Adani Enterprises Ltd. — Investor Presentation 2024

Feb 27, 2024

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27[th] February, 2024

BSE Limited P J Towers, Dalal Street, Mumbai – 400001.

National Stock Exchange of India Limited Exchange plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400051.

Scrip Code: 512599

Scrip Code: ADANIENT

Dear Sir / Madam,

Sub: Intimation for interaction with Investors / Analyst.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Company will interact with the investors as per schedule given hereunder:

Day & Date	Particulars
Friday, 1st March, 2024 at 1:00 pm to 6:30 pm	In-person interaction with Investors / Analyst at Mundra
Monday, 4th March, 2024 at 1:00 pm to 6:30 pm	In-person interaction with Investors / Analyst at Khavda
Monday, 11th March, 2024 at 1:00 pm to 6:30 pm	In-person interaction with Investors / Analyst at Mundra

The presentation for the above meetings is available on the Company’s website at www.adanienterprises.com and also enclosed herewith for your record.

You are requested to take the same on your records.

Thanking you,

Yours faithfully, For Adani Enterprises Limited JATINKUMAR Digitally signed by JATINKUMAR RAMESHCHANDRA RAMESHCHANDRA JALUNDHWALA JALUNDHWALA Date: 2024.02.27 18:28:22 +05'30'

Jatin Jalundhwala Company Secretary & Joint President (Legal)

Encl: a/a

Adani Enterprises Limited Tel + 91 79 2656 5555 Adani Corporate House, Fax + 91 79 2555 5500 Shantigram, Nr. Vaishno Devi Circle Investor.ael@adani.com S. G. Highway, Khodiyar, www.adanienterprises.com Ahmedabad - 382421 Gujarat, India CIN: L51100GJ1993PLC019067

Registered Office : Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421

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Adani New Industries Limited

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Green Hydrogen Ecosystem

March 2024

0

01 Adani Portfolio Overview

STRICTLY CONFIDENTIAL

Adani Portfolio: A World class infrastructure & utility portfolio

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Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C
Materials, Metal &
Incubator Energy & Utility Transport & Logistics Direct to consumer
Mining
(72.6%) (56.4%) (73.2%) (65.9%) (100%) (63.2%)
AGEL AESL APSEZ
AEL NQXT [1] Cement [4]
Renewables T&D Ports & Logistics
(37.4%) (71.8%) (100%) (44.0%)
ATGL [2] APL Copper, Aluminum AWL
Gas Discom IPP Food FMCG
(100%)
PVC (64.7%)
(100%)
NDTV
Specialist
Manufacturing [5]
(100%) (50%) (100%) (100%) (100%)
(100%)
ANIL AdaniConneX [3] AAHL ARTL ADL
Mining Services &
New Industries Data Centre Airports Roads Digital
Commercial Mining
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• (%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries

A multi-decade story of high growth centered around infrastructure & utility core

1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Adani Cement includes 63.19% stake in Ambuja Cements which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Li mited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Prom otors holding are as on 31[st] December,2023

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Adani Portfolio: Decades long track record of industry best growth with national footprint

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Secular growth with world leading efficiency National footprint with deep coverage
Growth 3x [6] Growth 4x [6]
EBITDA 70% [1,2] EBITDA 92% [1,4]
AEL
Growth 3x [6] Growth 1.4x [6] APSEZ
AGEL
ATGL Adani’s Core Infra. Platform –
EBITDA 91% [1,3,5] EBITDA 19% [1,3] AESL
320 Mn Userbase
APL
Adani Cement
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Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business, 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ 's cargo volume surged from 113 MMT to 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1433 MMT (4%). AGEL 's operational capacity expanded from 0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%). PBT- Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited, AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment.

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3 3

Adani Portfolio: Repeatable, robust & proven transformative model of investment

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Post Operations

Operations

Phase

Development

Project Management & Assurance Group (AIIL)

Center of Excellence

Policy -Strategy - Risk

AIMSL[1]

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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Origination|Site Development|Construction|Operation|Capital Mgmt|
|•|Analysis & market|•|Site acquisition|•|Engineering & design|•|Life cycle O&M planning|•|Redesigning|capital structure|
|intelligence|•|•|•|of assets|
|Concessions & regulatory|Sourcing & quality levels|Asset Management plan|
|•|Viability|analysis|agreements|•|Equity & debt funding at|•|Operational phase funding|
|consistent with asset life|
|•|•|
|Strategic value|Investment case development|project|
|India’s Largest|Longest Private HVDC|2,140 MW Hybrid|Energy Network Operation|•|Duration|Risk Matching|
|Commercial Port|Line in Asia|cluster operationalized|Center (ENOC)|
|(at|Mundra)|(Mundra - Mohindergarh)|in Rajasthan in FY23|•|Forex Currency|Risk Management|
|•|Interest Rate|Risk management|
|Centralized continuous|
|India’s first and|monitoring of plants|•|Governance & Assurance|
|Highest Margin|Highest line|World’s largest solar-|across India on a single|
|(ABEX -Adani Business Excellence)|
|among Peers|availability|wind hybrid cluster|cloud based platform|
|5%|
|11%|
|14%|34%|
|15%|
|31%|55%|
|3%|
|2%|

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5%
11%
14% 34%
15%
31% 55%
3%
2%
29%
PSU Pvt. Banks Bonds NBFCs & FIs
DII Global Int. Banks PSU – Capex LC 4 4
March2016 March 2023
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Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed)

O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium-Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL : Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd . ,NBFC: Non-Banking Financial Company; AIIL: Adani Infra India Limited

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ANIL: Emulating Adani’s Business Philosophy

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Development

Operations

Value Creation

Large Integrated Platform De-risking Capex Platform uniquely positioned to offer Next generation technologies to stay scale and high efficiencies ahead of the curve Integrated platform -> Lowest cost of Forging technology partnerships energy -> Lowest cost for all products Deep infrastructure execution in value chain expertise (AIIL)

Strategic Location

Mundra SEZ: Integrated Green H2 Hub Land availability, supporting infrastructure, large existing industry cluster Gujarat: Green H2 Generation Hub

Energy Infrastructure Expertise

Adopting Global Standards

Technology enabled Operations

ENOC Analytics driven O&M with AI based technology to maximize generation and perform predictive maintenance

Adopting Global Green Hydrogen Adani expertise in operating energy standard making it ready to export infrastructure assets (AIMSL) across entire value chain Globally accepted Highest manufacturing quality standards

Efficient Capital Management

Sustainability Focus

Regulatory Framework

National Green Hydrogen Mission launched Capital management plan in line with Continued focus on water Several production linked and capex underlying business philosophy conservation, afforestation, linked incentives for Green H2 Diversification of funding sources community, health and education ecosystem infrastructure for local communities

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H2 : Hydrogen; RE : Renewable Energy; GW : Gigawatt; ENOC : Energy Network Operation Centre; AI : Artificial Intelligence; O&M : Operation & Maintenance; SEZ : Special Economic Zone; AIIL: Adani Infra India Limited | AIMSL: Adani Infra Management Services Pvt Ltd

5 5

02 Global Hydrogen Landscape

STRICTLY CONFIDENTIAL

Global Hydrogen Demand

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Global demand for Hydrogen 2022 (MMTPA) by Region

Global demand for Hydrogen 2022 (MMTPA) by Sectors

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Buildings, 0.0
Transport, 0.3
8
24
Ammonia
27 production ,
95 60%
Refining, 41 Industry, 53
8
Methanol,
30%
16 12
DRI in Iron &
Europe China Middle East
Steel, 10%
North America India Rest of world
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❑ Global hydrogen use reached 95 MMTPA in 2022

• ❑ Low emissions hydrogen[1] production accounts for ~1 MMTPA out of which hydrogen from water electrolysis Is ~ 0.135 MMTPA

Current low penetration of Green Hydrogen signals significant potential for replacement demand & new uses

Source: World Energy Outlook 2023 (IEA); Global Hydrogen Review 2023 (IEA)

1. Low-emissions hydrogen is produced from electrolysis using electricity generated by RE or Nuclear, from Fossil Fuels with CCUS or derived from Bioenergy; CCUS : Carbon Capture Utilization & Storage; MMTPA: Million Metric Tonnes per Annum; DRI: Direct Reduced Iron

7

Global Hydrogen Demand – Future Potential

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World energy consumption by Sources -
2022
3%
9%
20%
0.2% 12%
0.2%
16%
38%
1%
Electricity Oil
Biofuels Natural gas
Biomethane Hydrogen
Coal Solid Bioenergy
Heat
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• ❑ Electrification to contribute towards reducing fossil fuel demand, leading to increased share in future from current 20%.

• ❑ Green Hydrogen to also work as source of electricity in RE resources deficient areas.

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Low-emissions H2 demand (MMTPA) Global H2 demand (MMTPA)
by 2030 across scenarios by 2030 - APS
10
APS 4 6 4 10 25
31
Scenario based on full and timely implementation of national energy and
climate goals, including Nationally Determined Contributions and longer- 29
term net zero emission targets
117
10
NZE 17 16 6 1 30 70
15
Scenario based on transition pathway that would limit global warming to 22
1.5°C (with at least a 50% probability) with limited overshoot
H2 to power generation H2 to H2 based fuels Europe China
H2 in oil refining H2 to biofuels Middle East North America
Demand for end-use sectors India Rest of world
❑ As per APS 2030, Low-emissions H2 from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA 2 from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA
from Fossil Fuels with CCUS or Bioenergy.
❑ China, Europe, Middle East and North America to lead the growth in H2 demand and will account for ~ 65% of 2030 2 demand and will account for ~ 65% of 2030 demand and will account for ~ 65% of 2030
total demand
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• ❑ As per APS 2030, Low-emissions H2 from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA 2 from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA from electrolysis using RE or Nuclear will be 16 MMTPA and to be 8 MMTPA from Fossil Fuels with CCUS or Bioenergy.

• ❑ China, Europe, Middle East and North America to lead the growth in H2 demand and will account for ~ 65% of 2030 2 demand and will account for ~ 65% of 2030 demand and will account for ~ 65% of 2030 total demand

Green Hydrogen share in hydrogen demand to increase from 0.14% in 2022 to 13.67% in 2030 as per APS

Source: World Energy Outlook 2023 (IEA);

8

APS: Announced Pledges Scenario ;NZE: Net Zero Emissions by 2050 Scenario ; MMTPA: Million Metric Tonnes per Annum CCUS: Carbon Capture Utilization & Storage

03 India Market

STRICTLY CONFIDENTIAL

India consumes 6 MMTPA Hydrogen (Grey)

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India’s Energy Consumption – FY22
(MtOe)
111
383
247
59
Electricity Crude/Oil Products Gas Coal
(RE,Hydro,NP)
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Green H2 – Moving from Greening the Grid to Greening Industry and Mobility

~53% of Gas and ~85% of Oil imported for a net import bill of USD 113 Bn in FY22

Green H2 and Derivatives can substitute use of fossil fuels in industry thus reducing import requirements

Green H2 and Derivatives are also an option for hard to abate sectors such as fertilizers, steel and refineries

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6 MTPA •
H
2 is used to produce ammonia and ~90% of ammonia is used to
manufacture fertilizers
Fertilizer
•
(48%) Natural gas (80% imported) is the main feedstock for the fertilizer
production.
48%
•
Imported natural gas to produce H2 through SMR process.
Refining •
Hydrogen is used to process crude oil to obtain refined fuels e.g.
(46%)
gasoline, diesel. Sulphur impurities are removed via Hydro-
desulfurization
•
To produce virgin metallics (DRI or HBI) from lump iron ore (or
Steel
46% pellets) requires ~650 Nm³ of hydrogen (or 58 kg) per ton of DRI
(5%)
•
Emerging sector where GH2 will be used
5% %
1%
Methanol • Hydrogen is used in production of methanol which is further used in
Hydrogen
Consumption (1%) production of acetic acid and formaldehyde
by sector for
India (2020)
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Hydrogen Consumption by sector for India (2020)

Source: MOSPI (Ministry of Statistics and Program Implementation) 2023 report on Energy Statistic

10

MTOE : Million Tonnes of Oil Equivalent; 1 MTOE is equivalent to 0.35 Million tonnes of Hydrogen on Lower Heating Value (LHV) basis; NP: Nuclear Power SMR : Steam Methane Reforming; DRI : Direct Reduced Iron; HBI : Hot Briquetted Iron; ICE : Internal Combustion Engine

India Green Hydrogen (GH2) target & demand by 2030

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|||||||||
|---|---|---|---|---|---|---|---|
|National Green Hydrogen|Mission|Sectoral Demand|
|End Use Sectors|Green H2 Market (MMTPA)|Remarks|
|1.85|
|At least|0.78|−Green H2 consumption by existing refining|
|Refinery Demand|
|0.13|capacity|
|5 MMT GH|
|2|
|Annual production|0.78|
|0.52|−Substitution of Ammonia imports (~2.34|
|Green Ammonia|
|-|MMTPA in FY23)|
|capacity for GH2 125 GW|RE|CGD Demand|0.06|0.19|0.46|−Green Hdistribution (15% blending expected)2 blended with city gas|
|generation &|
|associated|1.51|−India imports ~9 MMTPA (FY23) urea.|
|0.67|Opportunity to substitute urea imports|
|transmission network|Green Fertilizer|
|0.26|
|−GHCO mandates as decided by MNRE|
|8.66|−Pilots are being conducted for 15%|
|methanol blending with diesel|
|Mobility - Methanol|
|60-100 GW|0.18|1.35|−ICEs being developed for H2 use|
|Electrolyser capacity|
|8.50|
|Exports and|−Additional demand from green shipping|
|3.50|
|Shipping fuel|0.30|fuel|
|21.8|−Capex incentive scheme for GH2 pilot|
|INR 8 Lakh Cr|7.0|projects announced, for end use in|
|Total|0.9|Shipping, Ports, Steel, Mobility|
|Investment|
|FY26|FY30|FY35|
|11|
|GHCO|: Green Hydrogen Consumption Obligation;|CGD|: City Gas Distribution;|MMTPA|: Million Metric Tonnes Per Annum;|ICE|: Internal Combustion Engine|

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04 ANIL Strategy

STRICTLY CONFIDENTIAL

1

2

Green Hydrogen – India Story

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Decarbonization: “Panchamrit” strategy (COP26)

Supportive policy environment

500 GW non-fossil energy capacity by 2030

1

National Green Hydrogen Mission Phase-1 launched on 17[th] Feb 2022

50% of India’s energy requirements from RE by 2030

2

Phase 1 included supply side incentives such as ISTS charges waiver, banking, etc.

3

Reduction in total projected carbon emissions by 1 Bn Tonnes between 2022 & 2030

3

Green Hydrogen Consumption Obligations (GHCO) for end-use sectors, PLI for Green Hydrogen & derivatives production

4

Reduction in carbon intensity of the economy by 45% by 2030, over 2005 levels

4

Support for value chain through PLI e.g., for Solar, Electrolyser manufacturing

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5
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Target of net zero emissions by 2070

5

Other measures such as ALMM, BCD

13

PLI: Production Linked Incentive; ISTS: Inter State transmission system; ALMM: Approved list of Models and Manufacturers; BCD: Basic Customs Duty

Indicative GH2 Value

Adani New Industries Limited (ANIL): Designed to win in Green H2 market

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What it takes to win

How we are delivering it

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1
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Competitive cost Green Electron

Large scale with high quality resources

• −Investment of USD 50 bn in Green H 2

• ecosystem

• −Input power cost accounts for ~70% of cost of Green Hydrogen

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• −Secured land for RE production

• −Economies of scale and large resources to facilitate lowest cost electron

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2
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Mine to module manufacturing ecosystem

End-to-end supply chain and resource control

• −All key components of Green H2 projects

• New Industries within ANIL – Solar, wind, Electrolysers

• −Execution Risk mitigation by full integration of supply chain

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• −Tighter control on capex and resources

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3
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Leveraging broader Adani ecosystem – RE, Transmission, Ports, Logistics, Gas

Integrated Green H2 ecosystem

• −Integrated development across the value chain – pipelines/transport options, storage facilities, port facilities and terminals

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• −Green H2 and derivatives hub at Mundra, Gujarat

• −Integration into Global supply chain for Hydrogen and derivatives

Deliver the lowest cost green molecule to transform India’s energy landscape

H2 : Hydrogen; MMTPA : Million Metric Tonnes Per Annum; Dep: Depreciation

14

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ANIL: Structure Business Segments

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Adani New Industries Limited Supply Chain Products Manufacturing Green Hydrogen Generation Downstream Products −Manufacture key components and Integrated RE and H2 Electrolyser Large scale downstream projects materials for RE projects Projects

Large scale downstream projects

  - −Focus on Ammonia, urea, methanol / ethanol

• −Independent P&L for each −RE generation to power H2

• manufacturing entity. Electrolyser

• Solar – MG and Polysilicon −Part of H2 will go into downstream

• Solar – Ingot, wafer, cell, modules products WTG −Initial anchor site in Gujarat near Mundra

• Electrolysers Battery & Fuel cells

• −Largely established technology / projects

• −Carbon capture as an enabler

• −Storage of Hydrogen

End-end supply chain control High quality resources deployed at scale Well integrated with Adani ecosystem

Indicative Capex break-up for integrated Green Hydrogen Project Supply Chain, 15% RE + H2, 65%

Downstream, 20%

15

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Overall manufacturing footprint

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Manufacturing Businesses	Capacities	by	2026		Key Highlights
	Polysilicon:		30 KTPA		−Existing 4 GW of cell and module manufacturing facility;
	Ingot/Wafer: Cells:		10 GW 10 GW		−More than 7+ years of experience in cell and module manufacturing
	Modules:		10 GW		−Full backward integration starting from silicon till modules
					−5.2 MW WTG in commercial production,received Global certification and RLMM
					approval
	WTG:		5 GW		−Manufacturing of Turbine, Nacelle & Rotor Blades
WTG					−Technology partnership with well known global player (W2E & Windnovation)
					−Backward integration for supply assurance and cost efficiency
	Electrolyser:		5 GW		−Focus on reduction in stack & BOP cost through indigenization and scale
electrolyser					−Manufacturing will cover multiple technologies such as Alkaline, AEM and others

KTPA : kilo tonnes per annum; WTG : Wind Turbine Generator; RLMM : Revised list of Models and Manufacturers; AEM : Anion Exchange Membrane; BOP : Balance of Plant

16

ANIL – Electrolyser Strategy

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Stack
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Technology development

Multiple tie-ups with Electrolyser technology providers namely Cavendish Renewable Technology (Australia) and Hydep ( Italy )

Alkaline AEM C-Cell

5 MW size Electrolyser Pilot in progress

Prototype stage in progress

Prototype stage in progress

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BOP
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Preferred Technology

Alkaline

• Proven technology for 100 years.

• Lower initial CAPEX

Anion Exchange Membrane (AEM)

• High operational flexibility

• Lower CAPEX compared to PEM

• Better efficiency than Alkaline

Product development

• Establishing Electrolyser Testing Lab to drive performance improvement

• Won 198.5 MW Capacity under PLI scheme (Tranche 1)

• Establishing Electrolyser Manufacturing Facility; to be commissioned by 2025

• Supply chain development for achieving 90% indigenization of Electrolyser

17

PLI: Production Linked Incentive; PEM : Polymer electrolyte membrane; AEM : Anion Exchange Membrane;

Green Hydrogen Project: Great Rann of Kutch (GRK), Gujarat

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~85,000 hectares land allotted
RE Site
Studies completed Current Studies
Site survey Pipeline and storage
Water level measurement Feasibility report
Mundra
Soil investigation Power evacuation system
Campaign for RE resource assessment Basic engineering
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ANIL to leverage Group expertise

▪ Expertise in Giga-Scale RE Project development – Largest RE developer in India

▪ Expertise in setting up long distance transmission lines – Largest transmission system developer in India

▪ Expertise in developing and handling large ports and associated infrastructure – Largest port operator in India

18

Derivatives and Off-take

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• Green Ammonia Co-firing

• Clean Energy Transition utilizing breakthrough technology from Japan

• Location Unit 1 – 330 MW, Mundra Thermal (Coal) Power Plant ▪ Feasibility study on modification in Mundra Power Plant to achieve 20% liquid ammonia co-firing

• Description ▪ Supported by Japanese Government Agency NEDO

• ▪ MoU between Adani, Kowa Company and IHI Corp.

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Phase	Description	Status
Phase 1	Technical Evaluation	Successfully Completed
Phase 2	Co-firing Combustion Test & FEED	Underway
Phase 3	Construction & Demonstration	Plan: 2024 – 2027

Off-take agreement

• JV with Kowa for marketing of Green Hydrogen and Derivatives in territories of Japan, Taiwan and Hawaii

• Discussions in progress with key players in Japan, Korea, Singapore and Europe for Off-take agreements

19

FEED: Front End Engineering and Design;

05 ANIL: Green Hydrogen Generation

STRICTLY CONFIDENTIAL

ANIL: Green Hydrogen Ecosystem for First phase of 1.0 MMTPA GH2 by 2030

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Key components:

Hybrid RE Electrolyser for Green H Generation Green H 2 H2 Pipeline 2 Compression production ▪ ~21 GW+ ▪ Up to ~ 17.5 ▪ 1 MMTPA ▪ ~ 215 Km GW Green Renewable pipeline Energy Electrolyser Hydrogen (H2) capacity compression Transmission Line

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▪ Grid connected

Green Ammonia Offtake of Derivatives[1]

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• ~5.6 MMTPA ▪ Development of Green derivative Ammonia transport capacity or infrastructure at equivalent Mundra port derivatives ▪ Export to Europe,

• ▪ Air separation Singapore, Japan Unit (ASU) for and Korea Nitrogen ▪ Domestic generation demand

First drop of Ammonia in 2027

1. Ecosystem Optionality includes Urea, methanol, LH2, SAF, and others based on offtake requirements GH2 : Green Hydrogen

21

Thank You

STRICTLY CONFIDENTIAL