Adani Group shelves super app ambitions amid mounting losses, internal strain
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The Adani Group has scrapped its plans to launch a consumer-facing super app , Bloomberg reported citing sources aware of the development.The decision comes after the Gautam Adani-led conglomerate reportedly faced mounting financial losses and internal disagreements, the report said.Launched in December 2022, Adani One was developed by Adani Digital Labs under Adani Enterprises Ltd. Initially designed as a travel-focused platform, the app allowed users to book flights, hotels, and access services at Adani-operated airports.In the 12 months ending March 2024, it facilitated transactions worth ₹750 crore ($90 million), according to the company's annual report.Despite its narrow service base, the group had ambitious targets. It aimed to reach nearly 500 million users by the end of the decade. However, the app currently has only about 30 million users, as per a Bloomberg report dated July 2.The shelved initiative was meant to be similar to offerings by Tata Neu and Reliance Jio
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Mukesh Ambani, Gautam Adani, Tata Group compete to finance Modi govt's mega project in..., its related to...
(File) Mukesh Ambani-led Reliance Industries, Gautam Adani's Adani Group, and the Tata Group are among some of the biggest names from the corporate world who are bidding for a central government tender to set up Bharat Small Reactors (BSRs), which aims to decarbonize high-emission industries such as steel and aluminum using nuclear power. The project is expected to attract Rs 35,000 crore in investments from the private sector, with the tender attracting bids from major players including Reliance Industries, Adani Group, Tata Group, Hindalco, the mining arm of Aditya Birla Group, Vedanta and JSW Group, Moneycontrol reported, citing government officials. As per officials, the government plans to allot the projects on a twin-unit basis, which means each unit will have two BSRs of 220 MW, the report said. Each twin unit is estimated to cost around Rs 6,000-7,000 crore, it added. 'NPCIL is planning a total of either 12 such reactors (six twin units) or 14 reactors (seven twin units). The total investments by the selected companies could range from Rs 35,000 crore to Rs 50,000 crore,' the report quoted an official as saying. What are Bharat Small Reactors or BSRs? Bharat Small Reactors (BSRs) are indigenously-developed compact 220 MW pressurized heavy water reactors (PHWRs), aimed at providing a sustainable, low-carbon energy solution for heavy industries like steel, aluminum, and metals, which can act as captive power plants. There is a growing global demand for small nuclear reactors due to their flexibility, scalability, and lower costs compared to conventional large setups. The Narendra Modi government plans to boost India's nuclear power capacity from 8.7 GW to 22.48 GW by 2031-32 and to 100 GW by 2047, and the deployment of BSRs is a major step towards the fulfilment of that ambitious project. Earlier this year, the government announced the National Nuclear Energy Mission during the Union Budget. An initial outlay of Rs 20,000 crore has been set aside for research and development of small reactors. How successful bidder will be incentivized? According to the report, the company which secures the project will have to finance it in entirety, which includes capital and operational expenditure. It will also be required to to reimburse NPCIL for all costs incurred across the lifecycle, from pre-project assessments to decommissioning. In return, the private firm will be granted assured long-term access to all the electricity generated through the nuclear reactors for captive use, even as the BSR units are required to built under the supervision of the NPCIL, and the state-owned company will also retain the operational control of the asset. When is the tender deadline? The tender, being executed by the state-owned Nuclear Power Corporation of India Ltd (NPCIL), was first floated in January this year and deadline was set for June 30, 2025. However, the deadline was extended till September 30 upon the request of stakeholders who had sought more details about the project. Eligible bidders must have a minimum net worth of Rs 3,000 crore and an annual power requirement of at least 2,500 million units, according to the tender document.
