Adani Group to pump $6 billion for expansion in Australia, Indonesia
As credit demand slackened, domestic banks investments in government-backed securities grew faster than their loan portfolios, the central bank said.
The diversified Adani Group, which is into energy, ports, shipping, mining and power generation, apart from agri business, today said it will invest $6 billion in overseas expansion by 2015, primarily in its Australian mining and related assets.
The Adani Group, which unveiled a new corporate identity today, 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 $6 billion into our overseas assets (spread in Australia and Indonesia) by 2015," the billionaire group chairman Gautam Adani said 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 $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.