Adani Enterprises Ltd (AEL), the flagship company of the $6-billion Adani Group, on Wednesday, reported a 1 per cent increase in net profit to Rs 570 crore in the first quarter of 2011-12 against Rs 565 crore in the same period previous year.
Net sales rose 63 per cent to Rs 9,596 crore (Rs 5,899 crore).
On Wednesday, AEL’s share price on the BSE closed 0.87 per cent up at Rs 601.95.
Parsa Kante Collieries is set to become the first domestic mine developer and operator (MDO) in India. The company, a joint venture between AEL and state-run Rajasthan Rajya Vidyut Utpadan Nigam Ltd, has received preliminary nod for development of the Parsa East and Kante Basan coal blocks which have a combined peak production of 15 MMTPA. These two blocks are estimated to have coal reserves of nearly 452 million tonnes.
The mining agreement is valid for a period of 30 years from the date of signing, the spokesman said.
Mr Gautam Adani, Chairman, AEL, said the company has attained the critical mass to position itself as an integrated infrastructure player encompassing the entire value chain from captive coal mines to coal trading, managing ports and logistics, power generation and power transmission.