Gautam Adani Says Group To Invest Rs 65,000 Crore In Rajasthan In 5-7 Years

Adani Group aims to invest an additional Rs 65,000 crore in Rajasthan over the next five to seven years.

“Combining all ongoing and future investments, we anticipate investing an additional Rs 65,000 crore in Rajasthan over the next five to seven years and creating over 40,000 direct and indirect jobs,” billionaire Chairman Gautam Adani said at the Invest Rajasthan 2022 Summit on Friday.

The group, he said, has invested more than Rs 35,000 crore across multiple sectors in the western state. 

“Continuing our investment in the renewables business, another 10,000 megawatts with an investment of Rs 50,000 crore is under implementation—and this will be commissioned progressively over the next five years,” Adani said.

The group, according to him, is betting on green hydrogen, given its ability to generate the cheapest solar and wind power. “This opportunity to generate green hydrogen to transform Rajasthan's deserts into ‘an oasis of jobs enabling energy transition' is an opportunity that no other state has.”

Besides, the group will invest another Rs 7,000 crore to double its cement manufacturing capacity in the state, Adani said.

Stressing that the group is now India's “second-largest cement manufacturer” after acquisition of Ambuja Cements Ltd. and ACC Ltd., Adani said the group will continue a “significant part” of its capacity expansion for cement in Rajasthan.

It already has three cement plants and limestone mining assets in the state.

The group has a joint venture with the Rajasthan state government, under which it developed a fully-functioning solar park of 10,000 MW, which is already producing over 1,500 MW of green power, Adani said.

“We have already commissioned projects of over 4,000 MW at an investment of Rs 20,000 crore,” Adani said. The group's direct investments into renewables in Rajasthan continues to accelerate.

The group, over the past decade, has been supplying fuel to support Rajasthan generate over 4,300 MW of thermal power, he said.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.