Thinking big

Doing better
 Adani Group: Form & Substance

Structure

Promoters

56.26% 63.13%
75.00%
75.00%

Adani Adani Ports Adani

Adani Power
Enterprises and SEZ Transmission

Public>> 25.00% 43.74% 36.87% 25.00%

2
Adani Group - Business

AEL APSEZ APL ATL

• Coal Mining Largest Private Sector Largest Private Power 5000+ Ckt Kms
• Coal Trading Port Company producer in India • Mundra-Dehgam
• Solar/Renewables • Ports • Mundra (4620 MW) • Mundra-
• Agro • Multi Modal Logistics • Tiroda (3300 MW) Mohindergarh
• City Gas Distribution • SEZs • Kawai (1320 MW) • Tiroda-Warora
• Udupi (1200 MW) • Tiroda-Aurangabad
• Korba* (600 MW)

Coal: India: India: India:

• Largest Trader of Coal
• Largest Mine Developer
& Operator
Renewable:
• Solar Power Generation
• Solar Manufacturing
Agro:
• Edible Oil Refining
• Agro/Fruit Storage
City Gas Distribution
• No. 1 Port of India Generation: Transmission:
• Largest indigenous • 11040 MW Thermal • 5051 ckt kms
Ports Developer & Capacity Transmission capacity
Operator • 40 MW Solar Power • India’s Largest Private
• 9 Ports / Terminals Plant Transmission Company
• Largest Private Rail • Largest Private Power
Developer Producer in India

* Under Finalization 3
Adani Enterprises
MDO/Solar/Coal/Agro/CGD
Mine Developer cum Operator: a Business with Stable Cash Flows

Typical MDO Agreement MDO Process Stages

Awards mining contracts based on
competitive bidding
Land Acquisition

Coal mine owned Develop, Plan, Operate &

by the State
MDO Manage Mining Operation
Electricity Board
(SEB)

Establishment of Washery

Agrees to supply coal at SEB power plants at minimum of

bid price or discount to Coal India Ltd. (CIL) price.
Provide end-to-end solutions like coal washing, better
logistics, land acquisition etc. Logistic Solution

AEL has been awarded three MDOs in India – namely, Parsa Kente, Parsa and Kente Ext blocks

5
 AEL: Largest Mine Developer & Operator

State Chhattisgarh

Parsa - Parsa Kente

Mine Kente Extension
(RRVUNL) (RRVUNL) (RRVUNL)

Block Area (Sq Km) 27.67 12.52 17.00

MundraKandla

Kente Ext
Dahej Port Mineable Reserve 452 150 200
Hazira Port Dhamra (Mn MT)

Vizag Parsa – Kente Capacity at peak

15 5 7
Mormugao Port Parsa level (MMTPA)

Commencement Started
2018 2019
of Production Feb 13

Ports
Mining Locations

Notes:
1. RRVUNL – Rajasthan Rajya Vidyut Utpadan Nigam Limited 6
MDO – Big Growth Opportunity

Allocation / Auction in phase I

• Reserves: 8.1 Bn MT
• Production FY15: 54 MMT
• Peak Production: 217 MMTPA

Government Sector Private Sector

• Reserves: 6.2 Bn MT • Reserves: 1.9 Bn MT Commercial Mining
• Peak Production: 152 MMTPA • Peak Production: 63 MMTPA

Additional Future Allocation/Auction

MDO opportunity of >150 MMTPA by FY20 + Private + Commercial

Source: Ministry of Power, Morgan Stanley Research Report 7

Renewable Energy: Growth Opportunity

• India's total renewable power installed capacity: 37 GW as at Dec 2015

Biomass &
others, 12%

Solar, 12%

Small Hydro, Wind, 65%

11%

• National Solar Mission

- Earlier Target - 22 GW by 2022

- Revised Target - 100 GW by 2022

8
AEL: Renewable Energy - the New Growth Engine
Location Tamil Nadu Punjab UP AP
Capacity (MW) 648 (216x2 and 72x3) 105 (2x52.5) 50 50 50
216x1 & 72x1 by Sep- 52.5 MW by July-2016
Implementation 2016; 216x1 & 72x2 by and 52.5 MW by Aug- May-17 Jun-17 May-17
Dec-2016 2016
PPA TANGEDCO PSPCL UPSPCL NTPC NTPC
PPA Tenure 25 25 12 25 25
Levelised Tariff
7.01 5.95 and 5.80 8.44 4.78 5.17
(Rs./Kwh)
Technology Polycrystalline Technology
Suntech, Trina, CSI, GCL Under
Vendor HANWHA & Hitachi
& HANWHA finalization
Capital Cost (Rs
7 6 6.50
Crs/MW)
Under finalization
Project Cost (Rs Crs) 4,569 630 325
230kV and 110kV for 216 Proposed at
Power Evacuation / 132 kV Balluana
MW and 72 MW power 220/132 kV
Transmission Substation
Plants, respectively Dunara, S/S

 Developing vertically integrated Solar Photovoltaic manufacturing facility of 1 GW at Mundra

SEZ

9
 Coal Trading: Integrated Coal Management
Customer
Multi-Country Financing Multi modal
Account
Procurement Logistics
Management
Coal
Business
Consistent Market
share in electricity
Electricity Private Adani Third
business ~50%
Yamunagar
Boards Business Power Ltd Country Suratgarh Panipat
Hissar Harduaganj

Dadri Tanda Vindyachal

Kota Unchahar Kahalgaon

Badarpur
Parichha Sagardighi
Chhabra Rihand Bakreshwar
Kandla Mejia Bandel
Panki Durgapur
Wanabori
Mundra Kolaghat
Bedi
Gandhinagar
Navlakhi
Sipat
Korba [Talcher] Haldia Indonesia
Dahej Koradi Tiroda Tarakan
Paradip Samarinda Tanjung Bara
Hazira Chanderpur Bontang

Parli
Ramagundam Vishakhaptnam
Simhadri
Kondapalli Gangavaram Muara Satui
TanjungIndonesia
Kakinada
Pemancingan
Richard Bay Goa

South Ennore
North Chennai
Africa Mettur Tuticorin
Queensland

Ports
Australia
Locations served Tuticorin

A team of 200+ People with operations spread across globe through our 25 satellite offices, 18 branch
offices, 3 global offices and a head office based out of Gurgaon
10
Coal Mining: Indonesia & Australia
Bunyu Island
Location Bunyu Island, Indonesia

Resource 269 MMT (JORC)

Current Capacity 7 MMPTA

Production FY15: 5 MMT

Coal Mining
Indonesia

• Galilee Basin - Queensland,

Location
Australia

Resource • Thermal Coal – 11.04 Bn Tonnes

Base (JORC) Coal Crushing

Production
• Phase I : 40 MTPA
Target

• EIS approved for Carmichael Mine

& Rail project
Status Coal Loading
• Bankable feasibility study
completed

11
Agro
Edible Oil & Agro commodities
• Joint venture with Wilmar, Singapore (50:50)
• “FORTUNE” - India’s number 1 edible oil brand with approx. 20% market share
• Volumes > 3.5 MMTPA
• Expanding into more agro products such as Rice, Pulses. Soya nuggets, etc.
• Manufacturing facilities spread across 18 locations pan India with 10k refining
& 7k crushing capacity

Agri Infrastructure: Fruits

• Capacity of 21000 MT of storage of Apple
• State-of-the-art Controlled Atmosphere Storage facility at 3 locations
• Distribution set up across India under brand “Farm-Pik”
• Planning to expand additional capacity of 6000 MT in 2016-17

Agri Infrastructure: Food Grains

• Operates storage capacities of 8,50,000 MT at 12 locations across India
• Won 2 projects from FCI to establish 75K MT storage facilities in Punjab & Bihar
• State-of-the-art mechanized storage facilities with private railway siding
• Operates storages facilities under Build Own Operate model for FCI for 20 years
• Operates storages facilities under Build Own Operate & transfer model for MP
Government for 30 years

12
City Gas Distribution

Areas • Ahmedabad, Vadodara, Faridabad and Khurja

• ~347 km of steel pipelines

Infrastructure
• ~4,745 km of polyethylene pipelines
Adani
Gas • > 963 industrial clients
Customer • > 2,18,500 households clients
• > 1,813 commercial clients

CNG • 64 CNG stations across four cities

• Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udhamsingh

Areas
Nagar and Dharwad
JV with
IOCL
Infrastructure • Project at various stages of implementation in these cities

Key Strength and Growth Drivers

• One of the largest private players with almost decades’ experience
• Assured availability of APM Gas for Domestic and CNG segment
• More and more cities on city gas network due Government policy initiatives
• Targeting additional 10 more cities in future bidding

13
Adani Ports and SEZ
Ports/Logistics/SEZ
Indian Ports: Backbone of India’s International Trade
Industry Overview Limited Optimization Potential at Government Ports

 Ports handle ~90% (volume) & ~70% (value) of  Most Ports are choked, with waiting period ranging
India’s trade
from days to weeks.

 13 Government Ports & 200+ private ports handling  Evacuation is a perennial problem faced by most
975 MMT cargo (FY14) ports
 Existing capacity shortage of ~ 175 mtpa

 Cargo Growth (CAGR): 6% Growth (FY 09 to FY 14)  With targeted cargo growth of 17% (2014 – 2020), we
estimates capacity shortage to widen over 300 mtpa

Private Ports Gaining Prominence

FY07 FY15 FY20E

Other Private Other Private

25%
32%
Private

50%
3%

15%

Total Cargo: 649 MMT Total Cargo: 975 MMT Total Cargo: 2,495 MMT

15
 APSEZ: Amalgam of 9 ports and growing
“String of Ports” from West to East Growth backed by “Strong Asset Base”
( Capacity, Cargo)

String of Ports: 9 ports (318 MMTPA capacity)

Patli
Kishangarh 15% of India’s & 33% of private sector cargo
handled (FY15)
Mundra Kandla
(210, 111) (20, -)
Dahej
(20, 12)
Hazira Infrastructure: 37 Berths, 14 Terminals, 2 SPMs, 2
(35, 7) Dhamra
(20, 12)
ICDs, 1 SEZ
Vizag
(6,1)
Mormugao,
(7, 1)
Kattupalli (Operatorship)
(20,-) Established logistics infrastructure: Rail, ICDs,
Ennore * Multipurpose Terminals
Bulk Terminals
Road, Pipeline
(20,-)
Coal Terminals
Vizhinjam * Container Terminals
(20,-) * Construction in Progress

West caters to 65% of Access to >70% of Consistent Growth: Throughput (26%); Revenue
India international trade India’s hinterland (32%) since 2007

16
3APSEZ: Integrated Owner and Operator Model
End to End Cargo Handling Solutions
Internal Storage & Evacuation
Anchorage Pilotage Tug Pulling Berthing Handling Transport Value Add (Rail-Road)

Best in Class Operations

Handling Efficiencies Operational Efficiency
Average Turn around time (days) (1) Average Pre berthing time (hours) (2)

Bulk Containers Bulk Containers

7.1
79.3
5.5
5.0 4.9 56.3
4.4 49.1
3.6 3.6 46.4 44.1
2.6 2.7 37.4 32.4 36.2
2.3 2.2 2.4 24.7 24.7
1.5 1.4 1.8 30.0
0.6 11.3 12.9
1.0 NA 8.4 6.0 6.0

Mumbai Kandla JNPT Vizag Mormugao Paradip Chennai Mundra JNPT Mumbai Vizag Mormugao Kandla Ennore Chennai Paradip Mundra

1 Multiple Revenue 2 Reduced Operating 3

One Stop Solution
Streams Cycle

Unique and Efficient Business Model

1. Numbers have been arrived at using weighted averages using bulk and container percentages and average turnaround time as per Maritime Agenda 2020.
2. Numbers have been arrived at using weighted averages using bulk and container percentages and average pre berthing / waiting time as per Maritime Agenda 2020. 17
 APSEZ: Benefiting from Outstanding Connectivity
Achieved Excellent Hinterland Connectivity Connectivity Edge

Distance Advantage vs. JNPT

DMIC Influence Area
 Bhatinda: 408 kms
Dedicated Freight Corridor (Proposed)
 Delhi: 245 kms
JNPT – New Delhi (Existing)

KRCL- Gandhidham - Palanpur

Mundra / Dhamra – New Delhi (Existing)
Distance 301 km DFC Advantage
Ownership 20%, APSEZ
New Delhi Dhamra – Bhadrak
 Proposed Global
Distance 64 km investment destination
Ownership 100%, APSEZ

Mundra - Adipur  Potential to multiply

Distance 64 km industrial output, exports
100%, and cargo traffic in medium
Ownership
APSEZ
term

 All APSEZ ports in close

Mundra proximity to DFC/DMIC(1)
Kandla Dankuni
Dahej
Hazira
Dhamra Our Ports – Catalysts to
Hinterland Growth
JNPT

1. Source: DMIC, DFC, Indian Rail website.

18
DFC: Dedicated freight corridor; DMIC: Delhi Mumbai Industrial Corridor
APSEZ: Strategically Located on Key Trade Routes
East West Global Maritime Route Proximity Domestic Network - Coastal Trade Catalyst

Western Europe

Central Asia

China

Kandla
Mundra
India
Dahej
West Africa
Dhamra
Hazira Vizag
East Africa Mormugao Select Resource regions
Select industry regions

Ennore
Vizhinjam In operation
Under Construction

Connecting resource rich East to consumption led North /

Emerging Arabian Sea Container hub
West

Deep draft and all weather ports to handle India’s energy /

Strong Global partnerships (MSC, CMA CGM)
resource requirements

Chain of container ports across coastline– regional &

Quicker turn around and cost efficient transport vs. Rail
national play

19
APSEZ: Cargo Growth Drivers
Consistent Cargo Growth backed by growth in Containers, coal and Crude Cargo

1 Containers
• Access to >60% of the India’s container trade

• Vast manufacturing base in the hinterland

• CT IV with CMA-CGM and CT V JV agreements for additional capacity of c.2.5mn TEUs

• Automobile exports from Hazira

2 Crude, POL and LNG

• LNG terminal with GSPC LNG at Mundra • MoU with IOC for SPM at Dhamra

• HMEL doubling capacity to 18 MMTPA • Potential of 2 additional SPMs at Mundra

• Petrochem agreements at Hazira

3 Coal
• Power Plants, Cement Cluster- Rajasthan • Textile Cluster- Surat

• Mundra UMPP (Tata) and Adani Power • Foundries ,Strong presence to cater to other coal

• Steel Clusters consumers

4 Chemicals

• Global chemical industry to grow from USD 3.4 trillion to USD 5 trillion
• Indian chemical industry to grow from USD 108 billion to USD 290 billion
• State-of-the-art handling and storage facilities at Mundra and Hazira

20
Indian Ports: Coastal Shipping - the next growth factor

21
Indian Ports: Sagarmala - Enabler to coastal shipping in India

22
APSEZ: a Unique Infrastructure Investment Opportunity
+447775848150 v

 Strategically located ports : As enablers for industrial growth

 Robust connectivity: Rail, Road and Pipeline Network

Mundra Kandla
 In best position to take advantage of Delhi Mumbai Industrial Corridor given location
Dahej

and connectivity Hazira Dhamra

Vizag
 Best in Class container, crude and chemical operations. – Unique and difficult to
Mormugao
replicate.

 Unique operating model - Tug to trainEnnore

operations, No leakage of revenue;

 Sustained growth, high margins and strong credit

Vizhinjam

23
Adani Transmission
India Transmission: Ample Growth Opportunities
Transmission Line Growth Sectorwise Installed Capacity in India
Private/JV
‘000 Ckt Kms ‘000 Ckt Kms (%)
, 19 (6%)
365
400 320
Central,
257 118 (37%)
300

200
State, 184
100 (57%)
-
FY12 Jul-15 FY17

 During last 5 years, power generation capacity has grown by ~50%, whereas transmission
capacity has increased by ~30%

 Additional, >100,000 ckt kms of transmission line required by 2022

 Investment of ~ USD 64 bn is required in transmission sector

 Government has announced to auction transmission lines worth Rs 1 lakh crore over the next
few years

Private sector share expected to increase from 6% to 16%

25
ATL: Evolution

Oct- 2012
500 KV HVDC Mundra – India’s
Mohindergarh largest
transmission line
Aug-2012 operational private
400 KV Tiroda – transmis
Apr-2014
Warora sion
transmission line 765 KV MEGPTCL
transmission line
company
operational
Operational

Capacity Development in Ckt Kms

6000
5051
July-2009 5000
400 KV Mundra – 1216
4000
Dehgam
transmission line 3000
operational 2528
2000

1000 438
868
0
MD TW MM TA Total
MD: Mundra to Dehgam, TW: Tiroda to Warora, MM: Mundra to Mohindergarh, TA: Tiroda to Aurangabad 26
ATL: Business & Geographic Spread

Transmission Network – 5051 Ckt Kms

• Mundra-Sami-Dehgam: 400 kV D/C – 868 Ckt Km
• Mundra – Mohindergarh: ± 500 KV, HVDC Bipole - 2,528
Ckt Km
• Tiroda-Warora: 400 kV D/C – 438 Ckt Km
Mohindergarh
• Tiroda-Aurangabad: 765 kV 2x S/C - 1,217 Ckt Km
Transformer Capacity – 12,630 MVA
Dehgam
Mundra
Availability Factor > 99.5%
Aurangabad Warora

License Period – 25 + 10 years

Growth Potential (Ckt Kms)

10,000

5,051

FY15 FY20
27
Regulatory Return Methodology: Transmission
• Transmission charges payable for a calendar month is as follows:
= 𝐴𝐹𝐶 × 𝑁𝐷𝑀 ÷ 𝑁𝐷𝑌 × 𝑇𝐴𝐹𝑀 ÷ 𝑁𝐴𝑇𝐴𝐹
Known inputs with implementation record of open and transparent application

Annual Transmission Revenue for each project Annual Fixed Costs Incentive / (Penalty)

O&M Costs based on Regulations O&M Costs

As per Straight Line Method. Depreciable Depreciation Incentive / Penalty

to the extent of 90% of asset.
in transmission
Int on Term
Interest on Normative Debt Loan charge based on
Actual Availability
Working capital norms as specified in Int on WC
Regulations vis-à-vis Normative
Availability
Equity base 30% of project cost RoE  15.5%

Tax based on actual as applicable Tax on ROE

28
ATL: New Projects

 Sipat – Bilaspur – Rajnandgaon: 765 kV – 343 Ckt Km

 Gwalior – Morena; Aurangabad – Padghe; Raigarh – Champa –

Dharamjaigarh: 765 kV – 437 Ckt Km

 Raipur – Rajnadgaon – Warora: 765 kV – 604 Ckt Km

Total Capacity ~ 1400 ckt kms

Project Cost ~ Rs 3000 crs

Funding (D : E) 70 : 30

Equity of Rs 900 crs from internal accruals

Expected RoE : 18% plus

29
ATL: an Investment Opportunity with Stable Cash flow

 The largest private sector player with 5000+ ckt kms *

 Total investment: Rs 11,000 crs

 Fully operational, licensed & regulator approved assets

 Availability: Actual > 99.5%; Required – 95%/98%

 Forms part of critical national/regional transmission network

 Strong customer profile – good payment track record

 Stable international credit rating

 Growth - to double the network in 5 years

* Comparison: Power Grid has 1,17,679 ckt kms 30

Adani Power
Power Sectoral Demand continue to rise…
Peak & Energy Deficit : Year-wise Growth of Installed Capacity in India
in GW
17% 300 272
14% 245
13% 13% 250 223 36
12% 12% 32 6
11% 11% 199
10% 10% 9% 200 174 28 5 41
9% 9% 9% 25 5 41
8% 8% 143 148 159 5 39
18
5
150 13 16
5 39
5% 11
4 4 38
4% 5%
4% 36 37 37
100 189
152 168
113 131
50 92 94 102

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 0
Peak Deficit Energy Deficit FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Average Deficit in the Last Decade: Thermal Hydro Nuclear Others

Peak deficit: 11%; Energy deficit: 8%
India – Installed Capacity: 284 GW*
Lowest per capita electricity consumption
Hydro
16000 Thermal 43 GW, 15%
14000 13361 198 GW,
70%
12000
10000 Renewables
37 GW, 13%
kWh

8000 6460
5741
6000 Nuclear
4000 2942 6 GW, 2%
2384
2000 917
0
USA Russia UK China Brazil India

Source: 11th & 12th FYP, Ministry of Power, CEA 32

* As on 31st Dec 2015
 APL: Power Generation Portfolio
Adani Power projects are in high growth states of India. Also Power Generation
these states have financially strong SEBs

Capacity Operation
SN Location
(MW) (MW)

1 Mundra (Gujarat) 4,620 4,620

Kawai

2 Tiroda (Maharashtra) 3,300 3,300

Bitta
3 Kawai (Rajasthan) 1,320 1,320

Korba
4 Udupi (Karnataka) 1,200 1,200
Mundra

Tiroda
5 Korba (Chhattisgarh)1 600 600

Udupi

6 Bitta (Gujarat)2 40 40

Total Capacity 11,080 11,080

1. Under finalization, 33
2. 40 MW Solar Power Project
APL: PPA & Fuel Arrangement

 >81% capacity tied up under long tem PPA

 ~19% merchant market opportunity

 ~59% of coal requirement tied up through domestic coal supply

Reforms

 Enactment of Electricity (Amendment) Bill, 2014

 Amended National Tariff Policy

 Bilateral Solution of Compensatory Tariff being resolved

 Incremental Coal Allocation by Coal Block Auction and allocation of

Domestic Linkages

34
Group Initiatives
Adani Group: Business Process Transformation

Tezz Transformation: Components and Key Processes

Disha: Power Operations Ignite: Ports Operations

 BPT of Power Operations Group with ATK:
– Strategic Planning
– Revenue Management
– Operations and Maintenance
– Fuel Sourcing and Mgmt.
 BPT of Ports Operations Group with KPMG :
– Marine Operations
– Terminal Operations
– Engineering Services
– Customer Service & Marketing

 BPT of Projects with Accenture:

TEZZ  BPT of Services with Strategy&*:
– Sourcing and Procurement – Finance: B2P, O2C, Tax, R2R,
– Project Management Treasury, FP&A, ABEX

– Engineering – IT: Planning, Delivery, Support

– Construction and Commissioning – HR: TM, TA, L&D, PMS, HR Ops

Agile: Capital Projects Synergy: Services (Finance, IT, HR)

* Formerly Booz & Company

36
Adani Group: CSR Initiatives

Education

 Underprivileged Children  Girl Child Education

 Training volunteers for teaching  Adani Vidyamandir

Health

 Mobile dispensary  Teaching sanitation in rural area

 Immunization for kids  HIV /AIDS awareness campaign

Livelihood Development

 Vocational training  Cattle vaccination

 Animal Husbandry  Skill Upgradation

Rural Infrastructure Development

 Pond deepening  Check dam construction

 Village drainage system  Roads, drinking water, power etc.

37
Adani Group: Our Leadership Position
Leadership Position
• Leadership Position in Ports – 9 Ports
• Our Leadership Position as Private Sector
Generation Co – 11,080 MW
• Transmission Network – 5,051 circuit kms
• Coal Trading
• Mine Developer and Operator
• Renewable Energy, Agro and CGD

Sustainable
Growth of
Business
Favorable Macroeconomic Environment

Clear Policy
Framework

38
Legal disclaimer
Certain statements made in this presentation may not be based on
historical information or facts and may be “forward-looking
statements,” including those relating to general business plans and
strategy of Adani Enterprises Limited (“AEL”) and Adani Ports and
Special Economic Zone Limited (“APSEZ”) and Adani Power Limited
(“APL”) and Adani Transmission Limited (“ATL”) (combine together
“Adani Group”) their future outlook and growth prospects, and
future developments in their businesses and their competitive and
regulatory environment, and statements which contain words or
phrases such as ‘will’, ‘expected to’, etc., or similar expressions or
variations of such expressions. Actual results may differ materially
from these forward-looking statements due to a number of factors,
including future changes or developments in their business, their
competitive environment, their ability to implement their strategies
and initiatives and respond to technological changes and political,
economic, regulatory and social conditions in India. This
presentation does not constitute a prospectus, offering circular or
offering memorandum or an offer, or a solicitation
of any offer, to purchase or sell, any shares and should not
be considered as a recommendation that any investor should
subscribe for or purchase any of Adani Group’s shares. Neither this
presentation nor any other documentation or information (or any
part thereof) delivered or supplied under or in relation
to the shares shall be deemed to constitute an offer of or an
invitation by or on behalf of Adani Group.
Adani Group, as such, makes no representation or warranty, express
or implied, as to, and does not accept any responsibility or liability
with respect to, the fairness, accuracy, completeness
or correctness of any information or opinions contained
herein. The information contained in this presentation, unless
otherwise specified is only current as of the date of this
presentation.
Adani Group assumes no responsibility to publicly amend,
modify or revise any forward looking statements, on
the basis of any subsequent development, information or
events, or otherwise. Unless otherwise stated in this
document, the information contained herein is based on
management information and estimates. The information
contained herein is subject to change without notice and
past performance is not indicative of future results. Adani
Group may alter, modify or otherwise change in any manner
the content of this presentation, without obligation to notify
any person of such revision or changes.
No person is authorized to give any information or to make
any representation not contained in and not consistent with
this presentation and, if given or made, such information
or representation must not be relied upon as having been
authorized by or on behalf of Adani Group. This presentation
is strictly confidential.
This presentation does not constitute an offer or invitation
to purchase or subscribe for any securities in any jurisdiction,
including the United States. No part of its should form the
basis of or be relied upon in connection with any investment
decision or any contract or commitment to purchase or
subscribe for any securities. None of our securities may be
offered or sold in the United States, without registration
under the U.S. Securities Act of 1933, as amended, or
pursuant to an exemption from registration therefrom.
This presentation is confidential and may not be copied or
disseminated, in whole or in part, and in any manner.
This presentation contains translations of certain Rupees
amounts into U.S. dollar amounts at specified rates solely for
the convenience of the reader.
39