Despite facing accusations and ongoing investigations, the Adani Group remains undeterred and continues to progress with its future plans. News emerged after the market closed on Thursday that the conglomerate is devising a new scheme. The Group is planning to raise a fund of 4 billion dollars for a green hydrogen project, which is equivalent to approximately 32,000 crores in Indian currency. This information has been sourced from insiders.
Today, one of the companies of the Adani Group, ACC, released its quarterly results, transitioning from a loss to a profit.
What’s Known So Far?
According to the sourced information, the Group is making efforts to gather the 4 billion dollars required to advance their green hydrogen project. Adani Enterprises’ fully-owned subsidiary, Adani New Industries, is in the initial stages of discussions with various domestic and international banks to amass the said amount.
Earlier in June this year, France’s Total Energies and the Adani Group jointly announced their intention to invest 5 billion dollars in green hydrogen production in India. Gautam Adani had previously expressed that 75% of the company’s total capital expenditure would be allocated towards green businesses. Over the next decade, the company intends to invest 20 billion dollars in renewable energy, green component manufacturing, and related infrastructure.
Adani Group’s Emphasis on Green Energy
With the Indian government intensifying its focus on green energy, the Adani Group has also prepared several ambitious plans in this sector. The Adani Group’s website clearly mentions that envisioning a scenario where hydrogen can be produced at less than one dollar per kilogram is not beyond reach. Such initiatives will not only help India reduce its dependence on fossil fuels but will also alleviate the high export burden on the nation’s treasury.
