Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Commercial Paper (CP) 2000.00 - ACUITE A1+ | Reaffirmed
Total Outstanding Quantum (Rs. Cr) 2000.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the Rs. 2000 Cr Commercial Paper Programme of Adani Enterprises Limited (AEL).  

Key Updates
AEL and other listed companies of the Adani Group have witnessed a significant deterioration in their market capitalization over the last two weeks. The decline has been in the backdrop of a report released by Hindenburg Research, based in USA, on Jan 24, 2023 on the Adani Group, alleging stock manipulation and accounting fraud by the promoters. The report has also raised concerns on the high group leverage levels. Given the sharp decline in the share price and the potential losses to the investors, AEL scrapped its fund mobilization plans through the Rs.20,000 Cr FPO, which was to fund the capital expansion plans of the group and reduce debt from the promoters. 

Since the group has ambitious growth plans in the energy and infrastructure space, the current controversy may have an impact on its financial flexibility and may constrain its ability to raise equity or debt for its projects. This is likely to lead to a moderation in the pace of execution of AEL's and the group's capex plans. Acuité will continue to monitor the developments in this regard and the impact of the controversy on business and financial risk profile of AEL.

The reaffirmation of the rating is largely driven by the strong business position and long track record of AEL in commodity trading as well as its strategic role as an incubator of new businesses in the group. The rating had factored in the sizeable increase in debt in consolidated AEL (including all subsidiaries) in FY22 and the increase in external debt:EBITDA (excl. other income) levels to 6.9x in FY22 as against 4.1x in FY21(excluding the promoters’ debt). However, with additional cash flows from the airport business and the Australian coal project kicking in, the debt:EBITDA is expected to moderate in FY23 without considering any benefit from the scrapped FPO.

Acuité believes that the aggressive capex plans are likely to be scaled down in the near term till Adani Group’s access to funds strengthens again. AEL has current CP outstanding of Rs.1691.50 Cr as on Feb 02, 2023. Out of which ~Rs.1475 Cr. is expected to be redeemed in next two months i.e. Feb & Mar 2023. As per the management, the redemption will be carried out from internal accruals of the company and unencumbered cash and bank balances.


About Company

­Incorporated in 1993, AEL is a part of the Adani Group, promoted by Mr. Gautam Adani. The company at standalone level is primarily engaged in Integrated Resource Management (IRM) i.e. coal trading and logistic services, mining services and power trading business. AEL has diverse interests as an incubator of various businesses through its direct and stepdown subsidiaries. On a consolidated basis AEL has evolved into a diversified conglomerate engaged in diversified businesses in Transport sector through roads and airports and in utility sector through data center and water. Also, strategic businesses include Solar PV cell and module manufacturing, agro-processing (including sale of edible oil under the brand name `Fortune') & storage, commodities trading and oil & gas exploration. AEL has three established business streams namely, integrated resource management, mining services and solar manufacturing.

 

Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has considered consolidated financial and business risk profile of AEL. The entities consolidated include AEL (standalone) along-with all its subsidiaries & step-down subsidiaries as per the published results. The segments currently reported under AEL include IRM, mining services and other businesses mostly undertaken through subsidiaries (which includes Shipping, Bunkering, Agro- edible oil and commodities trading, agro-storage, airports, roads, water treatment plants and Solar PV manufacturing). List of consolidated entities given in the annexures below.

Key Rating Drivers

Strengths

­Vast experience of promoters and established track record in diverse business segments of AEL
AEL is the flagship company of the Adani Group. The group is a large and diversified conglomerate with varied interests across resources (Coal trading and mining services), logistics (ports and logistics, shipping and rail), energy (power generation, transmission and distribution) and ancillary activities. The group has forayed in other segments such as data centre services, airport, roads and water treatment plants etc. The major listed companies of the group are Adani Enterprises Limited (engaged in IRM, power trading, mining service, agro- processing & storage and Bunkering & Shipping among others), Adani Ports and SEZ Limited (engaged in port operations and logistics) Adani Power Limited (holds Group’s thermal and solar power projects), Adani Transmission Limited (holds group’s transmission assets), Adani Total Gas limited (engaged in city gas distribution), Adani Wilmar Limited (engaged in edible oil business) and Adani Green Energy Limited (engaged in renewable energy generation). AEL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). AEL is promoted by Mr. Gautam Adani, the Chairman and Founder of the Adani Group. Under his leadership, the Group has emerged as a global integrated infrastructure player with interest across resources, logistics and energy verticals. The promoters are well supported by professionally qualified and experienced management team. The Group has consistently demonstrated the ability to incubate and nurture new businesses under the flagship company i.e. AEL and scale them to a level so that they can be spun off into separate entities to create value for the stakeholders. AEL has recently acquired stake in Mumbai International Airport Limited (MIAL) and Navi Mumbai International Airport Limited (NMIAL) and the airport business is currently being incubated in AEL. Acuite believes AEL will continue to operate as Flagship Company of the group and play a leading role in incubating new businesses for the group. The Adani group entities have demonstrated their ability to raise short term and long term funding through various capital market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the group.

Improving revenue from established as well as developing businesses
AEL acts as an incubator for new businesses for the Adani Group. Its operations can broadly be classified into two segment- established business and developing business. Established segment include integrated resource management (IRM), mining services and solar manufacturing divisions and developing segment includes - roads, water projects, airports and data centres divisions.

In FY2022, the overall revenues of the group increased to Rs.69,420 Cr. in FY2022 against Rs.39,552 Cr. in FY2021. The established segment has seen a significant improvement in its revenue and profitability which stood at Rs. 65,345 Cr. in FY2022 against Rs. 39,370 Cr. in FY2021 while EBITDA (excluding other income) for the segment stood at Rs. 3664 Cr. in FY2022 against Rs. 3244 Cr. in FY2021. Furthermore, the overall revenues of the company further improved to Rs.79,000 Cr. with an EBITDA of Rs.4,100 Cr. during H1FY2023. The growth was majorly on account of strong performance from the IRM and airport business. The increase in revenue from established businesses in primarily on account better realisation due to sharp increase in the coal prices in the Q3 & Q4 of FY2022. The revenue and EBITDA from developing business has ramped up in FY2022 on account of Airports business to Rs. 5,088 Cr. and Rs. 921 Cr. against Rs. 1,062 Cr. and Rs. 15 Cr. in FY2021 respectively.

AEL has been amongst the leading importer of non-coking coal catering to the requirements of both private clients and public-sector undertakings for over two decades. AEL imports coal from Indonesia, Australia and South Africa and sells across major power producers. Also, apart from the back to back supply contracts, AEL maintains around 20-30 days inventory to meet the spot demand from its customers. Hence, it is exposed to short-term variation in imported coal prices under its stock-and-sale coal trading business. This has helped the IRM revenue to increase to Rs. 49263 Cr. in FY2022 against Rs. 24280 Cr. in FY2021 and EBITDA to improve to Rs. 1842 Cr. and Rs. 911 Cr. respectively for the same period. Coal trading volumes also increased to 64.4 MMT in FY2022 from 63.4 MMT in FY2021. Going forward revenue from coal trading is further expected to improve as AEL completed its capex in Australia and coal dispatches started from March 2022. Mining services business involves mining, processing, acquisition, exploration and development of mining assets. AEL has been acting as a mine developer and operator on behalf of Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), NLC India Limited (NLCIL), Chhattisgarh State Power Generation Company Ltd. (CSPGCL) for its coal requirements. It currently has 11 projects in had out of which 5 are operational and one of which became operational since April 2022. Further it has 6 ongoing project which are expected to become operational over the next 2-4 years. Revenues from mining services stood at Rs. 2360 Cr. in FY2022 and Rs. 2058 Cr. in FY2021 against EBITDA of Rs. 1075 Cr. in FY2022 against Rs. 1143 Cr. in FY2021. Mining volumes increased to 27.7 MMT in FY2022 from 17.5 MMT in FY2021. The decline in profitability has been on account of higher stripping ratio and higher operational costs. The solar PV cell & module manufacturing division of AEL is operated through Mundra Solar PV Limited (MSPVL) which is located at Mundra. MSPVL is largest integrated cell and module manufacturer in India with an installed capacity of 1.5 GW each for solar cell and solar modules which further expected to increase to 3.5 GW by Q2 FY2023. Revenue from solar manufacturing declined to Rs. 2558 Cr. in FY2022 against Rs. 2972 Cr. in FY2021 on account of lower EPC sales with significant decline in profitability to Rs. 379 Cr against Rs.828 Cr. for the same period. Manufacturing volumes also declined to 1104 MW in FY2022 against 1158 MW in FY2021. The decline in EBITDA is primarily on account of sharp increase in the input costs. AEL has acquired 7 airports under its subsidiary Adani airport holdings limited. It operates the Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruananthapuram airports. Further, it also has acquired the Navi Mumbai International airport which is expected to be operational by FY2025. Airports had seen an adverse impact on their operations on account of disruptions caused by the Covid 19 induced lockdowns. However, passenger volumes and air traffic movement have gradually improved in FY2022. Road projects are being undertaken under Adani Road Transport Limited (ARTL). It currently has 14 ongoing projects with 5 under build operate transfer model, 8 under hybrid annuity model and a project under the toll operate transfer model out which 1 is operational, 1 is near completion and rest are at various stages of completion. AEL also undertaking water projects under Adani Water Limited under the HAM projects. It currently has two ongoing projects. AEL also currently developing data centres under Adani Connex which is a JV between AEL and Edge Connex. In the initial phase Adani Connex will develop data centres at Chennai, Navi Mumbai, Noida, Vizag and Hyderabad.  

Acuité expects AEL's operating performance to improve over the medium term on account of stable operating performance from established businesses along with increased contribution from its newer businesses. 

Weaknesses

­Increase in debt levels due to huge capex plans partly mitigated by need based financial support from group companies
Total debt as on March 31, 2022 stood at around Rs. 39052 Cr (against Rs.16001 Cr in P. Y.) which consists of Rs. 9965 Cr of long term debt, debt from promoter and promoter group of Rs. 13356 Cr and short term borrowings of Rs.15731Cr. This increase on account of acquisition of MIAL and 6 other airports in Q2 of FY2022 which led to addition of significant debt and also on account of increased capex in its Australian project and airport business increased to Rs. 15400 Cr. as on March 31, 2022 against Rs. 4200 Cr as on March 31 2021. Total debt for its Australian project increased to Rs. 11300 Cr. as on March 31, 2022 against Rs. 1500 Cr. for the previous year. Although going forward additional debt requirement is expected to remain low for established businesses AEL is developing new businesses such as data centres, green hydrogen and roads and airports for which significant capex is planned. Any new capex is expected to be funded in 70:30 ratio. The company has planned capex of ~Rs. 40000 Cr. in FY2023 and another ~Rs. 40000 Cr. in FY2024. Hence additional debt of is expected to be added over the next two years. The company previously announced fund mobilization through a Rs.20,000 Cr. FPO which is scrapped by the management. Acuité believe that the aggressive capex plans will be scaled down in the near term till the access to funds improves again for the company.

Furthermore, the management has stated its goal to maintain its external debt to EBITDA around 6 times. This is expected to achieve through two key streams. Continued profitability from the established IRM, Mining and Solar Businesses (Australia project has started commercial operations and ongoing capacity addition in mining and solar business) and increased contribution through the developing businesses especially the airport segment, where the performance has been subdued on account of spread of covid disruptions to travel. AEL has followed an aggressive leverage policy, with its external debt to EBITDA (excluding other income) increasing to 6.92 times for FY2022 (excluding promoters’ debt) as against 4.13 times for FY2021. This increase in debt to EBITDA is primarily on account of increase in debt for capex in its Australian subsidiary and airport business which have contributed significantly to the debt without corresponding contributions to the profitability. However, with additional cash flows from the airport business and the Australian coal project kicking in, the debt : EBITDA is expected to moderate in FY23. The above risk of high gearing due to upcoming capex plans is partially mitigated as AEL can receive need-based funding support being a part of Adani Group. The promoters of Adani group hold over 51 per cent of shares in the Group's listed companies as on March 31 2022 i.e. AEL (74.9 per cent), Adani Power Limited (APL – 74.9 per cent), Adani Ports and Special Economic Zone Limited (APSEZL – 63.7 per cent), Adani Transmission Limited (ATL - 74.9 per cent), Adani Total Gas Limited (AGL- 74.8 per cent) Adani Green Energy Limited (AGEL- 56.3 per cent) and Adani Wilmar Limited (44%) . The aggregate market cap of all these listed entities as on Feb 08, 2023 was over Rs. 9 lakh Cr. The Adani group entities have demonstrated their ability to raise short term and long-term funding through various capital market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the company/group. Acuité believes any higher-than-expected debt funded capex and subsequently debt addition will lead to breach of debt to EBITDA above 6 times thus imparting a negative bias to the rating. AEL demonstrated propensity towards incubating businesses by significantly leveraging its balance sheet.

ESG Factors Relevant for Rating

­For the commodity trading industry, green supply chain, GHG emissions, energy efficiency, environmental management and waste management are significant environmental factors. The industry is primarily exposed to social issues such as community support and development, employee safety, employment quality, product quality and human rights. Additionally, key material issues such as product responsibility, product safety, responsible procurement and employee development have a significant impact on the social scores for this industry. The relevant corporate governance factors include anti-competitive behaviour, business ethics, management compensation and board independence. Moreover, board diversity and compensation, audit committee effectiveness, financial audit & control and shareholders’ rights are the other key material issues for this industry.  AEL has a moderate track record in ESG performance with improvement observed in governance and social factors over the last 1-2 years. The company's strength lies in board independence, financial audit and control and community services. The group has seen a few controversies in the recent past but nothing of a serious nature has emerged so far.

 
Rating Sensitivities
  • ­Consolidated external Debt to operating EBITDA of AEL to remain below 6 times on sustained basis
  • Timely completion of the proposed capex plans without major time and cost overruns
  • Any significant regulatory challenge in any of the group’s core businesses 

 

 
Material Covenants
None
 
Liquidity Position
Adequate

­On a consolidated basis, AEL’s cash accruals for FY2022 stood at Rs 2035 Cr. The unencumbered cash and cash equivalent stood at Rs.912 Cr as on March 31 2022. The company’s operations are however, working capital intensive marked by Gross Current Assets (GCA) days of 146 in FY2022, which are mainly dominated by receivables of 72 days. The CP outstanding as on Feb 02, 2023 was Rs. 1691.50 Cr as compared to the rated programme of Rs.2000 Cr, which provides adequate cushion for any short-term working capital requirements. The unutilized CP limits, working capital limits as well as available cash and cash equivalent provide cushion to some extent. Further, the Adani group entities have demonstrated their ability to raise short term and long term funding through various capital market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the company/group. 

 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 69420.18 39551.97
PAT Rs. Cr. 787.70 1045.76
PAT Margin (%) 1.13 2.64
Total Debt/Tangible Net Worth Times 2.50 1.18
PBDIT/Interest Times 1.99 2.40
Status of non-cooperation with previous CRA (if applicable)

Not Applicable

 
Any Other Information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
27 Jan 2023 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
14 Jun 2022 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
11 Jun 2021 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
11 Jun 2020 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Not Applicable Not Applicable Commercial Paper Program Not Applicable Not Applicable Not Applicable 2000.00 Simple ACUITE A1+ | Reaffirmed
­
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt Support)
Sr. No. Company Name Type of Entity
1 Adani Aerospace And Defence Limited Subsidiaries
2 Adani Agri Fresh Limited Subsidiaries
3 Ahmedabad International Airport Limited Subsidiaries
4 Adani Airport Holdings Limited Subsidiaries
5 Adani Bunkering Private Limited Subsidiaries
6 Adani Cement Industries Limited Subsidiaries
7 Adani Cementation Limited Subsidiaries
8 Adani Commodities LLP Subsidiaries
9 Adani Defence Systems And Technologies Limited Subsidiaries
10 Adani Green Technology Limited Subsidiaries
11 Guwahati International Airport Limited Subsidiaries
12 Adani Infrastructure Private Limited Subsidiaries
13 Adani Welspun Exploration Limited Subsidiaries
14 Agneya Systems Limited Subsidiaries
15 Alpha Design Technologies Private Limited (Consolidated) Subsidiaries
16 AP Mineral Resources Private Limited Subsidiaries
17 Azhiyur Vengalam Road Private Limited Subsidiaries
18 Badakumari Karki Road Private Limited Subsidiaries
19 Bailadila Iron Ore Mining Private Limited Subsidiaries
20 Bilaspur Patharpali Road Private Limited Subsidiaries
21 Brahmaputra Metropolis Solutions Limited Subsidiaries
22 Carroballista Systems Limited Subsidiaries
23 CG Natural Resources Private Limited Subsidiaries
24 Mundra Solar Limited Subsidiaries
25 Adani Water Limited Subsidiaries
26 Gare Palma II Collieries Private Limited Subsidiaries
27 Gare Pelma III Collieries Limited Subsidiaries
28 Gidhmuri Paturia Collieries Private Limited Subsidiaries
29 Gomti Metropolis Solutions Limited Subsidiaries
30 Jhar Mineral Resources Private Limited Subsidiaries
31 Kodad Khammam Road Private Liniited Subsidiaries
32 Kurmitar Iron Ore Mining Private Limited Subsidiaries
33 Kutch Copper Limited Subsidiaries
34 Mahaguj Power 'LLP Subsidiaries
35 Mahanadi Mines & Minerals Private Limited Subsidiaries
36 Mancherial Repallewada Road Pvt Limited Subsidiaries
37 MH Natural Resources Private Limited Subsidiaries
38 MP Natural Resources Private Limited Subsidiaries
39 Mundra Copper Limited Subsidiaries
40 Mundra Petrochem Limited Subsidiaries
41 Mundra Solar Energy Limited Subsidiaries
42 Mundra Solar PV Limited Subsidiaries
43 Mundra Synenergy Limited Subsidiaries
44 Mangaluru International Airport Limited Subsidiaries
45 Adani Metro Transport Limited Subsidiaries
46 Adani Naval Defence Systems And Technologies Limited Subsidiaries
47 Adani Railways Transport Limited Subsidiaries
48 Horizon Aero Solutions Limited Subsidiaries
49 Adani Resources Private Limited Subsidiaries
50 Adani Road O&M Limited Subsidiaries
51 Adani Road Transport Limited Subsidiaries
52 Adani Shipping India Private Limited Subsidiaries
53 TRV (Kerala) International Airport Limited Subsidiaries
54 Adani Tradecom Limited Subsidiaries
55 Adani Tradewing LLP Subsidiaries
56 PRS Tolls Private Limited Subsidiaries
57 Rajasthan Collieries Limited Subsidiaries
58 Rajputana Smart Solutions Limited Subsidiaries
59 Sabarmati Infrastructure Services Limited Subsidiaries
60 Stratatech Mineral Resources Private Limited Subsidiaries
61 Surguja Power Private Limited Subsidiaries
62 Suryapet Khammam Road Pvt Limited Subsidiaries
63 Talabira (Odisha) Mining Private Limited Subsidiaries
64 Vijayawada Bypass Project Private Limited Subsidiaries
65 Vijaynagara Smart Solutions. Limited Subsidiaries
66 Vizag Tech Park Limited Subsidiaries
67 Aanya Maritime Inc . Subsidiaries
68 Aashna Maritime Inc. Subsidiaries
69 Adani Australia Pty Ltd Subsidiaries
70 Adani Global {Switzerland) LLC Subsidiaries
71 Adani Global DMCC Subsidiaries
72 Adani Global FZE Subsidiaries
73 Adani Global Limited Subsidiaries
74 Adani Global Pte Limited Subsidiaries
75 Adani Global Royal Holding Pte Limited Subsidiaries
76 Adani Infrastructure Pty Limited Subsidiaries
77 Adani Minerals Pty Limited Subsidiaries
78 Adani Mining Pty Limited Subsidiaries
79 Adani North America Inc Subsidiaries
80 Adani Renewable Asset Holdings Pty Limited Subsidiaries
81 Adani RenewabIe Assets Holdings Trust Subsidiaries
82 Adani Renewable Assets Pty Limited Subsidiaries
83 Adani Renewable Assets Trust Subsidiaries
84 Adani RugbJ Run Finance Pty Ltd Subsidiaries
85 Adani Rugby Run Pty Limited Subsidiaries
86 Adani Rugby Run Trust Subsidiaries
87 Mundra Windtech Limited Subsidiaries
88 Nanasa Pidgaon Road Private Limited Subsidiaries
89 Natural Growers Private Limited Subsidiaries
90 Ordefence Systems Limited Subsidiaries
91 Panagarh Palsit Road Private Limited Subsidiaries
92 Parsa Kente Collieries Limited Subsidiaries
93 Periyar Infrastructure Services Limited Subsidiaries
94 PLR Systems Private Limited Subsidiaries
95 Prayagraj Water Private Limited Subsidiaries
96 Jaipur Intemational Airport Limited Subsidiaries
97 Lucknow International Airport Limiteci Subsidiaries
98 Queensland Ripa Holdings Pty Ltd Subsidiaries
99 Queensland Ripa Holdings Trust Subsidiaries
100 Queensland Ripa Pty Ltd Subsidiaries
101 Queensland Ripa Trust Subsidiaries
102 Rahi Shipping Pte Limited Subsidiaries
103 Urja Maritime Inc Subsidiaries
104 Vanshi Shipping Pte Limited Subsidiaries
105 Whyalla Renewable Holdings Pty Ltd Subsidiaries
106 Bowen Rail Company Pty Limited Subsidiaries
107 Bowen Rail Operation Pte Limited Subsidiaries
108 Mumbal International Airport Limited Subsidiaries
109 Navi Mumbai International Airport Private Limited Subsidiaries
110 Bhagalpur Waste Water Limited Subsidiaries
111 GVK Airport Developers Limited Subsidiaries
112 GVK Airport Holdings Limited Subsidiaries
113 Adani Data Networks Limited Subsidiaries
114 Adani New Industries Limited Subsidiaries
115 April Moon Retail Private Limited Subsidiaries
116 Astraeus Services IFSC Limited Subsidiaries
117 Adani Copper Tubes Limited Subsidiaries
118 Adani Shipping Pte Limited Subsidiaries
119 Galilee Basin Conservation And Research Fund Subsidiaries
120 Galilee Biodiversity Company Pty Limited Subsidiaries
121 Galilee Transmission Holdings Pty Limited Subsidiaries
122 Galilee Transmission Holdings Trust Subsidiaries
123 Galilee Transmission Pty Limited Subsidiaries
124 North West Rail Holdings Pty Limited Subsidiaries
125 NW Rail Operations Pte Limited Subsidiaries
126 PT Adani Global (Consolidated) Subsidiaries
127 PT Adani Global Coal Trading Subsidiaries
128 Adani Tradex LLP Subsidiaries
129 Unnao Prayagraj Road Private Limited Subsidiaries
130 Whyalla Renewable Holdings Trust Subsidiaries
131 Whyalla Renewables Pty Ltd Subsidiaries
132 Whyalla Renewables Trust Subsidiaries
133 Adani Solar USA Inc Subsidiaries
134 Adani Solar USA LLC Subsidiaries
135 Hartsel Solar LLC Subsidiaries
136 Midlands Parent LLC Subsidiaries
137 Oakwood Construction Services Inc Subsidiaries
138 Seafront Segregated Portfolio Subsidiaries
139 PLR Systems (India) Limited Subsidiaries
140 Adani Petrochemicals Limited Subsidiaries
141 Adani Digital Labs Private Limited Subsidiaries
142 Jhar Mining Infra Private Limited Subsidiaries
143 Bangalore Airport & Infrastructure Developers Limited Subsidiaries
144 Budaun Hardoi Road Private Limited Subsidiaries
145 Hardoi Unnao Road Private Limited Subsidiaries
146 Mumbai Travel Retail Private Limited Subsidiaries
147 Mundra Aluminium Limited Subsidiaries
148 Mundra Solar Technology Limited Subsidiaries
149 Bengal Tech Park Limited Subsidiaries
150 PT Coal Indonesia Subsidiaries
151 PT Sumber Bara Subsidiaries
152 PT Energy Resources Subsidiaries
153 PT Niaga Antar Bangsa Subsidiaries
154 PT Niaga Lintas Samudra Subsidiaries
155 PT Gemilang Pusaka Pertiwi Subsidiaries
156 PT Hasta Mundra Subsidiaries
157 PT Lamindo Inter Multikon Subsidiaries
158 PT Suar Harapan Bangsa Subsidiaries
159 PT Tambang Sejahtera Bersama Subsidiaries
160 Flaire Unmanned Systems Private Limited Subsidiaries
161 Adani - Elbit Advance Systems India Limited Subsidiaries
162 Adani Power Resources Limited Jointly Controlled Entities and Associates
163 Comprotech Engineering Private Limited Jointly Controlled Entities and Associates
164 GSPC LNG Limited Jointly Controlled Entities and Associates
165 Mumbai International Airport Limited Jointly Controlled Entities and Associates
166 Vishakha Industries Private Limited Jointly Controlled Entities and Associates
167 Vishakha Pipes and Moulding Private Limited Jointly Controlled Entities and Associates
168 AdaniConnex Private Limited Jointly Controlled Entities and Associates
169 Adani Wilmar Limited (Consolidated) Jointly Controlled Entities and Associates
170 Carmichael Rail Development Company Pty Limited Jointly Controlled Entities and Associates
171 Mumbai Aviation Fuel Farm Facilitv Private Limited Jointly Controlled Entities and Associates
172 DC Development Noida Private Limited Jointly Controlled Entities and Associates
173 Cleartrip Private Limited Jointly Controlled Entities and Associates
174 Pune Data Center Limited Jointly Controlled Entities and Associates
175 Noida Data Center Limited Jointly Controlled Entities and Associates
176 Carmichael Rail Network Trust Jointly Controlled Entities and Associates
177 Mundra Solar Technopark Private Limited Jointly Controlled Entities and Associates
178 Adani Global Resources Pte Limited Jointly Controlled Entities and Associates
179 Adani Total LNG Singapore Pte Limited Jointly Controlled Entities and Associates
180 Adani Wilmar Pte Limited (Consolidated) Jointly Controlled Entities and Associates
181 Carmichael Rail Assets Holdings Trust Jointly Controlled Entities and Associates
182 Carmichael Rail Network Holdings Pty Limited Jointly Controlled Entities and Associates
183 Carmichael Rail Network Pty Limited Jointly Controlled Entities and Associates
184 Mumbai Airport Lounge Services Private Limited Jointly Controlled Entities and Associates
185 Maharashtra Border Check Post Network Limited Jointly Controlled Entities and Associates
186 Unyde Svstems Private Limited Jointly Controlled Entities and Associates
187 Mumbai Data Center Limited Jointly Controlled Entities and Associates
188 DC Development Hvderabad Private Limited Jointly Controlled Entities and Associates
189 Vishakha Polyfabs Private Limited Jointly Controlled Entities and Associates
190 KTV Health and Foods Private Limited Jointly Controlled Entities and Associates
191 KOG KTV Food Products (India) Private Limited Jointly Controlled Entities and Associates
192 Golden Valley Agrotech Private Limited Jointly Controlled Entities and Associates
193 AWN Agro Private Limited Jointly Controlled Entities and Associates
194 AWL Edible Oils and Foods Private Limited Jointly Controlled Entities and Associates
195 Autotech Systems Private Limited Jointly Controlled Entities and Associates
196 Sigurd Solar LLC Jointly Controlled Entities and Associates
 

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