Feb 7, 2023
Adani Total Gas Says Expansion and Spending Plans Are Intact
(Bloomberg) -- Adani Total Gas Ltd., one of India’s largest distributors of natural gas, said its expansion and spending plans remain unchanged amid the crisis roiling the wider group.
“Our plans are intact,” Chief Executive Officer Suresh P. Manglani told Bloomberg Television in an interview Tuesday in Bengaluru. “Our expansions are happening and our revenue is building up.”
The joint venture between Adani and TotalEnergies SE has planned for almost 150 billion rupees ($1.8 billion) of capital spending over the next seven years to fund new growth, Manglani said. Already the company has the ability to distribute natural gas to about 14% of India’s population.
Read more: Total Says Adani Exposure Is 2.4% of Capital Employed
India is aiming to more than double the share of natural gas in its energy mix by the end of this decade under plans to shift from coal to less-polluting alternatives. Adani Total will have a key role in helping the country achieve that ambition, Manglani said on the sidelines of the India Energy Week forum.
While Adani’s conglomerate has had a relatively low-key presence at the event — India’s flagship energy sector gathering — the top executive of a second unit also addressed the conference Tuesday.
India needs to build more infrastructure to import liquefied natural gas and build reserves, as the market is likely to remain volatile and supplies will be tight until 2026, Adani Total Pvt. Ltd.’s CEO Satinder Pal Singh told the forum.
The unit’s regasification terminal at Dhamra in the eastern state of Odisha expects to receive a commissioning cargo in April, Singh said.
--With assistance from Rakesh Sharma.
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