GROWING 
RESPONSIBLY
The interplay of growth and responsibility is the foundation 
of sustainability at the Adani portfolio of companies
ESG REPORT 2021-22

Contents
About this report.............................................................
Analysis............................................................................2
Part 1: Adani Portfolio
Core purpose and values............................................. 6
Chairman’s message..................................................... 8
Chief Financial Officer’s message............................10
Chief Sustainability Officer’s message....................12
The Adani Group leadership......................................14
The Adani growth story..............................................16
Group constituents....................................................20
Part 3: GHG emissions management
Climate change, 
India and the Adani portfolio...................................60
Adani at an inflection point...................................... 62
Part 2: ESG and Adani portfolio
Responsibility @ Adani portfolio..............................38
United Nations’ Sustainable Development Goals.41
Awards and recognition............................................45
Adani portfolio’s ESG thrust areas............................57
Part 4: The unprecedented 
green hydrogen opportunity
ANIL’S business model is integrated, 
one-stop and value accretive................................... 78

Part 5: Adani portfolio’s 
ESG commitment and ambition
Sustainable development goals and 5P’s.............. 82
Adani portfolio’s approach to stakeholder 
engagement................................................................86
ESG policies.................................................................89
Climate change...........................................................90
Part 7: Adani and social capital
Social capital............................................................. 120
Our people...................................................................122
Sustainable supply chain and 
promoted responsible sourcing............................. 138
Customer relationship management at Adani.... 142
Part 9: Adani portfolio and governance
Robust governance ecosystem.............................. 156
Staying abreast of developments..........................160
Part 6: Adani and environment capital
How Adani portfolio is moderating 
carbon emissions........................................................96
Managing non-GHG emissions...............................104
Water stewardship................................................... 105
Biodiversity................................................................109
Green transformation................................................111
Waste management..................................................114
Part 8: Nurturing communities
Community development........................................ 146

The emergence of ESG is a mainstream subject for investors and organisational interest in sustainability. With 
providers of financial capital, regulators and customers increasingly has accelerated cognisance of ESG, the 
subject has become a business imperative that can impact credit availability and affordability, fund inclusions 
and align mitigation and adaption measures to emerging risks and build business resilience.
Reporting scope & boundary
This report is the Adani Portfolio’s 
maiden ESG reporting exercise. It 
encompasses all listed entities of 
the Adani Group:
	 Adani Port and Special 
Economic Zone (APSEZ)
	 Adani Green Energy Ltd. (AGEL)
	 Adani Transmission Ltd. (ATL)
	 Adani Power Ltd. (APL)
	 Adani Enterprises Ltd. (AEL)
	 Adani Total Gas Ltd. (ATGL)
	 Adani Wilmar Ltd. (AWL)
While Adani Australia businesses 
are not within the data scope 
of this report (as they were 
not operational till last year), a 
number of case studies have been 
included.
The report provides a snapshot 
of the sustainability journey of 
Adani companies, comprising 
the Environment, Social and 
Governance performance. The 
disclosures in the report pertain 
to operations between 1 April, 
2021 and 31 March, 2022. The 
data pertains to the Group’s 
India businesses. Since this is 
the first report covering all listed 
companies, at certain places the 
data comprises consolidated 
performance numbers that may 
not necessarily be disaggregated 
for FY2021-22.
Assurance of disclosures
To ensure transparent reporting 
and information quality, the 
Adani business units engaged 
experts to review data quality 
and availability, stakeholder 
expectations and reporting 
commitments. Each business has 
taken an independent assurance 
on the ESG-related disclosures 
and the same has been used for 
consolidation at the group level.
BRSR (Business 
Responsibility 
and Sustainability 
Report)
UNSDG (United 
Nations 
Sustainable 
Development 
Goals)
GRI (Global 
Reporting 
Initiative)
CDP (Formerly 
known as “Carbon 
Disclosure 
Project”)
IBBI (India 
Business & 
Biodiversity 
Initiative)
UNGC (UN Global 
Compact)
DJSI (Dow Jones 
Sustainability 
Indices)
TCFD (Task 
force on climate 
related financial 
disclosures)
Reporting frameworks
The report incorporates relevant 
indicators and disclosures as per 
national/international standards/
protocol like United Nations 
Sustainable Development Goals 
(UN SDGs), UN Global Compact 
(UNGC), Business Responsibility 
and Sustainability Report (BRSR) 
and others. A comprehensive list 
of frameworks has been provided 
below.
ABOUT THIS 
REPORT
Feedback
Your suggestions, observations and queries that pertain to this report 
may be addressed to group.sustainability@adani.com

The first word
GROWING 
RESPONSIBLY
At the Adani portfolio of companies, 
we are committed to sustainable 
growth, capitalising on unprecedented 
opportunities.
This growth is being shaped and 
influenced by the highest standards of 
responsibility across various aspects of 
our operations.
The complement of outperformance 
and responsibility has enhanced 
stakeholder respect, confidence, 
engagement, valuations and business 
sustainability.
ESG Report 2021-22 | 1

ANALYSIS
‘GROWING’
Unprecedented 
investment in sunrise 
sectors
Convergence of 
advanced technologies, 
operational 
excellence and cost 
competitiveness
Focus on growing 
faster than the 
sectorial average
Investments aligned 
with long-term national 
policies
Focus on emerging as 
the largest within the 
sector in India
Establishing multi-year 
growth visibility
Investments creating 
new and enhanced 
economies of scale 
within India
Focus on business 
sustainability through 
the 5P approach
Focus on transforming 
sectorial realities 
through a long-term 
growth agenda
1
4
7
2
5
8
3
6
9
2 | The Adani Portfolio

Focus on reinforcing 
our respect as a 
responsible forward-
looking corporate
Sustainability derived 
from an overarching 
ESG commitment
Driven by a 
combination of 
entrepreneurial 
zeal and systems 
orientation
Building the business 
around a robust 
governance framework 
and Board oversight
Respect for regulatory 
compliance
Focus on enhancing 
value for all 
stakeholders in a 
sustainable way
Focus on multi-year 
business sustainability 
over one-off profit 
spikes
Certifications and 
credit rating by the 
most demanding 
national and global 
agencies
Reporting periodically 
the Adani portfolio’s 
ESG commitment and 
performance
‘RESPONSIBLY’
1
4
7
2
5
8
3
6
9
ESG Report 2021-22 | 3

PART
THE ADANI 
PORTFOLIO
The first section of this report 
highlights the fundamentals 
and constituents of the Adani 
portfolio
1
4 | The Adani Portfolio

ESG Report 2021-22 | 5

CORE PURPOSE 
AND VALUE
6 | The Adani Portfolio

Vision
To be a world class 
leader in businesses 
that enrich lives and 
contribute to nations in 
building infrastructure 
through sustainable 
value creation.
Engaged in nation building
Enriching communities of its presence
Enhancing stakeholder value
Values
Courage
We shall embrace new ideas 
and business
Commitment
We shall stand by our promises 
and adhere to high standards 
of business
Trust
We shall believe in our employees and other 
stakeholders
Background
The Adani business portfolio has 
been promoted by the visionary 
industrialist Mr. Gautam Adani.
Headquartered in Ahmedabad 
(India), Adani Group entered the 
business of commodity trading 
(1988) as Adani Export Limited, 
a Company that has now evolved 
into Adani Enterprises Ltd.
Businesses
With the passage of three 
decades, Adani Group has 
emerged as the largest and 
fastest growing Indian business 
conglomerate with a broadly 
diversified portfolio.
The Group’s business interests 
comprise Logistics (seaports, 
airports, shipping and rail), 
Resources, Power Generation, 
Transmission & Distribution, 
Renewable Energy, Gas & 
Infrastructure, Agro (commodities, 
edible oil, food products, 
cold storage and grain silos), 
Real Estate, Public Transport 
Infrastructure, Defence & 
Aerospace, Mining Services, 
Copper, Petrochemicals, Data 
Centre and others.
Core philosophy
The Adani Portfolio’s central 
philosophy is ‘Nation Building’ 
complemented by ‘Growth with 
Goodness’.
ESG Report 2021-22 | 7

CHAIRMAN’S 
MESSAGE
R
ecent geo-political crises and 
the Covid pandemic have 
changed the way the world 
is going to operate. Juxtaposing 
this change with the need to 
address the climate impacts of 
global warming and our country’s 
commitment to becoming net 
zero in terms of carbon footprint 
by 2070 will require new business 
strategies aimed at achieving our 
goals.
By 2050, I envision that India 
will become a fully literate 
poverty-free young nation with 
the largest consuming middle 
class population the world will 
ever see. It will be a growing 
economy and will be supremely 
confident of its position in the 
world. This confidence of a nation 
gets reflected in the scale of the 
decisions its corporates make.
The anticipated national growth 
would put a huge demand on 
the energy system. Currently, the 
per capita energy consumption 
in India is 1161 Kwh per year, just 
one-third of the global average 
and a mere one-twelfth of the 
energy consumption by the 
United States. The economic 
growth and the rising standard 
of living in India will lead to a 
rise in energy demand. With the 
energy sector being the largest 
contributor to carbon emissions, 
meeting the energy demand in the 
conventional way of electricity 
generation would prevent the 
country from meeting its 2030 
global commitment of reducing 
GDP energy intensity by 45% and 
increasing share of non-fossil 
power generation to 50%. 
To address this challenge, the 
government has taken policy 
decisions to promote renewables 
and green hydrogen in India’s 
energy mix. The country receives 
good solar irradiation with more 
than 300 sunny days in a year 
and possesses a large coastline 
favouring wind energy. Leveraging 
these strengths, we can expect 
major capacity additions in solar 
and wind generation. Hydrogen is 
also gaining importance as a new 
focus area and we are likely to see 
its commercial production in the 
near future. I am confident that 
India is at the cusp of a hydrogen-
driven revolution that can 
transform it into a green nation.
This is nation-building at its best. 
However, this doesn’t mean that 
we can completely eliminate 
the fossil-fuel-based electricity 
generation in the country’s energy 
transition journey. This source 
presently has 75% share in the 
country’s energy generation. 
We are convinced that the 
future is not about fossil fuel 
versus renewable energy but 
about a prudent energy mix that 
transforms our country into one 
with a low carbon footprint.
At Adani, we believe that the most 
effective ESG initiatives need to be 
aligned with national priorities. We 
have committed to invest USD 70 
billion in green transition by 2030, 
8 | The Adani Portfolio

a decisive step to decarbonise 
and, at the same time, make our 
country self-reliant (Atmanirbhar) 
in the energy sector. Because of 
the current geo-political scenario, 
many developed nations are 
facing a major energy crisis and 
this shortage is likely to impact 
their economic activity. What I 
foresee are new opportunities and 
principles of global engagement 
based on greater self-reliance and 
lower supply chain risks.
The Adani Portfolio is increasingly 
engaged in future-focused 
businesses with an emphasis 
on renewable energy, enabling 
technologies for transition, 
and the green hydrogen value 
chain. We are already one of the 
world’s largest solar players as 
manufacturer and operator, we 
intend to do much more. We are 
engaged in an unprecedented 
investment in achieving a green 
hydrogen revolution. This will not 
only grow our business but can 
potentially transform our country 
into a net energy exporter. The 
next step from being Atmanirbhar 
Bharat is to make others Bharat 
Par Nirbhar. Adani has already 
started its journey in this direction 
following the recent inauguration 
of the Godda power plant 
dedicated to supply electricity to a 
neighbouring country.
The second pillar of our ESG 
framework is our investment 
in a digital future. Adani is 
building data centres, investing 
in cloud computing and building 
capabilities in the field of Artificial 
Intelligence. Data centres will play 
a pivotal role in retaining valuable 
data within the country, now an 
expressed government priority 
and national need. Our data 
centres will not merely be among 
the largest in India; they will also 
be modern showpieces by the 
virtue of their being run entirely 
on green energy, yet another 
instance of scalability coupled 
with sustainability.
Adani businesses range from 
ports to airports; from electricity 
generation to transmission and 
distribution; from edible oil to 
FMCG products, logistics, cement, 
defence, roads and several 
others. The businesses may 
appear disparate and unlinked 
at first glance but are built on 
adjacencies. By extending from 
one business into an adjacent 
space, we are enhancing our 
understanding of the second 
space with all related knowledge 
and insights that we bring from 
the former to the latter. A range 
of products or services provided 
by one Adani portfolio company 
is consumed by another; the 
competitive advantage enjoyed 
by one Adani company becomes 
a shared advantage. The result is 
that we are building a ‘community 
of companies’ possessing long-
term competitive advantages.
Adani businesses are reducing 
their carbon footprint and working 
towards ambitious sustainability 
targets on the road to net zero. 
The superior application of 
knowledge and cutting-edge 
technology in the areas of 
waste and water management 
will strengthen our business 
sustainability.
Stakeholder engagement is at 
the forefront of doing business 
the Adani way. We engage with 
communities through Adani 
Foundation, which is involved 
in the areas of health, nutrition, 
education, basic sanitation, 
women’s livelihood and skills.
Adani provides employees 
with a workspace marked by 
opportunities to build knowledge, 
exposure to cutting-edge sectors 
and cross-functional capabilities 
with a safe work environment 
and EEO (equal employment 
opportunity). We work diligently in 
enhancing customer experience 
and engage with suppliers 
professing sustainable practices.
Each of our businesses has 
embarked on an ESG journey. We 
communicate transparently and 
periodically with all stakeholders. 
This ESG Report is an outcome 
of a commitment, that covers 
the overall business philosophy, 
principles and actions taken at the 
business level.
Atmanirbhar Bharat to a Bharat 
Par Nirbhar world is my vision 
and doing it responsibly and 
sustainably is going to be the way 
at Adani.
Gautam S. Adani
Chairman
This ESG Report 
is an outcome of 
a commitment 
that covers the 
overall business 
philosophy, 
principles and 
actions taken at 
the business level.
ESG Report 2021-22 | 9

CHIEF FINANCIAL 
OFFICER’S MESSAGE
F
ollowing the outbreak of the 
Covid-19 pandemic, there was 
a national desire to return to 
normalcy with speed. However, 
this desire was interrupted by 
successive pandemic waves, 
marked by a loss of loved ones, 
life savings and equanimity. The 
scenario challenged individuals 
and businesses, warranting a 
differentiated response.
The Adani Group was proactive 
in addressing this Black Swan 
event by establishing Covid-19 
bubbles at the operational and 
under-construction sites. Our 
operating architecture aided 
the development of a formalised 
mechanism towards each ESG 
aspect. This approach has 
been a key catalyst during the 
challenging phase, which has 
helped nurture and grow various 
businesses and empower them 
to chase the fast-tracked growth 
path. This ESG report highlights 
the systematic approach of how 
our businesses are interlinked with 
the most important sustainability 
themes relevant for each business.
At Adani, we believe that 
performance and sustainability are 
symbiotic, each feeding the other. 
We evaluate ESG as a risk and an 
opportunity within our businesses; 
we aim at micro solutions to 
address the identified risks in 
a sustainable manner. We have 
implemented multi-disciplinary 
risk management, integrating 
ESG risks and opportunities into 
an Enterprise Risk Management 
program.
To facilitate a transparent, 
independent assurance 
mechanism, all listed Adani 
companies constituted a Board 
Committee, namely ‘the Corporate 
Responsibility Committee’. This 
committee is represented by 
all Independent Directors, their 
principal objective being the 
creation of an ESG roadmap and 
assurance to stakeholders on ESG 
commitments.
Along with this, the most 
important Indian theme is to focus 
on social empowerment - enabling 
the transformation and uplift of 
communities. It is important to 
note that for Adani, the Social 
Enterprise Platform and various 
programmes are led by women, 
which provides solutions for health 
care, retail market place creation, 
organic farming and clean water 
solutions for local communities. 
We are proud of Adani Foundation, 
acting as a delivery partner and 
touching 3.7 million lives across 
2,409 villages in 19 States, a social 
enterprising model providing 
sustainable livelihoods through 
multiple touch points.
India’s aim is to achieve net zero 
carbon emissions by 2070, meet 
50% of its electricity requirements 
from non-fossil sources by 2030 
and reduce its emissions intensity 
by 45%.
FY2021-22 proved to be an 
exciting year in Adani’s journey. 
10 | The Adani Portfolio

Despite external challenges, Adani 
pledged to invest more than USD 
100 billion of capital over the next 
decade, 70% of this investment 
earmarked for the energy 
transition space. The size and 
scope of this integrated approach 
reflects the seriousness of Adani’s 
thought leadership in facilitating 
the world’s rapid transition to 
clean energy.
Adani’s incubation arm – Adani 
Enterprises Ltd. – strengthened its 
commitment on this front, adding 
future-oriented businesses like 
the creation of a green hydrogen 
ecosystem through Adani New 
Industries Limited (ANIL), green 
data centers, while strengthening 
its position in businesses like 
airports and roads.
We are excited about our ANIL 
journey, a step forward with 
respect to decarbonisation that 
will provide sustainable solutions 
for energy-intensive businesses. 
We are actively investing and 
partnering to take the overall 
transition forward. We are 
developing one of the largest 
green hydrogen ecosystems in the 
world, comprising investments in 
three sub-segments.
	 First, the end-to-end 
indigenisation of manufacturing 
solar modules, wind turbines and 
electrolysers.
	 Secondly, generation of green 
hydrogen with implementation 
of captive solar, wind and hybrid 
renewable power generation.
	 Thirdly, downstream industrial 
development with hydrogen as 
raw material.
Adani Green Energy is 
spearheading the large-scale 
renewable energy capacity 
development to help India achieve 
sustainable development goals. It 
is focused on grid decarbonisation 
by injecting renewable energy 
and providing an affordable 
energy solution. It has one of 
the largest global renewable 
portfolios of 20.4 GW of operating, 
under-construction and awarded 
projects, with a target of 45 GW 
renewable energy capacity by 
2030.
Adani Transmission is set to 
emerge as a key enabler of 
India’s target of integration of 
renewable energy into the grid 
network. Adani Transmission is 
committed to invest USD 7 billion 
in transmission and distribution 
systems, including investment 
in a green corridor and system 
strengthening to augment 
national grid evacuation capability.
Various Adani portfolio companies 
have announced their respective 
net zero commitments, covering 
Adani Ports and SEZ, Adani 
Transmission, Adani Gas, Adani 
Airports and Adani Connex. 
Various Adani portfolio companies 
have also committed to address 
environmental issues relevant 
for each business like water 
neutrality, zero waste-to-landfill, 
single use plastic free (SUP) sites, 
mangrove/ afforestation as well as 
zero biodiversity net loss.
We have also embedded 
sustainability into our financing 
with green or sustainability-
linked issuances wherein all the 
financing initiatives get a second 
party opinion (SPO) certification. 
This shall also be the testament 
of our investment philosophy 
centered around sustainability.
The principal message that one 
seeks to send out is that Adani is 
commencing an exciting journey 
with sizable investments likely to 
be made in an energy transition 
value chain. The Adani businesses 
represent India’s building blocks 
for the next 25 years, built around 
sustainable solutions to create 
inter-generational sustainable 
infrastructure led by examples in 
the core sectors of Energy and 
Utility, Transport and Logistics, 
Materials and Natural Resources 
etc., enhancing considerable 
value for stakeholders and making 
a positive difference to the 
community, country and world.
Jugeshinder Singh
Chief Financial Officer
Adani pledged 
to invest more 
than USD 100 
billion of capital 
over the next 
decade, with 70% 
of this investment 
earmarked for the 
energy transition 
space. The size 
and scope of 
this integrated 
approach reflects 
the seriousness of 
Adani’s thought 
leadership in 
facilitating the 
world’s rapid 
transition to clean 
energy.
ESG Report 2021-22 | 11

CHIEF SUSTAINABILITY 
OFFICER’S MESSAGE
C
limate change and global 
pandemic worries have 
accelerated ESG-driven 
economic transformation. Recent 
geopolitical uncertainties have 
highlighted the need for a greener 
transition of the global business 
ecosystem. Throughout this 
Decade of Action, sustainability 
will be essential to address the 
most pressing challenge of climate 
change. Businesses that adopt a 
sustainable business model will be 
better placed to mitigate climate-
related risks, increase profitability 
and make a positive mark on the 
world.
If the latest report published by 
the UN’s Intergovernmental Panel 
on Climate Change (IPCC) is any 
indication, it is a ‘Code Red’ for 
human-driven global warming and 
we could end up breaching the 
1.5°C threshold by 2040, or even 
earlier. Extreme weather events 
would become more intense 
and frequent, with devastating 
consequences. Global leaders 
came together at the COP26 
Climate Conference in Glasgow to 
revisit the climate pledge made 
under the 2015 Paris Agreement 
and expedite climate action.
India pledged to achieve a net zero 
carbon footprint by 2070. Home 
to 17% of the world’s population, 
India is one of the fastest growing 
economies and one of the most 
responsible nations when it comes 
to addressing climate change. 
However, at the heart of any 
nation’s sustainability journey lies 
the principle of equitable growth; 
a net zero number unaligned 
with the nation’s development 
priority could end up widening the 
inequality.
Each Adani portfolio business is 
committed to decarbonisation. 
Each is doing so by improving 
operational emissions efficiency, 
and, where possible, through 
the electrification of operations 
and use of biofuels to reduce 
Scope 1 emissions. The Group’s 
formidable renewable capacity 
allows its constituent businesses 
to progressively source renewable 
power to lower Scope 2 emissions. 
Each business is looking at 
ways to work with upstream 
and downstream stakeholders 
to mitigate Scope 3 emissions. 
However, it is also the case that 
for many sectors, green hydrogen 
will be critical for decarbonisation 
– the last mile in their net zero 
journey.
The culmination of our Chairman’s 
strategy of progressively moving 
into adjacent sectors – together 
with his vision of an India that is a 
net exporter of clean energy – has 
positioned the Khavda-Mundra 
corridor to become a globally 
leading green hydrogen hub. 
There can be no better statement 
of the seriousness of this intent 
than the establishment of Adani 
New Industries Limited (ANIL) to 
spearhead the development of the 
green hydrogen value chain with 
12 | The Adani Portfolio

a projected investment of USD 70 
billion over the next decade.
While the scale of this investment 
presents a great business 
opportunity that will contribute 
to India’s energy independence, 
it also positions the Group 
uniquely to provide a credible 
decarbonisation roadmap for its 
businesses, as, for many sectors, 
there can be no net zero without 
green hydrogen.
The last mile in the net zero 
transition of airports requires the 
decarbonisation of aviation fuel 
for which e-kerosene produced, 
using green hydrogen, is the most 
viable prospect. For the ports and 
shipping business, green ammonia 
produced from green hydrogen 
provides the most likely path to 
net zero. While electrification 
and battery electric vehicles 
will play an important role in 
decarbonisation of transport, 
fuel cells operating on green 
hydrogen will be critical for 
heavy duty trucking and mining 
operations. Decarbonisation of 
the city gas distribution sector 
will occur as the price of green 
hydrogen comes down, initially 
driven by blending mandates 
and eventually full transition 
as the pipeline infrastructure is 
progressively upgraded to handle 
100% hydrogen. Scaling of India’s 
infrastructure will require a 
multiple fold increase in cement 
production – a carbon-intensive 
business. Carbon capture and 
storage, especially in concrete, will 
play an important role; however, in 
the absence of significant known 
sequestration reserves in India, the 
utilisation of carbon with green 
hydrogen to produce polymers 
for building materials could be 
another possible decarbonisation 
pathway.
Even if one looks at electricity 
generation, green hydrogen 
has an important role to play 
as India balances its need for 
affordable baseload power and 
net zero transition. India does 
not possess abundant natural 
gas; electricity generation from 
imported LNG for baseload power 
is not economically feasible. 
While nuclear energy will play 
a role, high up front capital 
expenditure, long-lead times 
for project commissioning, and 
reliance on imported uranium 
could be constraints. Hydel power 
is one of the few indigenous clean 
sources of baseload electricity, 
but any significant expansion has 
to consider the ecological impact 
and community displacement. 
Hence, thermal power from coal 
will remain a part of India’s energy 
mix for some time, although recent 
progress with pumped hydrogen 
has been encouraging. 
In the long-term, at a price point 
of under USD 1/kg for green 
hydrogen, combined with cost-
reduction for combined cycle 
hydrogen turbines or utility 
scale fuel cells, one can see an 
economically viable path away 
from fossil fuels. In the medium 
term, green ammonia produced 
from green hydrogen can be 
blended with coal to significantly 
reduce the carbon footprint of 
thermal power plants. Adani Power 
Limited is currently undertaking 
a feasibility study with Japan’s 
IHI and KOWA for blending 20% 
ammonia with coal at its Mundra 
plant.
We believe in the power of 
inclusive growth that improves the 
lives of all. The Adani Portfolio has 
implemented robust systems and 
policies to manage environmental 
impacts, climate-related risks and 
opportunities that contribute to 
nation building.
Our people are instrumental in 
our sustainability journey. We 
continue to promote an inclusive, 
diverse and zero-harm culture at 
all workplaces. We are investing 
in our people, helping them grow 
professionally. The Adani Group, 
through the Adani Foundation, 
aids local communities through 
multiple initiatives, some of which 
are highlighted in this report.
The Adani Portfolio’s governance 
commitment extends beyond 
compliance with the requirements 
of applicable regulatory standards 
of the Securities and Exchange 
Board of India (SEBI) and the 
Companies Act, 2013. Each of 
the businesses has established 
a Corporate Responsibility 
Committee with additional terms 
of reference to oversee the ESG 
performance.
This is the first attempt to 
converge ESG activities of the 
Adani portfolio of companies in 
a single document enhancing 
perception.
Arun Sharma
Group Head, Sustainability and 
Climate Change
The present 
report is the first 
attempt to bring 
together the ESG 
activities of each 
of Adani portfolio 
of companies in a 
single document 
and provides a 
snapshot of its 
journey.
ESG Report 2021-22 | 13

THE ADANI GROUP 
LEADERSHIP
Gautam 
Adani
Pranav 
Adani
Vinay 
Prakash
Rajesh 
Adani
Karan 
Adani
Jeyakumar 
Janakaraj
Priti 
Adani
Anil 
Sardana
Sudipta 
Bhattacharya
Dr Malay 
Mahadevia
Vneet 
S. Jaain
Vikram 
Tandon
Chairman
Managing Director 
(Agro, Oil & Gas)
Director, AEL & Chief 
Executive Officer, 
Natural Resources
Managing Director
Chief Executive Officer, 
APSEZ
Chief Executive Officer, 
Adani Global Singapore 
and AdaniConneX
Chairperson, Adani 
Foundation
Managing Director & 
Chief Executive Officer 
ATL; Managing Director 
Thermal Power
Chief Executive Officer, 
Adani Group North 
America, and CTO, Adani 
Group
Wholetime Director, 
APSEZ & Chief Executive 
Officer, AAHL
Managing Director & 
Chief Executive Officer, 
AGEL
Group Chief Human 
Resources Officer
14 | The Adani Portfolio

Gaurav 
Gupta
Pranav 
Vora
Samir 
Vora
Angshu 
Mallick
Jugeshinder 
Singh
Ashish 
Rajvanshi
Suresh 
Manglani
Sagar 
Adani
Jayant 
Parimal
Jeet 
Adani
Chief Executive Officer, 
Adani Capital
Chief Executive Officer, 
Shipping
Executive Director, Adani 
Australia
Managing Director & 
Chief Executive Officer, 
Adani Wilmar Ltd.
Group Chief Financial 
Officer
President and Head, 
Chairman’s office. 
Chief Executive Officer, 
Adani Defence & Aerospace
Chief Executive Officer, 
Adani Total Gas Ltd.
Executive Director, AGEL
Advisor to Chairman
Vice President, Group 
Finance
ESG Report 2021-22 | 15

THE ADANI 
GROWTH STORY
Marked by long-term investments in core 
growth and future-oriented businesses
A commitment to invest disproportionately when 
compared with the prevailing economies of scale
A commitment to invest funds mobilised at the 
lowest overall capital cost
A commitment to invest in areas adjacent to 
existing Adani Portfolio businesses
A commitment to invest ahead of the curve
Where we come from
How we have evolved
From 
trading
To infrastructure
To 
integration
To business 
diversification
16 | The Adani Portfolio

How our growth has played out
1988
Starts as a commodity 
trading firm
2009
Lists Adani Power 
on National Stock 
Exchange
2018
Acquires R-Infra’s 
electricity distribution 
business in Mumbai
1995
Enters the port 
services business
2011
Commercialises the 
Dahej port
2019
Enters data centre 
business; launches 
the world’s first 
renewable energy-
powered data hub 
in Vishakhapatnam; 
attracts Qatar 
investment Authority 
investment of H3,200 
crore in Adani 
Electricity Mumbai 
Limited
1999
Forms Adani Wilmar, a 
joint venture edible oil 
refining company
2012
Commissions India’s 
first private sector 
HVDC transmission line
2020
Extends into airports 
and wins the mandate 
to operate six airports. 
French giant Total 
partners Adani 
Renewables with a 
50-50 partnership 
in a 2148 MW solar 
project; joins Total to 
create India’s premier 
integrated gas utility
2002
Adani’s Mundra port 
becomes the largest in 
India’s private sector
2016
Commissions one of 
the world’s largest 
solar power plants 
(Kamuthi, Tamil Nadu)
2006
Launches the first 
CNG station in 
Vadodara followed by 
Ahmedabad
2017
Becomes one of the 
largest solar power 
developers (portfolio 
2 GW)
ESG Report 2021-22 | 17

THE ADANI PORTFOLIO - A 
WORLD-CLASS INFRASTRUCTURE 
AND UTILITY PORTFOLIO
Incubator
(74.9%)
AEL
Energy 
& Utility
(61.3%)
(100%)
(37.4%)
AGEL
Renewables
ANIL
New Industries
ATGL3
Gas Discom
Our Infrastructure Portfolio
(74.9%)
(50%)
(75.0%)
ATL
T&D
AdaniConneX4
Data Centre
APL
IPP
Transport 
& Logistics
(65%)
(100%)
APSEZ
Ports & 
Logistics
AAHL
Airports
(100%)
(100%)
NQXT2
ARTL
Roads
Direct to 
consumer
(44%)
(100%)
(100%)
AWL
Food FMCG
ADL
Digital
Other 
specialty 
businesses
(Defence, 
Mining services, 
Copper, 
Petrochemicals
Other 
businesses
 Represents public traded listed verticals
(%): Promoter equity stake in Adani Portfolio companies
(%): AEL equity stake in its subsidiaries
A multi decade story of high growth and derisked cash flow generation
~USD 206 billion1 combined market capitalising
1. As on 29 April, 2022, USD/INR 76.5 • 2. NQXT: North Queensland Export Terminal • 3. ATGL: Adani Total Gas Ltd, JV with Total Energies • 
4. Data center, JV with EdgeConnex, • APSEZ: Adani Ports and Special Economic Zone Limited; • ATL: Adani Transmission Limited; •  
T&D: Transmission & Distribution; • APL: Adani Power Limited; • AGEL: Adani Green Energy Limited; • AAHL: Adani Airport Holdings Limited; • 
ARTL: Adani Roads Transport Limited; • ANIL: Adani New Industries Limited; • AWL: Adani Wilmar Limited; • ADL: Adani Digital Limited • 
ARTL: Adani Roads Transport Limited; • ADL: Adani Digital Limited; • IPP: Independent Power Producer; • FMCG: Fast-Moving Consumer 
Goods
18 | The Adani Portfolio

THE ADANI PORTFOLIO 
CONSTITUENTS
The Adani portfolio has emerged among the 
most visible listed companies in India by the 
virtue of their thought and market leadership
Our 
building 
blocks
2
1
3
7
4
6
5
Scale
Leadership
Benchmark 
status
Value 
creation
Sectorial 
outperformance
Superior 
profitability
Respect
ESG Report 2021-22 | 19

GROUP CONSTITUENT
Adani Ports 
and SEZ Limited
Emerged as India’s largest port 
service companies
Largest port 
developer and 
operator in India
Largest container 
handling facility in 
India
Largest logistics 
park in India
Largest 
ports company 
enjoying the 
highest margin 
among peers
Karan Adani 
CEO. Adani Ports & SEZ Ltd.
“Sustainability has always been the foundation 
of our business strategy. This has helped 
position us among the five fastest growing 
port operators in the world valued equally 
by customers, employees, communities, and 
shareholders. Our aim is to reinforce our 
position as a global leader by transitioning to 
lower-carbon future while maintaining a strong 
goodwill with our stakeholders”
20 | The Adani Portfolio

GROUP CONSTITUENT
Adani Green 
Energy Limited
Building a global renewable 
energy giant
Overview
	 Ranked as India’s largest 
renewable energy company and 
the largest solar energy developer 
in the world (by US-based 
MERCOM Capital) in 2020.
	 Launched pioneering renewable 
energy products (hybrid energy 
park) that enhanced a Return on 
Land.
	 Launched an Investment Grade-
rated Green Bond, the only Indian 
renewable energy company to do 
so.
	 Emerged as the first company 
to receive renewable generation 
asset issuance from India with 
Investment Grade rating from 
all three rating agencies (Fitch/ 
Moody’s/S&P).
	 Mobilised a USD 1.64 billion 
revolving construction facility, one 
of the largest revolving project 
financing deals in Asia’s renewable 
sector.
	 Signed the world’s largest 
renewables power purchase 
agreement for 4.67 GW capacity 
in December 2021 as part of 
the record-breaking 8 GW 
solar generation in SECI’s first 
manufacturing-linked solar tender.
	 Among the first to bid in solar 
auctions when this commenced in 
India.
	 Mobilised the largest renewables 
syndicated external commercial 
borrowing (ECB) project financing 
in India, the largest green certified 
hybrid project loan and one of the 
largest hybrid portfolios globally to 
achieve financial closure in India.
	 Commissioned the largest solar 
park in the world in Kamuthi (then) 
in 2016 in possibly the shortest 
turnaround time (9 months).
	 Engaged in the largest 
acquisition in India’s renewable 
energy space when we acquired 
SB Energy’s ~5 GW portfolio for 
USD 3.5 billion.
ESG Report 2021-22 | 21

GROUP CONSTITUENT
Adani 
Transmission 
Limited
Reinforcing its position as India’s 
largest private sector power 
transmission company
GROUP CONSTITUENT
Adani 
Power 
Limited
India’s largest private sector 
thermal power producer
Overview
	 Largest private 
transmission and 
distribution company in 
India with a commitment 
to become net zero, by 
2050.
	 Largest private 
integrated smart energy 
service provider and 
infrastructure company 
in India.
	 Among the highest 
international credit 
ratings in India’s power 
infrastructure sector.
	 Delivering the highest 
network availability 
linked to additional 
incentives.
	 Completed one of 
India’s longest intra-state 
transmission lines of 
897 CKM (Ghatampur 
Transmission Ltd.).
ATL subsidiary: Adani 
Electricity Mumbai 
Limited (AEML)
	 Electricity distribution 
network that powers the, 
financial capital of India.
	 Distribution network 
comprises 400 sq.km, 
addressing the electricity 
needs of over 12 million+ 
consumers - from Bandra 
to Bhayandar on the 
western side and Sion to 
Mankhurd on the eastern 
side of Mumbai.
	 In FY2021-22, ATL 
expanded its distribution 
portfolio by acquiring 
MPSEZ Utilities Limited.
Overview
	 World’s first coal-based 
thermal power project 
to be granted carbon 
credits by the United 
Nations Framework 
Convention on Climate 
Change (UNFCCC).
	 World’s first company 
to set up a coal-based 
supercritical thermal 
power project registered 
under the Clean 
Development Mechanism 
(CDM) of the Kyoto 
protocol.
	 Udupi plant the first 
independent power 
project in India to use 
100% imported coal.
	 Mundra thermal power 
plant is India’s largest to 
function off a seawater-
based closed-cycle 
induced draft circulating 
cooling water system.
	 MoU signed with IHI 
and KOWA of Japan to 
trial co-firing of coal with 
20% green ammonia at 
Mundra power plant.
*All figures and facts relevant as 
of 31 March, 2022
22 | The Adani Portfolio

GROUP CONSTITUENT
Adani 
Enterprises 
Limited
Among the world’s largest 
business incubation 
companies
Overview
	 Adani Enterprises Limited is 
India’s largest and most successful 
listed business incubator.
	 Over the last three decades, 
the Company has selected to 
specialise in the incubation of 
businesses venturing into new 
areas with the express aspiration 
to create industry leaders and 
sectorial transformers.
	 The Company has successfully 
reconciled the spirit of a start-
up within its system with the 
competitiveness of a mature 
organisation – a distinctive 
foundation around which to build 
a modern enduring business. 
Besides, AEL’s investments in 
businesses have helped plug 
national gaps, catalysing nation 
building.
	 The Company has enhanced 
value for stakeholders by building 
large, relevant and competitive 
infrastructure assets. The 
Company is driven by a singular 
objective: to create robust 
and profitable businesses that 
enhance shareholder value 
following demerger and listing.
	 Even as these businesses 
may appear disconnected at 
first glance, the Company has 
developed them as relevant 
adjacencies with synergies and 
positive outcomes. The related 
complement of these businesses 
has helped enhance overall 
organisational value based 
on existing performance and 
prospects.
ESG Report 2021-22 | 23

AEL’s 
businesses
Airports
Solar cells 
manufacture
Water 
management
Integrated 
resources 
management
Agro 
products
Data 
centers
Roads, Metro 
and Rail
Mining 
services
Defence and 
Aerospace
AEL’s existing businesses
24 | The Adani Portfolio

AEL’s sunrise 
businesses
Adani New 
Industries Ltd.
Adani Copper 
Ltd.
Adani 
Petrochemicals 
Ltd.
Adani Digital 
Labs Ltd.
AEL’ sunrise businesses
ESG Report 2021-22 | 25

AEL’s existing businesses
Adani Solar Manufacturing
	 Lighting India’s solar 
dream
	 India’s first and largest 
vertically integrated 
solar photovoltaic 
manufacturer in Mundra 
Special Economic Zone 
(SEZ)
	 Scaling annual 
capacity of 1.5 GW 
premium solar cell and 
modules manufacturing 
facility to 4.0 GW
	 Emerged as the fastest 
growing rooftop and 
distributed solar EPC 
company in India (largest 
solar rooftop market 
share of 50%+ as well as 
in KUSUM schemes)
	 Among 15 leading 
global solar cell and 
module manufacturers
Adani Airports
	 Turning India’s transit 
gateways into world-
class destinations
	 Ventured into the 
airports sector in 2020 
(through Adani Airports 
Holdings Ltd.)
	 Won a global Airports 
Authority of India 
tender to modernise and 
operate six airports for 
50 years
	 Emerged as the largest 
private sector airport 
infrastructure company 
in India
	 Handles 33% of India’s 
air cargo traffic
	 Now serving every fifth 
Indian air passenger
	 Working towards 
ACA (airport carbon 
accreditation) level 4+ 
for all our airports
Big number
36.9
million, consumers 
served across airports
200
million+, consumer 
base
3,20,000+
Air traffic movements
0.665
MMT, cargo across 
seven operational 
airports
26 | The Adani Portfolio

Adani Mining Services
	 Fuelling India’s 
economic growth
	 India’s largest private 
Mine Developer and 
Operator & Integrated 
Resource Management 
player in addition to a 
presence in Indonesia 
and Australia
	 Graduated from 
a coal trading and 
importing company 
to a comprehensive 
integrated coal 
management company
	 Complement of 
responsible mining cum 
imports (from South 
Africa, Australia, USA and 
Russia) of better quality 
coal
	 One of the largest 
coal suppliers to India 
and a major supplier 
of important minerals 
worldwide
Big number
27.7
MMT, Mining services 
volume
Adani Integrated Resources Management
	 Provides end-to-
end procurement and 
logistics services – 
door-to-door delivery 
comprising sourcing 
resources, sea-borne 
logistics, holding facility 
at discharge ports and 
delivering to customers
	 Complement of 10 
marketing offices 
(four international), 
18 branch centres and 
20 operational ports 
has translated into 
unchallenged market 
leadership
	 Enjoys a presence in 
the growing coal markets 
of Sri Lanka, Thailand, 
Vietnam, China and 
Dubai
Big number
64.4
MMT, IRM volume
ESG Report 2021-22 | 27

Roads, metro and rail
	 Augmenting 
infrastructure for nation-
building
	 Ventured into the road, 
metro, rail businesses in 
2018
	 Focus on the 
development of national 
highways, expressways, 
tunnels, metro, railways
	 Emerging as one of 
the fastest growing 
road sector businesses 
(14 road projects with 
5000+ lane km across 10 
Indian states); partner to 
the Ganga Expressway 
project
	 Own the longest 
private railway lines 
in India (300 km), 
connecting our 
ports, mines, and 
other business hubs 
for seamless cargo 
movement
Big numbers
14
Road projects 
awarded to AEL
5000+
Lane km project 
length awarded to AEL
Adani Data Centres
	 Empowering Digital 
India
	 Entered into a 
joint venture with 
EdgeConnex to form 
AdaniConnex
	 Focused on the 
development of a 
portfolio of data centres 
throughout India
	 Focusing on hyperscale 
to hyperlocal; all data 
centres to be largely 
powered by renewable 
energy
	 Engaged in completing 
the first data centre in 
Chennai. completed land 
acquisitions at Noida and 
Vizag; land acquisition in 
progress in Navi Mumbai, 
Kolkata, Pune, Hyderabad 
and Bangalore
	 Business leverages an 
expertise in resource 
management, renewable 
power and infrastructure 
projects
	 Aims to source 100% 
power from renewable 
sources by 2030
Big number
1
GW of data centre 
capacity by 2030
At Adani Enterprises Limited, we are incubating tomorrow’s 
businesses aligned with our larger vision of nation building. 
We are committed to play an instrumental role in the 
Climate Change and Sustainability agenda through Adani 
New Industries Limited (ANIL). ANIL will help enable the 
transition to a cleaner tomorrow through a competitive and 
at scale production of green hydrogen. It will encompass the 
manufacturing ecosystem comprising the production of wind 
turbines, solar modules, batteries, fuel cells and electrolysers 
that translates into a self-reliance in the supply chain and job 
creation within India.
Rajesh Adani 
Managing Director, Adani 
Enterprises Limited
28 | The Adani Portfolio

Adani Agri Fresh Limited 
	 Empowering over 
15,000 farmers in 
Himachal Pradesh
	 Pioneered the 
establishment of 
integrated storage, 
handling and 
transportation 
infrastructure for apples 
in Himachal Pradesh.
	 Markets Indian fruit 
under the FARM-PIK 
brand. The Company 
imports apples, pears, 
kiwis, oranges, grapes 
and other fruit for sale in 
India.
Adani Defence and Aerospace
	 Building a self-reliant 
India
	 To enhance India’s 
self-reliance around a 
vision to transform it into 
a destination for world-
class high-tech defence 
manufacturing
	 Engaged in the 
manufacture of strategic 
military and defence 
products.
We are committed to become a global leader in defence and 
aerospace, helping India transform into a destination for 
world-class design, development and manufacturing aligned 
around the AtmaNirbhar Initiative. Our pillars comprise a 
purpose to serve the needs of our country; addressing the 
needs of all our stakeholders (employees, customers, partners 
and suppliers); sustainability is embedded across our strategy, 
operations, projects and services. Our technology and 
innovation in defence and aerospace will have a far-reaching 
impact on other sectors as well.
Ashish Rajvanshi, 
Chief Executive Officer, 
Adani Defence & Aerospace
Adani Water Ltd.
	 Focus on enhancing 
India’s water security
	 Focus on the 
construction of sewage 
treatment plants, 
rehabilitation of existing 
sewage treatment plants, 
irrigation, infrastructure 
development, large 
water supply and water 
distribution projects and 
sea water desalination 
projects
	 Building effluent 
treatment, recycling 
and reuse projects 
at Prayagraj in Uttar 
Pradesh and Bhagalpur 
under the ‘National 
Mission for Clean Ganga’ 
programme
ESG Report 2021-22 | 29

AEL’s new businesses
Adani New Industries 
Ltd.
	 At the cusp of an 
energy revolution
	 Aim to develop a large 
integrated platform to 
produce at the lowest 
cost green hydrogen 
and provide an end-to-
end energy supply chain 
solution
	 To undertake green 
hydrogen projects 
and manufacture 
major components 
for renewable energy 
generation like solar 
cells cum modules, wind 
turbines, electrolyser, 
battery, fuel cells, 
ancillary products in 
addition to upstream and 
downstream products
Kutch Copper Ltd.
	 Building a commodities 
manufacturing 
powerhouse
	 Setting up capacity to 
manufacture copper and 
by-products, precious 
metals (gold and silver) 
and sulphuric acid (can 
be partly converted to 
phosphoric acid)
	 Positioned to emerge 
as the largest single-
location copper smelting 
complex in the world by 
2030
	 Establishing a 
fully integrated 
manufacturing facility 
of 10 GW per annum, 
extending from poly 
silicon to cells and 
modules at Mundra SEZ
	 Commissioning a 
7.5 GW per annum 
manufacturing capacity 
in the wind turbine 
manufacturing plant at 
Mundra SEZ
	 Establishing 5 GW per 
annum of electrolyser 
manufacturing facility at 
Mundra SEZ
	 Commissioning a 
10 GWh per annum of 
battery manufacturing 
facility at Mundra SEZ
	 Constructing a 30 
GW green hydrogen 
generation facility 
at Khavda to ensure 
a fully built capacity 
for generating green 
hydrogen of 2.54 MMTPA
Adani Digital Labs 
Ltd.
	 Expected to connect 
the various businesses 
and functions of the 
Adani Portfolio
	 To be the universal 
consumer-facing 
interface for all Adani 
portfolio offerings
	 To build synergies and 
streamline customer 
experience across all 
businesses
	 Addresses 400 
million Adani portfolio 
consumers across 
verticals
	 To play a key role in 
increasing the Adani 
portfolio customer base 
to a billion by 2030
Adani 
Petrochemicals Ltd.
	 Addressing a large 
headroom of growth
	 Focus on 
commissioning refineries, 
petrochemicals 
complexes, specialty 
chemicals units, 
hydrogen and related 
chemicals plants in a 
petrochemical cluster 
(Mundra)
	 To replace PVC 
imports; would consume 
the Group’s green fuels
	 Commercialise the first 
phase of the PVC project 
by November 2024 (2 
MMTPA)
30 | The Adani Portfolio

GROUP CONSTITUENT
Adani Wilmar Limited
India’s largest food FMCG company
GROUP CONSTITUENT
Adani Total Gas 
Limited
Committed to enhance gas availability for 
the average Indian
Overview
	 A joint venture incorporated in 
January 1999 between Adani Group and 
Wilmar International Limited, Singapore 
(Asia’s leading agri business group)
	 Operates over 50 manufacturing 
facilities and an extensive distribution 
channel across India reaching over 1.6 
million retail outlets and exporting to 
over 50 countries
	 Fortune is India’s number one edible 
oils brand and number two and three 
in wheat flour and rice respectively. 
Fortune is a household brand reaching 
over 113 million households
	 Every third Indian household 
consumes the Fortune brand through 
one product or another
	 India’s number one oleo manufacturer 
and largest castor oil exporter
	 Among India’s 10 leading consumer 
FMCG companies
	 The Company’s Mundra refinery is one 
of the largest port-based refineries
Overview
	 India’s largest private gas distribution 
company
	 9% of India’s population addressed by 
ATGL with 9,100+ Km pipeline network
	 Development of new business - like 
electric mobility, compressed biogas and 
smart meters
	 Rolled one of the unique Green 
and CSR initiatives in the form of 
Greenmosphere
ESG Report 2021-22 | 31

PART
ESG AND THE 
ADANI PORTFOLIO
The second section of this report 
discusses a responsible Adani 
portfolio is underpinned by a robust 
ESG foundation leading to viability, 
scalability, responsibility and 
sustainability
2
32 | The Adani Portfolio

ESG Report 2021-22 | 33

“With 
great power 
34 | The Adani Portfolio

comes great 
responsibility.”
ESG Report 2021-22 | 35

IF THERE IS ONE 
WORD THAT 
INFLUENCES WHO 
WE ARE, ALL WE DO 
AND ALL THAT WE 
WISH TO BECOME, IT 
IS ‘RESPONSIBILITY.’
36 | The Adani Portfolio

To invest
To build
To outperform
To enrich
To protect
To contribute
To enhance
ESG Report 2021-22 | 37

RESPONSIBILITY 
@ THE ADANI 
PORTFOLIO
Address 
humankind’s 
biggest 
challenge
Create markets 
instead of merely 
plugging an 
existing arbitrage 
opportunity
Do more 
than what 
is statutorily 
mandated
Extend into 
adjacent spaces 
to build a 
comprehensive 
ecosystem
Invest dispro-
portionately to 
transform market 
dynamics
Graduate beyond 
corporate 
profitability to 
making the world 
a better place
Stay proactively 
prepared for 
emerging 
opportunities
Report our 
performance 
and priorities 
to an external 
audience
38 | The Adani Portfolio

THIS IS HOW OUR ESG 
BACKBONE HAS PROVED 
VALUE-ACCRETIVE
The Adani portfolio of companies has achieved scale, rank 
and respect within their respective business spaces
Adani Ports and 
SEZ Limited
Market capitalisation 
H, crore
1,63,540
Adani Green 
Energy Limited
Market capitalisation 
H, crore
2,99,461
Adani Transmission 
Limited
Market capitalisation 
H, crore
2,60,906
Adani Enterprises 
Limited
Market capitalisation 
H, crore
2,21,582
Adani Wilmar 
Limited
Market capitalisation 
H, crore
67,180
Adani Power 
Limited
Market capitalisation 
H, crore
1,29,168
Adani Total Gas 
Limited
Market capitalisation 
H, crore
2,36,322
* All figures relevant as of 31 
March, 2022
Scale has graduated us into an infra giant
APSEZ
India’s largest port operator 
handling 312 million metric 
tonnes of cargo at 15 ports.
Adani Power
India’s largest private 
thermal power company 
with 14,000 MW of thermal 
and lignite plants.
Adani Green Energy
India’s largest solar company 
with 5,400 MW installed 
capacity and 14,600 MW 
under construction.
Adani Total Gas
India’s largest city gas 
distribution company 
with 33 geographical area 
licences.
Adani Transmission
India’s No. 1 private power transmission and 
distribution company with 18,795 circuit km.
Adani Enterprises
India’s largest coal importer, commodity and minerals trading company, among 
top global players.
The next-generation of its strategic business investments are centered around 
airports management, roads, data centers and water infrastructure.
ESG Report 2021-22 | 39

A DECISIVE 
‘R’ WORD IS 
INFLUENCING OUR 
GROWTH BLUEPRINT
The word is ‘responsibility’
Overview
At Adani portfolio of companies, 
we interpret responsibility in two 
ways.
One, responsibility benchmarked 
to prevailing regulatory 
requirements – the basic 
minimum required to stay in 
business.
Two, responsibility based on 
what we need to do, which 
extends beyond the minimum 
towards what the Group feels 
is warranted to address the 
challenge of climate change.
The Adani portfolio of 
companies has benchmarked 
its responsibility commitment 
beyond the usual, linear and 
expected. The result is that our 
responsibility is not just another 
ticking of the box, a necessary 
pain needing to be addressed to 
merely stay in business.
At the Adani portfolio, our 
responsibility represents a 
commitment to not just meet 
an existing statute but to do 
whatever is within our means to 
make the world a better place 
– the largest positive outcome 
in the shortest time with the 
longest impact.
Besides, our ESG responsibility 
is projected towards the overall 
exercise of nation building.
The result is that for every Adani 
portfolio company, partnerships, 
investments and initiatives 
keep responsibility at the core 
of how we envision, plan and 
implement.
The growing importance of 
responsibility needs to be 
explained within an overarching 
framework: In September 2015, 
193 UN member countries 
embraced 17 sustainable 
development goals (SDGs). 
Each of the 17 SDGs carries 
a corresponding target – 169 
targets in all.
As a logical extension of this 
expressed responsibility, Adani 
portfolio businesses have been 
woven around Sustainable 
Development Goals (as 
articulated by United Nations), 
enhancing their relevance to 
global priorities.
At the Adani portfolio of 
companies, SDGs are driven by 
three sustainable development 
pillars — social, economic and 
environment - with a supporting 
governance framework.
The UN Sustainable Development Goals
40 | The Adani Portfolio

ADANI BUSINESSES 
HAVE BEEN ALIGNED 
WITH U.N. SUSTAINABLE 
DEVELOPMENT GOALS
Our business model addresses most SDGs
Adani Portfolio Engagement 
Priorities: Alignment with 
Sustainable Development 
Goals
The SDG is not a singular number 
or measure; it represents the 
coming together of a number 
of priorities that need to be 
comprehensively and concurrently 
addressed. This multi-layered 
aspiration ensures that any 
organisation seeking to enhance 
its SDG relevance needs to 
address the subject with a holistic 
response.
The importance of this holistic 
response is being underlined by 
the importance accorded by a 
range of stakeholders, the credit 
rating agencies, lenders and 
shareholders being among the 
most demanding and prominent. 
A comprehensive SDG alignment 
inevitably translates into better 
business outcomes and lower 
cost of capital, indicating that 
SDG compliance is anything but 
academic; it affects long-term 
viability and competitiveness. 
In view of this, the subject of 
SDG has been taken from the 
peripheral to the integral; it has 
extended from the optional to 
the mandatory. The intensive 
commitment to SDGs has 
underlined the sustainability 
and responsibility of the Adani 
portfolio, emphasising its 
importance as a responsible 
corporate.
Adani Group’s alignment with UN SDGs
1.4	
Population living in 
households with access to 
basic services
1.5	
Build the resilience of the 
poor against climate related 
extreme events
1.6	
Ensure significant 
mobilisation of resources
1.7	
Support accelerated 
investment in poverty 
eradication actions
2.1	
End hunger and ensure 
access to safe, nutritious and 
sufficient food
2.2	
End all forms of malnutrition
2.4	 Ensure sustainable food 
production systems 
and implement resilient 
agricultural practice
2.a	
Investment in rural 
infrastructure
3.3	
Achieve universal health 
coverage
ESG Report 2021-22 | 41

4.1	
Ensure that all girls and boys 
complete free, equitable 
and quality primary and 
secondary education
4.4	 Substantially increase the 
number of youth and adults 
who have relevant skills for 
employment
4.5	 Eliminate gender disparities 
in education
4.7	
Ensure that all learners 
acquire the knowledge and 
skills needed to promote 
sustainable development
4.a	 Build and upgrade education 
facilities
5.1	
End all forms of 
discrimination against all 
women and girls
5.5	 Ensure women’s full and 
effective participation and 
equal opportunities for 
leadership
6.1	
Achieve universal and 
equitable access to safe and 
affordable drinking water
6.2	 Achieve access to adequate 
and equitable sanitation and 
hygiene for all
6.4	 Substantially increase water-
use efficiency
6.6	 Protect and restore water-
related ecosystems
6.7	
Support and strengthen 
the participation of local 
communities in improving 
water and sanitation 
management
7.1	
Ensure universal access 
to affordable, reliable and 
modern energy services
7.2	
Increase share of renewable 
energy in the energy mix
7.3	
Improvement in energy 
efficiency
7.4	
Support clean energy 
research and development
7.5	
Expand infrastructure 
and upgrade technology 
for supplying modern and 
sustainable energy services
8.1	
Sustain per capita economic 
growth
8.2	 Achieve higher levels of 
economic productivity 
through diversification, 
technological upgrading and 
innovation
8.4	 Resource efficiency in 
consumption and production 
and to decouple economic 
growth from environmental 
degradation
8.5	 Full and productive 
employment and decent 
work for all women and men
8.7	 Effective measures to 
eradicate forced labour, end 
modern slavery and human 
trafficking
8.8	 Protect labour rights and 
promote safe and secure 
working environments
9.1	
Develop quality, reliable, 
sustainable and resilient 
infrastructure
9.2	 Inclusive and sustainable 
industrialisation
9.4	 Upgrade infrastructure 
and retrofit industries to 
make them sustainable, 
with increased resource-
use efficiency and greater 
adoption of clean and 
environmentally sound 
technologies and industrial 
processes
9.5	 Enhance scientific research
9.6	 Facilitate sustainable and 
resilient infrastructure 
development
9.7	
Support domestic technology 
development, research and 
innovation
9.8	 Significantly increase 
access to information and 
communications technology
42 | The Adani Portfolio

17.3	 Mobilise additional financial 
resources for developing 
countries from multiple 
sources
17.7	 Promote the development, 
transfer, dissemination and 
diffusion of environmentally 
sound technologies to 
developing countries 
on favourable terms, 
including on concessional 
and preferential terms, as 
mutually agreed
17.16	Enhance the Global 
Partnership for Sustainable 
Development, complemented 
by multi-stakeholder 
partnerships that mobilise 
and share knowledge, 
expertise, technology and 
financial resources, to 
support the achievement of 
the Sustainable Development 
Goals in all countries, 
in particular developing 
countries
14.1	 Reduce marine pollution of 
all kinds
14.2	 Sustainably manage and 
protect marine and coastal 
ecosystem
15.1	 Ensure the conservation, 
restoration and sustainable 
use of terrestrial and inland 
freshwater ecosystems and 
their services
15.2	 Increase afforestation and 
reforestation globally
15.5	 Reduce the degradation of 
natural habitats, halt the loss 
of biodiversity
15.9	 Integrate ecosystem and 
biodiversity values
16.5	 Substantially reduce 
corruption and bribery in all 
their forms
16.7	 Ensure responsive, 
inclusive, participatory and 
representative decision-
making at all levels
16.8	 Promote and enforce non-
discriminatory laws and 
policies for sustainable 
development
10.2	 Empower and promote the 
social, economic and political 
inclusion of all
10.3	 Ensure equal opportunity 
and reduce inequalities of 
outcome
10.4	 Adopt policies, especially 
fiscal, wage and social 
protection policies, and 
progressively achieve greater 
equality
12.2	 Efficient use of natural 
resources
12.4	 Environmentally sound 
management of chemicals 
and all wastes
12.5	 Reduce waste generation 
through prevention, 
reduction, recycling and 
reuse
12.6	 Integrate sustainability 
information into reporting 
cycle
12.7	 Public procurement practices 
that are sustainable
12.8.	Strengthen scientific and 
technological capacity 
to move towards more 
sustainable patterns of 
consumption and production
13.1	 Strengthen resilience and 
adaptive capacity to climate-
related hazards and natural 
disasters
13.2	 Integrate climate change 
measures into policies, 
strategies and planning
13.3	 Improve education, 
awareness-raising and 
human and institutional 
capacity
ESG Report 2021-22 | 43

ADANI PORTFOLIO’S 
RESPONSIBILITY SCORECARD
tCO2 carbon 
offset
Reduction in water 
consumption
Reduction in absolute GHG 
emissions (Scope 1+2)
23.2
million tonnes, CO2 offset by 
AGEL till date
12
% reduction in absolute water 
consumption compared to the 
last year (on a consolidated 
basis)
12
% reduction in absolute GHG 
emissions compared to the last 
year (on a consolidated basis)
Plantation
Recyclable packaging 
material
Extended producer 
responsibility
6313
HA of mangrove afforestation 
and conservation till the 
reporting year
2685
HA of terrestrial plantations
97
% material used in AWL’s FMCG 
business that is recyclable
8443
MT tonnes of plastic waste 
collected under extended 
producer’s responsibility (EPR) 
by AWL
Women in Adani’s 
workforce
Health and safety 
training
Customer 
engagement
Community 
engagement
2635
37,070 
Adani employees
64,255 
Contract workers at 
Adani
80
% satisfied customers 
at ATGL
92
% satisfied customers 
at Adani airports
3.7
million beneficiaries in 
2,409 villages across 
16 States
Zero waste 
to landfill
Single-use 
plastic free
Zero-liquid 
discharge (ZLD)
6
Ports that are certified 
as zero waste to 
landfill
9
Out of 23 AWL’s plants 
that are ZLD
9
Ports that are SUP-free
7
Operating locations of 
APL that are SUP-free
100
% of AGEL’s operational 
plants that are SUP-
free
MIAL (Mumbai airport) 
is SUP-free
44 | The Adani Portfolio

THE ADANI PORTFOLIO’S 
ESG-LINKED RECOGNITION
Adani Transmission Limited
	 Greentech Energy Conservation 
Award 2021
	 National CSR awards 2021 for 
Best Sustainability CSR report
	 National CSR awards 2021 
- Best Covid-19 solution for 
workforce management
	 CII Operations Sustainability 
2021 - Platinum winner - 
Economic sustainability category
	 CII Operations Sustainability 
2021, Gold winner - Economic 
sustainability category
	 CII Operations Sustainability 
2021, Silver winner - 
Environmental sustainability 
category
	 International Achievers 
Conference 2021 - Fastest 
growing Indian company
	 Greentech Transformative 
Human Resource Award 2021 
under Employee Engagement 
category
	 Par Excellence and Excellent 
Award at 46th International 
Convention for Quality Control 
Circle 2021
	 CII-National Office Innovation 
Competition 2021 for process 
flow improvement / Makigami 
category
	 Greentech Corporate 
Governance Award 2021 
for Excellence in Corporate 
Governance category
	 CII Conference on Smart 
Metering - Received accolades 
for achieving 100 million smart 
meters by 2023
	 Asset Triple A Sustainable 
Infrastructure Awards 2022
	 Most Innovative Deal of the 
Year: Adani Transmission Limited 
for USD 700 million syndicated 
project finance facility
	 Project Finance International’s 
(PFI) Asia Pacific Indian Deal 
of the Year Award for USD 700 
million revolving facility A
ESG Report 2021-22 | 45

Adani Power Limited
	 APL scored at par with the Global Industry 
Average of B- in CDP results on water security in 
December 2021
	 APMuL was awarded a Five Star Safety 
Certificate by British Safety Council
	 APRL was awarded Shreshtha Suraksha Puraskar 
(Silver Trophy) by National Safety Council
Adani Green Energy Limited
	 AGEL won Global Sponsor of the Year Award 
from Project Finance International
	 Won Golden Peacock Award for Sustainability 
2021 in the Renewable Energy category
	 Achieved CDP 2021 score of ‘B’ (surpassing 
global, Asia and renewable energy sector 
averages); score reflects AGEL as ‘a Company 
taking coordinated action on climate issues’
	 Received 2021 CDP Supplier Engagement 
Rating of ‘A’, which represents ‘Leadership (A/A): 
implementing current best practices
	 Received initial FTSE ESG score of ‘FTSE4Good’ 
leading to its inclusion in the FTSE Russel’s ESG 
focused indices
	 Received ESG Score of ‘66/100’ from CRISIL, 
highest in India’s power sector
	 Enlisted as the first Indian member of GRI 
South Asia Charter on Sustainability Imperatives, 
strengthening UN SDG 7, 9 and 13 commitments
	 Awarded a ‘Prime Badge’ by ‘ISS ESG’ with rating 
‘B’, which puts it among the top 25% of global 
renewables companies
	 Ranked as the largest developer of solar power in 
the world by US-based Mercom Capital
46 | The Adani Portfolio

Adani Natural Resources
	 Parsa Kete Collieries Limited 
bagged ten prizes during 
the Annual Safety Fortnight, 
including the Overall Best 
Performance prize in Group 
F (Mega Opencast Mines) for 
Parsa East and Kete Basan 
Opencast Mine
Adani Solar
	 Emerged as the only Indian 
manufacturer awarded or ranked 
Top Performer by DNV-GL PVEL 
Global reliability testing for four 
consecutive years (2018 to 2021)
	 Bagged the coveted Par 
Excellence Award at the 46th 
International Convention on 
Quality Control Circles (ICQCC) 
by Quality Circle Forum of India 
for 2021
	 Won Torch Bearer of Make-in-
India Award for 2021 from EQ
	 Most Bankable Indian Brand 
as per the recent PV Tech Global 
Tier-1 ratings
	 Largest Indian Solar PV module 
supplier for 1H 2021 as per India 
Solar Market Leaderboard 1H 
2021 by Mercom
	 Won Gold Award at 22nd Total 
Quality Management (TQM) 
Convention by Quality Circle 
Forum of India
	 Felicitated with ten Awards 
at 32nd Gujarat State Annual 
Convention - Vadodara 
Chapter Convention on Quality 
Concepts-2021 by Quality Circle 
Forum of India
	 One of few Indian companies 
to have sold > 200 MW with > 3 
projects and > 50 MW with a 
minimum five projects
ESG Report 2021-22 | 47

Adani Airports
Mumbai
	 ‘Energy Efficient Unit’ Award by CII
	 Asia’s Leading Domestic Airport Lounge 2021 - 
Adani Lounge International by TFS Performa - by 
World Travel Awards
	 Condé Nast Traveler’s 2021 Readers’ Travel Awards 
- Favourite Airport
	 Travel + Leisure - Best Airport in India
	  Platinum-rated Green Existing Building Project - 
Indian Green Building Council (IGBC)
	 The Voice of the Customer Recognition – 
Recognised by Airports Council International
	 Best Commercial Airport of the year - ASSOCHAM
	 Best Airport by Size and Region - Airport Council 
International (ACI)
	 Mumbai’s CSMIA awarded the prestigious Aviation 
Sustainability & Environment Award at the FICCI 
Wings India Awards 2022
Jaipur
	 Gold Award under Apex India Green Leaf Awards, 
2021 in the Environment Excellence category in the 
aviation service sector
	 Rajasthan Excellence Award by Rajasthan 
Chamber of Commerce and Industries
	 The Voice of the Customer Recognition by Airport 
Council International (ACI)
Lucknow
	 The Voice of the Customer Recognition by Airport Council International (ACI)
Mangaluru
	 Airport Customer Experience Accreditation Level 1 – recognised by ACI
48 | The Adani Portfolio

Adani Wilmar Limited
Adani Ports & SEZ Limited
	 SEA Award for Highest 
Processor and Exporters for 
FY2020-21. Adani Wilmar was the 
highest processor and exporter 
of rapeseed oilcake and castor 
seed oilcake as per The Solvent 
Extractors Association of India
	 Globeoil Man of the Year Award 
for Mr. Angshu Mallick, Chief 
Executive Officer and Managing 
Director in September 2021; 
Times CSR Award for Fortune 
SuPoshan in 2021
	 CII Food Safety Awards 
Mangalore Refinery - 
Commendation Certificate for 
Significant Achievement in Food 
Safety
	 CII Food Safety Awards 
Kakinada Refinery - 
Commendation Certificate for 
Significant Achievement in Food 
Safety
	 CII Food Safety Awards 
Neemuch Besan - Commendation 
Certificate for a strong 
commitment to sector-specific 
good manufacturing practices
	 CII Food Safety Awards Mundra 
Rice - Commendation Certificate 
for a strong commitment 
to sector-specific good 
manufacturing practices
	 APSEZ awarded ‘Certificate 
of Merit under Challenger 
Category’ by Frost & Sullivan 
and TERI for its performance in 
Sustainability 4.0 Awards 2021
Thiruvananthapuram
	 The Voice of the Customer Recognition by Airport Council International (ACI)
Ahmedabad
	 Best Airport by Size & Region – awarded by 
Airport Council International (ACI)
	 Best Regional Airport of the Year – awarded by 
the Associated Chambers of Commerce & Industry 
of India (ASSOCHAM)
	 ‘The Voice of the Customer Recognition’ - 
recognised by ACI
	 Airport Customer Experience Accreditation Level 
1 – recognised by ACI
	  Joined ACI’s Director General’s Role of Excellence 
– recognised by ACI
ESG Report 2021-22 | 49

WHY ESG IS BECOMING 
INCREASINGLY RELEVANT 
IN TODAY’S WORLD…
…And how Adani has created a robust 
growth-driven ESG ecosystem
Global reality
Unpredictable 
geo-political 
stress
Increased 
competition 
arising from 
capital 
abundance
Uncertainty 
about 
prospective 
pandemics
Unforeseen 
climate change 
impacts
Supply chain 
challenges
Governance 
compromises or 
non-compliance
Unprecedented 
digital 
technology 
revolution
Sudden 
profit declines, 
enhancing 
unpredictability
Tighter 
insolvency 
stipulations 
across 
countries
Lower 
tolerance for 
environmental 
transgressions
Domino effect 
arising out of 
an inter-related 
world
Markets 
shifting from 
the physical to 
the virtual
50 | The Adani Portfolio

Adani’s response
	 Managing our businesses around 
complete integrity
	 Discipline of strategic 
predictability
	 Long-term perspective of the 
businesses
	 Focus of our respective 
constituents around their core 
competence
	 Focus on business sustainability 
over one-off profitability
	 Investment in Board importance, 
independence, pedigree, 
empowerment and functional 
freedom
	 Building processes over manual 
arbitrariness
	 Investing in digital technologies 
to enhance systemic 
predictability
	 Audit and compliance-driven 
approach
	 Focus on enhancing stakeholder 
value
	 ESG-committed framework, 
including transparent reporting 
cum disclosures, as a consistent 
growth platform
ESG Report 2021-22 | 51

ADANI 
PORTFOLIO. 
DRIVEN BY 
RESPONSIBILITY, 
PROFITABILITY 
AND 
SUSTAINABILITY.
At Adani’s portfolio, even as our broad strategic direction 
remains consistent, we keep benchmarking our tactical 
responses and accountabilities against best global standards. 
In the interest of reporting responsibility, we are enunciating 
our strategic direction and ambition, tactical workflow and 
periodic progress.
52 | The Adani Portfolio

ADANI 
PORTFOLIO’S 
RESPONSIBILITY. 
COMPLETE 
LEADERSHIP 
COMMITMENT.
At Adani’s portfolio, sustainability is mainstreamed into every 
constituent, business model and initiative. We also believe that 
for the Adani portfolio to succeed in this endeavour, we need 
the world to do well. In line with this, our business objective 
is achieved by enhanced stakeholder value. This conviction 
is professed and practiced by the Adani portfolio leadership - 
Chairman, Managing Directors of Adani portfolio of companies, 
Chief Executive Officer and Chief Financial Officer, which has a 
cascading influence on senior executives holding positions of 
responsibility and other employees.
ESG Report 2021-22 | 53

ADANI PORTFOLIO 
RESPONSIBILITY. 
A TARGET-BASED 
APPROACH.
At the Adani’s portfolio of companies, we have set ambitious 
environment, social and governance (ESG) targets for each of 
our constituents in addition to the enunciation of time-based 
roadmaps with a holistic perspective.
These targets are reviewed periodically for course correction 
in Board meetings and are provided as much (or more) 
importance as the achievement of financial numbers. These 
targets are often influenced by capital investments, which 
receive timely allocation.
54 | The Adani Portfolio

ADANI PORTFOLIO 
RESPONSIBILITY. 
EMBEDDED 
ACCOUNTABILITY.
Adani businesses are individually accountable for their 
environment and social performance. The businesses are 
required to develop an annual ESG plan with a multi-year 
roadmap. A Corporate Responsibility Committee was formed 
with Independent Directors to periodically (each quarter) 
review progress compared with the enunciated ESG plan.
ESG Report 2021-22 | 55

ADANI 
PORTFOLIO 
RESPONSIBILITY. 
A COMPREHEN-
SIVE REPORTING.
The Adani’s portfolio of companies is committed to reporting 
its ESG progress. Our ESG reporting accounts for an integral 
part of our annual performance report, extending beyond 
regulatory requirements in terms of reporting extent and 
aligned with an International Integrated Reporting Framework, 
developed by the International Integrated Reporting Council 
(IIRC), Global Reporting Initiative (GRI) Standards as well as 
other global ESG protocols. All seven Adani listed entities 
published a Business Responsibility and Sustainability Report 
(BRSR) in accordance with Securities and Exchange Board of 
India guidelines.
56 | The Adani Portfolio

THE ADANI PORTFOLIO’S 
ESG THRUST AREAS
The following thrust areas constitute a common minimum ESG agenda 
at the Adani portfolio of companies, aligned with India’s Climate 
Change and SDG ambitions. Considering the size of the Adani portfolio 
and diverse verticals of presence, the Group’s common minimum 
agenda is listed bellow.
ESG
Environment
	 Emission mapping and management
	 Climate change and energy
	 Decarbonising: Operations and mobility
	 Water stewardship
	 Biodiversity
	 Green transformation
	 Waste management
Social
	 Our people
•	 Talent attraction and development
•	 Diversity and inclusion
•	 Health, safety & wellbeing
•	 Human rights
	 Sustainable supply chain
	 Community engagement
	 Customer relations
Governance
	 Board structure, diversity, effectiveness, experience and 
tenure
	 Business ethics and compliance
	 Code of Business Conduct
	 Risk and Crisis Management
	 Transparent disclosures
ESG Report 2021-22 | 57

PART
GHG EMISSIONS 
MANAGEMENT
The third section of this report 
discusses the challenge of greenhouse 
gas emissions and how the Adani 
portfolio is making an unprecedented 
investment in a complement of 
hardware manufacture for a green 
energy transition.
3
58 | The Adani Portfolio

ESG Report 2021-22 | 59

CLIMATE CHANGE, 
INDIA AND THE 
ADANI PORTFOLIO
How we have integrated to emerge as a 
solution provider to a global challenge
The Hon’ble Prime 
Minister of India, 
Shri Narendra 
Modi, made the 
following key 
commitments 
at the COP26 in 
2021 (upscaling 
commitments 
made at COP 21, 
Paris Agreement)
2
India will reduce the 
carbon intensity of the 
economy by 45% by 
2030, over 2005 levels.
1
India will meet 50% of 
its energy requirements 
from non-fossil fuel 
sources by 2030.
3
India will achieve 
its net zero carbon 
emissions target by 
2070.
60 | The Adani Portfolio

3 WAYS IN WHICH THE ADANI 
PORTFOLIO OF COMPANIES IS 
RESPONDING TO THE GLOBAL 
AND NATIONAL AGENDA ON 
CLIMATE CHANGE
Strategic clarity for the decade
1
Making an unprecedented 
investment (USD 70 billion), 
one of the largest by any 
company in the world, across 
the next decade, out of 
which 70% will be allocated 
to energy transition
2
Making knowledge and 
equity partnerships with 
global energy giants
3
Creating a unique global 
renewable energy company 
– from basic resource (sand) 
to green hydrogen to energy-
intensive products
Capital expenditure
Green business integration
Sand > Polysilicon wafers > Solar cells > 
Solar modules > Solar energy
Solar energy > Electrolysers > Green 
hydrogen
Wind turbines > Wind energy > 
Electrolysers > Green hydrogen
Electrolysers > Green hydrogen > 
Downstream sectors
Renewable energy generation > Power 
transmission > Power distribution
70
USD billion to be invested in green 
transition by the Adani portfolio by 2030
Sagar Adani 
Executive Director, AGEL
We, at AGEL, are committed to creating a 
greener and sustainable world. Our ambition is 
to create one of the largest global sustainability 
footprints by emerging as one of the largest 
renewable energy generators. We pledge to 
provide value for all our stakeholders and keep 
AGEL at the forefront of companies investing 
in cleaner and greener technologies, creating a 
sustainable future for generations to come.
ESG Report 2021-22 | 61

AT ADANI PORTFOLIO, 
WE ARE EXCITED ABOUT 
THE GLOBAL ENERGY 
INFLECTION POINT
We believe that this opportunity is 
one in a millennium
We see ourselves positioned at the 
zero hour in the renewable energy 
history of the world; our time starts 
now.
Climate change is the result of 
uncontrolled greenhouse gases; 
competitive green hydrogen 
production could hold the key to 
resolving this crisis.
At the Adani portfolio, we do not see 
ourselves playing only a reasonable 
role; on the contrary, we see ourselves 
playing a transformative role in the 
destinies of our companies, Group, 
country and the world.
Our investment will not be limited to 
the actual generation of renewable 
energy; we are investing upstream 
and downstream – in source and 
application.
We are not limiting ourselves to 
making a moderate investment; we 
are making among the largest private 
non-government renewable energy 
investments in the world.
We see our role not as much as a 
profit-driven commercial enterprise as 
much as a Group committed to leading 
the country and world into a cleaner 
future.
62 | The Adani Portfolio

USD 70 billion green investment in eight years
Where it will be deployed
USD 15-20 
billion
 Green technologies, 
acquisitions, new 
green hydrogen value 
chain, including 
petrochemicals and 
fertilisers
USD 10-15 
billion 
 Electrolysers, fuel 
cells, batteries, green 
chemicals and green 
manufacturing 
ecosystem
USD 4 billion 
Manufacturing and 
backward integration 
into solar and wind 
energy equipment
USD 1-2 billion 
Power transmission 
and distribution 
infrastructure
USD 2-4 billion 
Natural gas 
infrastructure such as 
city gas, CNG stations 
and gas terminals
USD 5 billion 
 Transition of energy-
intensive businesses 
like cement, thermal 
power, steel and 
others
USD 20 billion
Renewable power 
generation (wind 
and solar)
ESG Report 2021-22 | 63

AT OUR ADANI PORTFOLIO, 
OUR APPROACH IS NOT 
INCREMENTAL
It is bold, urgent and transformative
Our investment in the renewable 
energy space has been marked by 
strategic clarity: ‘Can we shift the 
needle for India?’.
Our end-to-end integration – 
sand to green hydrogen – makes 
us unique among companies 
addressing climate change.
Our priority is evident – 70% of our 
Group investment will be made 
in the green transition space by 
2030.
We are building our people capital, 
investing in technology alliances 
and entered into relationships 
with select global equity partners.
We are investing 
disproportionately in capacities 
at all levels, convinced that 
supply will accelerate incremental 
demand.
We have invested in processes, 
practices, capital mobilisation, 
credit ratings and Balance Sheet 
integrity to accelerate the world’s 
transition from conventional to 
renewable energy.
Jeet Adani 
Vice President, Group Finance
We believe that India will soon 
transform into the most remarkable 
global investment opportunity, 
particularly in technologies that 
promote sustainable growth. We are 
deeply engaged in creating a digital 
infrastructure that will link businesses 
to billions of consumers and clients 
by laying down the foundation for a 
sustainable and inclusive society.
64 | The Adani Portfolio

Policies driving India to 500 GW renewable energy capacity by 2030
India’s Green Hydrogen Policy, launched in February 2022, targets to achieve a production of 5 million 
tonnes of green hydrogen by 2030, incentives for declining emissions, 25-year waiver of interstate 
transmission charges for green hydrogen and green ammonia
The National Green Hydrogen Mission is expected to add to the supply side incentives by providing green 
hydrogen purchase / consumption obligation (GHCO) in fertiliser production and petroleum refining and 
listed sectors for voluntary green hydrogen consumption
Faster Adoption and Manufacturing of Electric Vehicles - Phase II (FAME II)
Off-Grid and Decentralised 
Concentrated Solar Thermal 
(CST) Technologies
National Wind-Solar Hybrid 
Policy
National Offshore Wind Energy 
Policy
Grid Connected Roof Top Solar 
(RTS) Programme
Under National Solar Mission
Pradhan Mantri Kisan Urja 
Suraksha Evam Utthan 
Mahabhiyan (PM KUSUM)
Grid Connected Biomass 
Power and Bagasse Based 
Cogeneration
Off-Grid and Decentralised 
Solar PV Applications Scheme
Scheme for Development of 
Solar Parks and Ultra Mega 
Solar Power Projects
Atal Jyoti Yojana
Green energy corridors
Scheme for setting up over 300 
MW of grid-connected solar 
photo-voltaic power projects by 
defence establishments
ESG Report 2021-22 | 65

WE HAVE OFTEN 
BEEN ASKED: WHAT 
EXCITES US MOST?
Our answer: Playing a role in India regaining 
its rightful place in the world
India enjoys the highest average 
solar irradiation across the leading 
markets of the world.
When you blend this reality with 
the fact that India is the seventh 
largest country by size and 
30% of the country comprises 
agriculturally degraded or 
unusable land, what you have are 
the makings of an unprecedented 
opportunity.
Nearly 5,000 trillion Kwh solar 
radiation is incident on India each 
year (a few districts in Rajasthan 
possess ~120 GW in solar energy 
potential).
Recent successes of solar PV, 
wind, batteries and electric 
vehicles have shown that policy 
and technology innovation can 
incubate global clean energy 
industries.
Renewable energy costs have 
declined sharply – solar energy 
cost has declined from H6.47/
Kwh in FY2013-14 to H1.99/Kwh in 
FY2020-21.
Solar energy is now cheaper than 
conventional grid energy derived 
from coal.
There is a wider consensus that 
declining costs for solar PV and 
wind generation could emerge 
as the most decisive counter to 
growing emissions and climate 
change.
India’s Southern and Western 
States contribute majorly to the 
country’s wind energy potential. 
There are various locations 
in Andhra Pradesh, Gujarat, 
Karnataka, Maharashtra, and Tamil 
Nadu that can generate abundant 
wind energy.
Given this reality, we would be 
doing the opportunity a disservice 
by under-shooting on vision and 
execution competence.
The result is that the Adani 
portfolio is building with speed, 
scale and sophistication – 
an estimated USD 70 billion 
investment in eight years - to 
address an opportunity that comes 
but rarely in history.
Solar irradiation (Kwh/m2)
India
5.10
Spain
4.75
USA
4.68
Australia
4.16
Italy
3.81
Japan
3.63
China
3.61
Germany
2.90
66 | The Adani Portfolio

IF THERE IS AN OVERARCHING 
IDENTITY OF THE ADANI 
PORTFOLIO, IT IS ‘GREEN’
Overview
The Adani portfolio does not 
merely seek to making a nominal 
contribution to the global cause 
of sustainable development 
and countering climate change; 
it foresees a distinctive role 
in transforming India’s energy 
landscape in a little more than 
a decade. The result is that the 
Adani Portfolio is graduating from 
‘Atmanirbharta’ (self-reliance) to a 
more holistic ‘Bharat Par Nirbharta’ 
(reliance on India), graduating 
India into a global energy provider.
Cusp of change
More than 80% solar equipment 
for planned projects in India was 
imported from China, Vietnam and 
Malaysia during the pandemic; 
solar equipment imports since 
April 2021 were consistently over 
800 MW per month. The imports 
for cumulative 11 months till 
February 2022 is 16 GW, which 
is much more than the rate of 
installation of 10 GW. The total 
outflow of foreign currency for 
this is USD 10 billion. This can be 
saved by domestic manufacture. 
(Source: All India Solar lndustries 
Association)
This paradigm change is the result 
of perceiving climate change 
not as a challenge but as an 
opportunity. This opportunity is 
derived from a limitless room in 
energy transition – from fossil 
fuels to renewable energy cum 
green hydrogen.
The result: What the world 
developed in terms of an energy 
supply chain across 150 years 
is set to transform in the next 
decade as the world seeks to 
create a green energy value chain 
that is accessible, available and 
affordable.
A new age
At the Adani portfolio, we 
recognise that funding non-
ESG compliant businesses will 
become increasingly challenging 
as stakeholders (banks, funds, 
corporations and governments) 
commit deeper to sustainability 
goals. In view of this, global 
fossil fuel majors will reposition 
themselves as green energy 
companies (solar, wind and green 
hydrogen).
The Adani portfolio enjoys a 
sizable (and growing) presence 
in green energy generation even 
as it doubles down on investing 
70% of its capital expenditure in 
energy transition across the next 
few decades in line with India’s 
decarbonisation commitment.
The Adani portfolio announced 
USD 70 billion investments in 
green transition by 2030; it is 
spending over USD 20 billion to 
set up 45 GW of solar and wind 
energy generation capacity.
Prudent de-risking
As a measure of prudent de-
risking, the Adani portfolio 
has entered a comprehensive 
integrated manufacturing 
ecosystem. This indicates 
that virtually every product or 
component (except the base 
material comprising sand or steel) 
will be sourced from within.
Adani’s solar manufacturing 
ecosystem in Mundra (estimated 
investment of USD 4 billion) 
will act as a platform for its 
green hydrogen ambition. This 
investment will address poly-
silica, solar wafers and ingots 
plant, copper smelters and 
ancillary aluminum and glass 
factories in Mundra (expected 
commissioning within three years) 
besides entering wind turbine and 
auxiliary machine manufacture.
Funding pipeline
The Adani portfolio’s investment 
is likely to be funded by ESG 
conscious financial institutions/
investors. The Group’s renewable 
energy arm Adani Green was 
the first energy utility from India 
to raise USD 2 billion Global 
Medium-Term Notes (GMTN) and 
Sustainability linked bonds (SLB). 
Unlike in the past where the Group 
took loans from local banks to 
fund large infra projects, at least 
50% of its total debt appetite was 
secured through low-cost green 
bonds by March 2022.
This strategic slant and bias 
have already begun to reflect in 
the Adani portfolio profitability. 
Green businesses accounted for 
4% of the Adani portfolio’s utility 
business EBITDA in 2015; this 
grew 43% by 2021 and expects 
renewable utilities to account 
for 70% of EBITDA from utilities 
by 2025. It would be relevant to 
indicate that a majority of the 
Adani portfolio investment in 
the last couple of years has been 
in green infrastructure assets 
(acquisition of SB Energy’s solar 
and wind farms in India), Essel’s 
advanced transmission lines and 
the Mumbai International Airport.
ESG Report 2021-22 | 67

PART
THE 
UNPRECEDENTED 
GREEN HYDROGEN 
OPPORTUNITY
This section explains how the Adani 
portfolio’s strategic extension to green 
hydrogen is positioned to emerge as a 
game-changer in its Indian and global 
aspirations
4
68 | The Adani Portfolio

ESG Report 2021-22 | 69

THERE IS ONE WORD 
FIGURING WITH 
INCREASED FREQUENCY 
IN GLOBAL DISCUSSIONS 
ON GREEN HYDROGEN
INDIA IS LIKELY TO 
PLAY A DECISIVE 
GLOBAL GREEN 
HYDROGEN ROLE
The word is ‘India’
This could transform the country’s global 
competitiveness and respect
70 | The Adani Portfolio

India is expected to account 
for the biggest share of energy 
demand growth over the next 
two decades. India is expected 
to surpass European Union as 
the world’s third-largest energy 
consumer by 2030, opening 
unprecedented opportunities.
India is exploring green hydrogen 
development possibilities as a 
viable energy alternative with 
the objective to replace the 
country’s energy imports. Green 
hydrogen could emerge as the 
ideal energy storage and driver 
of decarbonisation for energy-
intensive industries (refining, 
steel, cement, heavy mobility and 
industrial heating).
The bottom line: Green hydrogen 
could catalyse India’s transition 
from the world’s third largest 
greenhouse gas emitter to a 
responsible green economy.
India expects to emerge as the 
world’s largest electrolyser annual 
manufacturing location with 25 
GW capacity by 2028.
India expects to emerge as the 
world’s largest green ammonia 
exporter by 2030 (which may 
require up to 100 GW of green 
hydrogen). (Source: www.
rechargenews.com)
India intends to invest USD 1 
billion in hydrogen research and 
development. (Source: The Hindu 
Business Line)
India is likely to export high-value 
green products, emerging as 
one of the first major economies 
to industrialise extensive 
carbonisation.
 
India is expected to 
account for the biggest 
share of energy demand 
growth over the next 
two decades. India is 
expected to surpass 
European Union as the 
world’s third-largest 
energy consumer by 2030, 
opening unprecedented 
opportunities.
ESG Report 2021-22 | 71

El
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 o
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 d
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e
 e
m
i
s
si
o
n
s
AT THE ADANI 
PORTFOLIO, WE BELIEVE 
THE FUTURE LIES IN 
GREEN HYDROGEN
Lower emissions, lower projected costs 
and wide downstream application
Lower emissions
The big picture
Green 
hydrogen
Lower costs
Grey hydrogen 
pathway emissions
~10-12
kgCO2/kgH2
~700
USD/KW, capital expenditure for 
electrolysers today
Blue hydrogen 
pathway emissions
~2-9
kgCO2/kgH2
~250
USD/KW, capital expenditure for 
electrolyses in the future
(Source: www.eesi.org)
Green hydrogen 
pathway emissions
<1*
kgCO2/kgH2
S
t
e
el
 
+
 
C
e
m
e
n
t 
+
 
F
e
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t
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+
 
F
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l 
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k
s 
+
 T
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a
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s
 
+
 
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h
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+
 
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a
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+
 
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p
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ri
d
s
*Defined by “The Green Hydrogen 
Organisation (GH2)”
72 | The Adani Portfolio

AT THE ADANI PORTFOLIO, WE 
DISCERNED UNPRECEDENTED 
REALITIES WHEN ENTERING 
THE GREEN HYDROGEN SPACE
These various realities represent the framework 
of our decisive strategic direction
Overview
There is more hydrogen in 
the universe than any other 
element (around 90% of all 
atoms are hydrogen) but 
needs to be decoupled from 
other elements, requiring 
energy which influences its 
sustainability.
Unlike batteries that are 
unable to store large quantities 
of electricity for extended 
periods of time, hydrogen 
can be produced from excess 
renewable energy and stored in 
large amounts for a long time.
Pound for pound, hydrogen 
contains almost three times as 
much energy as fossil fuels, so 
less of it is needed for a desired 
outcome.
Hydrogen energy is versatile, 
can be used in gas or liquid 
form and converted into 
electricity or fuel; it is light, 
storable, energy-dense, and 
produces no direct pollutants or 
greenhouse gases.
The headroom is vast; hydrogen 
(made using fossil fuels) use is 
dominated by oil refining as well 
as the production of ammonia, 
methanol and steel, a vast 
replacement potential for green 
hydrogen.
Hydrogen demand has more 
than trebled since 1975, 
indicating a growing traction 
for the gas.
Hydrogen production is almost 
entirely derived from fossil fuels 
today, an attractive room for 
extensive replacement towards 
cleaner sources. (Source: 
energypolicy.columbia.edu)
Hydrogen is not likely to disturb 
the prevailing reality; only 
6% global natural gas and 2% 
global coal goes into hydrogen 
production today. (Source: 
energypolicy.columbia.edu)
Hydrogen production is 
responsible for around 830 
million tonnes of CO2 emission 
per year (United Kingdom and 
Indonesia emissions combined), 
making replacement imperative.
Hydrogen and hydrogen-based 
fuels can transport energy from 
renewables over long cross-
continental distances, opening 
export opportunities.
The number of countries with 
policies that directly support 
investment in hydrogen 
technologies is increasing – a 
growing political momentum.
The replacement benefit 
proportion is vast; the 
introduction of clean hydrogen 
to replace just 5% of the volume 
of natural gas supplies could 
significantly boost demand and 
drive costs further down.
Due to its energy efficiency, 
a hydrogen fuel cell is two 
- three times more efficient 
than an internal combustion 
engine fuelled by gas, a fuel cell 
electric vehicle’s refuelling time 
averages less than four minutes.
Green hydrogen can be 
blended up to 10% by city gas 
distribution networks for wider 
acceptance.
The United Nations launched the Green Hydrogen Catapult Initiative, bringing 
together seven of the biggest global green hydrogen project developers with 
the goal of cutting the cost of green hydrogen to below USD 2 per kg and 
increasing the production of green hydrogen 50-fold by 2027. 
(Source: news.climate.columbia.edu)
ESG Report 2021-22 | 73

AT THE ADANI 
PORTFOLIO, WE BELIEVE 
THE WORLD HAS 
ARRIVED AT THE ZERO 
HOUR IN COMBATING 
CLIMATE CHANGE
This zero hour is being driven by 
green hydrogen acceptance
Conventional energy sources are 
marked by inflation (likely to remain 
inflationary); renewable energy is 
influenced by economies of scale, 
making costs lower (likely to decline 
faster).
The headroom is vast; less than 
0.1% of global dedicated hydrogen 
production today comes from water 
electrolysis.
The world is moving towards a 
reality where products utilising 
clean energy will be preferred 
and advocated by governments, 
consumers and opinion makers.
The cost of producing hydrogen 
from renewable electricity could fall 
30% by 2030 because of declining 
costs of renewables and the scaling 
of hydrogen production. 
(Source: IEA)
Advantages of green hydrogen
100% 
sustainable
Easy 
and long 
storability
Versatile 
applications
74 | The Adani Portfolio

Newer hydrogen production method 
No greenhouse gas pollution
Electrolysis
Electricity
39.4
MWh
Oxygen
8
tonnes
1.1 tonnes H2
USD 1,497
(Wholesale Electricity USEIA 
2019)
Hydrogen
1
tonnes
Water
9
tonnes
Big numbers
3,000
TWh/year, required from 
new renewables to 
replace grey hydrogen
50
X, Number of times of existing green hydrogen 
capacity projected for the next six years (Source: 
Green Hydrogen Catapult Initiative)
<2
USD/kg, projected cost of 
green hydrogen, 2030
25-30
% increase in global 
energy demand 
estimated by 2040 
(Source: International 
Energy Agency, 2019)
70
million tonnes a year, 
global hydrogen demand 
for use as a fuel, 2018
25
% of the world’s energy 
needs projected to be 
addressed by green 
hydrogen by 2050
830
million tonnes of CO2 
emitted annually using 
fossil fuels that can be 
saved through green 
hydrogen
50
% decline in green 
hydrogen production 
costs by 2030 (Source: 
World Hydrogen Council)
10
USD trillion, addressable 
market for green 
hydrogen by 2050 
(Source: Goldman Sachs)
ESG Report 2021-22 | 75

THERE IS NOW A 
CONSENSUS ABOUT 
INDIA’S SUITABILITY AS 
A GREEN HYDROGEN 
PRODUCING DESTINATION
ADANI PORTFOLIO’S 
GREEN HYDROGEN 
BUSINESS IS BEING 
DRIVEN BY ADANI NEW 
INDUSTRIES LIMITED
The country is being spoken about as ‘One of the best 
green hydrogen producing locations in the world’
Subsidiary of listed Adani Enterprise Limited
Separate company with its own leadership and 
management team
Driven by targets related to investments, projects 
commissioning and outcomes
76 | The Adani Portfolio

Investments
Possibility of building one of the 
largest electrolyser capacities in 
the world
Possibility of generating green 
hydrogen at among the lowest 
costs in the world
ANIL’s focus
Incubate, build and develop a 
large integrated platform to 
produce green energy through 
end-to-end supply, and value chain 
development.
ANIL’s initiatives
Establish a fully integrated 
manufacturing facility of 10 GW 
per annum
Extend from poly silicon to cells 
and modules at Mundra SEZ
Commission 7.5 GW per annum 
manufacturing capacity in the 
wind turbine manufacturing plant 
at Mundra SEZ
Entered into an exclusive 
technology transfer agreement 
to manufacture, assemble, 
commission and maintain wind 
turbines in India
Establish 5 GW per annum 
electrolyser manufacturing facility, 
Mundra SEZ
Commission 10 GWh per annum 
battery manufacturing facility, 
Mundra SEZ
Construct a 30 GW green 
hydrogen generation facility at 
Khavda to ensure a fully built 
capacity to generate green 
hydrogen of 2.54 MMTP
Outcomes
India is on the verge of an 
industrial take-off following the 
China + 1 global direction
India is positioned to grow using 
green hydrogen – a significant 
advantage over other developed 
countries
There is a possibility of India 
abating 3.6 gigatonnes of CO2 
emissions by 2050
There is a possibility of exporting 
surplus green hydrogen (directly 
or indirectly through hydrogen-
embedded low-carbon products)
ANIL’s overarching objective
Co-create the world’s largest green 
hydrogen ecosystem
ANIL’s partner
Total Energies, France, agreed to 
invest 25% minority interest in 
Adani New Industries Ltd.
ANIL’s vision
To decarbonise industries and 
mobility while delivering hydrogen 
as an alternative green energy, 
with the least expensive electron, 
could potentially transform India’s 
energy landscape.
ANIL’s target
Operationalise this renewable 
platform by FY2025-26
ESG Report 2021-22 | 77

ANIL’S BUSINESS 
MODEL IS INTEGRATED, 
ONE-STOP AND VALUE-
ACCRETIVE
An integrated platform with three segments
ANIL has ambitious 
plans for Mundra SEZ
It intends to transform Mundra 
into the world’s largest 
integrated green hydrogen hub
Mundra is expected to emerge 
as the world’s largest integrated 
green hydrogen hub
The Mundra location is the 
only one in India backed by a 
player with a rich experience 
in renewable energy and ports 
infrastructure
ANIL enjoys access to a large 
land parcel, strategic location 
and supporting infrastructure at 
Mundra SEZ
Supply chain products manufacture
Target: 6-10 GW of 
manufacturing capacity.
Infrastructure: The Company will 
create a pipeline to transport 
green hydrogen from Khavda 
to Mundra to manufacture 
downstream products
Downstream: Probable 
manufacture of ammonia, urea, 
methanol / ethanol and other 
anchor projects
Polysilicon
Fuel cells 
and ancillary 
products
Ingots
Electrolysers
Wafers
Renewable 
generation
Solar 
cells cum 
modules
Wind 
turbines
Vneet S. Jaain 
MD & CEO, Adani Green 
Energy Ltd
We are committed to meet India’s vision of leading the Green and 
New Energy future through an optimal mix of reliable, clean and 
affordable energy solutions that includes green hydrogen and 
its derivatives, solar, wind, fuel cells, batteries and all such future 
technologies, products and services. ANIL is our platform that 
integrates technology, end-to-end manufacturing, green energy 
generation, distribution and production of downstream products 
and services under one umbrella, such that we remain at the 
forefront in the transition to become a net zero emissions nation.
78 | The Adani Portfolio

The Mundra renewable energy ecosystem
Green 
fertilisers
Fuel cell 
mobility
Ammonia 
export
Steel and 
petrochemicals
Polysilicon 
manufacture
Marine 
mobility 
(ammonia and 
methanol)
CGD, edible 
oil and other 
users
Long 
haul and 
heavy trucking 
(methanol 
for diesel 
blending)
Power 
generation 
ammonia co-
firing
ESG Report 2021-22 | 79

PART
THE ADANI 
PORTFOLIO’S ESG 
COMMITMENT AND 
AMBITION
This section explains the Adani portfolio’s 
ESG focus areas and the initiatives 
undertaken by the businesses
5
80 | The Adani Portfolio

ESG Report 2021-22 | 81

SUSTAINABLE 
DEVELOPMENT 
GOALS AND THE
It addresses people, planet, prosperity, 
peace and partnerships5P’s
Overview
In 2015, United Nations enunciated 17 
Sustainable Development Goals (SDGs) 
that served as a framework for economic, 
social and environment development. 
The Goals are ambitious and interlinked. 
SDGs include climate change and SDG 13 
specifically states: ‘Taking urgent action to 
combat climate change,’ infusing urgency 
across governments, investors and other 
stakeholders, the other Goals focus on 
a wide spectrum of 5P’s contributing to 
environment integrity, social development 
and governance frameworks, indicating 
that the SDG framework is inter-related 
and holistic. The performance on a 
particular goal, target and indicator is 
likely to influence the achievement of the 
others.
The 5 P’s embedded in SDGs
People
Planet
Prosperity
Peace
Partnerships
82 | The Adani Portfolio

People
Statement: One of the SDGs has 
been directed to ‘end poverty 
and hunger, in all their forms and 
dimensions and to ensure that 
all human beings can fulfil their 
aspirations in dignity and equality 
and in a healthy environment.’
Linkage: Environment integrity 
is linked to poverty alleviation 
by conserving otherwise finite 
natural resources that can be 
allocated across agriculture and 
social needs, strengthening the 
social fabric. Almost 9% of the 
world’s population lives in extreme 
poverty (as of 2021). More than 
half the world’s extreme poor are 
children; 480 million people could 
still be trapped by extreme poverty 
in 2030 of which 233 million are 
likely to be children. Besides, 
around half the world’s population 
- 3.5 billion - do not have access 
to essential health services due 
to financial constraints or lack of 
accessible facilities. Out-of-pocket 
spending on health care pushes 
100 million people into extreme 
poverty each year.
Outcome: As recently as a couple 
of years ago, extreme global 
poverty was at its lowest in 
recorded history with less than 
eight percent people living on less 
than USD 1.90 per day, compared 
with a corresponding figure of 36% 
some three decades ago. India 
did particularly well in this regard, 
with extreme poverty around or 
below 3%.
Planet
Statement: The SDGs set a goal 
to protect the planet to support 
the needs of the present and 
future generations. Interestingly, 
climate change is not just about 
an increase in temperatures; it is 
about everything that we know 
about the world as it exists.
Linkage: At the prevailing 
momentum, global warming is 
likely to increase temperatures 
by at least 1.5 degrees Celsius 
between 2030 and 2052. This 
could translate into significant 
risks to health, livelihoods, food 
security, water supply, human 
security and economic growth. 
Climate change could turn 100 
million more people towards 
poverty by 2030, moderating crop 
yields, enhancing food insecurity, 
under-nutrition and stunting. 
Around a million animal and plant 
species are threatened with 
extinction, the highest number in 
human history. Water quality has 
declined in three decades due to 
organic and chemical pollution.
Outcome: There is hope. Marine 
protection is growing; forest loss is 
declining; citizens are pressurising 
governments to pursue climate-
smart policies. USA, United 
Kingdom, Chile and Finland 
intend to reach net zero in carbon 
emissions by 2050. 
Prosperity
Statement: The SDG objective is 
to ‘ensure that all human beings 
can enjoy prosperous and fulfilling 
lives and that economic, social, 
and technological progress occurs 
in harmony with nature.’
Linkage: Environment integrity 
is linked to prosperity. There is a 
greater selectivity in buying from 
countries, regions and companies 
that employ environmentally 
responsible practices.
Outcome: From 1995 to 2013, 23 
countries decoupled economic 
growth from greenhouse gas 
emissions while reducing carbon 
footprint. Carbon intensity of 
global output is declining; the 
world generates lower emissions 
to generate each unit of GDP, 
even as total emissions continue 
to grow. There is a growing 
acceptance that increased 
environment integrity is not just 
a cost but provides an attractive 
payback through lower costs, 
increased respect and access to 
wider markets. This is inspiring the 
optimism that economic growth 
and climate change management 
can be reconciled.
ESG Report 2021-22 | 83

Peace
Statement: The SDGs note that 
‘There can be no sustainable 
development without peace and 
no peace without sustainable 
development.’
Linkage: Environment imbalance 
creates a pressure on available 
resources even as populations 
keep increasing. This puts a 
priority on prudent environment 
management – not just for the 
sake of the environment but for 
the sake of peace and equity.
Outcome: Conflicts threaten 
human rights; people killed in 
armed conflict is ten times greater 
than in 2005 and the number of 
countries with violent conflicts is 
the highest at any point in the last 
30 years. Those living in fragile 
and conflict-affected states are 
the furthest from achieving the 
SDGs and by 2030 could account 
for 80% of the extreme poor. After 
declining between 2000 and 
2007, the global homicide rate has 
increased since 2015, particularly 
in Latin America; the world is 
far from ending violence against 
women and girls. Every day, 137 
women are killed in this manner, 
with women in Africa facing more 
than double the risk compared 
to the global average (3.1 deaths 
per 100,000 females compared 
to 1.3 deaths per 100,000 males). 
It is estimated that some 5.1 
billion people lack meaningful 
access to justice, including at 
least 253 million people living in 
extreme conditions of injustice 
and 4.5 billion excluded from the 
opportunities provided by the law 
(legal identity, proof of housing 
or land tenure). The basic tenets 
of association, peaceful assembly, 
and expression have been 
challenged, with an estimated 109 
countries having closed, repressed 
or obstructed civic space. 
Partnerships
Statement: The SDGs call for 
‘a spirit of strengthened global 
solidarity.’ Problems that cross 
geographies and sectors require 
collaboration that does as well.
Linkage: There is a growing 
consensus that climate change 
cannot be addressed through 
a small pocket of countries 
or leaders. The magnitude of 
the challenge warrants the 
engagement of virtually every 
single country, who, in turn, can 
drill relevant initiatives down to 
the citizen level.
Outcome: In 2018, Official 
Development Assistance declined 
2.7% – just one example of an 
area that needs improvement. 
The international community 
needs to mobilise adequate and 
targeted financing domestically 
and internationally, including 
improving domestic revenue 
mobilisation and meeting 
commitments for development 
assistance.
(Source: UN Foundation)
Jeyakumar Janakaraj 
CEO. Adani Global Singapore and 
AdaniConneX
We are committed to sustainably managing 
the ESG footprint of our data centre 
operations by leveraging renewable 
energy, enhancing energy efficiency and 
embedding circular economy principle. 
The adoption of emerging technology and 
sustainability practices in the creation 
of ‘green’ data centres reinforces our 
commitment towards the Digital India.
84 | The Adani Portfolio

THE ADANI PORTFOLIO’S 
ESG PLATFORM HAS 
BEEN DEFINED BY 
AN OVERARCHING 
COMMITMENT
The commitment is called ‘Discipline’
We seek 
sustainability in 
everything we do, over 
one-off profitability
We 
create robust 
businesses marked 
by the highest 
international credit 
rating accorded to 
Indian companies in 
our sectors of 
presence
We seek to mobilise 
resources around the 
lowest costs in the 
world
We engage 
in business to 
enhance value for all 
stakeholders
We draw 
success from the 
highest standards of 
operational excellence 
(project implementation, 
operations and 
maintenance)
We invest in our 
people, skills, exposure 
and responsibilities
We seek the 
largest scale 
within our sector 
(in India or the world) 
that could transform 
competitive 
dynamics
We commission 
projects 
benchmarked around 
futuristic environment 
standards
We report our 
performance 
and plans through 
comprehensive Annual 
Reports and investor 
engagements
ESG Report 2021-22 | 85

THE ADANI 
PORTFOLIO’S APPROACH 
TO STAKEHOLDER 
ENGAGEMENT
Overview
At the Adani portfolio, stakeholder 
engagement is integral to our 
strategic goals.
The engagement provides us with 
the opportunity to understand 
stakeholder expectations, respond 
to their concerns and prioritise 
initiatives.
Our stakeholder engagement is 
governed by our policy, which, in 
turn, is aligned with global best 
practices.
The framework empowers Adani 
businesses with engagement 
consistency, stability and 
predictability.
Our process
At the Adani portfolio, we 
developed a strategy for engaging 
with stakeholders based on 
a defined and closed-loop 
methodology. Adani businesses 
identify stakeholders (individuals 
or organisations) affected or likely 
to be affected directly or indirectly 
by our activities, or who may have 
an interest in our operations.
For each stakeholder group, 
the probable ways in which 
stakeholders could be affected 
as well as the magnitude of 
actual and perceived impacts, 
are determined. Our companies 
determine, with the help of the 
information acquired, suitable 
contact and consultation. This 
helps develop a bespoke plan 
for stakeholder engagement, 
which can then be updated as 
considered necessary.
Through the course of a year, 
our dialogue with stakeholders 
use diverse communication 
channels. Our insights allow us 
to strengthen our strategy and 
operations. The engagement 
comprises ongoing feedback and 
grievance redressal, vital to the 
engagement.
The key stakeholder groups and engagement process are presented below:
Stakeholders
Significance
Mode of engagement
Frequency
Key expectations
Employees
Key to the success of our 
business; their efforts are 
instrumental in delivering 
our strategies and for 
sustained business growth
	 Employee engagement survey
	 Town hall meetings
	 Performance appraisal reviews
	 Training programme
	 Intranet portal, in-house 
newsletters
	 Rewards and recognition 
programme
	 Grievance redressal mechanism
	 Employee well-being 
programmes
	 HR interactions
Continuous
	 Training and skill 
development
	 Employee well-being
	 Health and safety
	 Career growth
	 Working conditions
	 Fair wages
	 Rewards and 
recognition
	 Transparent 
communication
86 | The Adani Portfolio

Stakeholders
Significance
Mode of engagement
Frequency
Key expectations
Investors and 
Shareholders
Providers` of financial 
capital essential to fund 
growth
	 Annual General Meeting (AGM)
	 Quarterly/Annual results
	 ESG reports and disclosures
	 Investor roadshows, events
	 Website information
	 Official press release
	 Emails
	 Periodic meetings including 
one-on-one or Group meetings
As required
	 Sustainable growth 
and returns
	 Risk Management
	 Corporate 
Governance
	 Better disclosures, 
transparency, 
and credibility of 
financials
Government 
and 
Regulatory 
Bodies
Ensures compliance and 
business continuity in line 
with regulatory obligations 
as well as changing policies.
	 Advocacy through trade and 
industry associations
	 Meetings; formal dialogues
	 Stakeholder forums
	 Annual reports
	 Telephonic communication
	 Video conferences
	 Email
As required
	 Compliance to laws 
and regulations
	 Tax and royalties
	 Pollution prevention
	 Local economy 
growth and 
Community 
development
	 Transparent 
disclosures (annual 
report, BRSR etc.)
Customers
Drives the market segments.
	 E-mails and meetings
	 Customer feedback surveys
	 Business visits
	 Sales visits
Continuous
	 Service quality
	 Timely delivery
	 Pricing
	 Sustainable products
	 EHS management 
Systems
Community 
and NGOs
Conducive working 
environment ensuring social 
support, avoid hostility, 
community agitations and 
protests; create shared 
value
	 Community meetings
	 CSR programmes
	 Public hearings
	 Community impact assessment 
surveys
	 CSR reports
Continuous
	 Welfare and 
empowerment of 
local communities
Suppliers
Provide us operational 
leverage to optimise value 
chain, be cost competitive, 
sustainable and exceed 
customer satisfactions
	 E-mails and meetings
	 Contract negotiations
	 Supplier evaluation/due 
diligence
	 Seminars and conferences
Continuous
	 Fair and long-term 
business relations
	 Timely payment
	 Capacity building
	 Transparency
Industry 
associations
Develop network and 
enable consensus building 
to present a unified 
and mutually agreeable 
perspective to the 
Government on various 
policy intervention
	 Events
	 Conferences/seminars
	 E-mails
As required
	 Knowledge sharing
	 Compliance with 
Industry Standards 
and Regulations
Media
Medium to reach 
stakeholders to 
communicate about 
Company’s vision and 
initiatives and drive 
corporate equity.
	 Press releases
	 Interviews
	 Media events
	 Emails and telephonic 
communication
As required
	 Outlooks and 
announcements
ESG Report 2021-22 | 87

Alignment of Adani business units with ESG frameworks
Business Unit
APSEZ
AGEL
ATL
APL
AEL
ATGL
AWL
BRSR







CDP






-
GRI







UNGC







DJSI






-
SDG







THE ADANI PORTFOLIO. 
ACHIEVING DESIRED 
OUTCOMES THROUGH 
THE ‘ECOSYSTEM 
EFFECT’
At the Adani portfolio, we analyse our 
various roles as a customer, supplier, 
investor, employer, vendor and 
community partner with the objective 
to moderate our carbon footprint. 
The Group appraises its commitments 
based on its environment footprint, 
ecosystem impact, technology, 
product and operational efficiency 
with the objective to empower other 
stakeholders to take their sustainability 
initiatives ahead.
88 | The Adani Portfolio

ESG POLICIES
In general, the businesses have developed ESG policies in alignment with national 
and global frameworks. The prevailing policies and committees and assurance 
protocols have been listed below.
Policies guided by ESG Principals
	 Biodiversity Policy
	 Climate Change Policy
	 Energy Management 
Policy
	 Resources Conservation 
Policy
	 Water Stewardship 
Policy
Corporate Responsibility Committee 
(The committee includes 100% independent Directors) 
Assurance to the Board on all the commitments
	 Diversity, Equity and 
Inclusion Policy
	 Human Rights Policy
	 Occupational Health 
and Safety Policy
	 Freedom of Association 
Policy
	 Prevention of Sexual 
Harassment
	 Stakeholder 
Engagement Policy
	 Policy on Employee 
Grievance management
	 Board Diversity Policy
	 Cyber Security and Data 
Privacy Policy
	 Policy on Responsible 
Advocacy
	 Supplier Code of 
Conduct
	 Anti-Corruption and 
Anti-Bribery Policy
	 Audit Committee
	 Nomination and Remuneration Committee
	 Stakeholders’ Relationship Committee
	 Corporate Social Responsibility Committee
	 Risk Management Committee
	 Corporate Responsibility Committee
	 Public Consumer Committee
	 Information Technology and Data Security Committee
Policies
Committees
Assurance
ESG Policy (defines all our ESG commitments)
ESG Report 2021-22 | 89

THE RELEVANCE OF 
CLIMATE CHANGE WITHIN 
THE ADANI PORTFOLIO’S 
ESG FRAMEWORK
Overview
Climate change is the biggest 
challenge facing humankind, flora 
and fauna in centuries.
Climate change will affect life and 
culture (built and unbuilt) as we 
know it.
This has put a premium on the 
need to limit the increase in 
greenhouse gases and global 
warming.
The Paris Agreement (COP 
21) under the United Nations 
Framework Convention on Climate 
Change (UNFCCC) between 
nations promoted a global 
reduction of greenhouse gases; 
India targeted to become net zero 
in terms of carbon emission by 
2070 in COP 26 in Glasgow.
This national commitment has 
translated into relevant policies, 
corporate initiatives and individual 
awareness leading to accelerated 
decarbonisation.
Our approach
At the Adani portfolio, 
decarbonisation is not incidental 
to our existence but integral to it.
These are some of our 
priorities related to progressive 
decarbonisation.
One, we enter businesses that 
do not conflict with national 
decarbonisation agenda; most of 
our investments are in businesses 
that moderate decarbonisation, 
making us not only a responsible 
contributor but an effective 
catalyst.
Two, in existing businesses 
where we have a carbonisation 
exposure, we have invested in 
the best global technologies that 
moderate the consumption of 
finite natural resources (water, 
coal etc.) and have since emerged 
as benchmarks within the sector 
the world over.
Three, we have invested in 
scale in virtually every business 
venture, making it possible for 
us to produce a large quantity 
without a corresponding large 
expense (in infrastructure or 
resources), best explained by the 
term ‘amortisation’. The result is 
that our coverage of fixed costs 
is among the most efficient in 
the businesses we are present 
in, correspondingly reducing our 
carbon footprint.
Four, we measure the carbon 
impact of our businesses we are 
engaged in - Scope 1, Scope 2 
and Scope 3 emissions – with 
the objective to focus specifically 
and work towards moderation or 
elimination of CO2 emissions.
Five, we are aware that merely 
the enunciation of intent is not 
enough; we have established 
policies and processes for each 
business to graduate the intent 
into a structured approach and 
overarching culture.
Six, we benchmark our 
technologies, processes and 
outcomes as per the best 
international and national 
standards; as a logical cascade of 
a large corporate target, we set 
GHG emission targets for each 
segment of our business backed 
by feasibility studies, compliances 
and periodic reporting.
Seven, we recognise that our 
existence as an industrial group 
is the result of a ‘license’ by 
the community to operate; we 
take this ‘license’ seriously and 
communicate our decarbonisation 
direction and progress each 
quarter to all our stakeholders at 
large.
Getting to net zero
At the Adani portfolio, we are 
aligned with India’s climate 
change commitments.
90 | The Adani Portfolio

By this, we imply that we intend to 
achieve net zero emissions across 
all our businesses, aligning our 
existence with India’s Nationally 
Determined Contribution 
commitment (net zero emissions 
by 2070).
By being in complete alignment, 
we are optimistic that we will 
be a prominent beneficiary 
of government policies, 
enhancing our relevance and 
competitiveness.
As a logical extension, our 
businesses are directed by a 
Climate Change Policy; this 
overarching commitment outlines 
our business-wise approach to 
combat climate change, with 
these businesses focusing on 
operational emissions reduction 
based on their respective carbon 
assessment studies.
Roadmap for emissions reduction in our airports business
Going forward, we aspire to achieve a leadership position in the Airport Carbon 
International’s (ACI) Airport Carbon Accreditation (ACA) Programme, the only 
institutionally endorsed global carbon management certification programme for 
airports. We are working towards ACI Level 4+ for all our airports by 2025.
Net zero
Adani company
Year
Adani Ports1
2050
Adani Green Energy1
2050
Adani Transmission1
2050
Airport2
2030
AdaniConneX2
2030
Adani Total Gas Ltd1
2050
1: Net zero
2: Operational net zero
ESG Report 2021-22 | 91

A holistic approach to net 
zero
At the Adani portfolio, the concept 
of net zero is supported by the 
following commitments, making 
the approach irreversible and 
sustainable.
Zero-based budgeting: We believe 
that challenging goals and 
targets are the only way we can 
create companies with inspiring 
environment track records. Each 
Adani portfolio business is woven 
around the concept of a zero-
based budget, where we assume 
that our challenging target is 
achieved at a future date and 
draw out milestone-based targets 
right down to what we expect to 
achieve by starting today.
Zero hour: At the Adani portfolio, 
there is a priority on speed. We are 
an objective-oriented Group that 
is investing in an unprecedented 
way – resources, technologies, 
people and policies – today with 
the objective to create a cleaner 
tomorrow.
Zero tolerance: At the Adani 
portfolio, we believe that a culture 
of zero tolerance for anything not 
aligned with the Group vision for 
a better way of doing things for a 
better world is the only effective 
means of addressing realities with 
speed and certainty.
Zero deviation: At the Adani 
portfolio, there is a premium 
on the need for speed to 
address climate change. In this 
environment, effectiveness is 
derived from process excellence, 
protocols and the elimination of 
deviations from a pre-determined 
mean.
Reduction in carbon 
emissions
During the year under review, our 
cumulative Scope 1 and Scope 2 
emission footprint, covering all 
listed entities, was 53 million tCO2. 
Of the total emissions footprint, 
more than 97% was accounted by 
Scope 1 emissions and less than 
3% by Scope 2 emissions. Due 
to numerous energy efficiency 
and carbon reduction strategies 
implemented across businesses, 
we reduced our absolute 
emissions by 12% compared to the 
previous year.
Pranav Adani 
Managing Director 
(Agro, Oil & Gas)
While the world is experiencing a biodiversity crisis, 
we are fortunate to live in a country rich and diverse in 
flora and fauna. As the effects of climate change and 
biodiversity loss pose increasingly significant risks to 
people and the environment, the corporate world must 
responsibly step up to mitigate the impact of industry 
practices on nature. We must remain ever mindful of our 
collective need for healthy ecosystems to not only live 
without worry today but also to ensure the survival of 
future generations.
Methane emissions reduction
Methane has 25x GHG intensity over CO2. We control methane emissions in our operations.
ATGL is engaged in leak detection survey and repair, lock pressure test, loss of unaccounted gas 
monitoring and other controls to reduce methane emission.
12
%, reduction in absolute 
emissions by the Adani 
portfolio in FY2021-22
92 | The Adani Portfolio

Our business-wise emissions record
GHG emissions of the businesses, tCO2
APSEZ
AGEL
ATL
APL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Scope 1
1,29,438
1,10,394
1,272
1,317
26,91,062
25,98,972
4,75,28,068
5,44,30,000
Scope 2
1,93,063
1,96,160
30,535
14,656
5,57,775
6,14,281
15,288
44,000
Total
3,22,501
3,06,554
31,807
15,973
32,48,837
32,13,253
4,75,43,356 5,44,74,000
AEL
ATGL
AWL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Scope 1
6,92,537
4,72,445
1,53,167
1,22,638
4,81,214
5,76,784
Scope 2
2,14,762
1,02,141
22,564
16,960
2,21,796
2,31,271
Total
9,07,299
5,74,586
1,75,731
1,39,598
7,03,010
8,08,055
ESG Report 2021-22 | 93

PART
ADANI AND 
ENVIRONMENT 
CAPITAL
This section explains how the 
Adani portfolio has strengthened 
its environmental integrity
6
94 | The Adani Portfolio

ESG Report 2021-22 | 95

HOW THE ADANI 
PORTFOLIO IS MODERATING 
CARBON EMISSIONS
Energy efficiency
At Adani, we seek to generate 
more from less, as outlined by 
the Intergovernmental Panel on 
Climate Change (IPCC) special 
report on Global Warming of 1.5oC. 
We implemented various energy-
efficiency projects to reduce 
carbon emissions inside our 
boundaries and across our value 
chain. The thematic areas we 
continue to work on:
All Adani Portfolio operational 
sites and offices consume energy, 
which has been moderated 
through the installation of energy-
efficient devices/equipment.
Energy audits 
The sites also conduct audits 
to explore energy reduction 
opportunities. These audits assess 
energy consumption, possibilities 
of reduction, cost-benefit analysis 
and potential savings (lower 
energy use, enhanced productivity 
and innovation opportunities). For 
instance, Audit at 50 locations of 
ATGL’s operational sites in FY2021-
22 offered a comprehensive 
understanding of energy 
consumption patterns, indicating 
energy conservation opportunities 
(being implemented). The first 
audit phase was conducted in 
Faridabad (Haryana, India) and 
based on which several energy 
conservation measures were 
implemented (including the 
installation of LED lights, AC 
energy saver, occupancy sensors, 
timer, etc.)
Energy-related metrics and 
targets
Our businesses aspire to align or 
exceed India’s NDC commitment 
of 45% energy intensity reduction 
in terms of emissions per unit of 
GDP.
Anil Sardana 
MD & CEO, Adani Transmission Ltd. 
MD - Thermal Power
We promise reliable and uninterrupted 
supply of power to India’s urban and rural 
communities, ensuring no discontinuities in 
supplies and services to citizens as also to 
economic-abetting activities, in fulfilment 
of their aspirations. We are committed to a 
continuing improvisation in the energy basket, 
turning benign and integrating additional 
sustainability parameters and objectives into 
our daily business chores. ATL’s journey towards 
a net-zero goal by 2050 is destined to succeed 
and make a discernible contribution for other 
sectoral players to emulate.
96 | The Adani Portfolio

Fleet decarbonisation
At the Adani portfolio, we 
recognise that across our mobility-
based businesses, consumption 
by our transportation fleet is the 
most, making it imperative to 
moderate.
Electric vehicles (EVs) represent 
a decisive step toward the 
moderation of greenhouse 
gas emissions related to 
transportation. Our businesses are 
replacing diesel-based vehicles 
with EVs with the objective reduce 
GHG footprint.
ATGL’s owned and contracted 
transport vehicles were converted 
from the consumption of high-
speed diesel to natural gas. The 
two-wheelers of field resources 
(for sales, meter readings and 
Area Emergency Offices) will 
be graduated to electric; long 
haul fleets engaged in LNG 
transportation for LCNG stations 
adopted LNG as fuel. Out of the 
322 LCVs contracted by ATGL, 155 
were powered by CNG (a trend 
likely to increase), which could 
moderate Scope 3 emissions. 
Internal transfer vehicles (ITVs) are 
used extensively in port operations 
(ship to yard and vice versa). To 
moderate emissions and achieve 
carbon neutrality, we procured 75 
e-ITVs for Ennore and Kattupali 
ports, backed by solar energy.
Incentivising green transport 
partners
AWL increased the number of CNG 
vehicles for primary and secondary 
transportation and incentivised 
operators (H60 per tonne paid 
additionally to each CNG vehicle 
over diesel equivalent). Preference 
is given to CNG vehicles during 
operations (creation of green 
lanes for these vehicles at loading 
and unloading points).
Use of renewable energy
The energy-intensive nature of 
some of our business operations 
not only drives us towards energy 
saving measures but also directs 
us to increase the share of clean 
energy. We follow a sustained 
approach to enhance the share of 
renewable energy in the energy 
mix of our businesses.
Our renewable energy business 
Adani Green Energy Limited has 
emerged as the largest Indian 
private sector renewable energy 
company and intends to emerge 
as the world’s largest private 
sector solar energy company 
by 2025 and the world’s largest 
renewable energy company by 
2030.
Total Energy Consumption in GJ
APSEZ
AGEL
ATL
APL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Energy 
consumption
27,98,837
24,29,210
2,73,014
75,280
1,15,082
84,717
52,69,90,357
57,35,53,613
AEL
ATGL
AWL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Energy 
consumption
24,11,898
10,90,279
3,68,770
2,32,940
29,594
30,212
ESG Report 2021-22 | 97

AGEL’s significant CO2 emission avoidance
3.6
million tonnes 
of CO2 avoided, 
FY2018-19
5.15
million tonnes 
of CO2 avoided, 
FY2020-21
4.0
million tonnes 
of CO2 avoided, 
FY2019-20
8.6
million tonnes 
of CO2 avoided, 
FY2021-22
98 | The Adani Portfolio

APSEZ’s renewable energy portfolio
APSEZ invested more than H100 crore in renewable energy, comprising 14.88 MW of solar energy at 
various locations and 6 MW of wind energy at the Krishnapatnam port.
APSEZ intends to increase the proportion of renewable power in total electricity to 100% by 2025 
through third-party open access route (solar/wind) and captive generation. In FY2021-22, the total 
consumption of electricity was 301,774 MWh, out of which solar and wind energy was 59,166 MWh.
111, 283
tCO2e, emissions 
reduction 
achieved since 
inception
5.30
% total 
renewable 
energy share, 
FY2020-21
46,741
tCO2e, emissions 
reduction 
achieved in 
FY2021-22
7.67
% total 
renewable 
energy share, 
FY2021-22
ESG Report 2021-22 | 99

THE ADANI PORTFOLIO’S ESG 
AMBITIONS ARE TRANSLATING 
INTO EFFECTIVE PROJECTS
APL’s sustainable power generation
Adani Power Limited, IHI Corporation and Kowa 
Company Ltd. agreed to explore a 20% liquid 
ammonia co-firing ratio (to be progressively raised to 
100% mono-firing) at Adani Power’s Mundra coal-
fired power plant.
APL is engaged in this exercise with ground-
shifting possibilities: the probable implementation 
of ammonia fuel (derived from green hydrogen) in 
thermal power generation.
Kowa conducted a global survey of hydrogen and 
ammonia-related technologies in power generation; 
IHI demonstrated its ammonia co-firing technology 
at a large-scale commercial coal-fired power plant in 
Japan.
If proved commercially and technically viable, this 
technology could de-carbonise APL’s coal-fired assets 
and drive its implementation in other coal-fired units.
These studies are being conducted in line with the 
India-Japan Clean Energy Partnership announced by 
the Indian and Japanese governments in March 2022.
Elimination of diesel in internal transfer 
vehicles
Challenge: Internal transfer vehicles (ITVs) are used 
extensively in port operations (ship to yard and 
vice versa). ITV diesel consumption was ~60,000 
litres / month for the Kattupalli and Ennore ports, a 
significant GHG emission source.
Action: To moderate emissions and achieve carbon 
neutrality, we procured 75 e-ITVs for these ports, 
backed by solar energy.
Outcome: Diesel consumption was eliminated, saving 
around 180 tCO2e/ month.
CASE STUDY
CASE STUDY
100 | The Adani Portfolio

Conversion of the diesel locomotive to 
electric alternatives
Challenge: Railways play a vital role in handling and 
shifting cargo in container-driven ports. Railways 
employ locomotives that consume diesel.
Action: APSEZ replaced the diesel locomotive 
with an electric alternative; it engaged in a railway 
electrification project from Adipur to Mundra on a 72 
RKM double line (projected cost of H180 crore). With 
the help of the MUPL substation, one of our PSI posts 
at Bhadreshwar will be electrified by 66kV and will be 
stepped down to 25kV.
Outcomes: The project will achieve 95% savings in 
fuel consumption. The average CO2 reduction by 6 
million Kgs a year could save around H1800 crore in 
foreign exchange a year following line electrification.
Solar power system along the break water at 
Kattupalli port
Challenge: There was a need to enhance renewable 
energy capacity from 450 KWp to 1 MW at Kattupalli 
port.
Action: Marine Infrastructure Developer Pvt. Ltd. 
(MIDPL) installed a roof top solar system and solar 
panels along the port’s breakwater; solar power 
panels were installed on building rooftops and along 
the north breakwater, connecting to the solar inverter 
and solar battery.
Outcomes: Roof top solar capacity of 550 KWp 
was installed, generating 7,00,000 units a year 
with savings of H52.70 lakh per year. To utilise 
unused areas, 15 KWp solar plants along the North 
breakwater rocks will generate 20,000 units and save 
H1,43,000 a year.
CASE STUDY
CASE STUDY
ESG Report 2021-22 | 101

HOW THE ADANI PORTFOLIO IS 
MITIGATING CLIMATE CHANGE 
RISKS AND CAPITALISING ON 
OPPORTUNITIES
Transitioning towards climate 
resilience
Adani businesses align with 
the Task Force on Climate 
Related Financial Disclosure 
(TCFD) framework, a structured 
approach to evaluate and counter 
climate-related risks and track 
opportunities. Among Adani 
businesses, APL, ATL and APSEZ 
are TCFD signatories. Risks and 
opportunities associated with 
climate change are key to strategy, 
derived through assessments.
The Board of Directors oversee risk 
management and sustainability. 
The Risk Management Committee 
assesses short to medium-term 
and long-term risks, using the 
insights provided by the Audit 
Committee on financial risks 
and by the Reputational Risk 
Committee (RRC) on reputation-
related risks. Adani’s businesses 
have formed a committee 
called ‘Corporate Responsibility 
Committee (CRC)’ to focus on 
ESG initiatives. The CRC consists 
of Independent Directors and is 
tasked with keeping the Board 
of Directors informed about 
the status of ESG performance. 
Each quarter, the corporate 
sustainability team presents 
to the CRC the progress on 
commitments.
Adaptation and mitigation are 
strategies for combating climate 
change. Adaptation boosts 
resilience to current or predicted 
climate changes; mitigation 
reduces greenhouse gas 
emissions, effectively addressing 
the source of rising world average 
temperatures. The businesses 
are responding to the extreme 
weather events due to climate 
change. Our portfolio companies 
have analysed the vulnerability of 
operating sites to storm surges, 
cyclones, heavy rains and flooding, 
recommending crucial steps for 
each department and individual 
before, during and after such 
disasters.
Mitigation measures have also 
been taken into account during 
the design stage – before 
construction. Currently, flood 
prevention measures are being 
implemented at all sites along 
India’s coast. Our Emergency 
Response and Disaster 
Management Plan (ERDMP), 
Incident reporting System 
(IRS) and Evacuation Standard 
Operating Procedure ensure 
effective management of any 
disaster.
The Adani portfolio is committed 
to address climate change 
adaptation and mitigation 
through projects and actions. 
They are improving operational 
emission efficiency and wherever 
possible, via the electrification 
of operations and use of biofuels 
to reduce Scope 1 emissions. The 
Group’s formidable renewable 
capacity allows businesses to 
progressively source renewable 
power to lower Scope 2 emissions. 
Each business is looking at 
ways to work with upstream 
and downstream stakeholders 
to mitigate Scope 3 emissions. 
However, it is also the case that 
for many sectors, green hydrogen 
will be critical for decarbonisation 
– the last mile in their net zero 
journey.
At Adani, we focus on developing 
and expanding sustainable 
products and services. Our 
business AdaniConnex is 
committed to invest significant 
capital over the next decade to 
build India’s leading green data 
center platform.
Adani Solar is India’s first and 
largest vertically integrated solar 
photovoltaic manufacturer in 
Mundra Special Economic Zone 
(SEZ). The solar manufacturing 
102 | The Adani Portfolio

capacity is being scaled to an 
annual capacity of 4.0 GW for 
solar cells and modules and plan 
to increase this to 10 GW 
in a couple of years. We intend to 
be one of the world’s largest solar 
players, both as manufacturer 
and operator. We also intend 
to manufacture all critical 
components like glass, EVA, 
backsheet & aluminium frame. 
This ecosystem will also have 10 
GW manufacturing capacity of 
ingot, wafer and poly silicon. The 
solar cells being manufactured are 
bifacial, having a higher efficiency. 
The larger size solar modules of 
545 watt at Adani Solar compare 
favourably with the conventional 
size of 340 watt, resulting in land 
saving by 20%.
To decarbonise industries and 
mobility, while delivering hydrogen 
as an alternative green energy 
with the least expensive electron, 
Adani New Industries Ltd. (ANIL) 
intends to create the largest 
integrated platform for green 
hydrogen. Adani Solar and the 
wind mill manufacturing will be 
a part of the ANIL portfolio along 
with hydrogen. The partnerships 
in this area are expected to 
transform the global and Indian 
energy landscapes.
Science-based target 
initiatives
Science-based targets provide a 
defined pathway for companies 
to reduce greenhouse gas (GHG) 
emissions, helping prevent the 
worst impacts of climate change 
and future-proof business growth.
Targets are considered ‘science-
based’ if they are in line with what 
the latest climate science deems 
necessary to meet the goals of the 
Paris Agreement – limiting global 
warming to well-below 2°C above 
pre-industrial levels and pursuing 
efforts to limit warming to 1.5°C.
The following businesses have 
committed to reduce their 
emissions in line with the science-
based target requirements:
Company
Near-term
Net zero
Adani Green Energy Limited
Committed
-
Adani Ports and Special Economic Zone Limited
Committed
Committed
Adani Transmission Limited
Committed
Committed
Most Adani portfolio businesses 
disclose their climate-related 
information on the CDP platform (given 
below).
AGEL: Achieved CDP 2021 score of ‘B’ 
(surpassing global, Asia and renewable 
energy sector averages); score 
reflects AGEL as ‘a Company taking 
coordinated action on climate issues’)
ATL: CDP provided ATL with a rating 
of D Band in the Climate Change 2021 
disclosure
APSEZ: CDP provided APSEZ with a 
rating of B/ Management Band in the 
Climate Change 2021 disclosure
AEL and ATGL: AEL and ATGL 
participated for the first time in the 
CDP Climate change disclosures in 
FY2021-22
ESG Report 2021-22 | 103

HOW ADANI BUSINESSES 
ARE MANAGING AIR 
QUALITY (NON-GHG 
EMISSIONS)
Overview
We are guided by pollution control 
boards to monitor and mitigate 
the impacts of the air quality 
and disclose our emissions data 
through annual reporting. We 
employ a variety of scientific 
methods and emissions control 
systems to control stack and 
fugitive emissions. Our emissions 
are well within the range 
stipulated by the pollution control 
board.
CASE STUDY
plates and the accumulated PM 
was removed with a proprietary 
self-cleaning mechanism.
Outcomes: The retrofitting of 
equipment in DG sets reduced 
PM emissions. The efficiency of 
the retrofitting equipment was 
observed above 90% against the 
TNPCB requirement of >70%.
Reducing PM emission by 
retrofitting diesel generator 
sets
Objective: Reduction in particulate 
matter emission by retrofitting 
diesel generators sets in the 
Kattupalli and Ennore ports.
Project: Diesel generators were 
used as backup power supply in 
our port operations and identified 
as particulate matter (PM) 
sources. The Company reduced 
PM emission levels in these DG 
sets by retrofitting with high-
efficiency equipment.
Methodology: The emission 
control devices were tested 
over ISO-8178 D2 5 mode cycle 
procedure as per TNPCB / CPCB 
Guidelines. Like an Electrostatic 
Precipitator (ESP), PM was 
imparted a surface charge, which 
attracted oppositely charged ESP 
104 | The Adani Portfolio

HOW THE ADANI 
PORTFOLIO IS REINFORCING 
RESPONSIBLE WATER 
STEWARDSHIP
Overview
India ranks 13 on the list of 
‘extremely high’ water-stressed 
countries (Source: World 
Resources Institute’s Aqueduct 
Water Risk Atlas) with ‘day zero’ 
being predicted for many cities 
(Source: NITI Aayog).
With a looming water scarcity, 
there is a priority for businesses 
to adopt methods to reduce 
consumption intensity, reduce 
wastewater generation and 
enhance reuse. Businesses need 
to extend beyond the regulatory 
compliance mandated under the 
Water (Prevention and Control of 
Pollution) Act, 1974.
The Adani portfolio businesses 
are committed to minimise 
the environmental impact of 
operations through sustainable 
water practices. The Group 
approach is to reduce freshwater 
footprint and enhance recycle/
reuse of treated wastewater, 
improving water efficiency.
Reduction in water 
consumption
Overall water consumption in the 
Adani portfolio of companies has 
reduced even as new businesses 
have been added and capacity has 
been added to existing businesses. 
A relevant indicator for this is 
a Company like APSEZ where, 
even as total water consumption 
increased in FY2021-22, water 
intensity declined 7%.
Higher dependence on non-
competing sources
The three business units – APSEZ, 
APL and ATL - are large water 
consumers who address their 
needs from non-competing 
sources like desalination plants. 
These Adani businesses bear the 
cost for this infrastructure and 
have moved away sourcing from 
competing sources.
Responsible water 
management practices
The business units comply with 
applicable statutory obligations 
laid by Central and State 
Pollution Control Board. For 
locations, where zero discharge 
is mandated by Pollution Control 
Board, the Adani companies have 
implemented relevant systems. 
Some initiatives undertaken for 
responsible water consumption 
and use of wastewater comprise 
the following:
	 Sewage treatment for recycle 
or reuse, largely used for watering 
the green areas of AWL, APSEZ, 
and ATL. ATL recycled 199 million 
litres (ML) of treated sewage 
through own sewage treatment 
plants; the treated water was 
utilised in horticulture; APSEZ 
Total water consumption - all business units (kl)
APSEZ
AGEL
ATL
APL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Water 
consumption
47,31,107
41,26,000
2,77,002
5,27,514
17,98,176
18,71,960
13,01,45,639 14,08,14,780
AEL
ATGL
AWL
FY2021-22
FY2020-21
FY2021-22
FY2020-21
FY2021-22
FY2020-21
Water 
consumption
27,64,007
32,15,715
27,711
22,757
24,88,750
27,46,680
ESG Report 2021-22 | 105

recycled and reused 742 ML in 
FY2021-22.
	 ATGL harvested rainwater in all 
its city gas stations, harvesting 
9.7 ML in FY2021-22. APSEZ 
at Dhamra port harvested 
50,000 litres of rainwater. AWL 
set up rainwater harvesting 
at four locations – Alwar, 
Neemuch, Krishnapatnam 1 and 
Krishnapatnam 2.
	 APL set a stricter standard 
of 2.5 m3/MWH of surface 
water consumption against 
the regulatory norm of 3.5 m3/
MWH, setting a stringent water 
consumption intensity standard 
for itself.
	 AWL (among other Adani 
companies) implemented strict 
Zero Liquid Discharge facilities 
across nine locations.
Being water neutral/positive
Adani businesses are endorsing/
aspiring to the United Nations 
CEO Water Mandate. Some 
businesses have set up targets for 
becoming water neutral/positive 
while APSEZ intends to achieve 
this in near future.
Estimated project benefits
Reduction of freshwater footprint
Availability of good water quality in cost-effective manner
Lower capex and opex with respect to alternate options, i.e. desalination
Hassle-free operations of pumping and pipe network system for water reception
Business unit
Vision
Target year
AGEL
Water neutral
FY2024-25 (for 200 MW+ plants)
ATL
Water positive
Achieved
AEL
Water positive
2030
CASE STUDY
Infrastructure for managing 
recycled water from Krishak 
Bharati Cooperative Limited 
(KRIBHCO)
Objective: To reduce freshwater 
footprint aligned with UN SDG12.
Challenge: There was a need 
for additional water to meet 
APSEZ operations at Hazira. 
The Company entered into an 
agreement with Krishak Bharati 
Cooperative Limited to obtain 
treated sewage (2000 KL treated 
wastewater a day).
Activity: Adani laid an 18 km 
dedicated pipeline for receiving 
recycled water from KRIBHCO.
Outcome: This agreement reduced 
the Company’s freshwater 
footprint in a cost-effective and 
environment-friendly manner. In 
FY2021-22, 496416 KL recycled 
water was used by Adani’s 
Hazira operations in industrial 
applications.
Project cost: H1120 lakh
106 | The Adani Portfolio

Improving community access to water
Adani Foundation’s multiple water conservation and 
potable water availability initiatives comprise the 
following:
Water conservation
	 10 ponds deepened or developed in Tirora, Hazira, 
Dhamra, Dahej and Kowai; enhanced storage 
capacity to 1,14,285 m3
	 88 well and borewell recharge projects at Mundra 
and Tirora
CASE STUDY
CASE STUDY
Responsible water use 
and management at the 
Carmichael mine
Water is a precious resource 
and Bravus is committed to its 
sustainable use.
Water is used at Carmichael for 
personnel use (in offices, the 
accommodation village and 
workshops), dust suppression, 
vehicle washing and washing 
of coal to improve its energy 
efficiency.
Like at every other Australian 
mine, water use is strictly 
regulated at the Carmichael 
Mine. The sources of water the 
mine uses, when, and how much 
water is used, are detailed in the 
conditions and regulations set by 
the Australian and Queensland 
Governments.
These conditions and limits 
have been determined based on 
comprehensive peer-reviewed 
scientific assessments as a part 
of the approval processes for the 
mine.
Bravus monitors and reports on 
these activities to sustainably 
manage water use.
Protecting important local 
water ecosystems
Carmichael River
	 The Carmichael mine is five 
km from the Carmichael River. A 
500m buffer zone on each side 
separates the mine from the 
Carmichael River (located 5km 
away) to protect the riverine 
environment.
Great Artesian Basin
	 The Carmichael mine does not – 
and will not – draw water from the 
Great Artesian Basin (GAB).
Water monitoring
	 New monitoring bores have 
been installed on the mining lease 
boundary to monitor groundwater 
use.
	 Groundwater monitoring is 
regularly conducted at more 
than 135 sites to observe water 
levels, including more than 
120 monitoring bores to track 
groundwater levels and water 
quality around the mine.
The Doongmabulla Springs 
Complex
	 For Doongmabulla Springs (more 
than 11 km from mining activity), 
extensive scientific studies 
were undertaken, resulting in an 
informed mining approach without 
impacting the Doongmabulla 
Springs or dependent species.
ESG Report 2021-22 | 107

CASE STUDY
Revitalisation of Jaisalmer 
village ponds
AGEL (through Adani Foundation) 
rejuvenated four Jaisalmer 
village ponds. The intervention 
will enhance water storage 
capacity, benefiting livestock. 
This is relevant for Jaisalmer 
(200-250 mm average annual 
rainfall). The ground water in the 
region varies from fresh to saline. 
Communities were engaged 
in decision making related to 
identifying the catchment area, 
deciding excavation requirements, 
bunding and diverting water 
flow, managing conflicts and 
monitoring day-to-day project 
progress.
Nagnechi Mata Temple Pond, Madhopura, Pokhran Tehsil
A bottom-up approach was followed while undertaking a rejuvenation of these ponds. Communities were 
involved in decision making with respect to the following aspects:
Identifying 
catchment area
Deciding 
excavation 
requirement
Bunding and 
diverting water 
flow and manage 
conflicts
Monitoring day 
to day work 
progress
S. No.
Name of pond
Additional volume created (m3)
1
Bhomiyaji Pond, Nedan, Pokhran Tehsil
7,000
2
Chetaliya Pond, Dawara, Fatehgarh Tehsil
7,584
4
Nagnechi Mata Temple Pond, Madhopura, Pokhran Tehsil
5,900
5
Nedan Pond, Nedan, Pokhran Tehsil
13,500
Drinking water facilities
	 57 borewells installed (including handpump) in Tirora, Dhamra, Godda and Kowai
	 5 reserve osmosis plants in Kattupali, Dhanau and Vizhinjam
	 50 rooftop rainwater harvesting projects (collection of 0.5 million litres) installed in Mundra to address 
drinking water requirements of 50 families
108 | The Adani Portfolio

HOW THE ADANI PORTFOLIO 
IS ENRICHING BIODIVERSITY
Overview
At the Adani portfolio, we are 
committed to minimise business 
impact on biodiversity.
Our commitment is showcased in 
our Biodiversity Policy, comprising 
a strategy related to biodiversity 
management, protection and 
enhancement in the vicinity of our 
operations (and beyond).
Our controls and processes 
deepen compliance with 
local, regional, national and 
international requirements or 
conventions related to land 
degradation, ecological restoration 
and biodiversity conservation.
Biodiversity risk assessment
As a responsible approach to 
biodiversity management, our 
businesses conduct periodic 
biodiversity assessments of 
locations/activities through 
the engagement of authorised 
institutes with expertise in 
ecology and biodiversity. Prior to 
every expansion or new project, 
Adani companies conduct detailed 
biodiversity assessment studies 
covering terrestrial and marine 
ecosystems, developing relevant 
action plans and submitting 
extensive reports to regulators. 
The Group also monitors 
biodiversity, setting protection 
and action priorities for IUCN Red 
Data list species and regional 
threatened species; it engages 
in periodic ecological studies on 
these species and their habitats.
CASE STUDY
Upgradation of degraded 
forest patches at APSEZ
Activity: There was a need to 
develop degraded forest patches 
and conserve mangroves adjacent 
to the Dhamra Port.
Description: Adani planted trees 
and developed degraded forest 
patches (220 acres); 9 mangrove 
hectares were conserved.
Outcomes: In FY2021-22, Adani 
planted around 70,000 trees 
(Casuarina equisetifolia and 
Terminalia arjuna) across 29 
hectares with a 90% survival rate. 
Around 4000 mangrove trees 
were planted for gap filling to 
protect the mangroves.
ESG Report 2021-22 | 109

Biodiversity action plan 
for PEKB mining site, 
Chhattisgarh
The Biodiversity Action Plan for 
the PEKB mining site addresses 
biodiversity conservation around 
the mine. The plan aims to reduce 
mining impact and restore natural 
systems. An Ecosystem Service 
Matrix highlights dependencies, 
impacts and management 
CASE STUDY
approaches (scale with four levels 
from high impact to no impact) 
with an analysis on the Species 
Diversity Index to assess species 
that could be impacted. Based on 
this, the BAP proposed recovery 
and restoration plans for topsoil 
conservation and erosion controls, 
reclamation and afforestation 
of overburdened areas and 
installation of nest boxes for bird 
diversity.
For water bodies, BAP proposed 
structured check dams to reduce 
water run-off velocity. The BAP 
established a monitoring and 
implementation management 
hierarchy to oversee compliance 
resulting in the following benefits:
	 Reduced risk
	 Cost saving
	 Improving brand reputation
	 Generate revenue
Targets and commitments
Business
Specific commitment
ATL
Conduct business with no net biodiversity loss and 100% alignment with India Business 
Biodiversity Initiative and public disclosures by FY2023-24
Adani Ports
Signatory to CII-backed India Business and Biodiversity Initiative
APL
Conduct business with no net biodiversity loss; 100% alignment with India Business 
Biodiversity Initiative and public disclosures by FY2023-24
AGEL
Conduct business with no net biodiversity loss and 100% alignment with India Business 
Biodiversity Initiative by 2025
AEL
No net biodiversity loss and 100% alignment with India Business & Biodiversity Initiative 
by 2030
Vinay Prakash 
Director, Adani Enterprises and 
CEO, Natural Resources
Our vision of achieving energy security for the nation 
is gradually transforming lives across the country and 
beyond. We are ensuring that India enjoys access to 
affordable fuel and minerals needed for the energy 
transition. We are committed to operate our mines as 
exceptional examples of responsible environmental 
stewardship, transformational social performance and 
transparent ethical governance
110 | The Adani Portfolio

Green transformation
Adani created carbon sinks 
through mangrove afforestation 
or conservation, terrestrial 
plantations and productive 
farming. The complement of these 
initiatives is expected to transform 
regions: mangroves prevent 
ingress of saline water into the 
inland; they nurture biodiversity; 
they breed fish and marine 
animals; they prevent erosion and 
absorb storm surge impact.
Adani terrestrial plantations have 
grown from three sites and 155 
ha in 2005-08 to 200+ sites 
and 2685 ha in 2022, with a 
high survival rate through native 
species selection complementing 
modern practices.
GREEN 
TRANSFORMATION
Wherever possible, treated sewage 
waters green areas, catalysing 
tree plantation and reducing 
freshwater dependence (100% 
watering through sewage treated 
water in Mundra).
The benefits of green 
transformation comprise carbon 
sequestration, local livelihoods 
creation, bio-waste to energy 
transfer, transfer of technology to 
locals and enhanced biodiversity, 
among others.
Type of greenery
Component
(Upto FY2020-22)
Trees
CO2 equivalent 
(MTPA)
Mangrove
Afforestation
3467 ha
15.78 million
-
Conservation
2846 ha
Terrestrial 
plantations
No. of sites 
green belt
200+ 
2685 ha (at more than 200 sites)
5.58 million
64834.60
Total
8998 ha
ESG Report 2021-22 | 111

A focus on biodiversity at the 
Carmichael mine
As part of the environmental 
approval conditions for the 
Carmichael mine, Bravus 
developed a targeted management 
plan to protect habitat for local 
flora and fauna, including the 
population of local Black-throated 
Finches and their habitat.
Our research program on the 
Black-throated Finch (small 
native bird known for a distinctive 
black mark beneath its beak) first 
commenced in March 2020. The 
study area was approximately 
75,000 hectares in size and 
included parts of the mining lease 
and our conservation area.
We created a conservation area 
at Moray Downs West on land 
owned by the Company, to protect 
habitat for local flora and fauna. 
At more than 33,000 hectares, 
the conservation area is 126 times 
the size of the open cut mine area 
(Stage 1) and one of the largest 
privately managed conservation 
areas in Queensland.
We are undertaking best practice 
research into the Black-throated 
Finch and this research program 
has:
	 Radio-tagged 140 Black-
throated Finches
	 Colour-banded another 263 
Black-throated Finches
	 Most captured birds have a 
radio tag, or a colour-band 
fitted and every bird caught 
and released as part of the 
study now wears a metal band.
There are 27 radio towers placed 
across the study area specifically 
to track Black-throated Finch 
movements.
CASE STUDY
As a part of the Black-throated 
Finch management plan and our 
ongoing research:
	 Grass seeds are collected during 
vegetation surveys, and the seed 
stripped from the stem, placed 
in a paper specimen bag, dried, 
weighed and sent to the New 
South Wales DPI for DNA analysis.
	 Scat samples are collected for 
DNA comparison against grass 
samples to understand what the 
BTF are eating or prefer to eat.
	 Blood samples are also taken 
during the catch and release 
process.
Over the next five years, the Black-
throated Finch research program, 
will increase its knowledge on:
	 Nesting, breeding and feeding 
requirements.
	 How far they move around the 
area.
	 How our grazing management 
and water sources can best 
support the Black-throated Finch 
in the conservation area.
We signed an agreement with 
Woongal Environmental Services 
to manage the Black-throated 
Finch habitat on the non-mined 
areas of our leases, and the 
conservation area. Majority owned 
by Aboriginal and Torres Strait 
Islander people, Woongal delivers 
environmental monitoring and 
management services.
112 | The Adani Portfolio

ATGL’s Greenmosphere
At ATGL, Greenmosphere targets 
afforestation, outreach to 
millennials and energy audits 
through mass tree plantation. 
Greenmosphere focuses on urban 
greening and partnerships with 
educational institutions.
ATGL focuses on tree plantation 
using the Miyawaki technique, 
creating dense forests in a 
minimum area (30x denser 
forest and higher carbon dioxide 
absorption). On World Forest Day, 
ATGL inaugurated a biodiversity 
park at Gota, Ahmedabad. More 
than 250,000 trees are likely to be 
planted in the coming year, which 
could release 1,536 MT of oxygen 
a year. During the reporting period, 
ATGL conducted plantation drives 
at Caloryx Oliver School and ATGL’s 
City Gate Station at Ahmedabad 
planting 5000+ saplings. More 
than 500 millennials were trained 
to mitigate climate change 
through interactive sessions 
containing quizzes, storytelling 
etc.
Suresh Manglani 
CEO, Adani Gas Ltd.
We will utilise every development that reinforces our 
position as a clean and ‘green’ company that is good for 
the earth, consumers and stakeholders. Our business 
is committed to create value for all our stakeholders 
through safety, operational excellence and sustainable 
development and commits towards investing in 
decarbonisation, digitalisation, sustainable energy, people’s 
well-being and environment care.
CASE STUDY
ESG Report 2021-22 | 113

HOW THE ADANI PORTFOLIO 
IS MANAGING WASTE IN A 
RESPONSIBLE MANNER
The Adani portfolio is committed to 6R waste management principles (Refuse, Reduce, Reuse, Recycle, 
Recover and Responsible disposal)
Refuse
Reduce
Reuse
Recycle
Recover
The management of different wastes is 
governed by diverse regulations:
	 E-Waste Management Rules, 2016
	 Batteries Waste Management Rules, 2016
	 Plastic Waste Management Rules, 2016
	 Bio-medical Waste Management Rules, 2016
	 Construction and Demolition Waste 
Management Rules, 2016
	 Hazardous Waste (Management, Handling & 
Transboundary Movement) Rules, 2016
It is important to mention that 
99.9% of APL’s waste was ‘ash’; 
in AEL, a similar percentage 
comprised mining overburden, 
indispensable in these businesses. 
However, it would be relevant 
to indicate that the quantum of 
waste disposed to the landfill 
remained negligible (0.01%).
All Adani businesses aspire to 
achieve ‘Zero Waste to Landfill 
(ZWL)’ and ‘Single Use Plastic 
(SUP) Free’. Non-biodegradable 
waste (paper, plastic, scrap etc.) is 
sent to recyclers; bio-degradable 
waste is converted to manure 
and used as a soil conditioner; 
e-waste and battery waste is sent 
to authorised recyclers; fly ash is 
sent to cement manufacturers. 
The Adani portfolio of companies 
is seeking ZWL and SUP-free 
certifications to validate these 
initiatives.
Waste management by listed Adani companies extends beyond minimum regulatory requirements (table 
below).
Adani waste management
 
APSEZ
AGEL
ATL
APL
AEL
ATGL
AWL
Total waste generated in MT
12,995
4,150
3,623
97,54,958
5,40,93,110
235
40,926
Waste to landfill in MT
1,694
0
23
0
0
0
7,050
Responsible 
disposal
114 | The Adani Portfolio

Zero waste to landfill
The Adani portfolio vision is to 
achieve ‘zero waste to landfill’ for 
non-hazardous wastes based on 
the 6R principle (progress shown 
below)
Business unit
ZWL target year
APSEZ
2025
AGEL
FY2024-25
ATL (O&M 
business)
FY2024-25*
AEL
2030
ZWL status across units
Single use plastic-free
At the Adani portfolio, plastics minimisation is a growing focus. The Group is dedicated to plastic and plastic 
waste reduction.
Targets and achievements of business units on SUP
Business unit
Target year for SUP free
Achievement so far
APSEZ
2025
9 ports (Completed) + 4 ICD (In progress)
AGEL
FY2023-24
All of AGEL’s operating locations achieved the SUP-free 
certification, awarded by Confederation on Indian Industry 
(CII).
ATL
FY2022-23
ATL conducted SUP-free certification for its three sub-stations 
on a pilot basis in the current reporting period.
APL
-
Seven of eight operating power plant locations of Company 
are certified by CII as single use plastic free as of FY2021-22.
ATGL
2023
5 sites.
Use of recyclable packaging 
material: Adani Wilmar Ltd.
AWL consumes a large quantity of 
packaging material; 97% is recyclable and 
consists of metal (tin) and paper (cardboard 
boxes) while plastics constitute only 
22% (6% considered certified recyclable). 
Plastics are collected from waste streams 
through government authorised vendors 
under an Extended Producer Responsibility 
(EPR) arrangement.
Packaging material used (AWL)
 Metal (tin plates) 
 Paper (cardboard boxes) 
 Plastic (recyclable) 
 Plastics (others)
22%
31%
47%
15%
6%
AGEL
(Implementation 
underway)
ATL O&M 
business
(100% 
achieved)
APSEZ
(Achieved at 
6 ports)
ZWL
* achieved before target date
ESG Report 2021-22 | 115

AWL’s plastic waste management
At Adani Wilmar, we strive to handle plastic 
waste generated with responsibility. We 
are compliant with the CPCB guidelines 
under the Plastic Waste Management 
Rules 2016; we collect and efficiently 
channelise plastic waste. We partnered 
with multiple Producer Responsibility 
Organisation (PRO) agencies who handle 
multi-layered and non-multi-layered 
plastic. Some PRO agencies manage 
collection and recycling through a digital 
platform that aggregates all stakeholders 
(customers, aggregators, and recyclers): 
buyers-sellers of recyclable plastic get a 
fairer price. We host events and advertise 
EPR-related initiatives on the social media.
Quantum of plastic waste collected under Extended Producer Resposibility (EPR)
Year
*% of AWL sales for EPR target
Actual collection (In MT)
FY2021-22
30
8,443
FY2022-23 (target)
70
20,143
*Percentage of previous year sales considered for target.
Even in the preceding years of 
2019 and 2020, Adani Wilmar 
successfully collected 21,615 
MT plastic waste. As a part of 
EPR, AWL is conducting plastic 
waste collection at 28 States 
and 7 Union Territories through 
three PRO agencies - an entire 
process from waste collection, 
logistics, segregation, recycling to 
documentation.
Recyclable edible oil plastic 
pouches
Adani Wilmar, the largest seller 
of edible oil in the country, 
undertook an initiative to shift its 
entire 1-litre edible oil packaging 
to recyclable packaging, the 
first time such an initiative 
was implemented within the 
sector. The recyclable pouches 
comprise a novel formulation of 
polyethylene (PE) resins to create 
a new, sustainable, all-PE laminate 
solution. The recyclable material 
was created in collaboration with 
Dow Chemicals.
Quality parameters (drop test, 
drat impact test, ink adhesion 
test and functional machinability) 
were carried out. The recyclability 
certification was issued by Central 
Institute of Plastics Engineering 
and Technology (CIPET). Every 
edible oil pouch carries a 
triangular three-sided arrow 
logo, indicating that the pouch is 
recyclable.
The increased production cost 
was not passed to consumers but 
absorbed. The result: 8644 MT of 
recyclable plastics were used in 
FY2021-22 for packing edible oil.
Waste 
generators
(Business, 
consumers)
Waste 
Processors
(Aggregators, 
Informal 
Sector)
Recyclers
Circular 
Economy 
Marketplace
116 | The Adani Portfolio

Circularity of PE plastic films packaging
Packing 
products with PE 
plastic films.
PE 
plastic 
packaging 
segregated by 
users at the end 
of its life.
PE plastic 
packaging 
collected by 
scrap dealers.
PE plastic 
packaging send 
for recycle.
Production 
of new 
packaging with 
recycled PE 
plastic films.
Angshu Mallick 
MD & CEO, Adani Wilmar Ltd. 
At Adani Wilmar, sustainability has always been the 
core of our strategy, resulting in a long-term win-
win proposition for all stakeholders. Our vision is to 
become the global leader in sustainable business. 
We are working extensively on a sustainable supply 
chain, energy efficiency, sustainable packaging and 
other initiatives that underline our seriousness to 
conduct business in sustainable way
CASE STUDY
 
 
C e r t i f i c a t e 
 
 
 
 
 
 
 
Standard:  
 
 
Zero Waste to Landfill Management System  
(ZWTL MS 2020) 
 
 
 
Certificate Holder:   
Marine Infrastructure Developer Private Limited 
Kattupalli Port, Tiruvallur - 600120 
Tamil Nadu,India 
 
 
 
 
 
 
Scope: 
Providing Port Facilities for Handling and Storage  
of Bulk Cargo, Containerized Cargo and Liquid 
Terminal Operations  
 
 
 
 
 
 
 
 
 
Proof has been furnished by means of an audit that the 
Requirements of ZWTL MS 2020  are met, with the 
achievement of waste diversion rate of above 99% 
 
 
Validity: 
 
 
This certificate is valid from 01-06-2021 until 31-05-2024 
Subject to satisfactory annual surveillance audits. 
 
             Certificate No. TUV/ZWLMS/2021/Adani Ports/0502 
 
 
                                       
 
 
                                     
                                                                                                                                 
 
 
 
New Delhi, 01-06-2021                
 
 
 
TÜV Rheinland India Pvt. Ltd. 
Office 610, 6rd Floor, iThum 
Tower, A–40, Sector-62,  
Noida- 201301, India 
Outcomes: Marine Infrastructure 
Developer Pvt. Ltd. established 
an integrated waste management 
system for the collection, 
segregation, storage and disposal 
of dry solid waste and hazardous 
waste. Segregated recyclable 
waste (paper, plastic, cardboard, 
PET bottles, glass, etc.) was 
sent to authorised recyclers; 
wet canteen waste was sent to 
the in-house biogas unit of 6m3 
capacity; the biogas was utilised 
in the canteen as fuel. Marine 
Infrastructure Developer Pvt. 
Ltd. (MIDPL) and Adani Ennore 
Container Terminal Pvt. Ltd. 
(AECTPL) is a single use plastic 
(SUP) free certified port by 
CII-ITC Centre of Excellence for 
Sustainable Development
Adani Port: Single-use 
plastic-free and zero waste-
to-landfill
Objectives: Recycling plastic 
polymers; accelerating the 
prevention and recycling of 
plastic waste; maximise recycling, 
minimise waste generation at 
source, reduce consumption and 
ensures that products are made 
to be reused, repaired or recycled 
into nature or the marketplace.
Action: Integrated Waste 
Management System, striving 
towards ‘Zero Waste Inventory’ 
as per the 6R principle (Reduce, 
Reuse, Recycle, Recover, 
Reprocess and Responsible 
disposal). Single-use plastic is 
banned inside the port premises.
ESG Report 2021-22 | 117

PART
ADANI AND 
SOCIAL 
CAPITAL
How we are enhancing 
sustainability through enduring 
engagements with employees, 
vendors, customers and 
communities
7
118 | The Adani Portfolio

ESG Report 2021-22 | 119

Social Capital
Communities
Supply chain
Employees
Customers
Focus on 
building 
communities 
towards self-
empowerment
Ensure 
competitive 
purchase costs 
against sizable 
purchases
Provide room 
for sizable 
multi-year 
growth
Engage 
experienced 
talent
Focus on 
customer 
satisfaction, 
retention, growth 
and rising wallet 
share
120 | The Adani Portfolio

Address 
relatively unmet 
community 
needs
Hybrid 
engagement 
format – direct 
involvement and 
through specialised 
NGOs
Focus on 
skilling youth 
with training 
for employment 
and business 
opportunities
Access 
to valued 
community 
resources
Engage 
vendors with 
respect for 
systems and 
processes
Engage 
in a spirit of 
partnership 
(over mere 
vendorship)
Hand-hold 
vendors in 
capacity building 
(knowledge, 
technology and 
capacity etc.)
Focus on 
building 
a stable 
ecosystem
Promoting 
ESG compliant 
vendors
Focus on 
outperformance
Recruit 
young and 
enthusiastic 
talent
Intensive 
training
Orientation 
around Group 
entrepreneurship
Enhance 
revenue 
visibility and 
predictability
Provide 
customers with 
a superior value 
proposition
Provide 
customers 
with the next 
generation of 
services
ESG Report 2021-22 | 121

EMPLOYEES: HOW THE ADANI 
PORTFOLIO OF COMPANIES IS 
BUILDING A ROBUST TALENT 
AND KNOWLEDGE PLATFORM
At the Adani portfolio, we are 
committed to investing in people 
skills, experience and adaptability 
in a transforming world. The world 
is marked by sweeping changes 
in globalisation, technology, 
trade flows, digitalisation, 
climate change and political 
transformation.
When screened from an Indian 
perspective, there is perpetual 
change, a growing rural 
consumption engine and an 
unprecedented pandemic. At a 
time when transformation is the 
only constant and uncertainty 
the only certainty, the biggest 
challenge, differentiator and 
opportunity lie in how Adani 
businesses recruit, retain, retrain 
and grow their people.
Our approach is to make people 
‘future ready’ – intellectually, 
behaviourally and professionally 
– through its culture (core 
values, innovation, engagement, 
creativity and diversity). It 
inspires outperformance through 
opportunities, continuous 
development, engagement, 
experience, reward and 
recognition.
OUR PEOPLE
122 | The Adani Portfolio

Our HR practices
At Adani, we do not singularly 
prioritise employee performance, 
but overall ecosystem growth 
derived from employee 
involvement, living standards and 
cultural growth. In view of this, the 
Adani portfolio’s human resources 
vertical is positioned as a strategic 
partner, aligning outperformance 
through people-centric processes 
with organisational mission.
The Adani Code of Conduct 
has been directed to enhance 
people clarity, confidence and 
participation. Some Adani people-
friendly policies comprised an 
interest subsidy on housing 
loans, leave policy, employee 
relocation policy, employee/family 
get together policy, children’s 
education scholarship programme 
and a group loan policy.
HR capacity and capability 
building
The employees in HR have been 
trained on various tools on 
personality assessments so as 
to attract and retain top talent. 
We are investing in cultivating 
coaching capabilities by on-
boarding globally renowned 
brands to equip the HR team to 
educate and develop managerial 
capabilities and effectiveness 
across the organisation.
Hiring and retention
Adani’s talent management 
comprises talent attraction, 
retention and development 
with the objective to enhance 
capabilities mix - the right 
number of professionals with 
desired competencies in the right 
functions and the right locations.
Our principles 
Learn
Contribute
Grow
HR operating model
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i
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Strategic HR partnering
HRBP roles are 
envisaged to front-
face with businesses to 
fully comprehend the 
key business drivers 
and related people 
imperatives.
Centers of Excellence
Advisory and strategic 
alignment
	 Talent acquisition, 
Induction
	 Performance & rewards
	 Learning and 
development
	 Employee 
communication
	 Employee relations
	 Governance
	 Technology & analysis
The CoE roles are mirrored at the 
business level for synergies
People operations and 
digital HR services
People operations and digital 
HR services provide operational 
and data support to Adani 
businesses.
ESG Report 2021-22 | 123

Cumulative no. (Adani portfolio of companies)
Employees
Total
Male 
Female
Permanent
18,264
17,550
714
Other than permanent 
1,506
1,439
67
Total employees
19,770
18,989
781
Definition of employee and worker is as per applicable central and state labour regulations and is aligned with India’s SEBI-Business 
Sustainability and Reporting template.
Workers
Permanent
1,346
1,259
87
Other than permanent
37,427
35,660
1,767
Total workers
38,773
36,919
1,854
Definition of employee and worker is as per applicable Central And State labour regulations and aligned with India’s SEBI-Business 
Sustainability and Reporting template.
The Group’s performance 
management system aligns 
individual aspirations with 
organisational goals. Employee 
performance is evaluated bi-
annually (by the reporting 
manager and reviewer or 
department head / unit head), 
ensuring systemic transparency. 
Mid-term reviews assess whether 
individual growth is in line with 
enunciated goals, process and 
training. The individual growth 
process comprises self-appraisal, 
development needs identification 
as well as assessment by the 
reporting manager on ‘results’, 
‘approach’ and ‘competencies’.
A feedback session between the 
appraiser and appraised covers 
comprehensive performance-
related and employee well-being. 
A rationalisation process followed 
a three-rating scale (high, medium 
and low performers). The process 
effectiveness is measured by a 
third-party audit with an impact 
on productivity, promoting 
organisational citizenship 
behaviour.
During the reporting year, 
all eligible employees were 
covered under the performance 
management system.
Performance management
During the reporting year, most Adani businesses achieved 100% return to work (number of employees 
who returned to work during the reporting period after parental leave had ended) and 100% retention rate 
(employees who returned to work after parental leave had ended and were still employed 12 months after their 
return to work) for employees and workers.
Return to work and retention rate
The philosophy at the Adani 
portfolio companies is to identify, 
nurture and develop talent in 
technical and business fields. 
‘Growing Leaders from Within’ 
is the method taken by the 
businesses, to address growing 
talent demands.
Functional leadership academies 
were established to develop junior 
and mid-level talent in functions 
such as Finance, IT, Human 
Resources, Techno-Commercial, 
and other Engineering roles. 
These young academies are now 
being strengthened to scale up 
and accelerate ready-to-deploy 
talent for the group. In the last 
two years, nearly 500 employees 
have participated in functional 
leadership development programs. 
All of the programmes are 
developed internally and offered 
in partnership with the country’s 
leading educational institutions.
To strengthen the leadership 
pipeline at the middle, senior 
and top-levels, we offer three 
flagship programmes – Northstar 
(for middle-level managers), 
Takshashila (for senior-level 
managers), and the newly-
launched FULCRUM (for preparing 
CXO-level leaders).
Talent and leadership development
124 | The Adani Portfolio

Our commitment is to build 
Adani as an institution for 
nurturing talent and promoting 
youth employability as we aspire 
to create a self-reliant India, 
#AtmaNirbharBharat. We hired 
graduates across engineering and 
management disciplines, diploma 
holders, technicians to develop 
home-grown leaders. The Adani 
portfolio of companies hired close 
to 1000 trainees across 200-plus 
campuses.
Employees were acknowledged 
through a variety of recognition 
schemes throughout our business 
sites and office locations based 
on their performance and 
suggestions. Initiatives such as 
Six Sigma and 5S were used to 
enhance processes.
Northstar, launched in 2017, is 
delivered in collaboration with 
Columbia, Tuck and MIT Sloan 
Schools, and is for employees 
with 10-15 years of experience. 
Until the present, 641 employees 
had completed the one-year 
programme and were employed in 
a variety of industries.
Takshashila, launched in 2019, 
is a leadership advancement 
programme for managers with 
15-25 years of experience, aimed 
at preparing employees for the 
general/business management 
roles. Till date, 40 employees had 
attended the programme.
Organisation capacity building efforts
Recognition
ESG Report 2021-22 | 125

Adani believes that continuous 
learning is essential for individual 
and business growth.
The group’s learning cum 
development programme is 
based on business needs and 
individual aspirations. The 
Company’s learning-based work 
environment comprises targeted 
programmes, soft-skills training, 
POSH awareness sessions, ESG 
and climate change training, 
industrial relations, go-to-market 
training, customer relationship 
management training, workshops 
and external courses. The 
Company’s senior management 
is also engaged in conducting 
sessions.
The businesses developed 
programmes for new joinees. 
POSH and insider trading training 
was mandated for all employees. 
Relevant human rights-related 
policies were uploaded on listed 
Adani businesses websites.
The group invested in planning 
discipline coupled with 
technical and behavioural skills 
development. The group catalysed 
a learning culture through 
e-learning platforms (E-vidyalaya).
Learning and organisation development
126 | The Adani Portfolio

At Adani, workforce diversity 
is predominant, enhancing 
productivity and richness of 
perspectives. Several diversity 
& inclusion programmes were 
deployed, nurtured, encouraged 
and leveraged.
Adani reinforced its position 
as an equal opportunity 
employer, providing a welcoming 
environment for talent from 
diverse backgrounds, experience, 
equality and fairness. The Adani 
businesses encouraged ideas, 
innovation, individual strengths 
and remained committed to 
provide equal rights and respect 
to all employees irrespective of 
their gender, ethnicity, cultural 
background, age, region, caste, 
religion, marital status, race, 
sexual orientation, disability 
and language. Each Adani 
listed entity formulated an 
Equity, and Inclusion Policy 
(DEI) to eliminate misconduct 
on account of discrimination 
and ensure compliance with all 
relevant government regulations. 
The DEI principle extended 
to stakeholders like partners, 
vendors and contractors etc. and 
the effective communication 
and implementation of the 
policy ensured no cases on 
discrimination in the reporting 
year.
The case for equity and inclusion 
remained stronger than ever. 
Progress was made in gender, 
ethnic and cultural diversity; there 
was an attempt to mainstream the 
differently-abled (an estimated 
30 million Indians suffer from 
some disability), an initiative 
driven by the Adani portfolio 
Chairman. Some 30 differently-
abled individuals were recruited 
based on merit, a trend likely to be 
sustained.
Competitive compensation and 
gender pay-parity
Gender diversity remained a key 
priority and there was significant 
progress in terms of women 
hiring at all levels. Compensation 
was based on specific talents 
and experience and was not 
gender-specific. Furthermore, we 
appropriate reward mechanisms, 
and constantly engaged in 
compensation benchmarking 
exercises with leading global 
experts. Hence, our approach was 
to look holistically at the subject 
of diversity and inclusion by not 
just attracting diverse talent but 
also addressing gender parity 
issues to strengthen retention.
A suite of training programmes 
(behavioural, soft skills, individual 
development and ESG) comprise 
the e-learning platform ‘Percipio’. 
Some portal-based training 
modules comprise cyber security 
awareness, expert-led talks, 
insider trading, supply chain 
management, tech talk series and 
safety modules etc.
Training certifications were 
provided on Cisco, AWS, 
HR Certification Institute, 
International Institute of Business 
Analysis (IIBA) and Microsoft 
etc. Specific programmes are 
conducted for our Board and 
Director and Key Managerial 
Personnel with human rights, 
safety and ESG as core course 
subjects.
Number of people trained on skill upgradation
APSEZ
ATL
APL
AEL
ATGL
AWL
Skill upgradation
2,395
11,479
2,485
3,126
400
2,366
Diversity and Inclusion
E-vidyalaya
ESG Report 2021-22 | 127

Adani businesses focus on an Equal Employment Opportunity (EEO), following the same performance 
evaluation and compensation criteria for men and women. It provided equal pay for men and women 
according to roles and responsibilities. Its periodic compensation review ensured that it remained aligned with 
the principle of equal gender pay. It benchmarked compensation with peers to ensure salary competitiveness.
Working in collaboration with 
First Nations people at the 
Carmichael Mine
Bravus respects and recognises 
the traditional owners of the land 
of which the Carmichael Mine and 
Rail project is located - the Juru, 
Jangga, Birriah and Clermont-
Belyando (formerly Wangan and 
Jagalingou) people.
Bravus is committed to creating 
sustainable employment and 
economic opportunities for First 
Nation people.
Working with First Nations people
At the Carmichael mine, we 
create sustainable employment 
and economic opportunities for 
First Nations people through our 
operations and related activities.
During the pre-construction 
work on the Carmichael Project, 
we signed Indigenous Land 
Use Agreements (ILUAs) with 
Traditional Owners from the 
Clermont-Belyando (formerly 
Wangan and Jagalingou) people, 
Jangga people, Birriah people 
and Juru people. These voluntary 
agreements determine future 
development and set frameworks 
for working together for the 
mutual benefit of current and 
future generations.
Cultural heritage in practice
Bravus Mining & Resources 
outlined how it would uphold 
its duty of care to maintain 
cultural heritage protections in 
comprehensive cultural heritage 
plans agreed with First Nations 
traditional owners in 2014.
Seven land assessments were 
conducted prior to the major 
approvals being granted for the 
Carmichael project as well as 
reviews, surveys and technical 
advisories.
Applying First Nations knowledge 
to create better outcomes
Our continued engagement 
with traditional owner groups 
also informs how we approach 
land management and offer 
local employment, training, and 
business development.
This includes an agreement to 
manage Black-throated Finch 
habitat on the non-mined 
areas of Bravus’ leases, and the 
33,000-hectare conservation 
area Bravus created. Services 
through the contract include 
environmental monitoring and 
management to support the finch 
including surveys and reporting. 
The work also includes land and 
weed management, installing 
fences to protect important 
and sensitive habitat, installing 
fire trails and undertaking fire 
management. 
Focus on equal employment opportunity
CASE STUDY
128 | The Adani Portfolio

Employee engagement
Adani believes that an engaging 
workplace, marked by diverse 
engagement modes, policies, 
training and recognition 
programmes, enhances 
employee performance. The 
HR team conducts a range 
of employee engagement 
initiatives to enhance 
workplace involvement and 
belonging.
Engagement programmes
Adani connects with employees 
through various engagement 
programmes (induction, Town 
Hall meetings, leadership 
motivational talks and others) 
to enhance performance. 
Various festivals and events 
are celebrated throughout the 
year such as Independence 
Day, Republic Day, Diwali, Holi, 
International Yoga Day etc. 
which gives an opportunity 
to our employees and their 
family members to socially 
interact with each other and 
develop a feeling of being 
part of one big Adani family. 
It organises activities on 
Mother’s day, Father’s Day, 
International Women’s Day and 
International Yoga Day. We 
also conduct an independent 
employee engagement survey 
to get insights into employee 
feedback and create action plan 
to elevate their experience.
Adani Portfolio interventions
Maadhyam: Employee-Chairman 
communication platform to 
share strategy, operations, 
technology and organisational 
priorities.
Adani Cares Emotional Wellness 
Programme: An integrated 
suite of health and well-being 
services and support, offering 
professional and confidential 
counselling for employees and 
their families.
Speak Up: On the Speak Up confidential platform 
employees can raise concerns without fear with an 
assurance of grievance redressal within 14 days by 
a dedicated committee (escalated to an appellate 
authority if it is unable to resolve).
VIBE: This employee-led open dialogue platform 
encourages employees to speak their minds - voice 
concerns, present ideas, communicate with leaders, 
collaborate with peers, question processes and lead 
conversations.
Town Hall: Regular get-together; 
the senior management 
communicates the business 
environment.
BeConnected: This is an initiative taken to connect with our women 
employees in corporate office, Ahmedabad. On the day of joining, they 
are provided a BeConnected card with contacts of two members they 
can immediately connect, added to a BeConnected WhatsApp group 
and seek related help, strengthening a sense of belonging, knowledge 
sharing and support from the outset. BeConnected members are 
now 325 and will extend to other locations. The Adani portfolio 
organises a monthly programme on specific topics; a bimonthly get-
together encourages employees to share experiences and brainstorm, 
sharpening capabilities.
We Care: Email platform inviting 
unresolved employee concerns.
ESG Report 2021-22 | 129

Death benevolent fund and 
family support policy: The 
pandemic brought with it a wave 
of devastation, which resulted in 
a serious loss of lives, including 
some members of the Adani 
family. While the organisation 
cannot compensate for the 
loss of life, it stays committed 
to standing by its employees, 
the soul of our organisation by 
supporting the families of the 
deceased.
Enhanced financial benefits
	 Amount equivalent to 3 times 
the last drawn fixed annual 
CTC (excluding variable pay) - 
payment limits will be a minimum 
of H50 lakh and a maximum of H4 
crore
	 Minimum death benefit of H1 
crore
	 Coverage of accidental 
premium for dependents/spouse
	 Medical coverage for spouse 
and children for 5 years
Legal consultation service
	 For the bereaved family up to 
H500,000
Employment services
	 Empowering the family 
members by engaging them 
towards employment based on 
their skills
Retirement benefits
Employees covered under retirement benefits:
APSEZ
AGEL
ATL
APL
AEL
ATGL
AWL
PF
100%
100%
100%
100%
100%
100%
100%
Gratuity
100%
100%
100%
100%
100%
100%
100%
ESI
100%
100%
100%
100%
100%
100%
100%
PF: Provident Fund as per Employees’ Provident Fund Organisation, Government of India
ESI: Employee State Insurance As per Employee’s State Insurance Corporation, Government of India. For the Business locations which 
don’t come under the purview of ESI, the workforce is covered under the Workmen’s Compensation Act 1923.
Employee welfare schemes:
Life insurance: All regular 
employees are covered under the 
Group’s Term Life Insurance plan.
Health care: All executives are 
covered under a mediclaim policy; 
non-executives are covered by a 
hospitalisation support scheme.
Disability and invalidity coverage: 
All employees are covered by a 
GPA policy.
Retirement provision: All 
employees are members of 
Provident Fund and Gratuity 
schemes, entitled to parental 
leave.
Parents’ critical illness cover: 
Provided to parents of employees 
for critical illnesses like cancer, 
heart bypass surgery, major organ 
transplant etc.
Group loan policy: Applicable 
to all employees for medical, 
marriage and educational 
purposes.
Housing loan interest subsidy 
policy: The Adani portfolio 
encourages employees to build 
long-term assets through its 
housing loan interest subsidy 
scheme (employees of a year or 
more being eligible).
Other policies: A health check is 
conducted by authorised health 
care institutes. An Education 
Scholarship Policy is provided to 
encourage employees’ children 
towards professional education. 
A Loan Interest Subsidy Policy 
assists children of employees to 
pursue higher studies.
Family get-together: In order to 
promote bonding of the families 
of the employees, A Family 
Get-together Scheme is there 
where the teams can go out with 
their families once in a year. The 
employees and the families can 
go for picnic, dinner, short-trips, 
etc.
Long service rewards
Adani recognises long-standing 
employees, classified across 10, 
15, 20, 25 and 30 years of service. 
The awardees are presented with 
a letter of appreciation and a gift.
SPOT recognition scheme: All 
Adani employees are recognised 
for work safety, comradeship, 
positive change, positive 
behaviour and communication.
Maternity benefits: All women employees of 
the Company can avail maternity leaves and 
benefits as defined in Maternity Benefit Act, 
1961.
Paternity leave policy: Our paternity leave company 
policy outlines our provisions for employees who are 
going to become fathers. Employees can avail six days 
as paid paternity leave.
130 | The Adani Portfolio

Vikram Tandon 
Group Chief Human 
Resources Officer
“We are creating a world-class workplace where the 
wellbeing of each member of the Adani parivaar is 
important. To reinforce our preferred employer position, we 
are engaged in continuously improving our diversity, safety 
indicators and employee development. When our people 
come to work, we ensure that they find themselves in a 
space engaged in building something bigger, contributing 
to a larger purpose in an intellectually stimulating 
environment”
At Adani, all the businesses are committed 
to upholding fundamental human rights. 
Our approach to human rights is guided by 
our group’s policy on human rights which is 
aligned to the Universal Declaration of Human 
Rights, International Labour Organisation 
(ILO) Declaration on Fundamental Principles 
and Rights at Work and the United Nations Guiding 
Principles on Business and Human Rights. The objective of 
the policy is not only to remediate any concerns regarding 
human rights but also to have a proactive due diligence 
approach to identify vulnerable areas for protection.
The policy is applicable to employees, associates, customers, 
contractors and service providers and requires all businesses 
to ensure compliance with all legal provisions including rules 
and guidelines concerning the protection and development 
of Human Rights.
Adani businesses are also aligned with the following 
policies/guidelines
	 Human Rights Guidelines
	 Supplier Code of Conduct
	 Corporate Social Responsibility Policy,
	 Stakeholder Engagement Policy
	 	Guidelines for employment of Differently-abled people
	 Business Responsibility Policy
	 Group Guidelines on Prevention of Sexual Harassment of 
Women at Workplace
	 Adani Portfolio Code of Conduct Policy
Adani businesses are also committed to continue working 
towards strengthening and introducing systems to ensure a 
sound implementation of its policy on human rights and shall 
strive to adopt and adapt the SA8000 standards framework 
in alignment with the business needs and directions of the 
organisation. The Group HR function (through Business HR) 
ensures that any issue or impact related to human rights 
are addressed in the defined manner within the stipulated 
timeline.
Human rights
ESG Report 2021-22 | 131

At Adani, our businesses have 
defined systems for ensuring 
compliance with regulatory 
requirements including an 
obligation with labour laws and 
human rights. A Supplier Code 
of Conduct covers human rights; 
all procurement agreements 
with suppliers include conditions 
pertaining to labour standards and 
occupational health and safety.
The human rights criteria are 
screened through the online 
ARIBA portal during vendor 
onboarding. Across all business 
units, it is mandatory to check 
age proof documents at the 
time of recruitment to prevent 
child labour engagement; during 
induction, essential business 
ethics and human rights-related 
aspects are covered for creating 
awareness among employees.
All Adani plants and offices are 
assessed across human rights 
parameters on regular basis.
Human rights due-diligence
One of the fundamental principles 
of Growth with Goodness at the 
Adani Group is taking care of 
its people through a zero harm 
culture. It is our conviction to 
promote a “Culture of Care” so 
that every activity is performed 
in a safe manner, which 
facilitates continual growth and 
sustainability for ‘Generative 
Safety Culture’ through a top 
down and bottom’s up approach.
Adani Group has an aspiring vision 
and mission: of establishing itself 
as a ‘Globally admired Leader in 
Infrastructure space by developing 
and implementing world class 
safety practices, leveraging 
leadership commitment and 
stakeholder engagement to create 
a safe and productive workplace’.
We have a group level 
Occupational Health and Safety 
Policy to help businesses develop 
systems and procedures specific 
to each business unit. Considering 
the paramount importance of 
safety at every stage, we have 
taken special care for maintaining 
the safety standards and 
integrating their requirement in 
practice.
Occupational health and safety
Human rights training is 
an integral part of our ESG 
Framework implementation. 
As part of our learning and 
development strategy, we ensure 
that all employees enjoy access to 
human rights training and there 
are e-modules on relevant topics 
in learning management tools. 
The onboarding exercise for all 
new employees includes human 
rights awareness as a part of the 
induction session. This induction 
session focuses on aspects of 
prevention of sexual harassment 
(POSH) and Code of Conduct.
Human rights training
The number of people trained on human rights
APSEZ
AGEL
ATL
APL
AEL
ATGL
Employees
2,225
1,231
905
1,691
1,865
422
Workers
511
-
-
-
336
-
Adani businesses have undertaken 
multiple initiatives to promote the 
mental wellbeing of its workforce. 
It has developed a 24x7 support 
assistance for employees. The 
businesses cover all employees 
and families under its health and 
medical insurance plan. Employee 
wellbeing, perception on work 
culture, comfort with managers 
through online surveys/meeting 
and discussions are initiatives 
taken at the Adani Group level to 
promote employee wellbeing. This 
approach also helped us identify 
health and wellbeing risks and 
develop appropriate mitigation 
plans.
Employee wellbeing
132 | The Adani Portfolio

Birendra Kumar 
Verma 
Group Safety Head
“At the Adani portfolio, occupational 
health and safety (OH&S) is integral to 
our operations, policies and processes. 
We promote a ‘Culture of Care’ in every 
aspect of our activities which facilitates 
uninterrupted growth. Safety is a subject 
that resonates with the group’s value system 
and is seen as key sustainability driver.”
In alignment to the safety 
framework of the Adani 
portfolio, we have developed 
our Occupational Health and 
Safety Management System 
(OHSMS) covering employee, 
contractors, business associates, 
visitors, community. The eight 
major elements of the Adani 
safety management system 
include performance orientation, 
executive commitment, 
teamwork orientation, employee 
empowerment and enlistment, 
scientific decision making, 
continual improvement, 
comprehensive and ongoing 
training, and unity of purpose.
We implemented a strategic 
top-down approach for safety 
management, which helps 
institutionalise robust safety 
governance across segments 
through defined safety 
accountability and responsibilities.
Three tier safety taskforces 
on standards & procedures, 
contractor safety management, 
training & capability, logistics 
safety, safety interaction incident 
investigations & audits as well as 
technological interventions in the 
area of safety are established and 
functioning as per the defined 
charter and governance process.
Organisation & culture – Aligning leadership
Safety Governance Structure-Hierarchy
1
1
2
2
3
3
4
4
6
5
5
7
7
6
8
8
APEX 
council
(Strategic)
(Planning)
(Execution) 
(Implementation) 
Site council
Site task 
forces
Adani Stakeholders
(Employees, contractors, third parties, business partners & communities)
Championship-
AIC
Business safety 
council
Business task 
forces
Steering safety council
Apex Safety Council as the appellate body 
comprises of senior leadership team, promoters. 
Service Head-Safety & Group Head-Safety
Steering Safety Council comprises Service 
Head-Safety, Group Head-Safety, Business Safety 
Heads and key Group business leaders
Business safety Council & Task Forces comprises 
BU Head, Business Safety Head, Operations Head 
and line function leaders
Site Safety Council comprises Site 
Head and Line function AIC-Area 
in Charge
Adani Stakeholders -Employees, 
Contractors, third Parties, business 
partners and communities
ESG Report 2021-22 | 133

To strengthen our existing safety 
measures and encourage our 
workforce to identify and report 
on potential unsafe conditions, it 
is necessary to create awareness, 
and improve competency and 
capability for hazard identification. 
Regular specialised safety training 
is conducted, relevant and unique 
to each business operation.
We outlined Adani Life Saving 
Safety Rules (LSSR) to create 
awareness on on-site safety 
protocol for better management 
of our people. These rules provide 
guidelines and preventive actions 
to be followed onsite. We set up 
a robust monitoring and tracking 
system to track compliance to 
LSSR rules, which was updated 
and reviewed by the management 
on a regular basis.
Group safety competence 
framework was embedded into 
4 elements of the safety integral 
model i.e., personal, behavioural, 
systems and culture to build 
culture and capability throughout 
all levels of organisation, 
Capability building
OH&S performance summary
OH&S Indicators
Value
Lost Time Injury Frequency Rate (LTIFR)
0.27
Near-miss
16,893
Training (employees + contractors)
1,01,325
Safety interactions
82,795
Process safety is core to safe, 
effective and sustainable 
operations at Adani. With the 
Group’s impetus on ESG, Adani 
BUs are moving beyond managing 
process safety at the facility level 
to develop an organisational level 
program for achieving resilience, 
asset integrity and operational 
excellence.
The Adani process safety 
programme has been designed 
and deployed so that it proliferates 
across the entire life cycle of 
projects as well as operations 
& maintenance through an 
integrated approach following 
the implementation of all 14 
PSM elements, broadly covering 
critical aspects viz. design 
and engineering of facilities, 
commissioning, maintenance 
of equipment, instrumentation 
systems, procedures, safety 
controls, safeguards, training, 
decommissioning etc.
Reliability engineering-centric 
initiatives are contributing 
towards the prevention of 
systemic and machinery failures 
before they happen through 
redesign of physical assets and/ or 
management systems.
Dedicated workstreams and Cross-
functional teams comprising of all 
internal stakeholders (leadership 
representative/ location head, 
process technologists, design 
team, engineering & maintenance 
team, safety team, etc. ) through 
the process of ‘Participation & 
Consultation’ review Process 
safety performance and duly 
conducts process hazard analysis 
using specialised tools such as 
HAZOP, HAZID, What-If & Bow-Tie.
As a part of the continuous 
endeavour to enhance the 
knowledge ladder & capability 
across Adani, group safety has 
institutionalised ‘Design Safety 
Manuals’ and capability building 
processes specific to ‘Group 
imperatives’ as well as BU portfolio 
& its nature of operation such as 
electrical design safety manual, 
road construction design safety 
manual, copper business design 
safety manual etc.
All these measures are 
contributing to sustainable 
processes and behavioral 
changes with deeper resolve and 
commitment to ensuring safety.
Process safety
134 | The Adani Portfolio

which was in line with our HR 
organisational & proficiency levels.
With the concept of developing 
internal Subject Matter Experts 
(SMEs), Train the Trainers (T-t-T) 
on various released safety 
standards was institutionalised 
comprising confined space entry, 
electrical safety, material handling 
safety, warehouse safety etc.
As part of safety training & 
competence programs, employees 
and contractor workforce were 
trained in critical safety elements 
viz. incident investigation, 
machine guarding, control of 
hazardous energy - lock out tag 
out (loto), working at heights, 
scaffolding, hot work, etc.
As primary operations were 
handled by contractors, workmen 
safety remained integral to 
health and safety management. A 
dedicated taskforce was formed 
at the group level (strategic 
and technical assistance), 
business level (deployment and 
resource planning) and site 
level (deployment) to implement 
contract safety management. 
Monthly meetings were 
conducted at each level for the 
implementation of contractor 
safety management at sites.
A Digital CSM portal was 
also developed to facilitate 
transparency in digital 
prequalification process for 
contractors. The intent was to 
bring discipline in the onboarding 
of new contractors and help 
evaluate the performance of 
existing contractors for bringing 
them to the portal data base along 
with the score card.
Contractor safety management
CASE STUDY
Partnering with IIT Kharagpur 
for enhanced safety
We partnered with the Centre of 
Excellence in Safety Engineering 
and Analytics at IIT Kharagpur 
to co-create a custom-made 
certificate course for Adani 
businesses. This course was 
developed on Logistics and 
Process Safety Management 
(LPSM) for selected employees to 
lead safety improvement across 
businesses. Through this initiative, 
we aimed to develop ‘future-ready’ 
leaders driving cutting edge safety 
measures and systems.
ESG Report 2021-22 | 135

Safety technological roadmap at Adani group FY’23
	 Automated and enhanced safety 
monitoring system for proactive 
identification and correction of non-
compliances using AI-ML technology 
for projects sites and hazardous 
operations
	 Smart wearables for personal safety 
(PPEs)
	 Enhanced vehicle safety and 
improved driving behavior through 
standard IVMS-based solutions and a 
dedicated driver management centre 
for planning and managing trips on 
cargo/PNG distribution. (ports and gas 
stations etc.)
	 Enhanced training effectiveness 
by AR/VR/MR- based safety 
experience learning modules and the 
development of a technology-enabled 
safety experience centre at a strategic 
location with multiple BUs presence 
(Mundra/Mumbai)
	 Saving lives through failproof sensor 
and IoT-based instrumentation 
controls by preventing employee 
exposure to hazardous machinery 
operations (stacker reclaimer and 
tipper truck etc.)
Automated 
safety 
monitoring
Systems & 
processes
Fleet safety
Safe driving 
behaviour
Competence
Human - 
machine 
segregation
Sensorisa-
tion
1. Hazardous & restricted zone 
monitoring
2. Logistics & fleet safety 
management
3. Safety training & competency
4. Human-machine segregation
136 | The Adani Portfolio

“#SafetyCulture” is the Adani’s 
flagship brand identity for 
promotion of safety culture, under 
which all safety interventions, 
programmes, and engagements 
are incubated across the 
Group. It has been effective in 
fostering safety consciousness 
and safety engagements cum 
campaigns: National Safety Week, 
National Road Safety Month etc. 
Community Safety Modules to 
support business ESG teams and 
Adani Foundation for community 
safety training.
Under this program, a road and 
driving safety Initiatives like 
VR simulator-based skilling 
programme and certified 
defensive driving training was 
organised as a holistic Capability 
Program fostering road safety 
consciousness and inculcating 
safe driving in employees and 
associates.
#SafetyCulture
ESG Report 2021-22 | 137

HOW THE ADANI 
PORTFOLIO HAS 
BUILT A SUSTAINABLE 
AND RESPONSIBLE 
SUPPLY CHAIN
138 | The Adani Portfolio

Overview
To conduct their business in a 
sustainable and ethical manner. 
This enables effective resource 
management and an overall 
reduction in the environmental 
footprint across our supply 
chain.
Our Supplier Code of Conduct 
(SCC) guides our approach 
to engage with suppliers in 
a lawful, fair and responsible 
manner. We aim to minimise 
our potential impact on people 
and environment through 
the incubation of sustainable 
sourcing across our businesses.
We implemented an internal 
system to assess suppliers 
based on ESG criteria such as 
respect for human rights, health 
and safety, business ethics and 
environment management. 
All procurement agreements 
of the Company with critical 
suppliers included conditions 
pertaining to these aspects. We 
also screened suppliers based 
on their compliance with all 
anti-human trafficking laws such 
as forced or compulsory labour, 
internally and across their supply 
chains.
To collaborate effectively with 
our supply chain, contract 
management process and 
procurement services, we used 
the ARIBA portal – a digital 
platform for supply chain 
management. We organised 
capacity building programmes 
for our partners and encouraged 
them to be compliant with social 
and environmental standards 
such as SA8000 for Social 
Accountability, ISO 14001 for 
environment management, and 
ISO 45001 for health and safety 
management.
We take measures to support 
local communities and procure 
supplies and services from local 
sources.
Digitising our supply chain
At Adani businesses, the procure-
to-pay (P2P) suite application is 
growing rapidly as organisations 
seek automation and innovation 
to control spends and improve 
supplier collaboration. By 2025, 
over 50% of the global mid-market 
and large enterprises are likely 
to have deployed procure-to-pay 
suites through the cloud delivery 
model.
ARIBA, a one-stop solution
ARIBA was launched across the 
Adani portfolio in June 2021 
with the objective of making 
the organisation future-ready 
with improved productivity and 
efficiency in procure-to-pay 
transactions. The support was 
extended to all Group businesses. 
The businesses adopted ARIBA 
P2P application; the vendor 
onboarding process was based on 
the ARIBA portal.
SAP ARIBA
Greater 
efficiency
Analytics and 
reporting
Better 
vendor 
integration
Improved 
user 
experience
Unity of 
processes
Better deals
Enhanced 
management 
visibility
1
2
3
6
7
5
4
ESG Report 2021-22 | 139

CASE STUDY
Supplier engagement 
initiatives (APSEZ)
Vendors are critical in a value 
chain and their competent 
management influences 
competitive advantage. 
Competent management also 
reduces risks with third parties, 
ensures data integrity, provides 
clarity in supplier processes and 
practices, helps avoid unnecessary 
fines and mitigates reputation 
risks. APSEZ seeks relations 
with suppliers that extend 
beyond procurement and offer a 
superior return on investments. 
APSEZ’s techno commercial team 
undertook initiatives in FY2021-
22 to enhance engagements with 
suppliers and increase awareness 
on policies. The initiatives 
to strengthen the business 
relationship with suppliers 
comprised:
Suraksha Samvad: This initiative 
made site contractors aware 
of safety requirements to be 
met during project execution. 
A comprehensive session was 
conducted with key contractors at 
different locations. The following 
topics were covered: Adani safety 
culture, introduction to the 
Contractor Safety Management 
(CSM) portal and grievances of 
suppliers (if any). Sessions were 
conducted with over 50 key 
business partners and will be 
continued in FY2022-23.
Sampark: The objective of this 
initiative was to communicate 
APSEZ leadership’s vision on 
Safety, Human Resource, Industrial 
Relation, Human Rights, Labor 
Practices and Sustainability. 
In the first session in March 
2022, more than 175 partners 
attended, and the following 
topics were covered: Supplier 
Code of Conduct guidelines and 
importance; APSEZ ESG goals; 
HR & IR requirement and safety 
requirements. More sessions are 
planned for FY2022-23. Supplier 
sustainability assessment survey: 
To derive feedback from suppliers, 
APSEZ’s techno-commercial team 
launched the third edition of the 
Supplier Sustainability Assessment 
Survey. The survey aimed to gauge 
the compliance of suppliers across 
ESG credentials, satisfaction 
of suppliers on various aspects 
of the P2P cycle (registration 
to payment). Suggestions on 
improvements were taken to 
improve processes along with an 
acceptance on the Supplier Code 
of Conduct.
Responsible palm oil sourcing 
for our FMCG business
At Adani Wilmar, responsible 
sourcing and supply chain 
transformation is a strategic 
priority. The Company is 
committed to create a traceable 
and transparent supply chain, 
comprising an insight into the 
origin of raw materials. Our 
suppliers, traders and bulkers 
are required to submit a self-
declaration document stating the 
source of all raw material. The 
Company imported certified palm 
oil in FY2018-19 (2250 MT, which 
grew to 87153 MT in FY2021-22).
Supplier certification and 
compliance with No Peat, No 
Deforestation and No Exploitation 
(NDPE) is of significance to 
our palm oil supply chain, 
making supplier enrolment and 
compliance with NDPE standards 
critical. Owing to the global nature 
of the palm oil trade, we are 
guided by our parent companies in 
adhering to the NDPE policy.
140 | The Adani Portfolio

No deforestation
No new development on peat
No exploitation of people and 
local communities
	 Avoid any kind of 
development or procurement 
activity in areas that are High 
Carbon Stock (HCS) or High 
Conservation Value (HCV).
	 Protect native species of 
plants and animals, especially 
vulnerable, and support local 
authorities in doing so.
	 Discourage any burning 
activity in forests for new 
plantation, re-plantation or 
changing land use.
	 Progressively reduce 
the GHG emission of our 
operations by regular 
monitoring and evaluation.
	 Avoid any kind of 
development activity on 
peatland regardless of the 
depth of the peat.
	 Ensure best management 
practices where plantations 
are already established on 
Peat.
	 Work with expert 
stakeholders to restore peat 
wherever possible.
	 Respect, support and 
recognise the rights of all the 
workers as well as Human 
Rights.
	 Avoid any kind of child labor, 
abuse or exploitation.
	 Include small holders in the 
supply chain.
	 Respect land tenure rights.
	 Respect and protect the 
rights of the indigineous 
people and local communities.
	 Take corrective action 
where operations have caused 
negative impact on human 
rights.
Traceability of our palm oil supply chain, FY2021-22
Sr. No.
Plant
Percentage of traceability
Palm oil
1
Haldia
95.8
2
Hazira
89.7
3
Kakinada
100.0
4
Krishnapatnam
96.0
5
Mangalore
96.2
6
Mundra
100.0
7
Pradip
100.0
Lauric (Derived from palm)
1
Mundra
99.4
2
Kakinada
96.4
While developing internal frameworks (NDPE) around sustainability, we seek third party certifications and 
audits. We are not only a member of Roundtable on Sustainable Palm Oil (RSPO) but also among the pioneers 
importers of certified sustainable palm oil in India. All our palm oil handling refineries are RSPO-certified and 
equipped to handle various sustainable palm oil grades.
ESG Report 2021-22 | 141

CUSTOMER RELATIONSHIP 
MANAGEMENT AT ADANI
Overview
At the Adani portfolio, customer 
management is critical to 
long-term success. Our priority 
is to enhance the customer 
value we offer through active 
interaction and understanding 
requirements leading to timely 
action. Our customer relationship 
management, complemented 
by procedures, policies and 
guidelines, ensure customer 
satisfaction.
Customer relationship - our 
airport business
The business aspires to create 
an exceptional experience for 
its customers through robust 
service. It integrates personalised 
and quality service that enhance 
the passenger experience while 
creating ‘A Promise of Goodness’ 
for all stakeholders.
It provides an end-to-end 
customer service: from flight 
booking to boarding and 
departure. The employees are 
groomed to provide customers 
with a hassle-free experience. 
The service guidebook enhances 
service excellence through a 
defined service code of conduct 
and communication guidelines.
142 | The Adani Portfolio

Arun Bansal 
CEO (Operations) - AAHL
We are committed to continually improve the 
customer relationship across our airports by 
responding to their feedback, leveraging new 
technology and undertaking initiatives to enhance 
their overall experience. Going forward, we aspire to 
achieve a global leadership position in the Airport 
Carbon Accreditation (ACA) programme by working 
towards achieving the ACA level 4+ accreditation 
the highest level - for all our airports by 2025
Customer relationship - Gas business
The business conducts an annual customer satisfaction survey, which has delivered positive results.
Satisfied respondents, %
90
FY2019-20
92
FY2020-21
92
FY2021-22 (against an 85% target)
At ATGL, customer delight 
resides at the core of our being, 
and we endeavour to create a 
resilient, long-term relationship 
with our customers. We intend 
to continue developing our 
services and solutions to 
maintain our position as a 
leading CGD company in India, 
driven by a customer-centric 
approach. Our efforts are 
backed by our policies and 
well-structured mechanisms 
to facilitate the same. Our 
endeavour to create persistent 
customer satisfaction is 
supported by three principles:
Customer satisfaction 
survey 2021
	 Survey conducted across four 
GAs (Faridabad, Ahmedabad, 
Vadodara and Khurja).
	 One-to-one interview using a 
structured questionnaire.
	 3,275 ATGL customers and 
3,910 non-customers.
	 Explored measure of 
customer satisfaction of various 
customer segments, criticality 
of various dimensions affecting 
customer satisfaction and 
identify key improvement areas.
	 Received an overall 
satisfaction score of 92 out of 
100, reflecting a high level of 
consumer satisfaction.
Transparency
Responsiveness
Customer experience
ESG Report 2021-22 | 143

PART
NURTURING 
COMMUNITIES
8
144 | The Adani Portfolio

ESG Report 2021-22 | 145

COMMUNITY 
DEVELOPMENT: ADANI’S 
COMMITMENT TOWARDS 
ITS NEIGHBOURS
Overview
The Adani portfolio’s philosophy 
of ‘Growth with Goodness’ 
emphasises supporting, enriching, 
and developing neighbourhood 
communities in line with the 
conviction that nation-building is 
possible only through collective 
people growth.
We undertake CSR initiatives 
through Adani Foundation, the 
CSR arm of the Adani portfolio. 
Over the years, Adani Foundation 
engaged in multiple community 
development activities across 
16 States and 2,409 villages, 
touching 3.7+ million lives. During 
FY2021-22, Adani businesses 
invested H89.33 crore in CSR 
initiatives as a part of its societal 
payback.
The strategic pillars of Adani 
Foundation comprise community 
empowerment, community 
institution building, leveraging 
government resources, partnership 
and networking and evidence-
building to scale and replicate. 
Adani Foundation’s CSR initiatives 
were aligned with United Nation’s 
Sustainability Development Goals 
(UN SDGs). We believe that every 
individual deserves equitable 
access to opportunities and a fair 
chance to a better life quality.
146 | The Adani Portfolio

Dr. Priti Adani 
Chairperson, Adani Foundation
Working across the broad pillars of education, health, sustainable 
livelihoods and community infrastructure development, the Adani 
Foundation’s community outreach programmes are aligned with 
the United Nations’ Sustainable Development Goals (SDGs) and 
New India’s vision of inclusive growth. We focus on marginalised 
sections of society. Through a scientific approach, our efforts 
have given rise to a self-sustained ecosystem with the potential 
to flourish on their own and inspire new groups to learn and 
replicate.
On Gautam Adani’s 60th birthday, the Adani family committed H60,000 crore to charity
On the 60th birthday of Adani Group Chairman Mr. Gautam Adani, the Adani family committed H60,000 
crore to social causes through Adani Foundation.
To utilise the potential of India’s demographic advantage, there is an ever growing need to focus on 
healthcare, education and skill development, strengthening the ‘Atmanirbhar Bharat’ priority.
Adani Foundation enjoys a rich experience in integrated development across these areas.
Educational interventions
Adani Foundation perceives education to be a destiny transformer, providing quality education through free 
or subsidised schools across India. The Foundation runs ‘smart’ learning programmes and adopts government 
schools in remote areas. The scalability of these models ensures a widening footprint.
Adani Vidya Mandir
The Adani Vidya Mandir schools, 
operational in Ahmedabad (AVMA 
– Gujarat), Bhadreshwar (AVMB 
– Kutch, Gujarat), Surguja (AVMS – 
Chhattisgarh) and Krishnapatnam 
(AVMK – Andhra Pradesh), 
providing free education to more 
than 3,065 meritorious students 
from the economically weaker 
sections.
AVMA caters to standards 4 to 12, 
AVMB to standards 1 to 10, AVMS 
and AVMK from kindergarten to 
standard 10. The schools provide 
students with uniforms, books, 
and stationery. The handpicked 
staff and training ensure holistic 
student development. AVM 
schools adhere to the Adani 
School Manual, aligned with 
National Accreditation Board for 
Education and Training (NABET) 
standards under Quality Council of 
India (QCI).
During the pandemic, AVM 
teachers and students adjusted 
to virtual classrooms. Students, 
who could not participate in 
online classes, were included. In 
Bhadreshwar, for instance, the 
designated village co-ordinators, 
most AVM teachers, visited 
student homes weekly to provide 
customised self-learning modules.
In 2022, AVMB became the first 
Gujarat Secondary and Higher 
Secondary Education Board 
(GSEB)-affiliated, Gujarati medium 
school in Gujarat to receive the 
NABET accreditation; in 2019, 
AVMA had become the first private 
school in Ahmedabad to achieve 
this.
ESG Report 2021-22 | 147

Adani Vidya Mandir: Alumni 
Honey Gupta’s inspirational 
journey to BARC
Honey Gupta was brought up in 
Ahmedabad. Her father owns a 
small paan parlour, mother is a 
home-maker and she has an elder 
sister.
Adani schools: Adani Foundation 
provided subsidised education to 
3,289 students through the Adani 
Public School in Mundra (Gujarat), 
Adani DAV School in Dhamra 
(Odisha), Navchetan Vidyalaya 
in Junagam (Gujarat) and Adani 
World School in Krishnapatnam 
(Andhra Pradesh).
Gyanodaya: This online 
education initiative by Adani 
Foundation helps rural students 
learn efficiently in Jharkhand’s 
Godda district (declared an 
aspirational district by NITI 
Aayog). In collaboration with the 
Godda District Administration 
and Eckovation Pvt Ltd, it is 
delivering a contemporarily 
interactive education through 
smart classrooms, furthering 
Sustainable Development Goal 
4 related to quality education. 
The project (commenced 2018) 
reached 70,000 students across 
276 schools in the district. The 
pass percentage of class 10 in 
Godda district improved from 
50% to 70% in two years (ending 
FY2019-20). The model is being 
replicated across the State by the 
government. The Gyanodaya Rath 
van extended digital learning to 
student homes in non-network 
zones. The project benefited 
70,000+ students across 276 
schools while reaching 30 lakh 
students through Doordarshan 
Jharkhand during the pandemic.
Utthan: This initiative (launched 
July 2018), in collaboration with 
the district administration, adopts 
government schools. It tutors 
progressive learners, arresting 
the dropout rate, providing 
infrastructural support and 
In class 8, Honey secured 
admission in Adani Vidya Mandir, 
where she excelled academically. 
Thereafter, she enrolled for a 
Bachelor of Engineering course 
in Metallurgy at Government 
Engineering College, Gandhinagar. 
Concurrently, she sought 
admission for a Masters in 
Engineering in Metallurgical and 
Materials Engineering in Maharaja 
Sayajirao University, Vadodara. 
As a part of her M.E. project, she 
was selected to carry out her final 
year project in Raja Ramanna 
Centre for Advanced Technology 
(RRCAT), Department of Atomic 
Energy. Based on her project work, 
she published a research article 
as the second author in the ASM 
International, Journal of Materials 
Engineering and Performance. In 
2021, she applied for the DDFS-
PhD (DAE Doctoral Fellowship 
Scheme) in Bhabha Atomic 
Research Centre (BARC), Mumbai 
and topped the admissions exam.
Honey now works in Mechanical 
Metallurgy Division (MMD) of 
BARC under the guidance of Dr. 
Rajeev Kapoor. “I aspire to work 
in our country’s premier research 
centres and contribute to the 
society’s welfare and development, 
returning manifold what I 
received,” she says.
CASE STUDY
Our educational outreach
Free education to more than 
3160 students a year
Subsidised education for more 
than 6621 students a year
Addressing 100,000 children 
through 512 government schools
148 | The Adani Portfolio

collaborating for staff capacity 
building leading to holistic student 
development. The project, started 
in Mundra, has 13,630 students 
across 103 schools and 16 AWCs 
with a presence in Hazira, Dhamra 
and Dahej. The project reached 
beneficiaries – digitally and 
through online cum in-person 
learning – during the pandemic.
Aamchi Shala Adarsha Shala: 
This initiative (with the District 
Education department) 
rejuvenates government primary 
and upper primary schools. A 
competition across government 
schools is designed across 41 
parameters under 11 heads, 
helping enhance student 
retention.
Merit-based scholarship: Adani 
Foundation at Dhamra provided 
merit-cum-means scholarship 
to 69 students and scholarship 
grant to 304 students from 10 
vernacular medium high schools 
under Odisha Board of Secondary 
Education for pursuing 10+2 
education.
Health interventions
Adani Foundation provides quality healthcare to weaker sections through mobile health care units and 
specialised health camps with an emphasis on the differently-abled and elderly.
GAIMS: Gujarat Adani Institute 
of Medical Sciences (GAIMS) is 
a first of its kind Public-Private-
Partnership (PPP) between the 
Government of Gujarat and Adani 
Education & Research Foundation. 
G. K. General Hospital (GKGH) is 
the only multi-specialty modern 
teaching district hospital in Kutch. 
The campus spreads across 27 
acres in Bhuj town, comprising a 
medical college, teaching hospital, 
hostels for under-graduate and 
post-graduate students with 
residential quarters for the staff. 
GKGH provides treatment to all 
socio-economic classes, especially 
the poorest.
Health camps and senior citizens’ 
health cards: Adani Foundation 
conducts health camps. Vadil 
Swasthya Yojana benefits socio-
economically marginalised senior 
patients in Mundra. It provides 
senior citizens with a family 
income of less than H2 lakh 
per annum with green cards to 
avail free healthcare services 
amounting to H50,000 for three 
years while those with a family 
income of more than H2 lakh per 
annum are given blue cards to 
avail subsidised services at Adani 
Hospitals.
Mobile health care units: Adani 
Foundation’s Mobile Health Care 
Units ( MHCUs) provide medical 
assistance in far-flung regions. 
These units serve people in remote 
villages, saving expenses related 
to transportation, consultation 
and medicines. Around 15 MHCUs 
address 400,000 people a year on 
average.
Rural clinics: Adani Foundation 
provides health care services in 
remote India. Our 14 rural clinics 
and wellness centres at various 
CSR locations provide timely 
medical aid to around 30,000 
patients a year on average.
17 mobile health 
care units attending 
to more than 
400,000 patients 
a year
Our outreach
14 rural clinics 
treating more than 
30,000 patients a 
year
Various medical 
health camps 
providing 
diagnostic and 
treatment facilities 
to more than 
51,000 patients a 
year
ESG Report 2021-22 | 149

Fortune SuPoshan – An initiative of Adani Wilmar, 
implemented by Adani Foundation:
A Mission Against Malnutrition and Anaemia
Fortune SuPoshan touches lives across three target groups
Fortune SuPoshan is a mission against malnutrition and anaemia. It is present across 14 sites (after 
successfully exiting 10 sites during the reporting period). It addressed 1,065 villages, 129 slums, 2,66,821 
households and touched the lives of 1,08,132 children, 85,734 adolescent girls and 2,22,675 women in the 
reproductive age.
SuPoshan Sanginis: SuPoshan 
Sanginis are community resources 
who become guides, confidantes 
and support systems. Some 453 
trained Sanginis are working with 
2,66,821 households in 1,065 
villages and 129 slums, covering 12 
States.
Children of 0-5 years
Adolescent girls
Women in the reproductive age
Story of a sangini
28-year-old Suchitra Majhi from 
Dhanakuta village (Karanjmal, 
Bhadrak district, Odisha) has 
been a SuPoshan Sangini 
for three years. Her family 
encountered farming losses 
due to climatic disturbances. 
Feeding six mouths became 
challenging; she sought 
opportunities in agriculture-
related CSR activities of the 
Adani Foundation.
Under the Foundation’s 
sustainable livelihood 
development initiatives and 
Odisha Livelihood Mission, 
Suchitra motivated 80 village 
women to create a producer’s 
group for mushroom farming 
and snack making.
According to village panchayat 
and community members, 
Suchitra is now the first person 
to be approached in her village 
whenever any problem occurs, 
and is known as a Super 
Sangini.
150 | The Adani Portfolio

Story of Sarita and her child
In Budiya (remote village of Raigarh district, Chhattisgarh) lives the family of a 32-year-old Sarita 
Rajpoot. Her husband Anil (35) works as a farm labourer, earning H5,000-7,000 a month. Sarita’s 
younger son was identified as Severe Acute Malnourished with loss of appetite. He weighed 7.1 kg 
and was unable to stand (His ideal weight should be 12 kg).
Suposhan Sangini Poornima communicated the severity of the condition. Anil rejected the idea 
of taking him to the nearest Nutrition Rehabilitation Centre (NRC) in Raigarh District Hospital, 50 
km away. Poornima alerted the panchayat leader and anganwadi worker to convince the parents 
otherwise.
Sangini Poornima accompanied Sarita and her children to NRC. Rishab was immediately treated; 
after 15 days of treatment, he gained 900 gm and now at 3.3 years, weighs 13.8 kg. Sarita says: “I 
am thankful to Sangini didi who motivated me. I will never think twice before doing the right thing 
for the sake of my children”.
Water access: Enhancing supply
for the community
Adani Foundation has undertaken multiple water conservation and drinking water initiatives
Water conservation
Ten ponds were deepened or 
developed in Tirora, Hazira, 
Dhamra, Dahej and Kowai, 
enhancing storage capacity to 
1,14,285 m3. Some 88 well and 
borewell recharge projects were 
carried out in Mundra and Tirora.
Drinking water facilities
Some 57 borewells were installed 
(including handpump) in Tirora, 
Dhamra, Godda and Kowai. Five 
reverse osmosis (RO) plants with 
shed were commissioned in 
Kattupali, Dahanu and Vizhinjam. 
Some 50-rooftop rainwater 
harvesting schemes in Mundra 
addressed drinking water 
requirements of 50 families by 
building a collection of 0.5 million 
litres of rainwater.
ESG Report 2021-22 | 151

Strengthening women’s 
livelihoods
Adani Foundation facilitates 
home-based and other 
entrepreneurial ventures for 
women. It trains to improve 
production techniques, 
accounting, book keeping, 
branding, packaging and 
marketing. From the women 
entrepreneurs of Vizmart 
(Vizhinjam) to self-help groups 
(SHG) in Mundra, Dahej, Hazira, 
Kawai, Dhamra, Raigarh and 
Raipur, these women are engaged 
in diverse businesses (dry snacks, 
sanitary napkins, incense sticks, 
lac bangles and similar products). 
Some 198 SHG groups are 
functional with more than 1,829 
members contributing to their 
household income.
More than 800 women from 114 self help groups (SHGs) are earning a livelihood 
through various income generation activities
Skill development
Saksham is Adani’s skill development project 
that provides skill-based training and enhancing 
employability. Through its Adani Skill Development 
Centres (ASDCs), the project is aligned with the 
Government Skill India Mission.
ASDCs often partner National Skill Development 
Corporation (NSDC), generating benefits through 
partnerships with external organisations. The job-
oriented hands-on programmes (tailoring, computer 
courses, crane operation, beautician courses etc.) 
enhance self-reliance for beneficiaries.
152 | The Adani Portfolio

ESG Report 2021-22 | 153

PART
THE ADANI 
PORTFOLIO AND 
GOVERNANCE
9
154 | The Adani Portfolio

ESG Report 2021-22 | 155

AT THE ADANI PORTFOLIO, 
WE HAVE BUILT A 
ROBUST GOVERNANCE 
ECOSYSTEM
At Adani, governance with 
goodness lies at the heart of our 
business.
Our principal of Governance is not 
around over-stated promises; it is 
marketed around trust.
We embrace new ideas and 
businesses with courage.
We have the commitment to stand 
by our promises and adhere to 
high standards of business. We 
believe that this commitment will 
be virtually impossible to sustain 
if we leave things to chance and 
hope that everything falls into the 
right place at the right time. We 
believe that such a commitment 
can only become a consistent 
reality if it is built around a 
framework that is secure, scalable 
and sustainable, an insurance in 
an unpredictable world.
At the Adani portfolio of 
companies, governance is doing 
the right things more than doing 
things right – a focus on integrity 
and efficiency – because we are 
convinced that organisations 
that are high on their ethical 
commitment can achieve 
unparallel success.
This is the vision with which we 
went into business: to be counted 
as one of the best as measured by 
the positive impact on the regions 
and sectors of our presence, 
sustainability of revenues, credit 
rating and respect.
156 | The Adani Portfolio

Governance principles
At the heart of the Adani 
governance commitment is a one-
tier Board system with Board of 
Directors possessing a disciplined 
orientation and distinctive 
priorities.
Ethics and integrity: The Boards 
of the Adani portfolio (“Boards”) 
are committed to the highest 
integrity standards. Directors 
commit to abide by the ‘Code of 
Conduct’, regulations and policies 
under oath, endeavouring to 
demonstrate intent and actions 
consistent with stated values.
Responsible conduct: The 
Boards emphasise the Adani 
portfolio’s role in contributing 
to neighbourhoods, terrains, 
communities and societies. 
In line with this, the Adani 
portfolio is accountable for its 
environment and societal impact, 
corresponded by compliance 
with laws and regulations. As 
a mark of responsibility, the 
Adani businesses extend beyond 
minimum requirements with 
the objective of emerging as a 
responsible corporate.
Accountability and transparency: 
The Boards engage in 
comprehensive financial and non-
financial reporting, aligned to best 
practices relating to disclosures; 
it follows internal and/or external 
assurance and governance 
procedures.
Our Board of Management
At Adani businesses, strategic success is influenced by the Board of Directors. The Directors on 
various Boards are strategic ‘pilots’ and the Group places a premium on Board composition, comprising 
achievers. The Adani Boards contain a balanced proportion of Independent Directors, who speak their 
mind and influence strategy. The Boards are responsible for strategic direction, risk mitigation and 
stakeholder value-creation, setting the tone for sound governance.
Puneet Bansal, 
Group Head - Secretarial
The equilibrium of economic, social, individual 
and community interests is central to governance. 
At the Adani portfolio, governance is not just a set 
of principle boxes to be ticked; it permeates every 
aspect of the way we do business. We equate 
strong governance with sound management, 
transparency and adequate disclosures.
ESG Report 2021-22 | 157

Board diversity
Our Boards diversity harnesses 
differences in knowledge, skills, 
regional exposure, industry 
experience, cultural backgrounds, 
ages, ethnicity, races and gender. 
Adani businesses developed a 
Board Diversity Policy, which 
is available on their respective 
websites.
Skills and experience
The Boards aggregate knowledge, 
perspective, professionalism, 
differentiated mindsets and 
experience. The Board members 
possess a rich understanding 
of different sectors, strategy, 
governance, risks, legal, technical, 
environmental, social, financial, 
non-financial, risks, legal, different 
sectors, strategy, governance, risks, 
legal, technical, environmental, 
social, financial, non-financial, 
risks, legal and environment 
matters.
The Board members are 
periodically upskilled on emerging 
risks and trends, including ESG 
related risks and opportunities.
Board member credentials
The Board members are identified 
and selected based on their 
skillsets, capabilities, business 
requirement including compliance 
with the following:
	 Embrace the shared 
organisational vision, mission and 
values
	 Knowledge of the industrial/
sectors, policies, major risks and 
potential opportunities in which 
the relevant Adani portfolio 
operates
	 Technical skills/experience in 
accounting/finance, governance 
or public policy, economy, human 
resource management, strategy 
development and implementation 
of capital planning
	 Governance attributes such 
as compliance, leadership, risk 
management experience and a 
sound business judgment
	 Unqualified independence, in 
case of independent directors
	 Willingness to act in the best 
interest of stakeholders
Based on above criteria, the 
Nomination and Remuneration 
Committee (NRC) recommends 
the candidature of Board members 
to the respective Board, for its 
approval, subject to the consent of 
shareholders, within the defined 
timelines, as prescribed under the 
applicable laws. The total tenure 
of an independent Board member 
is six years, split into consecutive 
two terms of three years. This is 
implemented across the Adani 
portfolio on a progressive basis. 
The selection for second term is 
based on formal evaluation and 
recommended of NRC.
Board evaluation and 
compensation
The Boards are evaluated 
through a formal mechanism 
which comprises an evaluation 
of individual Board Members, 
committees, Chairperson(s) 
and the Board as a whole. The 
exercise is carried out through a 
structured process, covering the 
Board and committee composition 
as well as comprehensive 
functioning, experience and 
competencies, performance of 
specific duties and obligations, 
contribution at meetings and 
otherwise, independent judgment 
and governance issues, among 
others. The breadth of fiduciary 
responsibility of the Board 
critically attaches the Board 
evaluation mechanism to the 
overall performance.
The Board compensation is guided 
by the Remuneration Policy of 
Directors and is in accordance 
with law. The Independent 
Directors are provided fixed 
sitting fees, commission and the 
reimbursement of travel expenses. 
The Independent Directors are not 
entitled for any stock options.
Board committees
The Boards are supported by 
various Board committees, set 
up with formal Board approval 
and with a documented charter 
and terms of reference. The 
committees reviews specific areas 
and provide required assurance 
to the Board. Depending upon 
the legal requirements, the Adani 
portfolio comprises mandatory 
committees, including:
	 Audit Committee
	 Nomination and Remuneration 
Committee
	 Risk Management Committee
	 Stakeholders’ Relationship 
Committee
	 Corporate Social Responsibility 
Committee
	 Securities Transfer Committee
Besides mandatory committees, 
the listed entities of the Adani 
portfolio have constituted various 
ESG Governance Committees, 
such as:
	 Corporate Responsibility 
Committee
	 Information Technology and 
Data Security Committee
	 Public Consumer Committee
	 Commodity Price Risk 
Committee
	 Mergers & Acquisition 
Committee
	 Reputation Risk Committee
158 | The Adani Portfolio

 Legal, Regulatory and Tax 
Committee
Most of the Committees are 
chaired by an Independent 
Director and comprise 50% or 
more of Independent Directors.
ESG Governance committees
Corporate Responsibility 
Committee (CRC): The Corporate 
Responsibility Committee (CRC) is 
a voluntary committee comprising 
100% Independent Directors 
and reviews the policies and 
practices related to ESG, it maps 
these against internationally 
defined guiding principles and 
reporting standards, oversees the 
ESG framework implementation, 
reviews progress every quarter 
against ESG commitments and 
provides an assurance to the 
Board, as to who is keeping a 
check on external ESG ratings.
Risk Management Committee: 
The Board’s Risk Management 
Committee (RMC), directly and 
through sub-committees, frames, 
implements and monitors the 
enterprise risk management 
framework at the entity level. It 
oversees the key risks including 
the legal, tax, regulatory, policy, 
climate change, reputation risk, 
commodity price risk, risks related 
to mergers/acquisitions and 
among others.
Ethics and compliance
All Adani Directors, senior 
management and employees, 
act in line with high standards 
of integrity, honesty and ethical 
conduct. All employees are 
required to abide by the Adani 
portfolio’s Code of Conduct. The 
publicly traded the Adani portfolio 
entities adopted a Code of 
Conduct for their Board members 
and senior management, which 
lays down the principles and 
standards that should influence 
the management. The Board 
members and senior management 
submit an annual statement, 
indicating their compliance with 
the Code of Conduct.
Designated person of each 
business unit oversees compliance 
with the Code of Conduct, while 
reviewing code effectiveness. 
Suspected and reported code 
violations are investigated; action 
is taken by the Board Chairman or 
Audit Committee Chairman.
Whistle-blower mechanism
Our Whistle-blower policy 
illustrates the mechanism 
available in the business to report 
the unethical behaviour and 
improper activity (including fraud 
and code violation). A vigilance 
and ethics officer has been 
designated in each business to 
receive protected disclosures from 
the whistle-blower. In FY2021-22, 
no such complaint was received in 
any of the Adani portfolio entity.
Anti-corruption and anti-
bribery policy
The Adani portfolio entities have 
formulated an Anti-Corruption 
and Anti-Bribery Policy comprising 
norms related to unethical 
practices; it ensures conformity 
with prevailing laws. At Adani, we 
do not tolerate bribery, corruption 
and unethical practice; it upholds 
operational accountability and 
transparency. We reported zero 
non-compliance cases against 
corruption, bribery, and anti-
competitive behaviour during the 
reporting period.
Compensation and pay
The Adani remuneration policy 
is directed towards performance 
reward, implemented by the 
Nomination and Remuneration 
Committee (a part of the 
Board of Directors), based on 
responsibilities, skills, profitability, 
members, involvement and 
engagement time etc.
Grievance redressal
The effective and timely 
grievance redressal of our people 
is considered a priority at the 
Adani portfolio entities. With an 
objective to enable our employees 
to voice their concerns/grievance, 
a confidential, transparent, quick 
and robust online grievance 
management system named as 
‘Speak Up’ was launched. It is a 
completely confidential platform 
through which our employees can 
raise concerns without fearing 
negative repercussions. Speak Up 
enables the real time reporting 
of grievances. Employees can 
raise their concerns online and 
a grievance redressal committee 
has the responsibility of resolving 
the grievances within a defined 
timeline.
Adani businesses have embarked 
on an ambitious ESG journey. 
This year, we undertook multiple 
initiatives on all ESG dimensions 
and participated on most ESG 
disclosures and rating platforms. 
Going forward, our focus is to 
build on this foundation and 
identify more opportunities to 
strengthen ESG practices. ESG 
will be an integral part of everyday 
business at the Adani portfolio of 
companies.
ESG Report 2021-22 | 159

STAYING ABREAST 
OF DEVELOPMENTS
LinkedIn: https://www.linkedin.com/company/adani-group/
For additional information on Adani businesses, refer to the following links:
Adani Ports and Special Economic Zone
https://www.adaniports.com/-/media/Project/Ports/Investor/Investor-
Downloads/Annual-Report/FY22.pdf
Adani Green Energy Limited
https://www.adanigreenenergy.com/-/media/Project/GreenEnergy/Investor-
Downloads/Annual-Reports/FY22.pdf
Adani Transmission Limited
https://www.adanitransmission.com/-/media/Project/Transmission/Investor/
documents/Annual-Report/Adani-Transmission_FY22-Annual-Report.pdf
Adani Power Limited
https://www.adanipower.com/-/media/Project/Power/Investors/Investors-
Downloads/Annual-Reports/FY22.pdf
Adani Enterprises Limited
https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/
Investor-Downloads/Annual-Report/AEL-04-07-22_F.pdf
https://www.adanienterprises.com/-/media/Project/Enterprises/
Sustainability/document/AEL%20Sustainability%20Report%202022.pdf
Adani Total Gas Limited
https://www.adanigas.com/-/media/Project/AdaniGas/Investors/Financials/
Annual-Report/FY22.pdf
https://www.adanigas.com/-/media/Project/AdaniGas/Sustainability/
Reports/Sustainability/Sustainability-Reports/ATGL-Sustainability-
Report-2022.pdf
Adani Wilmar Limited
https://www.adaniwilmar.com/-/media/Project/Wilmar/Investors/Annual%20
Reports/Annual%20Report%2021-22
160 | The Adani Portfolio

Adani businesses 
are reducing their 
carbon footprint 
and working 
towards ambitious 
sustainability 
targets on the road 
to net zero.
Gautam S. Adani, Chairman
ESG Report 2021-22 | 161

At Adani, we believe 
that the most effective 
ESG initiatives need 
to be aligned with 
national priorities. 
We have committed to 
invest USD 70 billion 
in green transition by 
2030, a decisive step 
to decarbonise.
Gautam S. Adani, Chairman
162 | The Adani Portfolio