Latest news with #Preparation
India Gazette
4 days ago
- Business
- India Gazette
Adani Group contributes Rs 74,945 crore tax in FY25
Ahmedabad (Gujarat) [India], June 5 (ANI): The Adani Group's total contribution to the exchequer increased by 29 per cent to Rs 74,945 crore from Rs 58,104 crore in FY 2023-24 through its portfolio of listed entities for the fiscal year 2025, the conglomerate said in a release. The Adani Group added that of the total contribution of Rs 74,945 crore, direct contributions stood at Rs 28,720 crore, indirect contributions stood at Rs 45,407 crore, while other contributions added up to Rs 818 crore. As per the Group, Rs 74,945 crore is roughly the cost of building the entire Mumbai Metro network--an infrastructure lifeline for millions of people. It's also nearly enough to host a modern-day Olympics. The leading contributors among its publicly listed entities include Adani Enterprises Limited (AEL), Adani Cement Limited (ACL), Adani Ports and Special Economic Zone (APSEZ), and Adani Green Energy Limited (AGEL). The details are covered in the independent annual reports published by seven of the Group's listed entities--Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Energy Solutions Limited, Adani Power Limited, Adani Total Gas Limited, and Ambuja Cements Limited. The figure also includes the tax paid by three other listed companies--NDTV, ACC and Sanghi Industries--that are held by the seven companies. The group has also published a document titled 'Basis of Preparation and Approach to Tax' on the websites of its seven entities, which provides a complete breakdown of Adani Group's global tax and other contributions. The Adani Group has published a document titled 'Basis of Preparation and Approach to Tax' on the websites of its seven entities, providing a comprehensive breakdown of its global tax and other contributions. The document outlines three categories of contributions: direct contributions, which include global taxes, duties, and other charges borne by the Adani portfolio of companies; indirect contributions, covering global taxes and duties collected and paid on behalf of other stakeholders; and other contributions, such as social security payments made for the benefit of employees. The Group said that Adani Group considers tax transparency integral to its broader ESG framework. The release added that through this voluntary initiative, the Group aims to demonstrate its commitment to transparency, foster stakeholder trust, and contribute to a more accountable global tax environment. The Adani Group strives to harmonise growth with social responsibility, aiming to transform India's infrastructure landscape while promoting innovation and creating long-term value for stakeholders, it said in the release. With the global tax environment entering a new age, forward-looking companies are voluntarily releasing the Tax Transparency Report, even though it is not mandatory. Through the report, such companies seek to drive wider stakeholder attention and greater credibility, besides creating the basis for the highest standards of tax transparency. Headquartered in Ahmedabad, the Adani Group is India's largest and fastest-growing portfolio of diversified businesses. With interests across energy and utilities; transport and logistics (including seaports, airports, shipping, and rail); metals and materials; and consumer sectors, the Adani Group has established a leadership position in the market. (ANI)
Daily Express
20-05-2025
- Business
- Daily Express
Tripartite co-op focuses Sabah's offshore oil and gas
Published on: Tuesday, May 20, 2025 Published on: Tue, May 20, 2025 Text Size: Jasnih (seated, centre), Muhtar (seated, left) and Guo (seated, right) signing the collaboration agreement witnessed by Gulamhaidar (standing, centre), Burhanuddin (standing, left) and Mr Guo (standing, right). Kota Kinabalu: In a strategic step to bolster Malaysia's offshore decommissioning expertise, Innoprise Corporation Sdn. Bhd. (ICSB), the investment arm of Yayasan Sabah Group; Eastern Pacific Marine Services Sdn. Bhd. (EPMS), a subsidiary of Eastern Pacific Industrial Corporation Berhad (EPIC Berhad); and Sinopec Heavy Lifting and Transportation Co. Ltd. (SINOPEC) have formalised a collaboration agreement to enter a strategic collaboration to undertake upstream and downstream oil and gas opportunities in Malaysia, with a particular focus on Sabah Waters. The tripartite signing ceremony, held on 13 May 2025 at the Sabah International Convention Centre, was witnessed by the Director of Yayasan Sabah, Dato' Sri Haji Gulamhaidar @ Yusof bin Khan Bahadar, and the President and Group Chief Executive Officer of Terenggany Incorporated Sdn. Bhd, Dato' Haji Burhanuddin Hilmi bin Mohamed @ Harun. Advertisement This collaboration aims to leverage all parties' collective technical expertise, operational capabilities, and regional insights to deliver high-impact, value-driven solutions and advance shared growth ambitions in the oil and gas sector. Signing on behalf of ICSB was its Executive Chairman, Datuk Jasnih bin Daya; representing SINOPEC SLT was its Managing Director, Mr Liu Han, while EPMS was represented by the Group Chief Executive Officer of EPIC Berhad, Dr Ts. Haji Muhtar bin Suhaili. According to Datuk Jasnih, 'As a 30 per cent shareholder in the collaboration, ICSB is proud to play a key role in the EPRR Project, which represents a significant opportunity not only in terms of its technical scope and strategic importance, but also in its long-term value creation.' 'We firmly believe that, if awarded, this project will enable ICSB to significantly increase its revenue stream and enhance its oil and gas sector footprint, further reinforcing our financial position and growth trajectory. While the tender is still under technical evaluation, we remain optimistic. Advertisement Our consortium has submitted a competitive proposal that highlights our collective capabilities, technical expertise, and unwavering commitment to operational excellence, safety, and environmental stewardship,' he added. He further emphasised, 'Our shared commitment to operational excellence, safety, and sustainability will drive us forward, ensuring that we uphold the highest standards across every aspect of the project.' More than just a commercial endeavour, ICSB's involvement in the Engineering, Preparation, Removal, and Remediation (EPRR) Project reflects its broader mission to support Sabah's sustainable economic development. ICSB is focused on ensuring that national-level projects yield real benefits for local communities. This includes creating employment opportunities, facilitating knowledge and technology transfer, and upskilling local professionals and contractors. Yayasan Sabah Group has shaped Sabah's socioeconomic progress for decades. While widely recognised for its contributions to education and social development, its commercial and industrial ventures spearheaded through ICSB have positioned it as a pioneer, leader, innovator, and growth facilitator. Since its incorporation in 1988, ICSB has been the Group's principal investment vehicle, steadfast in its mission 'To Be the Investment Vehicle of Yayasan Sabah Group of Companies for a Better Future of Malaysians in Sabah.' Echoing the strategic optimism, Dr. Ts. Haji Muhtar, on the other hand, expressed his enthusiasm and highlighted the significance of the collaboration, especially in line with Malaysia's increasing emphasis on competitive oil and gas projects especially the responsible Engineering, Preparation, Removal, and Remediation (EPRR) services in decommissioning of offshore facilities. 'This collaboration is a testament to our shared vision of driving operational excellence while supporting Malaysia's energy transition agenda. As we formalise this tripartite agreement today, we do so not just with the intent to deliver projects, but with a shared commitment to excellence, integrity, talent growth, and sustainable development.' 'By combining the regional expertise of ICSB, the global capabilities of SINOPEC SLT, and EPIC Berhad's proven track in marine services and onshore disposals, we are assembling a capable and forward-looking team to meet the complex demands of offshore related projects and opportunities,' he remarked. Sharing the international perspective, SINOPEC's Vice President, Mr. Guo Zhong shared that the offshore platform decommissioning project represents an important undertaking in Malaysia's energy sector and serves as a benchmark for sustainable practices in the global energy transition. 'We are dedicated to leveraging our technical expertise and project management excellence to collaborate seamlessly with our Malaysian partners. Our commitment extends beyond project execution - we aim to ensure operational safety, efficiency, and environmental stewardship while fostering long-term sustainable development in the region.' 'By combining expertise, integrated resource management, and cutting-edge technologies, this collaboration exemplifies the core principles of 'mutual benefit and shared success. SINOPEC SLT is committed to delivering best-in-class services to local communities and the people of Malaysia,' he added. This joint venture marks a transformative milestone in Malaysia's offshore decommissioning landscape. With EPMS serving as the lead party and project coordinator, the consortium benefits from a well-defined structure and strong leadership. SINOPEC contributes specialised expertise in offshore lifting and transport logistics, backed by extensive international experience. Meanwhile, ICSB plays a strategic role by injecting local insight, fulfilling regulatory requirements, and ensuring direct economic benefits for the state of Sabah. Beyond forthcoming opportunities, the collaboration lays the groundwork for a long-term partnership focused on knowledge transfer, local content development, and innovation in marine engineering, commissioning and decommissioning services within Malaysia's offshore oil and gas sector. Through these efforts, the partnership will not only create lasting value for all stakeholders but also contribute significantly to the broader socioeconomic development of the region. By leveraging complementary strengths and shared value, the partnership embodies a unified commitment to excellence. Each party contributes unique expertise, whether in project coordination, technical execution, or regional insights, ensuring a comprehensive and integrated approach to the successful delivery of the EPRR project. With this strong foundation of collaboration, the consortium is well-positioned to deliver a project that meets Malaysia's decommissioning needs, drives regional development, and enhances Sabah's oil and gas capabilities. Together, this partnership aims to set new industry benchmarks through innovation, efficiency, and a steadfast focus on sustainability, thereby contributing meaningfully to the ongoing evolution of Malaysia's energy landscape. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
