Adani Group to focus more on green energy after surging profits: report
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New Delhi: The Adani Group can have a sigh of relief after its energy unit reported surging profits in fourth-quarter, according to a report.
Adani Green Energy Ltd.saw its income surging more than quadruple to Rs 507 crore ($62 million) in three months through March, Bloomberg reported based on the company’s statement on Monday.
The spike in profits comes amid the conglomerate’s efforts to weather the impact of a damning report by Hindenburg Research in January.
Chairman Gautam Adani reportedly said that the business is ‘ expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future’.
Renewables along with ports and power generation, according to the report, is prime focus of Adani Group.
This is despite the conglomerate has put a hold on investments as per previous media reports.
After Hindenburg Research accused the Adani Group of corporate fraud, the conglomerate lost ‘billions of dollars in market value’; however, in its reply to the report, the company denied wrong doing.
The report further said that Adani Group is planning to ‘raise about $800 million for new green energy projects’, adding that it held discussions with several leading global banks including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., among others.