Adani Enterprises to halt capital expenditure on new road projects

20 Feb 2023 CW Team

Before committing to any new capital expenditure, Adani Enterprises (AEL) will focus on completing its existing portfolio of road projects. It has put any new investment commitments in new road projects on hold.

The majority of its ongoing road projects are on track, with no changes to the commissioning dates. AEL was awarded the contract for the 464-kilometre Meerut-Prayagraj stretch of the Ganga Expressway in Uttar Pradesh, where it will construct three motorway clusters at a cost of Rs 230 billion. Adani Road Transport, an AEL subsidiary, invested Rs 68.26 billion in the company.

The company has 14 similar projects with road construction and maintenance of over 5,000 lane kilometres, and its under-construction projects are on track to meet deadlines. To operate these traffic corridors, the company purchased four toll roads in Gujarat and Andhra Pradesh from Macquarie Asia Infrastructure Fund in 2022 for Rs 31.10 billion.

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