Indian conglomerate Adani Group will invest over 7.5 trillion rupees ($88.53 billion) in various sectors such as renewable energy and cement in the northwestern state of Rajasthan, Karan Adani, managing director of Adani Ports, said on Monday.
Over 50% of these investments will be made over the next five years, Adani said, while speaking at an investment summit in the state.
As part of its investments, it plans to set up four new cement plants to build additional capacity of 6 million tonnes per annum, he said.
The group also plans to build the world’s biggest integrated green energy ecosystem involving 100 gigawatts (GW) of renewable energy, he added.
This is the first big-ticket announcement from the group after U.S. authorities last month accusedgroup chairman Gautam Adani and some top executives in the Adani Group of being part of a scheme to pay bribes worth $265 million to secure Indian power supply contracts and of misleading U.S. investors during fund raises there.
The group has called the charges “baseless”.
Separately, the ports-to-airports conglomerate previously committed to invest $100 billion in the renewables sector, seen as a core area for its $160 billion valuation.
As part of this, the group‘s clean energy arm Adani Green ADNA.NS is building an energy park in the western state of Gujarat with a production capacity of 50 GW by 2030.
Reuters
