Adani to invest $6 bn in overseas expansion by 2015

The diversified Adani Group today said it will invest $6 billion in overseas expansion by 2015, mainly in Australian mining and related assets.

"We will be investing $6 billion into our overseas assets [spread in Australia and Indonesia] by 2015," group Chairman Gautam Adani told reporters here after unveiling a new corporate identity.

The group said the proposed investment is over and above the overall spending into the group's various business interests under its 'vision 2020'.

Adani said the funding will be a combination of 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. The group also has a coal mine in Indonesia.

The proposed investments will go into developing the Abbot Port (Adani Abbot 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," Adani said.

Going forward, he said, the group will be focusing on three core businesses -- resources, logistics (shipping and ports) and power, where the group 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.