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Adani Enterprises To Invest $4 Billion To Develop And Mine Coal Blocks (16-Dec-2011)

Indian-Commodity  :  Investment  :  Adani Enterprises To Invest $4 Billion To Develop And Mine Coal Blocks
Adani Enterprises To Invest $4 Billion To Develop And Mine Coal Blocks
Adani Enterprises, the flagship of the Adani Group is likely to spend more than $4 billion to develop and mine coal blocks awarded to its various joint ventures with state electricity boards. The company has also appointed Australian coal company Linc Energy as a mining operator in five coal blocks through a competitive tender process.

The company will also develop the infrastructure to deliver coal to projects under an agreement with electricity boards. Under this development it will acquire land, provide compensation to locals and wash coal before delivery to the various power projects being built by the Maharashtra, Gujarat and Chhattisgarh governments.

The entity has reported 63.16% fall in net profit for the quarter under review at Rs 46.02 crore. The company had posted a net profit of Rs 124.93 crore in the corresponding period last year. However, the company’s total income has surged by 94.44% at Rs 1702.97 crore for Q2FY12 as compared to Rs 875.83 crore for Q2FY11.
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