Adani Power Limited

Presentation for BOBCAPS Investor

Conference
• 1st March 2024
Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those
relating to general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (combine together “Adani
Thermal Power Group” or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and
regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such
expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments
in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political,
economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering
memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor
should subscribe for or purchase any of The Group’s shares. Neither this presentation nor any other documentation or information (or any part thereof)
delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group.
The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the
fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless
otherwise specified is only current as of the date of this presentation.
The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development,
information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and
estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter,
modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is
authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such
information or representation must not be relied upon as having been authorized by or on behalf of The Group.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part
of it’s should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any
securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or
pursuant to an exemption from registration therefrom.
 Table of Contents

1 About Adani Portfolio

2 About Adani Power Limited (APL)

3 Power Sector Growth Outlook

4 APL: Strategic Advantages

5 APL: Performance Highlights

6 ESG Practice at APL

7 Conclusion

3
 1
About Adani Portfolio

STRICTLY CONFIDENTIAL
Adani Portfolio: A World class infrastructure & utility portfolio

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 NQXT1 Cement4
Renewables T&D Ports & Logistics

(37.4%) (71.8%) (100%) (44.0%)

ATGL2 APL Copper, Aluminum AWL
Gas Discom IPP Food FMCG
(100%)
PVC (64.71%)
(100%)
NDTV
Specialist
Manufacturing5
(100%) (50%) (100%) (100%) (100%)
(100%)
ANIL AdaniConneX3 AAHL ARTL ADL
New Industries Data Centre Airports Roads Mining Services &
Commercial Mining Digital

(%): 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 L imited; 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 Limited; ARTL: Adani R oads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: 5
Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promotors holding are as on 31st Dece mber,2023
Adani Portfolio: Decades long track record of industry best growth with national footprint

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
APSEZ
Growth 3x 6 Growth 1.4x 6
AGEL
ATGL Adani’s Core Infra. Platform –
EBITDA 91% 1,3,5 EBITDA 19% 1,3 AESL
APL
320 Mn Userbase
Adani Cement

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,
6
AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comp arison with respective industry segment.
 Adani Portfolio: Repeatable, robust & proven transformative model of investment

Phase Development Operations Post Operations

Center of Excellence Project Management & Assurance Group AIMSL1 Policy -Strategy - Risk

Origination Site Development Construction Operation Capital Management

Activity

• 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 • Operational phase funding
• Equity & debt funding at 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)
Performance

(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%

March 2016

March 2023
11%
14% 34%
15%
31% 55%
3%
2%
29%

Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) PSU Pvt. Banks Bonds NBFCs & FIs
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GM TN: 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: DII Global Int. Banks PSU – Capex LC 7
2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd . ,NBFC: Non-Banking Financial Company
 2
About Adani Power Limited (APL)

STRICTLY CONFIDENTIAL
APL: Multifaceted power producer

Core Business Embedded Expertise Value Enhancement Emerging Opportunities

Training and Vendor

Power Generation Logistics Waste Management
Development

Solid fuel and fly ash: High quality manpower

India’s largest private Value creation out of
Sourcing and disposal development and
thermal power producer waste products
logistics management knowledge dissemination

Embedded logistics
Ultra-modern fleet with Critical spares and vendor Strengthening of local
function among India’s
strong growth pipeline development industrial base
largest

Reliable and efficient power supplier on growth path built on core strengths

9
Operating Portfolio Overview: Strategically located, diversified fleet

100% 100% 100%

Raipur Raigarh
Udupi Tiroda Mahan Kawai Mundra Godda Mahan
(Chhattis- (Chhattis-
(Karnataka) (Maharashtra) Ph-I (MP) (Rajasthan) (Gujarat) (Jharkhand) Ph-II (MP)
garh) garh)

Hinterland
Category Coastal, Utility Near-Pithead Plants Hinterland Coastal Near-Pithead Plants
(Transnational)

83% tie up w. Fuel

Highlight High
Fixed RoE Open High Dispatch High Dispatch / Open Fuel pass-through pass-through
Dispatch
(Under development)

Capacity
1,200 3,300 1,370 1,200 600 1,320 4,620 1,600 1,600
(MW)

(660MW x (330MW x 4) Sub-

(600MW x 2) (685MW x 2) (600MW x 2) (600MW x 1) (660MW x 2) (800MW x 2) (800MW x 2)
Technology 5) critical / (660MW x
Subcritical Supercritical Subcritical Subcritical Supercritical Ultra-supercritical Ultra-supercritical
Supercritical 5) Supercritical

Category Near-pithead Coastal Hinterland

Capacity MW 8,070 (48%) 5,820 (35%) 2920 (17%)

Supercritical / Ultra-supercritical 78% 57% 100%

Portfolio of modern and efficient fleet of 16.85 GW with operating capacity of 15.25 GW
1. Mahan Phase – 2 plant currently under construction - units expected to commercialise in Dec 2026 and Jun 2027
10
Mahan and Godda plants are owned by APL’s wholly owned subsidiaries Mahan Energen Limited and Adani Power (Jharkhand) Limited respectively | GW: Giga Watt; MW: Mega Watt; MP: Madhya Pradesh; RoE: Return on Equity
APL: Growth path for sustained leadership

APL

Operational Capacity: 12,450 MW2

Operational Assets:
15,250 MW
100% 100%

APJL MEL

Operational Capacity: 1,600 MW Operational Capacity: 1,200 MW

Under construction: 1,600 MW Under Construction:
1,600 MW

Organic-1 Organic-2 CEPL Other Inorganic

Proposed Growth3:
(Brownfield) (Brownfield) (Inorganic - 49% Stake) (in progress)
5,500 MW
1,600 MW 1,600 MW 1,200 MW 1,100 MW

India’s largest private thermal power producer with current and planned capacity of 22 GW+

1. Shareholding by funds managed by GQG Partners

2. APL - the listed company holds operational assets of 12.45 GW (including 40 MW Solar asset) post merger of 6 operational subsidi aries in FY23
3. Assets under acquisition (CEPL) and under planned brownfield development
11
APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; CEPL: Coastal Energen Pvt Ltd
APL: Excellent revenue visibility and fuel security

Capacity tie-up (%) Fuel cost recovery mix (%)

Regulated Utility
6% Fuel cost pass
19% through
TBCB-State DISCOMs 26%
33%
Escalable energy
81% 9% TBCB-Private
charge with 74%
change-in-law
6% Transnational
60% Others
(Sovereign)
Offtake risk Fuel cost recovery
41%
protection Merchant assurance

Domestic fuel tie-up (%) Locational advantage of open capacity

2%

21% Long-term / Medium-

Near-pithead Capacity
term contracts

79% 98%
Open capacity
Others
79%
Fuel availability 98% Merchant capacity
assurance close to fuel source

Major portion of domestic fuel-based capacities secured through linkages and locational advantage
1. Regulated Assets under Section 62 of Electricity Act | 2. TBCB: Tariff based competitive bidding a per Section 63 of Electricity Act 12
GW: Giga Watt; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; LT / MT: Long term / Medium Term; SHR: Station Heat Rate; PLF: Plant Load Factor
 3
Power Sector Growth Outlook

STRICTLY CONFIDENTIAL
Thermal power is the base load power solution for India’s electricity grid
Significant potential for Indian power demand growth Aggregate power demand to double by FY32
Per Capita Consumption (kWh) 13,098 Billion Units
2,474

1,908

1,511
4,906 1,276
3,957
3,260
2,570
1,331

India Brazil World South Africa China USA FY21 FY23 FY27E FY32E

Non-fossil sources will lead capacity addition Thermal will continue serving base load demand

Coal+Lignite Others Coal Renewable Others

900 2,666
(Installed capacity in GW) (Gross Generation in BU)
2,025
610
1,618
1,326
382

74% 59% 50%

78%
55% 38% 29%

FY21 FY27E FY32E FY21 FY23 FY27E FY32E

Source: Central Electricity Authority (India), Statista, BP Statistical Review of World Energy, Energy Information Administration (USA), International Renewable Energy Agency (IRENA) | 1. From 2005 level 14
GW: Gigawatt, TWh: Terawatt Hours, kWh: kilowatt hours
 4
APL: Strategic Advantages

STRICTLY CONFIDENTIAL
Fuel management & logistics – Key competitive advantage
Fuel management is key to revenue stability Plant and Mine Locations

Only IPP in India with in-house, mine-to-plant logistics capability

Handling approx. 60 MMTPA coal, 13 MMTPA Fly Ash

Kawai
NCL
Constant attention to multiple agencies and touch points Mahan SECL Godda
Mundra Korba
Raigarh
MCL IB
WCL Umrer Raipur Dhamra
Tiroda SECL Korea Rewa
MCL Talcher
More than 14,500 Rake Equivalents of fuel handled annually
APL Plants

Udupi Mines
Daily management of around 25 domestic coal rakes loading, with Mangalore Port for Imported Coal
around 50 rakes in circulation PPA counterparty
states for APL

Investment in material handling infrastructure for quick turnaround

Imported coal

1.Map not to scale. For illustration purposes only. WCL: Western Coalfields Limited; SECL: South Eastern Coalfields Limited; MCL: Mahanadi Coalfields Limited; NCL: Northern Coalfields Limited; IPP: Independent Power Producers;
MMTPA: Million Metric Tonnes Per Annum; PPA: Power Purchase Agreement
16
Operational Excellence through Energy Network Operation Center (ENOC)

ENOC (Energy Network Operating Centre)

− Remote monitoring, diagnosis, and troubleshooting
Centralized Management
− Centralized power scheduling for optimum capacity utilisation

Real Time Data Availability − Real time data access, enabling smooth and agile decision-making

Business Intelligence − Leveraging analytics to improve operational performance

Ensuring high plant uptime

Maximizing revenue certainty
Enabling high dispatch capability

Sample monitoring parameters

Air pre-heater performance Boiler metal temperature Turbine bearing vibration

Plant data capture Data analytics @ ENOC Special Initiatives

Asset Health
Data Analytics Real Time Intervention Management Dashboards Prediction Benchmarking of
critical parameters
Input to site O&M teams Predictive maintenance
Access across multiple Fuel like APC, SHR etc.
devices & locations for real time corrections
Management
tracker

O&M: Operations & Maintenance; APC: Auxiliary Power Consumption; SHR: Station Heat Rate 17
Project Management & Assurance Group (PMAG) - End to End Project Integration

Bidding, Site Scouting Project Development & Basic Engineering Execution Operations

Concept Integrated Project Management Commissioning

Strength: Team of 90 professionals having hands-on experience of 2,000+ man-years of complete project management cycle of small, medium & large projects

Strong Project Controls Collaborating & Convergence Effective Project Delivery

One of India’s largest single location thermal power plants Landmark feat in project execution & transnational supply
First super-critical power plant : Mundra, Gujarat India's first commissioned transnational project: Godda, Jharkhand
Cumulative Capacity: 4,620 MW (330 MW * 4 units + 660 MW * 5 units) Ultra-supercritical plants of 1,600 MW (800 MW x 2) commissioned in April & July 2023

− Best in class project execution − Transnational plant to supply electricity from

Jharkhand to Bangladesh
o Synchronization of first supercritical generating unit
within 36 months from inception − Secure revenue and profitability streams

o Plant spread over an optimized layout of 734 acres o 25-year PPA of 1,496 MW (net) with Bangladesh
Power Devt Board
o Industry benchmark in commissioning i.e. 3 units in
single financial year, balance units in the next year o Connected to Bangladesh Grid with a 400kV
dedicated transmission line
− World class logistics management
o Efficient recovery of fixed & variable costs under
o High-speed conveyor belt conveys the coal from USD-denominated tariff
Mundra port to plant 8 km away @ 6,000 mt / hour
− Commissioned in just 3.5 years from financial
o Sea Water utilised for water requirement of plant closure despite pandemic lockdown challenges in
India, China, and Bangladesh
18
 5
APL: Performance Highlights

STRICTLY CONFIDENTIAL
Operating Performance Trends
Average Operational Capacity (MW) Commercial Availability under LT PPAs (%)
91% 89% 90% 89%
14,985
13,650 83%
12,450 12,450 79%
11,810
10,480

FY19 FY20 FY21 FY22 FY23 9M FY24 FY19 FY20 FY21 FY22 FY23 9M FY24

PLF (%) Sales (BU)

64
59 57
55 53
52
64% 67%
59% 62%
52% 48%

FY19 FY20 FY21 FY22 FY23 9M FY24 FY19 FY20 FY21 FY22 FY23 9M FY24

Optimum availability maintained to ensure despatch capability of steadily growing capacity

20
MW: Mega Watt; LT PPAs: Long Term Power Purchase Agreements; BU: Billion Units; PLF: Plant Load Factor
Key Financial Highlights
Total Revenues (Rs. Crore)
Credit Profile
46,400 Domestic Ratings
43,041
Listed Entities Rating Agency INR Ratings
31,686 APL CRISIL AA-/Stable
26,362 27,842 28,150
APL India Ratings AA-/Stable
APJL India Ratings BBB/Stable

Net Senior Debt to EBITDA (x)1

4.8 5.4
FY19 FY20 FY21 FY22 FY23 9M FY24 3.5
2.3 1.7 1.2
Reported EBITDA (Rs. Crore)
22,743 FY19 FY20 FY21 FY22 FY23 FY249M

9,227
13,789 14,312 Senior Term Debt to Equity (x)
10,597
5,800 5,772 5.3
7,431 7,059 3,745 3.9
2,716 1,285 13,516 2.6
8,540 1.9
5,774 6,852 7,989 1.0 0.6
4,715

FY19 FY20 FY21 FY22 FY23 9M FY24 FY19 FY20 FY21 FY22 FY23 FY249M
Continuing One-time

Duly realized outstanding regulatory income of ~29,000 Cr (FY18-24YTD) Significant deleveraging of the portfolio

1. For calculating Net Senior Debt to EBITDA ratio, EBITDA includes prior period income, Debt excludes unsecured sub-debt and under-construction asset’s debt 21
APJL: Adani Power Jharkhand Limitred; YTD; Year to Date; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization;
 6
ESG Practice at APL

STRICTLY CONFIDENTIAL
ESG Highlights
In its endeavor for climate readiness, APL is aligning its business ESG Rating Highlights
model with latest technologies in climate efficient manner
Statutory limit (3.5) − B Score For fulfilling climate change and water security commitments from CDP
(Carbon Disclosure Project) for 2022.
Climate Awareness
Climate Readiness

− Score of 54/100 in Corporate Sustainability Assessment (CSA) by S&P Global -

2.55 2.37 2.31
better than world electric utility average score of 33/100.
Sp. Water 2.07 2.14 2.19 2.22
Consumption − Scored 3.5/5.0 in FTSE ESG rating - better than world utilities avg score (2.7)
(m3 / MWh) − APL is a constituent company in the FTSE4Good Index Series.
FY17 FY18 FY19 FY20 FY21 FY22 FY23
− Scored 87% in CSR HUB ESG Rating - better than global industry average.

68% 23%
2023 A Social Initiatives mapped to UN SDGs
FGD installed
Super Critical capacity
capacity
− Mobile Heath Care unit: 204,282+ treatments provided through 8 MHUs
Climate Alignment

72% 31% − Health insurance benefits for ~ 9,502 people by issuing health cards
2024 E − 13,453+ patients have been benefitted through health camps
Super Critical / Ultra Super FGD installed
Critical capacity capacity − 15,000+ beneficiaries have been provided with safe drinking water facilities

74% 100% − GYANODAYA – Smart class implementation benefiting 80,000

2029 E Super Critical / Ultra Super FGD installed − Scholarship program with INR 29.5 Lacs scholarships awarded
Critical capacity capacity *

− SAKSHAM – Training for > 1,460 people including 1,181 women and girls
− Specific GHG emissions maintained at 0.85 tCO2e/MWh.
− Adani Power Training and Research Institute - Delivering high quality training
− Achieved ash utilization of 100% for FY23
to aspiring engineers/professionals
− 7 out of 9 APL operating locations certified as SUPF
− 3,600 safety program focusing on hazard identification, prevention, review

Sp: Specific; MwH: Mega Watt Hour; m3: Cubic meters; FGD: Flue Gas Desulphuriser (emission control equipment); SUPF: Single Use Plastic Free; APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; MHU: Mobile Health Units 23
* FGD installation cost will be passthrough under power supply agreements
Board Committees

Board Committee
100% Chaired by Chaired
IDs IDs By NID

Statutory Committees
40%
- Audit 🗹 Comprised of only

🗹
Independent
- Nomination & Remunerations Directors

- Stakeholder Relationship 🗹 100% of

Statutory
- Corporate Social Responsibility 🗹 Committees Chaired
by
- Risk Management 🗹 Independent
Directors
Non-statutory Committees
- IT & Data Security 🗹 6
🗹
Additional Business
- Corporate Responsibility specific committees

- Mergers and Acquisition 🗹 17%

Fully comprised of
- Legal, Regulatory & Tax 🗹 Independent
Directors
- Reputation Risk 🗹 17%
🗹
Chaired by
- Commodity Price Risk Independent
Directors

24
ID – Independent Director I NID – Non-Independent Director
 7
Conclusion

STRICTLY CONFIDENTIAL
APL: Investment Case

▪ 81% of capacity contracted under LT / MT PPAs, most of which offer fuel cost pass through or tariff
Revenue escalation, yielding excellent revenue visibility and cash flow stability.
Visibility
▪ Near-pithead capacity enjoys logistics cost advantage, enabling higher offtake and better margins.

▪ 56% of installed capacity based on domestic coal of which 79% secured under LT / MT contracts.
Fuel Security ▪ Shift towards de-risking fuel supply by utilizing coal from captive mines under liberalized mining
policy

▪ Full resolution of all regulatory matters pertaining to domestic coal shortfall with Hon’ble Supreme
Regulatory Court’s orders dated 20th April 2023.
Maturity
▪ Recovery of alternate fuel costs under change-in-law clauses of PPAs.

▪ Operational excellence in fuel management and logistics, and plant Operation & Maintenance with
Poised for focus on technology adoption, digitalization, and analytics to drive efficiency and plant availability.
Success ▪ Large available capacity with growing capacity utilization to cater to growing demand.
▪ Proven track record in project execution and rapid turnaround of acquisitions.

▪ Domestic credit rating of APL is strong at “AA-”.

Strong Financial
▪ Deleveraging of balance sheet demonstrated by significant prepayment of senior debt.
Profile
▪ Backed by strong sponsor, India’s largest infrastructure and real asset platform.

GW: Giga Watt; LT: Long Term; MT: Medium Term; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; GHG: Green House Gas; IPP: Independent Power Producer; MTPA: Million Tonnes Per Annum; Bn: Billion 26
Thank You