Adani fiasco not to impact energy sector, says R K Singh

NEW DELHI:  Power minister RK Singh on Thursday said Adani Group fiasco is unlikely to impact India’s energy sector.  While briefing media on the First Energy Transitions Working Group Meeting to be held in Bengaluru, he said India is blessed to have some of the biggest companies in the renewable energy sector. 

“We are blessed, in the sense that India has one of the most robust renewable energy capacities in the world.  And that means I have at least 15 to 16 large companies, which have the level of global companies, and are capable of going and investing anywhere in the world. So, it will not impact us in anyway. We have many large firms and all those large companies are some of the biggest companies in the renewable energy world,” said the minister.

Last year, the Group announced its plan to invest $50-70 billion in green hydrogen business and another $23 billion in green energy over next 5-10 years. It said the company will invest $7 billion in electricity transmission, $12 billion in transport utilities and $5 billion in road sector.

Therefore, experts are of the view there are chances, it may dent India’s dream to achieve green energy target. In the budget 2023-24, the government earmarked Rs 35,000 crore for energy transition. Singh said he won’t hesitate to invoke section 11 of the Electricity Act, if needed to supply disruption free electricity in peak of summer.