investment is over and above the overall investment that will go into the group's various business interests under its 'vision 2020'.

"We will be investing USD six billion into our overseas assets (spread in Australia and Indonesia) by 2015," the billionaire group chairman Gautam Adani told reporters after launching the new logo.

When asked about the funding, Adani said it will be part debt, equity and internal accruals.

The group has coal mines in Australia's Queensland province and a port at Abbot, which it had bought two years ago for nearly USD 2 billion making it the single largest Indian investor down under. Besides, the group also has a coal mine in Indonesia.

The proposed investments will go into developing the Abbot Port (Adani Abbott Point Coal Terminal) and the Galilee Basin coal mines along with constructing of a railhead between coal mines and the port that is around 500-km away.

The group's Australian arm Adani Mining Pty has commenced its exploration in the Galilee Basin.

"We have commenced our mining exploration in the Galilee Basin in Queensland, marking the culmination of the first phase of our foray into Australia," he said.

Going forward, Adani said, the group will be focusing on three core business - resources, logistics (shipping and ports) and power, where he already is the leader among the private players with a commissioned capacity of 4,000 mw.

"To realise the potential of an integrated business model, we have decided to focus on three clusters - resources, logistics and energy, which will be our key growth drivers for a successful and sustainable future," Adani said.


First Published: Thursday, February 23, 2012 - 19:02
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