The Adani Group: Building a profitable value-chain and a ... · The Adani Group: Building a...

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AIIM/GEN/2017-001

Pub: 21st Nov. 2017

Diptiranjan Mahapatra

Kamal Kishore Sharma

Amit Karna

The Adani Group: Building a profitable value-chain

and a professional organization

This case-study describes the evolution of The Adani Group as one of India’s foremost business group in a very short span of two decades. The growth and success of Adani Group is a perfect example of the shining Indian corporate that has emerged as a winner in the post-liberalization history of modern India. This case begins with the entrepreneurial story of the founder-chairman Gautam Adani, and ends with a future challenge in front of the management of the group: how to maintain a profitable value-chain and yet professionalize the organization without giving up the core values that it stands for.

Author Note: This case was developed based on published sources as well as interviews with the top management of the various companies of The Adani Group. The case is developed solely as a basis of case discussion. The case is not intended to serve as endorsement, source of primary data, or an illustration of effective or ineffective management. The authors are thankful for the support and guidance provided by Prof. Bakul Dholakia and various executives from Adani Group during the writing of the case.

Prof. Diptiranjan Mahapatra & Prof. Kamal Kishore Sharma, Adani Institute of Infrastructure Management, Ahmedabad and Prof. Amit Karna EBS – European Business School, Germany.

Copyright @ 2017, Adani Institute of Infrastructure Management, Ahmedabad. To order copies or request permission to reproduce materials, write Adani Institute of Infrastructure Management ([email protected]) or go to http://www.aii.ac.in/aiim/aiim-case-center/. No part of this publication may be reproduced, stored in repositories, used in a spreadsheet, or transmitted in any form or by any means-electronic, photocopying, recording without the permission of Adani Institute of Infrastructure Management.

Adani Institute of Infrastructure Management, Ahmedabad

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The Adani Group: Building a profitable value-chain and a professional organization

We are and will be the #1 private player in all of our core businesses across resources, logistics, and energy.

- Gautam S. Adani(Founder Chairman of Adani Group)

It was a pleasant autumn evening on the 9th of November 2012, when the lush green lawn of Adani Management Development Centre (AMDC) in Ahmedabad, India was abuzz with activities. There was an army of consultants that had flown into the Centre for the first kick-off interaction of the largest business transformation (BT) initiative that the Adani group was about to witness in its two decade history. The founder chairman Mr. Gautam Adani, fondly known as Gautambhai by all who work with him, had recently described this exercise as one of the most ambitious projects:

“To achieve this we have launched one of the most ambitious business process transformation exercises that will look through our entire integrated value chain and analyze how well and effectively we execute processes that will be necessary to achieve our ambitious future targets – without diluting our entrepreneurial culture.”

As consultants in dark suits embarked upon the Centre, there was a visible excitement among the top managers of Adani group, who had gathered to listen to the founder Chairman lay down his vision for the BT and his take on the growth of the various businesses of Adani Group. As Gautam drove down to the AMDC in his car, the entire history of the group ran through his mind in a flash. THE ADANI GROUP Founded in 1988, the Adani Group is one of India’s fastest-growing business houses with a $ 6 billion turnover in 2011. From being a trusted trading house, Adani Group is now a multinational conglomerate with diverse ventures spanning commodity trading, mining, development of infrastructure, energy, logistics, and real estate. It currently employs over 11000 employees spread across businesses located in various states of India, Australia, and Indonesia and also across the globe through its coal trading & logistic services businesses. Adani Group’s success at building competencies by synergizing expertise and integrating its business model are the factors that have fuelled their high growth in the last one decade. The entire business of the group is organized under several listed & unlisted companies (Exhibit 1). Adani Enterprises Ltd., Adani Power Ltd and Adani Port and Special Economic Zone Ltd. are listed on The National Stock Exchange of India (NSE) and The Bombay Stock Exchange (BSE) which together had a market capitalization of over INR 742 billion (as per the closing prices on March 31, 2011), making the Adani Group India’s 4th largest business group by market capitalization as on March 31, 2011.The promoters held more than two-thirds of the combined shareholding in these three listed entities as on 30 September 2012.

In 2012, the Adani group embarked on a branding makeover exercise aimed at transforming itself into an Indian multinational that has operations across the globe. The group intends to leverage its new brand across its business with a “One Vision, One Brand, One Team” philosophy, a new tagline, redefined set of values and group culture and a reformulated 2020 vision. Exhibit 2 outlines the key set of values, culture and organizational setup of the group.

AIIM/2017-001 The Adani Group: Building a profitable value-chain and a professional organization

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History of the Adani Group Gautam Adani’s rags to riches story began in the narrow by lane – Seth ni Pol – within Ahmedabad’s walled city area of Ratanpole. Gautam was born on June 24, 1962 to a cloth trader Shantilal Adani and his wife Shantaben Adani, who had migrated to Ahmedabad from the dusty North Gujarat town Tharad in search of livelihood. One of the eight children, Gautam dropped out of school at the age of 15 after he completed his class 10 and headed for the city of dreams — Mumbai. Confessing that the streets of Ahmedabad and Mumbai were his classrooms, Adani credits his success to his risk taking ability. “I did not want to join my father’s business but wanted to create something different.” Gautam remembers his journey from Ahmedabad to his first job as a sorter in a diamond trading firm Mahendra Brothers in Mumbai. “I boarded an unreserved compartment of Gujarat Mail from Ahmedabad to Mumbai with just a few hundred rupees in my pocket. I worked with the diamond trading firm for two years, after which I made my first 100,000 Rupees1 from my own diamond brokerage outfit at Zaveri Bazaar in Mumbai. I was 18 then,” recalls the simple, god-fearing Gujarati businessman, who still loves his plate of sevmamra2and simple vegetarian food. Gautam came back to Ahmedabad in 1981 – on the insistence of his parents and elder brother, who started a small manufacturing unit to manufacture polythene bags used to pack Sarees3. This small unit to manufacture 10 MT Poly-vinyl chloride (PVC) was started by Gautam’s elder brother Mansukhbhai. Gautam claims to have gained his most important business lessons while managing this unit in the first few years. The seeds of export-import business were sown when Gautam looked for ways to fix the insufficient supply of the main raw material for his unit – PVC resin that was supplied up to only 15 – 20% of the total requirement. The supply of PVC was regulated by the government and hence became a bottleneck preventing the unit being run on a continuous basis. The PVC resin supply was made on the basis of past consumption, and the cartels operated to regulate the supply and keep up the prices artificially. In 1985, the partial liberalization of Indian economy ushered in a revamped import-export policy. The government’s revised policy provided for the relaxation, and that made Gautam think about revamping the sourcing of PVC. This was still a challenge because although import-export was slightly favourable than before, there were several hurdles to be passed before he could start importing PVC resin. Gautam started visiting Gujarat State Export Corporation (GSEC) – the state government’s export regulator and ordered for his PVC imports under the names of the small industries in Gujarat that had unused import licences. This turned out to be a winning proposition, and Gautam was successful in importing enough PVC to run his manufacturing unit to the fullest capacity. This got him orders from neighbouring units to procure PVC from him, thus waking up the trader inside him to shift the focus of business from manufacturing polythene bags, to becoming an importer of PVC, a business where he was able to add more value based on his trading skills developed during his diamond trading days. He started importing PVC, and shifted the entire PVC business from Mumbai (then Bombay) to Ahmedabad. In late 80s, when the import norms relaxed, he formed his own venture Adani Exports Ltd. and discontinued import through GSEC. In 1992, Adani Exports Ltd. became a publicly listed company and he was able to raise money successfully, although there was still a lack of asset-building within his empire. Between 1985 and 1992, Gautam expanded the trading portfolio to include commodities other than PVC. 1 55 Indian Rupees = 1 USD

2A regional favorite snack made of puffed rice and gram flour noodles

3An Indian dress worn by women

The Adani Group: Building a profitable value-chain and a professional organization AIIM/2017-001

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In 1993, one of Gautam’s suppliers, US based Cargill foods approached him with an interesting plan. They wanted to setup a salt manufacturing facility in India along with a captive jetty. Upon detailed analysis and research based on satellite imagery, Cargill identified a piece of land in Kutch, Gujarat that would be the ideal place to set up the facility. They were looking for an Indian partner, and hence approached Gautam to form a JV for the purpose. Gautam, along with his team, applied for land to the state government, and received around 7000 Hectares of land. Although the planned economy of India was opening up gradually, there was no concept of private port management in India in the mid-90s. In 1995, the opposition party announced port development as a part of their manifesto, and was subsequently voted into power. This increased the speed of port development, and Adani’s jetty development plan suddenly caught speed. With government’s decision to allow 100 per cent FDI, Cargill became overambitious and insisted for a stake of 89 per cent which was not acceptable to the Adanis. In the meantime, Cargill developed cold-feet, and decided to withdraw from the salt project and Adani was left alone with a huge land approved by the government for development as a port. Adani was left wondering what to do with the land, but was aware that there was a perennial waiting time for ships to be anchored in the neighbouring Kandla port – the busiest port in the country. This made him think about venturing into the port business on his own. This was a turning point in the fortune of the group that was to determine the group’s future success trajectory. Gautam had to expand his team in order to handle this large venture. At the same time, Dr. Malay Mahadevia, a neighbour and family friend, was looking for some activities beyond his regular profession of being a dentist. Gautam asked him if he would like to join him on the port project. Malay, who had no idea of how a port would be managed, expressed his interest out of curiosity. With no experience in running a port, together they transformed the barren land around the sea coast in Mundra, Gujarat, into one of the busiest and the most efficient port in the Eastern Hemisphere. Starting as a trading entity, Adani has transformed itself into a conglomerate with an integrated business model in the energy infrastructure domain. The history of Adani Group is outlined in the Exhibit 3. INTEGRATED BUSINESS MODEL At the end of financial year 2011-12, the Adani Group had a strong portfolio of complementary and integrated infrastructure businesses with an expanding international presence. As part of the recent strategic restructuring, Gautam Adani announced that the Group’s future business focus will be on three components: resources, logistics and energy. Coal production from mines, coal trading business, oil & gas exploration & production will constitute the resources business. The logistics component would cover a large network of Port businesses, Special Economic Zones and multi-modal logistic businesses related to rail and sea transport. Energy businesses component comprises of power generation, power transmission and compressed natural gas (CNG) distribution. As per management's estimate the three together will account for more than 90% of their revenues in the next decade. Exhibits 4 outline the evolution of Adani’s integrated business model. Exhibits 5a-5d outline the operations of Adani’s various businesses in greater detail. Exhibit 6 provides a geographical overview of Adani’s business locations within India. Integration among the businesses in the focus areas has been the key to successful project execution & operations so far and will continue to remain so much so that within the resources and logistics businesses, half of their revenue is slated to come from integrated operations. As the group’s new strategy stated:


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"Statistics about the economic context and growth are important. But they risk missing the bigger picture: we are here for our customers’ customers. Our mines, ports and power plants help people to work, shop, cook, read and go about improving their daily lives." Apart from the above three core integrated infrastructure focus areas, the Adani group also retains a strong portfolio of agri-businesses that encompass a range of cooking and baking products including Fortune - India’s largest selling edible oil brand and agro-product sourcing & storage at multiple facilities across India. Business segment 1: Resources As a strategic resource that India incorporated has faced challenges in sourcing, coal represented as one of the most important natural resources necessary for the growth of the country. Adani group prided itself as being well placed to help overcome those challenges. They developed and operated mines in India, Indonesia and Australia as well as imported and traded coal from many other countries. They also had extensive interests in oil and gas exploration. Extractive capacity was scheduled to increase from 3 MMT of thermal coal in 2011 to 200 MMT per annum by 2020, making Adani one of the largest mining groups in the world. They also imported 29.37 million MT of coal making them the largest coal importer in India in 2011. Coal Mining

1. Coal mining in Indonesia: Indonesia has been one of the largest coal suppliers to the global industries. Adani entered Indonesia through a wholly-owned subsidiary PT Adani Global that was awarded coal mining concessions in PT Lamindo Inter Multikon and PT Mitra Niaga Mulia (its step down subsidiaries) in Bunyu Island, Indonesia from which coal is used for the captive consumption in power projects being developed by Adani Power Ltd. in Mundra. The Bunyu Mine has reserves of approx. 180 million metric tonnes and 2.22 million metric tonnes (MMT) of coal was mined from the same during the year 2011-12. The Company has further invested in machinery (Continuous Miner) which will increase the coal mining capacity in the future.

2. Coal mining in Australia: Australia offered another big opportunity for coal sourcing and Adani group through its step down subsidiary, Adani Mining Pty Limited, has acquired 100% interest in the Galilee Coal Tenement in Queensland, Australia having estimated resource of 10.4 billion tonnes. The mine is capable of producing up to 100 million tonnes of coal at peak capacity. The coal mine is located in Central Queensland, approx. 300 km south of Townsville and 280 km west of Mackay. The proposed investment by the Company in Australia represents the largest ever Indian investment in Australia. The Company will also be developing associated rail and port facilities to evacuate coal from the Mine. The company is targeting first coal by the end of FY 2015 and a production of between 50 and 60 MMTPA to be achieved by FY 2022.

3. Coal mining in India: As a part of continuing liberalisation in core sectors, Indian

Government promoted the public private partnership model to attract investment flows into the coal mining sector. The Government sector companies, which are allotted coal blocks, appoint a mine developer and operator (“MDO”) to undertake all activities relating to the development and operations of a coal block allotted. Exhbit-5provides an overview of Indian coal blocks allocated to Adani Group.


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Coal Trading Adani Enterprises is the largest Integrated Coal Manager (ICM) for a large body of power producers and other users. It continues to improve this business by expanding its sourcing network, cost effective shipping and timely door delivery structure at the power stations. The company has entered into long-term arrangement for uninterrupted supply of imported coal with some of the biggest suppliers in Indonesia, South Africa and Australia. The group later bought coal assets from Australia’s Linc Energy for a total $2.72bn in 2010. Not surprisingly, the company is now entering the coking coal business to meet growing demand for the mineral from Indian steel companies. The Company undertakes coal trading business directly and through its subsidiaries, Adani Global FZE, Dubai and Adani Global Pte. Ltd., Singapore.

As India’s power demand soars, the importance of coal increases in the overall power value chain. Although India is one of the largest coal consuming and producing nations in the world, it heavily depends on imported coal, both thermal as well as coking. This dependence could not have come at a more opportune time for consolidating the group’s coal trading business. Consequently, Adani Enterprises is today the largest private sector coal importer into India accounting for half of imported thermal coal in India. The group’s entry into power generation business was able to leverage the group’s coal sourcing prowess.

Power Trading AEL set up a Power Trading Division in September, 2003 which obtained license from Central Electricity Regulatory Commission (CERC) in the same year. Till March 2009, the division traded more than 9.7 Billion Units of power and plans to increase the volume to 5000 Million Units per annum over the next five years. Consequently, the company has been awarded the highest category "Category I" license for trading in power by the Central Electricity Regulatory Commission (CERC) in 2003, wherein the company can undertake trading of more than 1,000 Million Units of electricity during the year with transmission priority on national grid, covering the jurisdiction of the entire country for the next 25 years. Oil & Gas Exploration As part of strategy that the group believes would provide it a strong hedge against some of the other more volatile businesses such as commodity trading that it is engaged in, Adani Enterprises Limited has been evaluating an entry into the oil and gas business on its own and also through collaboration. Adani Welspun Exploration Ltd. (AWEL) is an Oil & Gas Exploration & Production 65:35Joint Venture between Adani Group and Welspun Group, a global conglomerate. AWEL is engaged in the exploration of oil and gas in onshore and offshore blocks in India and overseas, having asset portfolio comprising of five oil blocks across India, two blocks in Thailand and one in Egypt. Out of these eight blocks, AWEL is operator in five blocks and all these blocks are at the exploration stage. Among these five blocks, AWEL is under active exploration in three blocks viz. Palej in Gujarat, Assam and Mumbai. Recently, the group was evaluating a possible bid for some of the Canadian oil sands assets being divested by ConocoPhillips. Business segment 2: Logistics Adani Group has a strong presence in port building, port operations and port related logistics. Buoyed by the policy of opening of port development for private sector, the Adani group’s first port project was initiated at Mundra in Kutch district of Gujarat was initiated in 1998 as a logistic base for its international trade operations by leveraging


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its primary knowledge of the shipping sector gathered from the previous decade of international trade experience. The Mundra port project is now a listed subsidiary at Indian bourses by the name Adani Ports and Special Economic Zone Limited (APSEZL). APSEZL is located in a special economic zone (SEZ)4 carved out in the Mundra locality. It is the largest private port in India and is aided by its deep draft facility, sound infrastructure, and SEZ status. It is also well connected via road, railway and pipelines to the economic hinterlands of North and West India. At a single port location, the Mundra port, which started commercial operations in Oct 2001 cargo volume consistently grew at a compounded rate of 35% and handled 64.01 Million Tonnes (MT) of cargo in 2012 which made it the largest private commercial port in India, 4th in terms of Total Cargo handled and 3rd in terms of Container Cargo handled amongst all major commercial ports in India. Apart from Mundra, APSEZL owns and operates two more ports at Dahej in India and Abbot Point in Australia. Adani Abbot Point Coal Terminal (AAPCT), taken over in March 2012, also formerly known as APCT, is a modern, deep-water, fast turnaround port facility located in Queensland, Australia for exporting coal. AAPCT would serve the hinterland coal mines with 50 MTPA handling capacity and is well-equipped with extensive and efficient onshore and offshore coal handling facilities. The third major port project of Adani was the Adani Petronet (Dahej) Port Pvt. Ltd. (APPPL) was set up as a Joint Venture (JV) company with Petronet LNG Ltd. to develop a Solid Cargo Port Terminal at Dahej in Gujarat. The railway line connecting Dahej Port to hinterland commenced operations in December 2011 following which Dahej port became commercially operational with coal handling activities. APPPL has further received notification from the state for unloading of imported goods and loading of export goods, whereby enabling it to henceforth handle cargo of all users& products. In addition, APSEZL is also developing ports at Hazira, Marmugao, Visakhapatnam, and Kandla in India through its subsidiaries and aims to increase annual cargo handling from 78 MMT in 2012 to 200 MT by 2020. APSEZL faces competition from multiple ports which cater to the northern and north-western hinterland. In case of dry bulk, break bulk and liquid cargo, APSEZL faces competition mainly from Kandla Port and other non-major GMB ports. In case of containers, the competitors include JNPT, Mumbai Port, Pipavav Port and Kandla Port. Despite common hinterland in northwest India which is shared with these ports, APSEZL has been successful in attracting substantial cargo increase year after year and the trend is expected to continue in the future as well. This conviction comes from APSEZL claims of advantageous factors it accrues because of the port location & business experience viz. state-of-art port infrastructure facilities including the deep draft direct berthing facilities; domain expertise in the port services industry; established customer relationships; available land resources in SEZ and ability to facilitate port based development; consistency in service quality; ability to flexibly meet customers' requirements including tariff flexibility. Business segment 3: Energy Power Generation 4Special Economic Zones in India have special state provided privileges like infrastructure support, investment

and tax-breaks to attract investments.


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Adani’s entry into the power sector has a business as well as a non-business logic &anecdote to support. The business sense of getting into power business is very straight forward. The group expects to leverage benefits through its already strong presence in coal mining, coal trading, shipping and power trading. There are two missing links here to claim to be vertically integrated: power generation, and transmission. The non-business logic of entering into the power business has more to do with Gautam Adani’s risk-taking abilities and also being highly adept at spotting opportunities amidst crisis. When the group lost to the Tata’s bid in a “Case 1 bidding process” for the Mundra Ultra Mega-Power-Project (UMPP) of 4,000 mw, many of his close confidantes thought that Gautam would be dejected. Instead, he decided to pursue with the government to adopt what is known as the “Case 2 bidding process”. In fact, after winning the bid in response to Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of 1000 MW of power at the rate of Rs. 2.35/kWh in early 2007, Gautam happily remarked that he had “got a good neighbour” at Mundra. This marked the beginning of Adani’s foray into the power generation business. Subsequently, besides signing another Power Purchase Agreement (PPA) with GUVNL for supply of additional 1000 MW, the group continued bidding aggressively and won bids to supply to state utilities in Gujarat, Haryana and Maharashtra. With India’s power space in need of dire investment, Gautam sensed a huge opportunity and Adani Power with a goal of generating 20,000 MW by 2020 became a darling in the stock exchange as soon as it launched its initial public offer (IPO) in July 2009. The $660 million IPO, was over-subscribed 21 times, attracted good investor response and received commitment worth of $14 billion from all categories of investors. The portion reserved for qualified institutional buyers (QIB) got over-subscribed 39 times, non-institutional investors by 8.5 times and retail investors by 2.2 times. The company intended to utilize the net proceeds of the issue of the issue to part finance the construction and development of Mundra Phase IV power project for 1,980 MW and fund equity contribution in its subsidiary – Adani Power Maharashtra to part finance the construction and development cost of power project for 1,980 at Tiroda. The Indian power sector (refer Exhibit-7 for a brief overview) has historically been characterized by demand-supply gap which has been increasing over the years. Enactment of Electricity Act 2003, a huge legislation, opened the power sector to multiple players through provisioning of ‘open access’. Considering the huge demand-supply gap and with the gradual shift to a competitive bidding scenario, both in the generation and transmission sector, the competition is going to further increase, with most of the companies striving to reduce costs, both operating and capital. Power Transmission With so much of power projects coming online, instead of relying on the state transmission monopoly Power Grid Corporation of India Limited (PGCIL) to evacuate power, Adani forayed into power transmission. The first project, a 433 km double circuit 400 kV transmission line with a capacity to wheel up to 1,000MW of power, connecting to the grid of PGCIL at Dehgam, Gandhinagar is already operational. Further, a 960km DC transmission line with the configuration of 500 kV high voltage direct current, the first private sector high voltage direct current (HVDC) transmission system in the country, with a capacity to wheel up to 2,500 MW of power has recently been implemented from Mundra to Mohindergarh, Haryana. This project will ensure flow of power from Mundra to the northern markets.


http://www.business-standard.com/india/prof_page.php?search=Haryana&select=1

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Solar power Adani’s interest in the energy business is just not limited to fossil fuels. With the recently commissioning of the country’s largest a 40 Megawatt (MW) solar power plant in Bitta in Kutch district, Gujarat, Adani group made a big foray in the renewable energy sector. Looking ahead, the company has not only plans to expand the solar power capacity to 100 MW, but also get into hydro power business.5 Gas Distribution City gas distribution (CGD) business is undertaken through a Wholly Owned Subsidiary, Adani Gas Limited (“Adani Gas”) with an objective to provide Piped Natural Gas (“PNG”) to household and industrial consumers and Compressed Natural Gas (“CNG”) for use in automobiles. Adani Gas has set up a gas distribution network of approximately 345 km of steel pipeline network and approximately 2,000 km of polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan, and 58 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana. Adani Gas is also serving approximately 450 industrial units, 90,000 households and 700 commercial units in these cities through its infrastructure network. Adani Gas has received “No Objection Certificates” from respective State Governments to develop, construct, own, operate and maintain city gas distribution projects in Lucknow, Noida, and Khurja in Uttar Pradesh, and Udaipur, Jaipur in Rajasthan. It has already initiated the infrastructure development in these cities to meet the fuel needs of industrial and domestic consumers. Pursuant to the enactment of the Petroleum and Natural Gas Regulatory Board Act, 2006, Adani Gas has applied to Petroleum and Natural Gas Regulatory Board for authorisation of its operations in Lucknow, Noida, Khurja, Udaipur and Jaipur Other Businesses Edible Oil and Agro Commodity Trading The Adani group entered the edible oil refining business through a 50:50 joint venture Company, Adani Wilmar Ltd. (Adani Wilmar) with Singapore’s Wilmar Group. Adani Wilmar’s flagship brand “Fortune” was launched in 2000 and rose to become India’s No.1 edible oil brand and retains that position. More recently Fortune has been repositioned with a new tagline ‘Joy of Eating’. The company has set up India’s largest and first port based refinery at Mundra and has production and packing infrastructure across the country with a crushing capacity of over 6000 TPD (Tonnes per Day), refining capacity of over 8690 TPD, and hydrogenation capacity of 1325 TPD and a pan-India distribution infrastructure with over 1 million outlets reaching to over 20 million households across India. The brand has presence in multiple oil segments like Sunflower, Soybean, Palmolein and Mustard. As per Nielsen RSA February 2010-11 report, Adani Wilmar’s brands hold No. 1 position in refined Soybean and Mustard oil, No. 2 in Palmolein and No. 3 in Refined Sunflower oil. Following the success in India, Adani Wilmar introduced branded Edible oil to Middle-East and is now exporting its products to more than 19countries in the Middle-East, South East Asia & East Africa. The company is also in the process of expanding its edible oil products portfolio through entry into value added products segments such as soya products and speciality fats, and has also gone ahead with forward integration by setting up country’s largest Oleo Chemical plant at Mundra that is expected to be commissioned during 2012-13. Agriculture- Fresh Fruits Business 5For details see Business India Magazine - July 08, 2012


http://adani.com/Common/Uploads/FeaturedStoriesTemplate/11_FSDL_Gautam%20Adani.pdf

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One of group’s wholly owned subsidiary, Adani Agri Fresh Limited (“Adani Agri Fresh”) has been developing integrated storage, handling and transportation infrastructure across India to address the supply chain gaps in the perishable fruits market. With Apple as its showcase product under the brand name “Farm-pik”, Adani Agri Fresh has set up modern controlled atmosphere storage facilities at three locations in Himachal Pradesh with a combined capacity of approximately 18,000metric tonnes per year. Adani Agri Fresh has also set up a marketing network in major towns across India to cater to the needs of wholesale, cash and carry and organized retail customers. Expanding in the same fruits segment, the company has also started importing Apple, Pear, Kiwi, Orange etc from various countries for sale in India. Agro Storage Business To address the yawning gap in India’s food grain storage infrastructure, Adani Agri Logistics Limited (“AALL”), a wholly owned subsidiary, has entered into a service agreement with the state entity Food Corporation of India (FCI) to implement a bulk food grains handling, storage and transportation network on a commercial BOO basis for a period of 20 years. Subsequently, AALL has developed, designed, financed, constructed, & currently operates and maintains facilities for bulk handling and storage of food grains procured and handled by FCI for distribution. In the process, the company has invested close to INR7 billion in the entire infrastructure in seven storage facilities across India with a storage capacity of 0.55 million tons of food grains and is in the process of expansion. Ship Fuelling Riding on its port infrastructure linkages, Chemoil Adani Pvt. Ltd, a 51:49 joint venture Company with Chemoil Group, Singapore, has established itself as a leading Ship bunker (Fuel oil and Marine Gas Oil) supplier in India. The company has facilities to refuel ships in high seas with floating barges at Goa port and is planning to expand its operations at ports like Haldia, Chennai during the FY 2012-13. Special Economic Zone The SEZ Policy was framed by Government of India in 2000 to increase exports, attract foreign investment, and to accelerate the economic growth of the country. Such SEZs were eligible for tax breaks & various privileges on investments, trade & profits. Adani group set up a Multi-Product SEZ at Mundra which is also the largest notified SEZ in terms of land area in the country. Setting up of an SEZ close to an own port complement each other in terms of logistic cost savings as well as increasing export potential. Exports from Mundra SEZ for the year FY 2012 reached 17.06 billion INR that gives a boost to the marketability of the SEZ area. Further, the Mundra SEZ is expected to attract more and more investments in the coming years with its excellent multi-modal connectivity including road, rail, sea port and airport. APSEZL has also obtained approval from the Government of India for setting up another multi-product SEZ and Free Trade Warehousing Zones in Mundra. These SEZs are adjacent to the existing multi-product SEZ. Real Estate The group entered the booming Indian real estate sector in 2007 through a subsidiary, Adani Infrastructure and Developers Private Limited (“AIDPL”) which acts as the holding Company for all real estate business interests with each project executed through separate SPVs. Currently, AIDPL is developing about 50 million square feet of commercial & residential space in the growing cities of Gurgaon (near Delhi), the commercial capital Mumbai and the group’s headquarter city Ahmedabad. Despite the


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real estate not being defined as a focus area in the next decade, Gautam Adani has reiterated his commitment towards a successful execution and completion of its current projects and its future growth plans. ADANI GROUP’S GROWTH: KEY SUCCESS FACTORS Adani Group has invested significant management resources towards ensuring that its businesses are integrated in an efficient and organized manner, and that has enabled it to maximize the synergies that exist amongst them and provide end-to-end services. A good example of this is the integrated business model that has emerged across the three core segments. In fact, the philosophy of the founder-chairman is captured in his belief to synergise. He emphasizes:

“capture the entire revenue stream by providing a single window clearance at the port. This has led to a higher EBITDA, and we can also double or treble the turnover per berth”

Adani group, over the last 2 decades, has developed an ability and expertise to leverage on existing assets and experience to expand their product portfolio, geographical coverage and market presence to cater to increases in demand of its products. Adani’s traditional commodity trading business complemented their foray into power trading and subsequently the newer businesses, such as power generation, power transmission and coal mining. Additionally, they have also ventured into city gas distribution and oil& gas exploration which may, in future, enable them to address India’s growing crude oil and natural gas demand. As the group’s strategy outlines,

“Our diversified businesses also diminish the risks associated with the specific dynamics, such as seasonality and cyclicality, of any particular industry sector. We believe that our synergies across diverse business sectors provide us with the ability to adapt our business operations in accordance with the opportunities available in a given business.”

The different factors that strengthen the group’s corporate strategy are outlined below: (a) Geographical presence With the growth of Adani group’s operations and their foray into new business segments in recent years, they have been able to access new geographic markets successfully. Further, they were also able to access new sources for procuring industrial or agricultural raw materials in India and abroad. Adani group entered into concession agreements for oil and gas exploration in India, Thailand and Egypt. Their geographical diversification enabled them to monitor and respond to global supply and demand imbalances, identify opportunities for strategic investments and enhance strategies for substitution of suppliers. (b) Ability to identify new business opportunities Reflecting their entrepreneurial approach, Adani group has selectively entered in different business segments over the last two decades. After a successful start in their trading business, they focused on new businesses, such as power generation and transmission, coal mining, oil and gas exploration, and property development businesses. Over the years, Adani group has entered different markets through different modes of entry. They have ventured in some business on their own, whereas in others they have joint ventures and strategic alliances with leading market players. An underlying theme of their selection of business opportunities has been to


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continually seek to identify and enter into high growth businesses, such as infrastructure and energy businesses. (c) Focus on high value businesses In addition to entering high-growth businesses, Adani group has also focused on and sought to enter higher value businesses, which not only present attractive opportunities but also enable them to reduce their exposure to the vagaries of the commodities trading business. This is also a trend that one can notice in the sequence of market entry – the focus gradually shifted from profit making to asset creation, and finally on becoming a diversified infrastructure player. (d) Proven Project Management and Execution Skills Over the years, Adani group has shown a strong track record in the successful development and execution of projects over a wide range of industries. This coupled with access to financing sources, partners and industry expertise enabled the group to identify and value new projects effectively, assess risks and benchmark results against their experience& global standards. Further, the group management team firmly believes that their expertise in the successful execution of projects provides them with a significant competitive advantage in respective markets. FUTURE CHALLENGES Reflecting on the imminent need for management systems to ensure sustainability of the high growth trajectory, Gautam pointed out in one of the recent communication to the employees that it was time to undertake a comprehensive professionalization exercise:

“By any yardstick of measure we are a relatively young organization that has grown by continuously adapting and dynamically correcting course as we swiftly moved along. While this style gave us speed and a competitive edge, it also lead to a dilution of the process discipline essential for scaling the business now that we are a $7 billion group. Also, as the global economic uncertainty continues to persist, it has becomes even more important that we become significantly more efficient in our utilization of assets, both physical and personnel and more accountable for costs incurred in all our operational processes.”

Subsequently, the objective of the Business Process Transformation (BPT) launched in November 2012 was to (a) create a ‘process centric’ culture while becoming significantly more efficient in the utilization of assets, both physical and personnel by leveraging automation, (b) create clarity in decision rights, ownership & accountability for the organisation, and (c) provide a platform to enable and sustain future growth. A 40 person team, neatly divided into teams and supported by external consultants, had embarked upon an exercise to transform the group to give a new, integrated and more professional future. The composition and focus of teams, referred to as BPT sub-committees, are described briefly in Exhibit 8. However, it was also important that the group does not lose sight of the culture and values (Exhibit 2) that the company espouses. As the group of hundred plus, comprising of the consultants &Adani Managers, gathered in Ahmedabad on the evening of 9 November 2012, to hear Gautam Adani outline his vision for the business process transformation, all the consultants were eager to hear what the Chairman had to say to them. Would he ask them to come up with creative ideas to transform the group? Or would he ask the team to improvise


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upon the initiatives taken in the recent years? How would he define the success parameters of this transformation journey? Would he emphasise that the successful Adani values of “Courage, Trust & Commitment” should remain so or would he be open to change? Everyone waited with a baited breath as the Chairman entered the room with a smile that spoke of his confidence he exudes in his people & businesses he leads.


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Exhibit 1: Financial Performance of Adani Group

Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 12 Mar ' 11 Mar ' 10

Income :

Operating Income 5,282 2,913 11,433 11,331 11,380 2,484 1,887 1,395 1,138 819 3,949 2,106 435

Expenses

Material Consumed 4,360 2,451 10,455 10,464 10,609 49 165 100 120 98 43 10 167

Manufacturing Expenses 4 10 15 15 36 487 249 182 137 81 2,337 740 8

Personnel Expenses 105 96 39 63 53 90 67 55 41 34 53 30 5

Selling Expenses 464 384 419 326 320 9 3 2 5 2 0 38 8

Adminstrative Expenses 147 106 68 109 87 89 92 92 70 65 277 72 2

Cost Of Sales 5,080 3,047 10,997 10,978 11,105 725 575 431 373 279 2,709 891 190

Operating Profit 203 -134 437 354 274 1,759 1,312 964 764 539 1,239 1,216 245

Other Recurring Income 437 375 296 439 432 40 8 114 104 20 291 87 26

Adjusted PBDIT 640 241 732 793 706 1,799 1,319 1,078 868 560 1,530 1,303 270

Financial Expenses 132 75 326 450 391 167 75 182 201 137 788 317 38

Depreciation 30 13 13 12 11 274 208 168 137 101 551 180 35

Adjusted PBT 478 153 394 331 304 1,359 1,036 728 530 321 191 806 197

Tax Charges 24 -3 32 48 42 92 91 59 54 153 290 300 33

Reported Net Profit 362 269 254 326 313 1,177 986 701 461 213 -294 524 171

Equity Dividend (%) 110 110 50 25 15 200 180 160 120 60 0 0 0

Retained Earnings 1,481 1,123 1,040 904 666 2,435 1,700 1,073 578 248 398 692 168

*1 Crore = 10 million

Adani Enterprises Ltd. Adani Port & SEZ Ltd. Adani Power Ltd.

(All figures in Rupees Crores* unless otherwise stated)


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Exhibit 2: The Adani Group DNA Motto: ‘Thinking big Doing better' Vision 2020:“To be globally admired leader in integrated infrastructure businesses with a deep commitment to nation building. We shall be known for the scale of our ambition, speed of execution and quality of operation.” Values

Courage - We shall embrace new ideas and businesses

Trust - We shall believe in our employees and other stakeholders

Commitment - We shall stand by our promises and adhere to high standards of business

Culture

Passion - Performing with enthusiasm and energy

Results - Consistentlyachievinggoals

Integration - Working across functions and businesses to create synergies Dedication - Working with commitment in the pursuit of our aims

Entrepreneurship - Seizing new opportunities with initiative and ownership

BUSINESSES CORPORATE

Vineet Jain Pradipta K Panda

Malay Mahadevia Devang Desai

Mahesh K Thapar Sudipta Bhattacharya

Rajeev Sharma Pranav Adani

Atul Sathe Saurin Shah

Pranav Adani P.C. Pande

Tarwinder Singh Legend

Harsh Mishra Leadership

Harsh Mishra

Australia

Group HR

Corporate Finance

(Legal & Sec, MAAS)

Corporate Strategy &

BPT

Corporate

Communications

Corporate Affairs

Group Security

Business/Corporate Unit

Power

Port & Logistics

Coal Mining

City Gas Distribution

Real Estate

Indonesia

Oil & Gas Exploration

Agro

ADANI GROUP

Gautam Adani


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Exhibit 3: Adani Group History 1988 Adani Group was formed and started Trading as a Partnership firm. 1993 Adani Group started activities as a trading company on 2nd March, by

conversion of partnership firm namely M/s. Adani Exports into a limited company "Adani Exports Limited" (AEL) promoted by Gautam and his brother Rajesh Adani. Company was engaged in the business of exporting frozen foods, dyes intermediates, plastic products, agricultural products etc. to about 28 countries all over the world. Earns "Star Trading house" status.

1994 Adani Managment Consultancy Services Pvt. Ltd. (AMCPL) was amalgamated with the company. AEL goes public with an offer of 12,50,000 equity shares of Rs 10 each at premium of Rs 140 per share to public. IPO oversubscribed 25 times. Additional 11,900 shares were allotted to retain partial over subscription. Earns "Super Star Trading house" status.

1996 Declared Bonus shares in ratio 1:1 1997 Eastern Generation signed a memorandum of understanding (MoU) with Adani

Exports Limited to jointly develop, own and operate coal-fired power projects in the country. Adani Exports Limited (Turnover- 16 billion Rupees) has decided to enter into joint venture with the Gujarat government to build a mega port and set up a 3,000 hectare industrial park at Mundra in Kutch district. AEL received LOI from Gujarat Government to set up a Naptha-based 54MW Power Plant at Anjar in Kutch. Adani Global Limited was incorporated as a Company's wholly owned subsidiary in Mauritius for the purpose of Direct Investment

1998 AEL incorporated Adani Eastern Generation Company Ltd (AEGCL), a 50:50 joint venture company with the UK power maintenance giant - Eastern Generation for a 3.4 billion Rupees project on the build-own-operate-transfer (BOOT) format. Adani Port is operational at Mundra from October.

1999 AEL and Wilmar Trading Pte. signed a memorandum to form a 50:50 joint venture company to set up an edible oil business. 1:1 bonus on equity shares declared. Registration of Mundra Port and Special Economic Zone Limited (MPSEZ) for Mundra Port & SEZ business.

2000 Adani Wilmar commences business- sets up an edible oil refinery and enters packaged edible oil market with the launch of its new brand "Fortune" in Jaipur, Rajasthan AEL received Texprocil Silver Trophy for outstanding export performance in Fabrics amongst top exporters (Merchant). Commencement of coal trading business.

2004 City Gas Distribution business started 2005 Adani Exports Limited becomes Adani Enterprises Limited. Earns the "Five Star

Export House" for export performance Successfully completed foreign currency convertible bond issue of USD 38 MN

2006 Started Coal Mining operation in Indonesia 2007 MPSEZ (ADANI Port & SEZ business) goes public, IPO over sub. 116 times &

raises USD 0.36 bn Formation of Adani Power company Formed JV with Welspun for Oil & Gas exploration at govt allocated blocks

2008 Adani Enterprises Ltd has signed an exclusive joint venture agreement with Chemoil for bunkering services


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2009 Adani Power goes public, IPO over sub. 21 times & raises USD 600 million; 1st unit of 330 MW power plant operational

2010 Acquired Linc Energy Coal Mine at Australia Indonesia: Coal purchase rights for transporting 35-60 MMTPA & invest USD 1.65 billion Power business- became 1st Indian company to synchronise 660 MW Supercritical technology

2011 Acquired Abbott Point Port in Australia, commits more than $6billion investment Adani Power became largest private thermal power producer in India and operationalized 4620 MW of thermal power & 40 MW of solar power


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Exhibit 4: The Integrated Business Model at Adani


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Exhibit 5a: Adani Group’s businesses

Exhibit 5b: Adani Group’s operations in Coal mining business in India


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Mine Location Beneficiary Block Area

(Sq Km)

Mineable Reserve

(Bn MT)

Average Grade

(see Notes)

Capacity at Peak

Level (MMTPA)

Expected Commercial

Production

Parsa East and Kente

Basan Coal Block

Chhattisgarh RRVUNL 27.67 0.45 F Grade 15 Commercial production would

start from the year 2012.

Machhakata Coal Block Orissa MGCL 20.43 3 F Grade 50 Commercial production would

start from the year 2013

Parsa Coal Block Surguja

(Ambikapur),

Chhattisgarh

CSPGCL 12.52 0.15 F Grade 5 Commercial production is

expected to commence from the

year 2014 onwards

Chendipada Coal Block Angul, Odisha UCMCCL 21.91 1.5 E/F Grade 40 Commercial production is

expected to commence from the

year 2015

Notes:

1. RRVUNL–Rajasthan Rajya Vidyut UtpadanNigam Limited; 2. MGCL –MahagujCollieries Ltd.; 3. CSPGCL–Chhattisgarh State Power Generation Company Limited

4. UCMCCL -UCM Coal Company Limited

For gradation of India coal based on Useful Heat Value (UHV), please refer to http://www.coal.nic.in/point4.html


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Exhibit 5c: Adani Group’s operations in Port business

Port Name ---> Mundra Dahej Hazira Mormugao Vizag Kandla Abbot Point

Hinterland

Gujarat, Punjab,

Rajasthan, Delhi,

Haryana, MP, UP

Gujarat, MP,

North & Central

Maharashtra

Gujarat, MP,

North & Central

Maharashtra

South

Maharashtra,

Goa, Karnataka

Andhra Pradesh

& Orissa

Gujarat, Punjab,

Rajasthan, Delhi,

Haryana, MP, UP

Bowen & Galilee

basins in North

Queensland

Capacity (MMT)

Bulk 100 20 15 10 6 25 85

Crude 90 - - - - - -

Container (mn TEUs) 4 - 1.5 - - - -

Total (MMT) 240 1 20 35 10

26

3 25

485

5

Status Operational Operational Operational UD [FY2014] UD [FY2015] UD [FY2015] Operational

Opportunity to expand √ X √ X X X √

Draft (meters) 17.5-23.0 15.0 15.0 15.0 16.1 15.1-16.2 19.0

Berth Length (meters) 3,150 566 1,580 300 310 600 860

Fully Mechanized √ √ √ √ √ √ √

ConnectivityRoad, Rail, Air,

Pipeline Road, Rail Road, Rail Road, Rail Road, Rail Road, Rail Road, Rail

Tariff Fixation Commercially

Negotiated

Commercially

Negotiated

Commercially

Negotiated Regulated Regulated Regulated

Commercially

Negotiated

Note: 1--> 40 MMT (Bulk) Under Development (UD); 2--> 10 MMT (Bulk) Under Development; 3--> 6 MMT(Bulk) Under Development; 4--> 25 MMT(Bulk)

Under Development; 5--> 35 MMT(Bulk) Under Develoment


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Exhibit 5d: Adani Group’s operations in Power business Project Location Capacity

(MW)

Power Purchase

Agreements (PPAs)

signed with

Levelised

Tariff (Rs. /

KWh)

Coal Requirement versus

Linkages Available /Applied

Bidding Type Power Transmission

Arrangement

OPERATIONAL

Mundra - I Mundra, Gujarat 1,320 GUVNL:1000MW 2.89 Competitive

Bidding (Case II)

Mundra - II Mundra, Gujarat 1,320 GUVNL:1000MW 2.35 Competitive

Bidding (Case II)

Mundra - III Mundra, Gujarat 1,980 UHBVNL & DHBVNL:

712 MW each

2.94 Competitive

Bidding (Case II)

UNDER IMPLEMENTATION

\

Tiroda-I Tiroda, Maharashtra 1,980 MSEDCL: 1325 MW 3.28 @ Competitive

Bidding (Case II)

Tiroda-II Tiroda, Maharashtra 1,320 MSEDCL: 1320 MW 2.64 Competitive

Bidding (Case II)

Kawai Kawai, Rajasthan 1,320 RRVPNL: 1200 MW 3.24 @ 5.8 MMTPA versus 7.0 MMTPA

Domestic Linkage Applied For

Competitive

Bidding (Case II)

UNDER PLANNING

Chhindwara Chhindwara, Madhya

Pradesh

1,320 Domestic Linkage Applied Competitive

Bidding (Case II)

Dahej Dahej, Gujarat 2,640 Domestic Linkage Applied Competitive

Bidding (Case II)

Bhadreshwar Bhadreshwar, Gujarat 3,300 Domestic Linkage Applied Competitive

Bidding (Case II)

Notes: GUVNL: Gujarat Urja Vikas Nigam Limited ; UHBVNL: Uttar Haryana Bijli Vitran Nigam Limited ; DHBVNL: Dakshin Haryana Bijli Vitran Nigam Limited

MSEDCL: Maharashtra State Electricity Distribution Company Limited ; RRVPNL: Rajasthan Rajya Vidyut Prasaran Nigam Ltd

@ :Fuel & Transportation, escalable

MMTPA: Million Metric Tonne Per Annum; PGCIL: Power Grid Corporation of India Ltd; HVPNL: Haryana Vidyut Prasaran Nigam Ltd

MSETCL: Maharashtra State Electricity Transmission Co Ltd

16.6 MMTPA versus 6.4 MMTPA

(Domestic) available + 10.2

MMTPA imported available

13.8 MMTPA versus 8.0 MMTPA

(Domestic) available+ 7.0 MMTPA

(Domestic) Linkage Applied For

Mundra-Line I : Dehgam,

Gandhinagar (433 Kms), PGCIL of

1000 MW Capacity: and Mundra -

Line II Mohindergarh, Haryana,

HVPNL, (1,000 Kms) of 2500 MW

capacity are operational

Warora, Maharashtra, MSETCL (200

Kms) of 1000 MW capacity and

Koradi–Akola -Aurangabad,

PGCIL (1290 Kms) of 4500 MW

capacity soon to be operational


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Exhibit 6: Geographical spread of Adani’s Port, Coal, and Power businesses in India


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Exhibit 7: India’s Electricity Sector Overview India has installed capacity of 190592 MW as on February, 2012, while electricity generation in the country, from utilities and non-utilities taken together, during 2010-11 was 9,59,070 GWh. However, the per capita electricity consumption in the country was merely 704.2 KWh per year in 2007-08 and is projected at 1000 KWh by the year 2012. India’s capacity mix is primarily coal driven with coal-based thermal generation accounting for about 65 per cent of installed electricity capacity of the utilities. Around 83 per cent of the utility-owned generating capacity (i.e. excluding the captive power capacity) is still under state ownership, despite efforts towards reform and restructuring. Out of about 24 GW of private sector capacity, coal, gas and wind contribute each 30 per cent to the private power capacity while the remaining 10 per cent comes from hydropower. The Indian power sector has historically been characterized by energy shortages which have been increasing over the years. Enactment of Electricity Act 2003, considered to be a historic legislation, opened the power sector to multiple players through provisioning of ‘open access’. With the gradual shift from a cost-plus regime towards competitive bidding , both in the generation and transmission sector, it is expected that, first, competition is only going to increase, and second, to remain competitive most of the companies are going to strive to reduce costs, both operating and capital. This eventually would result in welfare maximization both from the producer as well as consumer point of view. Demand for electricity in the country has been going at the rate of 6% CAGR in the last 7-8 years. To meet this demand, it is estimated that an investment of $ 300 billion is expected in the next 5 years. As per various estimates, in the 12th five years 2012-17, the expected demand for electricity will increase from the current 878 Billion Units to 1354 Billion Units and in order to meet this demand, the generation capacity needed will be about 270 Gigawatts by 2016-17 and to 380 Gigawatts by 2021-22. Promotion of competition in the electricity industry in India is one of the key objectives of the Electricity Act, 2003. Power purchase costs constitute the largest cost element for distribution licensees (DISCOMs). Competitive procurement of electricity by the DISCOMs is expected to reduce the overall cost of procurement of power and facilitate development of power markets. To this end, India has recently transitioned to procurement of power through tariff based competitive bidding, through the following mechanisms:

(i) Where the location, technology, or fuel is not specified by the procurer (Case 1);

(ii) For hydro-power projects, load center projects or other location specific

projects with specific fuel allocation such as captive mines available, which

the procurer intends to set up under tariff based bidding process (Case 2).

Source: Case authors


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Exhibit 8: Business Process Transformation sub-committees: Agile: The objectives of this sub-committee is to design and deploy standardized best-in-class business processes for capital project management across the Power, Ports and Mining business verticals of the Adani Group towards timely and efficient execution of capital projects Ignite: The objectives of this sub-committee is to design and deploy standardized best-in-class business processes through process automation, right communication channels & building and deep driving a customer-oriented, cost-sensitive, technology savvy, continuously learning culture for effective port operations that would result in higher performance levels, better cost competitiveness, improved customer service and satisfaction levels & a high performance port organization. Disha: The objectives of this sub-committee(the word literally means “Direction” in Hindi)is to design and deploy standardized best-in-class business processes through process automation, right communication channels & building and deep driving a customer-oriented, cost-sensitive, technology savvy, continuously learning culture for effective power operations that would result in higher performance levels, better cost competitiveness, improved customer service and satisfaction levels & a high performance port organization. Synergy: The objective of this sub-committee is to design and deploy standardized best-in-class business processes for these domains across all business verticals of the Adani Group. This project has been initiated in 3 functional domains viz. Finance & Administration, Human Resources and Information technology processes.


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