Adani Enterprises to freeze capital expenditure in new road projects

It will focus instead on completing existing ones, before committing fresh investments

Dev Chatterjee Mumbai
Adani group, adani enterprises

“We want the current volatility to settle down before we make any new commitments (on capex) and we don’t want our investor community to suffer due to the volatility,” company officials told analysts on Wednesday

Adani Enterprises plans to freeze investments in new road projects till the current volatility around its share price, sparked by a report by US-based short seller Hindenburg Research, ends. 
Instead, the company plans to complete the existing portfolio of road projects like the Ganga Expressway before committing any fresh capital expenditure, group officials said.
A large number of road projects are awarded in the March quarter as government agencies rush to meet their year-end deadlines. Infrastructure companies participate in the auction for the next financial year. Company officials said most of the ongoing road projects were on schedule and there was no change in the commissioning dates.

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First Published: Feb 16 2023 | 8:15 PM IST

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