Adani Enterprises Ltd (AEL) will not invest in any new projects where it has not made capex commitments as the company looks to ride out the current “market volatility’’.

It will continue to invest in ongoing or committed projects such as the upcoming Navi Mumbai airport, roads and data centres.

AEL will review its plans to build a proposed 2 million tonne coal-to-PVC plant in Mundra, Gujarat.

It will also not bid for new road projects including the hybrid annuity mode (HAM) or EPC projects to be put up for tender in this quarter, according to Jugeshinder Singh, group chief financial officer, at a post earnings call.

Singh said AEL will fund existing capex programmes in core infrastructure projects that include green hydrogen, transport, logistics from the free cash flow available in these businesses.

Since the release of the Hindenburg report last month, Adani group stocks have been clobbered in the market.

The conglomerate has been trying to assuage investor concerns and focussing on improving its financial health over ambitious expansion that was fuelled by debt.

Reports had earlier suggested it has halved the revenue growth target and will tamp down on fresh capex.

“So our investments in the core infrastructure sector, which include energy and utilities, which is green hydrogen and our transport and logistics portfolio will continue as planned,” Singh said.

“However, given the current volatility, we will moderate the certain accelerations that we had budgeted in the capex profile. And we will now continue on the ordinary course of business-based capex. So to that extent, yes, there is a change.”

“But overall, our core infra and utility capex programs, will continue to the extent of, as we’ve always done, the free cash flow available in those businesses,’’ Singh said in the conference call.

Singh did not disclose the investment in the current projects. AEL will reveal its investments for the next fiscal when it announces its results for the fourth quarter, he said. The Adani group CFO also disclosed that the proposed coal-to-PVC plant will be put on the backburner.

AEL in 2021 had announced its decison to make various types of PVC such as suspension PVC, chlorinated PVC and emulsion PVC.

Adani is unlikely to bid for road projects. “For the new commitments on capex, we will first want this volatility period to settle before we actually make new commitments. So I don’t expect any significant bidding in the road projects, now,’’ Singh said while responding to a query on whether it will bid for any HAM projects during the current quarter.

The company’s roads portfolio includes the right to build the greenfield Ganga Expressway project in Uttar Pradesh with a concession period of 30 years. The 594km project will connect Meerut with Prayagraj: Adani will build 464 km from Budaun to Prayagraj.

The group has got all the approvals. Singh said they still need to fulfill some other conditions, which is expected to be completed in 2-3 months.

Bid to ride over volatility

■ Adani Enterprises will not invest in new projects where no capex commitments have been made

■ Will continue to invest in projects that are ongoing and on which significant commitments have been given

■ Investments in green hydrogen, transport, logistics projects only from free cash flow

■ Will not start coal-to-PVC project at Mundra. It will also not bid for new road projects

■ Since the Hindenburg report, the 10 listed companies have lost Rs 12 trillion