Greetings! We live in interesting times. India continues to be the world''s fastest growing economy. We are expected to become the world''s fifth largest nation by the end of this year. Our nation is expected to see an investment of a trillion dollars in infrastructure, split evenly between public and private sector resources and is on its way to becoming a five trillion dollar economy over the next five years.
India at an Inflection Point
In the recent elections, the mandate received by the Government is an indication that the citizens of our country have voted for stability in support of a vision that addresses large segments of the society
in a fashion and scale that will radically change India''s development trajectory. In an analysis published earlier this year, the World Economic Forum predicted that India would have lifted 2.5 crore more households out of poverty over the next decade thereby reducing the share to households below the poverty line to 5%. For a size of our nation, these are staggering statistics and a harbinger of hope and optimism for the entire nation. Undoubtedly, there will be challenges and not all programs may get executed to perfection but there cannot be any denying the fact that the ambitions of our nation are taking shape in a fashion that is transformative and exciting and India is at an inflexion point.
The Transformation of the Adani Group
For the Adani Group FY18-19 has also been a year of inflexion. Each one of our six publicly traded Group companies delivered record financial performance and made tangible progress in further consolidating their positions as industry leaders in every segment we operate in.
Each of the Group companies are now growth platforms that, while mutually independent, draw upon the management and leadership synergies that exist in the Group.
Adani Enterprises -The Incubator
The success story of Adani Enterprises Limited (AEL) as an incubator continued as Adani Green Energy Limited (AGEL) and Adani Gas Limited (AGL) were both spun out as publicly listed companies. In parallel, AEL made significant strides in lining up the next set of companies that included solar PV manufacturing, airport management, data center parks, water infrastructure, and defence and aerospace. The portfolio of companies in the AEL basket has never been stronger and each of these next generation businesses holds tremendous potential for the future.
Coal Mining & Integrated Coal Management
In line with our vision towards India''s energy security, the performance of our Coal Mining (MDO) business remained robust during the year and we continued to further strengthen our position as the top coal importer in the country. Also, despite the challenges mounted by various groups with vested interests, the necessary approvals for the Carmichael mine project in Australia are all now in place thereby allowing us to start construction. This is a significant testimony to the tenacity of the Adani team in Australia that continued to believe in the project and its benefits to both India and Australia.
Adani Wilmar continued to get stronger in the edible oil market and its national market share today stands at over 22%. With a supply chain that touches over 200 million end users Adani Wilmar is now a national consumer driven platform that opens up several new opportunities for the future. In addition we also further augmented the much needed national grain storage infrastructure to 1,5 million tons thereby staying true to our promise of doing our part to enable food security for our nation.
Environment, Social Responsibility & Governance
Along with our focus on the financial and operational performance, we are equally committed to continue to strengthen our corporate governance practices. In line with this, we have implemented a strict policy for related party transactions. To ensure transparency that all transactions are arms length we will include assessments by internal business teams, review through an external agency and a due diligence by an Executive Committee consisting of Board of Directors. These steps are in addition to the existing regulatory requirements.
Adani Foundation continues to go about its business of making a difference to the lives of the various communities the Group touches.
Our foundation initiatives now reach across 18 states and 2,250 villages and towns touching over 5,00,000 families. Along with the growth of the business, it is this goodness that makes our efforts meaningful.
Growth with Goodness
In closing, I thank all our stakeholders for their continued support and conviction in our philosophy of Growth with Goodness. We are committed to continue our exciting journey of growth with the support and guidance of our customers, employees, shareholders, bankers, governments and the Board. We shall continue to remain an active contributor to nation building, adding value to our product portfolio and exploring new opportunities that contribute to the growth of our business and the nation.
Gautam S Adani