Adani Transmission will take Mumbai to 60% renewable power: Gautam Adani

Adani Group Chairman Gautam Adani, during the annual general meeting (AGM) on Tuesday, said that Adani Transmission would transform Mumbai into the first mega city in the world to achieve over 50 per cent – at 60 per cent – power from renewable sources like solar and wind.

“ATL will also take Mumbai to 60 per cent renewable power making it the first mega city in the world to achieve over 50 per cent power from solar and wind,” said Adani during his speech.

“I am also very pleased to state that ATL’s Mumbai distribution business achieved reliability of 99.99 per cent and was ranked the No.1 discom by the Union Ministry of Power,” he added. Gautam Adani stated that Adani Transmission is accelerating, with the transmission continuing to grow faster than the market.

He said that ATL’s revenues are anticipated to expand by 18 per cent and cross Rs 4,000 crore in annuity income.

Watch: Adani Enterprises AGM: Gautam Adani outlines Adani Green Energy, Adani Ports, NDTV other group firms' business plans; hits at Hindenburg report, says 'confident of our governance'

Meanwhile, Adani Power successfully commissioned the 1.6 GW ultra-supercritical Godda power plant that is now supplying power to Bangladesh, marking their entry into transnational power projects, he added. APL is also adding a 1.6 GW ultra-supercritical project in Mahan, Madhya Pradesh.

Speaking about the conglomerate, Gautam Adani said that the group is continuing to attract global investors. “In March 2023, we successfully executed a secondary transaction with GQG partners of $1.87 billion despite the volatile market conditions. Never in the history of our Group have I been able to list so many achievements – and I continue to remain grateful for all your support and faith in us,” he said.

In his speech to the shareholders, Adani said that they could have chosen to settle for average growth numbers or they could get up every morning believing that they are at the cusp of being one of the most impactful conglomerates in the nation. “44,000 Adanians made the latter choice,” he added.

Also read: Hindenburg report aimed at damaging our reputation, to drive down our stock prices: Gautam Adani at AGM 2023