DirectorsThe Directors have pleasure in presenting the 19th Annual Report of the Companytogether with its Audited Profit and Loss Account for the year ended 31st March, 2011 andBalance Sheet as on that date.
FINANCIAL RESULTS
Key aspects of your Company’s consolidated financial performance and standalonefinancial results for the year 2010-11 are tabulated below:
( Rs. in Crores)
| Consolidated Results | Standalone Results |
| Particulars | 2010-11 | 2009-10 | 2010-11 | 2009-10 |
| Sales and Other Income | 26,826.74 | 26,019.48 | 3,454.51 | 11,756.09 |
| Total Expenditure other than Finance Charges and Depreciation | 22,312.27 | 24,200.82 | 3,053.22 | 11,010.24 |
| Gross Profit before Depreciation, Finance charges and Tax | 4,514.47 | 1,818.66 | 401.29 | 745.85 |
| Finance Charges | 633.77 | 603.97 | 74.62 | 450.15 |
| Depreciation | 558.55 | 151.46 | 13.27 | 12.76 |
| Prior Period Adjustment & Exceptional Items (net) | (49.06) | 4.30 | (49.49) | 4.81 |
| Profit before Tax | 3,273.09 | 1,067.52 | 263.91 | 287.75 |
| Provision for Tax | 447.19 | 94.48 | (5.20) | 33.34 |
| Share of Minority Interest | 349.81 | 53.74 | – | – |
| Profit after Tax | 2,476.09 | 919.30 | 269.11 | 254.41 |
| Surplus brought forward from previous year | 1,942.58 | 1,136.67 | 990.29 | 843.95 |
| Balance available for appropriations | 4,418.67 | 2,055.97 | 1,259.40 | 1,098.36 |
| Appropriations: | | | | |
| Proposed Dividend on Equity Shares | 109.98 | 49.86 | 109.98 | 49.80 |
| Dividend for earlier year | 11.40 | – | 11.39 | – |
| Tax on Dividend (including surcharge) | 20.40 | 8.28 | 20.39 | 8.27 |
| Dividend Cancelled Due to Cancellation of Cross Holding In Amalgamated Entity | (5.56) | – | (5.56) | – |
| Interim Dividend on Equity Shares | 102.70 | – | – | – |
| Transfer to General Reserve | 150.40 | 55.25 | 50.00 | 50.00 |
| Transfer to Debenture Redemption Reserve | 110.24 | – | – | – |
| Transfer to Capital Reserve | 1.71 | – | – | – |
| Balance carried to Balance Sheet | 3,917.40 | 1,942.58 | 1,073.20 | 990.29 |
| Total Appropriation | 4,418.67 | 2,055.97 | 1,259.40 | 1,098.36 |
PERFORMANCE OF YOUR COMPANY
Your Company continued its focus on consolidation, reducing its overall debt and postedyet another year of impressive performance with a healthy topline growth and highearnings, reflecting robustness of its corporate strategy of creating multiple drivers ofgrowth over that of previous year as under:
• Consolidated Financial Results :
Your Company’s total consolidated revenue for the year under review increased toRs. 26,826.74 Crores from Rs. 26,019.48 Crores in the previous year. The profits after taxfor the year under review increased to Rs. 2,476.09 Crores as against Rs. 919.30 Crores inthe previous year registering a growth of 170%. Growth in your Company’s consolidatednet worth is 190% signifying robustness of your Company’s emphasis on consolidationand building shareholders’ value.
The Audited Consolidated Financial Statements, based on the financial statementsreceived from subsidiaries and associates, as approved by their respective Board ofDirectors have been prepared in accordance with Accounting Standard (AS) 21 –Consolidated Financial Statements, Accounting Standard (AS) 23 – Accounting forInvestments in Associates and Accounting Standard (AS) 27 – Financial Reporting ofinterest in Joint Ventures in consolidated financial statement notified under Section211(3C) of the Companies Act, 1956 read with the Companies (Accounting Standards) Rules,2006 (as amended). The said consolidated financial statements form part of this AnnualReport and Accounts.
• Standalone financial Results :
On standalone basis, your Company registered gross revenue of Rs. 3,454.51 Crores ascompared to Rs. 11,756.09 Crores in the previous year. The net profit after tax stood atRs. 269.11 Crores as against Rs. 254.41 Crores in the previous year.
DIVIDEND ON EQUITY SHARES
Your Board of Directors recommended a dividend of 100% (Rs. 1 each per equity share ofRs. 1 each) to be appropriated from the profits of the year 2010-11 subject to theapproval of the shareholders at the ensuing Annual General Meeting. (Previous year 100%i.e. Rs. 1 each per equity share of Rs. 1 each)
SIGNIFICANT DEVELOPMENTS:
• Amalgamation
During the financial year 2010-11, certain promoter entities of M/s Mundra Port &Special Economic Zone Ltd (MPSEZ) i. Private Limited, Advance Tradex Private Limited,Adani Tradelinks Private Limited, Pride Trade and Investment Private Limited, Mauritius,Trident Trade and Investment Private Limited, Mauritius, Radiant Trade and InvestmentPrivate Limited, Mauritius and Ventura Trade and Investment Private Limited, Mauritius(hereinafter collectively referred to as "Transferor Companies") have beenmerged with your Company, pursuant to sanction of Scheme of Amalgamation by theHon’ble High Court of Gujarat vide its order dated 12th August, 2010.
The certified copy of the said order has been filed with the Registrar of Companies,Gujarat. As a result, the said scheme of amalgamation has become effective from theappointed date (i.e. 1st April, 2010 in case of all transferor companies other thanAdvance Tradex Private Limited and 20th April, 2010 in case of Advance Tradex PrivateLimited). Since the scheme of Amalgamation has become effective, M/s MPSEZ has become asubsidiary of your Company with 77.49% shareholding by the Company.
• QIP Issue
In accordance with the approval accorded by the members by way of postal ballot processon 16th June, 2010, your Company has successfully raised Rs. 4,000 Crores through an issueof 7,46,05,987 Equity Shares of Rs. 1 each issued at a price of Rs. 536.15/- per share(including premium of Rs. 535.15/- per share) under Qualified Institutions Placement(QIP). These shares have been listed on Bombay Stock Exchange Limited (BSE) and NationalStock Exchange of India Limited (NSE).
CHANGES IN SHARE CAPITAL
The paid-up share capital of your Company on 1st April, 2010 was at Rs. 49,80,26,550/-divided 49,80,26,550 Equity Shares of Rs. 1 each.
Add : During the year under report, further shares were issued and allotted as perfollowing details:
| - 3,11,26,659 | Equity Shares of Rs. 1 each to the members of the Company on Rights basis. |
| - 3,11,51,800 | Equity Shares of Rs. 1 each upon conversion of 21,484 Foreign Currency Convertible Bonds (FCCBs) of USD 10,000 as per the terms of issuance of FCCBs. |
| - 7,46,05,987 | Equity Shares of Rs. 1 each under Qualified Institutions Placement (QIP) issues. |
| - 46,48,99,087* | Equity Shares of Rs. 1 each to the Shareholders of Adani Infrastructure Services Private Limited, Advance Tradex Private Limited, Adani Tradelinks Private Limited, Pride Trade and Investment Private Limited, Mauritius, Trident Trade and Investment Private Limited, Mauritius, Radiant Trade and Investment Private Limited, Mauritius and Ventura Trade and Investment Private Limited, Mauritius pursuant to sanction of Scheme of Amalgamation by the Hon’ble High Court of Gujarat vide its order dated 12th August, 2010. (*After cancellation of 5,56,05,382 Equity Shares of Rs. 1 each on account of cross holding.) |
Thus, the issued and paid up share capital of your Company stood increased to Rs.1,099,810,083/- divided into 1,099,810,083 Equity Shares of Rs. 1 each as on 31st March,2011 from Rs. 49,80,26,550/- divided 49,80,26,550 Equity Shares of Rs. 1 each as on 31stMarch, 2010.
During the year under review, the Authorised Share Capital of your Company wasincreased to 325,32,00,000/- (Rupees Three Hundred Twenty Five Crores and Thirty Two LacsOnly) divided into 320,82,00,000 (Three Hundred Twenty Crores and Eighty Two Lacs) EquityShares of Rs. 1 (Rupee One only) each and 45,00,000 (Forty Five Lacs) Preference Shares ofRs. 10/- (Rupees Ten Only) each pursuant to the Amalgamation order passed by theHon’ble High Court of Gujarat dated 12th August, 2010.
FIXED DEPOSITS
Your Company does not accept or hold any fixed deposits within the meaning of Section58A of the Companies Act, 1956 and the rules made there under and as such, no amount onaccount of principal or interest on fixed deposits was outstanding as on date of theBalance Sheet.
CORPORATE GOVERNANCE
As required by Clause 49 of the listing agreement, a separate report on CorporateGovernance together with a certificate of Statutory Auditors of the Company forms part ofthis report as per Annexure IV.
FORMATION OF VARIOUS COMMITTEES
Details of various committees constituted by the Board of Directors as per theprovisions of Clause 49 of the Listing Agreement and Companies Act, 1956 are given in theCorporate Governance Report annexed and forming part of this report.
DIRECTORS
• Appointment of Mr. S.K. Tuteja as a Director
During the year under review, Mr. S.K. Tuteja was appointed as an Additional Directorby the Board at its meeting held on 12th February, 2011. In terms of Section 260 of theCompanies Act, 1956, he holds office upto the ensuing Annual General Meeting. The Companyhas received requisite notice in writing from a member under Section 257 of the CompaniesAct, 1956 proposing his appointment as Director of the Company liable to retire byrotation.
• Revision in remuneration of Executive Director
On review of the duties and responsibilities assigned to Mr. Devang S. Desai, ExecutiveDirector & CFO of the Company and looking to the increase in the complexities andnature of activities of the Company, the Board of Directors of your Company onrecommendation of remuneration committee have subject to the approval of members increasedthe remuneration payable to him as detailed in the Explanatory Statement which is formingpart of the Notice of the ensuing Annual General Meeting.
• Retirement by Rotation
Pursuant to the requirements of the Companies Act, 1956 and Articles of Association ofthe Company, Dr. A.C. Shah, Mr. Vasant S. Adani and Mr. Anil Ahuja, Directors of theCompany retire by rotation at the ensuing Annual General Meeting and being eligible, offerthemselves for re-appointment.
Brief resume of the Directors proposed to be appointed / re-appointed, nature of theirexpertise and other details as stipulated under Clause 49 of the Listing agreement areprovided in the Notice for convening the Annual General Meeting forming part of thisAnnual Report.
DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, withrespect to Directors’ Responsibility Statement, the Board of Directors of the Companyhereby confirm that:
1. In preparation of the annual accounts for the financial year ended 31st March, 2011,the applicable accounting standards have been followed;
2. The Board of Directors of the Company have selected appropriate accounting policiesand applied them consistently and made judgments and estimates that are reasonable andprudent, so as to give a true and fair view of the state of affairs of the Company as at31st March, 2011 and of the profit and cash flow of the Company for the year ended on thatdate;
3. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956 for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;
4. The annual accounts have been prepared on a going concern basis.
SUBSIDIARY COMPANIES
Your Company is a global corporation having diversified operations across the globethrough its 89 subsidiaries. During the year under review, all subsidiary Companies ofyour Company continued to contribute to the overall growth of the Company.
Your Company had 50 subsidiaries at the beginning of the year.
The following Forty subsidiaries were set up / acquired during the year :
1. PT Coal Indonesia (Set up by PT Adani Global)
2. PT Mundra Coal (Set up by PT Adani Global)
3. PT Sumber Bara (Set up by PT Adani Global)
4. PT Energy Resources (Set up by PT Adani Global)
5. PT Adani Sumselon (Set up by PT Adani Global)
6. PT Sumber Dana Usaha (Set up by PT Coal Indonesia)
7. PT Setara Jasa (Set up by PT Coal Indonesia)
8. PT Niaga Antar Bangsa (Set up by PT Sumber Bara)
9. PT Niaga Lintas Samudra (Set up by PT Sumber Bara)
10. PT Andalas Bumi Persada (Set up by PT Sumber Dana Usaha)
11. PT Citra Persada Luhur (Set up by PT Sumber Dana Usaha)
12. PT Gemilang Pusaka Pertiwi (Set up by PT Sumber Dana Usaha)
13. PT Hasta Mundra (Set up by PT Sumber Dana Usaha)
14. PT Kapuas Coal Mining (Set up by PT Sumber Dana Usaha)
15. PT Karya Pernitis Sejati (Set up by PT Sumber Dana Usaha)
16. PT Pahala Buana Abadi (Set up by PT Sumber Dana Usaha)
17. PT Sumber Bumi Lestari (Set up by PT Sumber Dana Usaha)
18. PT Suar Harapan Bangsa (Set up by PT Sumber Dana Usaha)
19. PT Tambang Sejahtera Bersama (Set up by PT Sumber Dana Usaha)
20. PT Lamindo Inter Multikon (Set up by PT Niaga Antar Bangsa)
21. PT Mitra Naiga Mulia (Set up by PT Niaga Antar Bangsa)
22. Sarguja Rail Corridor Pvt. Ltd. (Set up by Adani Mining Pvt. Ltd.)
23. Adani Mining Pty Ltd. (Set up by Adani Global Pte. Ltd.)
24. Mundra Port and Special Economic Zone Ltd. to sanction of Scheme of Amalgamation bythe Hon’ble High Court of Gujarat vide its order dated 12th August, 2010.]
25. Mundra SEZ Textile and Apparel Park Private Limited. ( Subsidiary of MPSEZ)
26. Karnavati Aviation Private Limited (Subsidiary of MPSEZ)
27. MPSEZ Utilities Private Limited ( Subsidiary of MPSEZ)
28. Rajasthan SEZ Private Limited ( Subsidiary of MPSEZ)
29. Adani Logistics Limited (Subsidiary of MPSEZ)
30. Mundra International Airport Private Limited (Subsidiary of MPSEZ)
31. Adani Murmugao Port Terminal Private Limited. (Subsidiary of MPSEZ)
32. Adani Hazira Port Private Limited (Subsidiary of MPSEZ)
33. Adani Petronet (Dahej) Port Pvt. Ltd. (Subsidiary of MPSEZ)
34. Hazira Infrastructure Pvt. Ltd. (Subsidiary of MPSEZ)
35. Hazira Road Infrastructure Private Limited (Subsidiary of Adani Hazira Port PrivateLimited)
36. Chendipada Collieries Pvt. Ltd.
37. Adani Shipping (India) Pvt. Ltd.
38. Mundra LNG Ltd.
39. Chemoil Adani Pte. Ltd. (Set up by Adani Global Ltd.)
40. Chemoil Adani Pvt. Ltd. (Subsidiary of Chemoil Adani Pte. Ltd.)
During the year under review, Adani Virginia Inc ceased as Subsidiary of your Company.In view of above, the total number of Subsidiaries as on 31st March, 2011 was 89.
The Ministry of Corporate Affairs vide its General Circular No: 2/2011 dated 8thFebruary, 2011 exempted the Holding Companies from attaching Annual Reports of SubsidiaryCompanies with the Balance Sheet of the Holding Company as per Section 212(8) of theCompanies Act, 1956. In view of the same, the individual Annual Reports of SubsidiaryCompanies are not attached with the Balance Sheet of your Company.
A statement showing brief financial details of the Subsidiaries as per the requirementsof aforesaid General Circular is included in the Annual Report.
Shareholders interested in obtaining the statement of Company’s interest in thesubsidiaries or stand-alone financial statements of the Subsidiary Companies may obtain itby writing to the Asst. Company Secretary of the Company. The same are also available forinspection by any member at the registered office of the Company.
CORPORATE SOCIAL RESPONSIBILITY
Adani Group carries on social welfare activities through a trust namely, "AdaniFoundation".
The Adani Foundation was established in 1996 with the vision to "accomplishpassionate commitment to the social obligations towards communities, fostering sustainableand integrated development, thus improving quality of life".
The Foundation is registered as a NGO and operates in Gujarat, Himachal Pradesh,Maharashtra & Rajasthan. The Foundation is active in four major areas for all sectionsof the society:
• Education
• Community Health
• Livelihood Development
• Rural Infrastructure Development
Adani Foundation strives to bring about change in quality of life of communities byworking through Sustainable Livelihood Activities and providing quality education whichotherwise has become unaffordable now a days.
Adani Foundation also undertakes Skill Development Trainings for specialized servicesand entrepreneurship for rural youth – men and women. Good number of Youth have beentrained in Diesel Engine Repair & Maintenance, Automobile Repair & Maintenance,Beauty Parlor Trainings and Sewing & Garment Making.
AUDITORS & AUDITORS’ REPORT
Your Company’s Statutory Auditors, M/s. Dharmesh Parikh and Co., CharteredAccountants retire at the conclusion of the ensuing Annual General Meeting. The StatutoryAuditors have confirmed their eligibility and willingness to accept the office onre-appointment. The necessary resolution seeking your approval for re-appointment ofStatutory Auditors has been incorporated in the Notice convening the Annual GeneralMeeting.
The Board has duly reviewed the Statutory Auditors’ Report on the Accounts. Theobservations and comments, appearing in the Auditors’ Report are self-explanatory anddo not call for any further explanation / clarification by the Board of Directors underSection 217(3) of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report for the year under review, as stipulatedunder Clause 49 of the Listing Agreement is presented in a separate section forming partof this report as per Annexure III.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.
The information relating to foreign exchange earnings and outgo are annexed hereto asAnnexure-I and forms part of this report.
Since your Company does not own manufacturing facility, the other particulars relatingto conservation of energy and technology absorption stipulated as per Section 217(1)(e) ofthe Companies Act, 1956 read with the Companies (Disclosure of particulars in the Reportof Board of Directors) Rules, 1988, are not applicable.
GROUP
Pursuant to intimation from the Promoters, the names of the Promoters and entitiescomprising ‘Group’ are disclosed in the Annual Report for the purpose of theSEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
PERSONNEL
In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 readwith the Companies (Particulars of Employees) Rules, 1975 as amended up-to-date, the namesand other particulars of the Employees have been set out in the Annexure to thisDirectors’ Report. However, in terms of the provisions of Section 219(1)(b)(iv) ofthe Companies Act, 1956, the Report and Accounts, as therein set out, are being sent toall the members of the Company excluding the aforesaid information about employees. Anymember, who is interested in obtaining such particulars about employees, may write to theAsst. Company Secretary at the Registered Office of the Company. The said information isalso available for inspection by any member at the Registered Office of the Company.
The employee strength of your Company as on 31st March 2011 was 478 as against 391 ason 31st March, 2010.
During the year under review, the relationships of your Company with its employeesremained cordial at all levels.
HUMAN RESOURCES
Your Company continuously invests in people development, indentifying and groomingmanagement talent and has a culture of harnessing people power to the maximum.
ACHIEVEMENT
During the year under review, combined market capitalization of your Company and itstwo listed Subsidiary Companies namely, Mundra Port and Special Economic Zone Ltd. andAdani Power Ltd. figured among top five conglomerates in the country, going by the marketcapitalization of listed Companies on Indian bourses.
APPRECIATION
Your Directors wish to express their sincere appreciation to the Central Government,the State Governments, bankers and the business associates for their excellent support andlook forward to continued support in future. Your Directors wish to place on record theirappreciation to the employees at all levels for their hard work, dedication andcommitment, which has enabled the Company to progress.
| For and on behalf of the Board of Directors |
| Place: Ahmedabad | Gautam S. Adani |
| Date: 12th May, 2011 | Chairman |
Annexure to Directors’ Report for the year ended 31st March, 2011 ANNEXURE I
FOREIGN EXCHANGE EARNINGS AND OUTGO:
( Rs. In Crores)
| Particulars | Current year | Previous year |
| (I) Foreign exchange earned (Including export of goods on FOB basis) | 50.34 | 3707.89 |
| (II) Foreign exchange used | 2038.36 | 7990.05 |
ANNEXURE – II FORMING PART OF THE DIRECTORS’ REPORT
Persons constituting group coming within the definition of "group" for thepurpose of Regulation 3(1)(e)(i) of the Securities and Exchange Board of India(Substantial Acquisition of Shares and Takeovers) Regulations, 1997, include thefollowing:
Particulars
1. Accurate Finstock Pvt. Ltd.
2. Adani Agri Fresh Ltd.
3. Adani Agri Logistics Ltd.
4. Adani Agro Pvt. Ltd.
5. Adani Cements Ltd.
6. M/s. Adani Commodities
7. Adani Developers Pvt. Ltd.
8. Adani Energy Ltd.
9. Adani Estates Pvt. Ltd.
10. M/s. Adani Exports
11 Adani Gas Ltd.
12. Adani Global FZE, Dubai
13. Adani Global Ltd., Mauritius
14. Adani Global Pte. Ltd., Singapore
15. Adani Hazira Port Pvt. Ltd.
16. Adani Infra (India) Ltd.
17. Adani Infrastructure and Developers Pvt. Ltd.
18. Adani Land Developers Pvt. Ltd.
19. Adani Landscapes Pvt. Ltd.
20. Adani Logistics Ltd.
21. Adani Mining Pvt. Ltd.
22. Adani Mundra SEZ Infrastructure Pvt. Ltd.
23. Adani Murmugao Terminal Port Pvt. Ltd.
24. Adani Pench Power Ltd.
25. Adani Petronet (Dahej) Port Pvt. Ltd.
26. Adani Power (Overseas) Ltd., Dubai
27. Adani Power Dahej Ltd.
28. Adani Power Ltd.
29. Adani Power Maharashtra Ltd.
30. Adani Power Pte. Ltd., Singapore
31. Adani Power Rajasthan Ltd.
32. Adani Properties Pvt. Ltd.
33. Adani Shipping (India) Pvt. Ltd., Singapore
34. Adani Shipping Pte. Ltd., Singapore
35. Adani Shipyard Pvt. Ltd.
36. M/s. Adani Textile Industries
37. Adani Welspun Exploration Ltd.
38. Adani Wilmar Ltd.
39. M/s. Advance Exports
40. Asset Trade & Investment Pvt. Ltd.
41. B2B India Pvt. Ltd.
42. Bhavik B. Shah
43. Chemoil Adani Pte. Ltd., Singapore
44. Chemoil Adani Pvt. Ltd.
45. Chendipada Collieries Pvt. Ltd.
46. Columbia Chrome (India) Pvt. Ltd.
47. Concord Trade & Investment Pvt. Ltd.
48. M/s. Crown International
49. CSPGCL AEL Parsa Collieries Ltd.
50. M/s. Ezy Global
51. Gautam S. Adani
52. Gautam S. Adani Family Trust
53. Gautambhai S. Adani HUF
54. Hazira Infrastructure Pvt. Ltd.
55. Hazira Road Infrastructure Pvt. Ltd.
56. I Gate India Pvt. Ltd.
57. Jeet G. Adani
58. Karan G. Adani
59. Karnavati Aviation Pvt. Ltd.
60. Kunal D. Shah
61. Kutchh Power Generation Ltd.
62. M to M Traders Pvt. Ltd.
63. Mahaguj Power Ltd.
64. Maharashtra Eastern Grid Power Transmission Company Ltd.
65. Mahasukh S. Adani
66. Mahasukh S. Adani Family Trust
67. Mahasukh S. Adani HUF
68. Mansi K. Shah
69. Miraj Impex Pvt. Ltd.
70. MPSEZ Utilities Pvt. Ltd.
71. Mundra International Airport Pvt. Ltd.
72. Mundra Port and Special Economic Zone Ltd.
73. Mundra LNG Ltd.
74. Mundra Power SEZ Ltd.
75. Mundra SEZ Textile & Apparel Pvt. Ltd.
76. Namrata P. Adani
77. Param P. Adani
78. Parsa Kente Collieries Ltd.
79. Pranav V. Adani
80. Priti G. Adani
81. Priti R. Shah
82. PT Adani Global, Indonesia
83. PT Aneka Sumber Bumi, Indonesia
84. PT Kapuas Coal Mining, Indonesia
85. PT Coal Indonesia, Indonesia
86. Pushpa V. Adani
87. Rahi R. Adani
88. Rahi Shipping Pte. Ltd.
89. Rajasthan SEZ Pvt. Ltd.
90. Rajesh S. Adani
91. Rajesh S. Adani Family Trust
92. Rajeshbhai S. Adani HUF
93. Rakesh R. Shah
94. Ranjan V. Adani
95. Riddhi V. Adani
96. S. B. Adani Family Trust
97. SBFT Holding Trust
98. Sagar R. Adani
99. Sarguja Rail Corridor Pvt. Ltd.
100. M/s. Shanti Builders
101. M/s. Shanti Construction
102. M/s. Shanti Corporation
103. Shantigram Estate Management Pvt. Ltd.
104. Shantigram Utility Services Pvt. Ltd.
105. Shantikrupa Estates Pvt. Ltd.
106. Shantikrupa Services Pvt. Ltd.
107. Sharmishta Sanghavi
108. Shilin R. Adani
109. Surekha B. Shah
110. Suvarna M. Adani
111. Swayam Realtors and Traders Ltd.
112. Vanshi R. Adani
113. Vanshi Shipping Pte. Ltd.
114. Vasant S. Adani
115. Vasant S. Adani Family Trust
116. Vasantbhai S. Adani HUF
117. Ventura Power Investment Pvt. Ltd.
118. Vinod N. Sanghavi
119. Vinod S. Adani
120. Vinod S. Adani Family Trust
121. Vinodbhai S. Adani HUF