Adani Group to invest $ 10-12 bn over next 4-5 years

AHMEDABAD: Adani Enterprises Limited (AEL), a flagship company of Adani group, today said it would invest close to $ 10-12 bn over the next four-five years to expand its domestic as well as global footprints.

"We shall be investing close to $ 10-12 bn over next 4-5 years period on the expansion of our overseas projects as well as domestic ones," Adani Group CFO and Executive Director Devang Desai told reporters.

The company has proposed to invest around $ 6.9 bn on the development of Galilee Coal Tenement in Queensland, Australia, which is among the largest ever investment made by an Indian firm there.

AEL has also proposed to invest $ 1.65 bn in setting up rail connectivity and a port in Sumatra region, Indonesia with the coal mining firm PT Bukit Asam Tbk.

"The proposed investment over 4-5 years includes acquisition of Abbot Point terminal in Australia for 1.8 bn AUD," Desai said, adding, the company is expected to complete the acquisition process by June this year.

AEL reported a jump of 173 per cent in its net profit at Rs 928 crore for the quarter ended March, 2011, against Rs 340 crore in the corresponding period an year ago, while the net profit for FY11 surged 169 per cent to Rs 2,476 crore as compared to Rs 919 crore in the year-ago period, he said.

The company sales grew by 2 per cent at Rs 26,405 crore in FY11 as compared to Rs 25,890 crore in the previous fiscal.