Dynamic Gujarat: Adani Group Commits $24 Billion Investment in the State’s Renewable Energy Sector

Vibrant Gujarat Summit: Adani Group Unveils $24 Billion Investment Plan in State’s Renewable Energy Sectors

During the Vibrant Gujarat summit, Gautam Adani, Chairman of the Adani Group, disclosed the company’s intention to inject Rs 2 lakh crore ($24 billion) into Gujarat’s green and renewable energy sectors over the next five years.

This substantial investment is anticipated to create around 100,000 direct and indirect job opportunities in the state, according to Adani.

Highlighting prior commitments made at the summit, Adani shared that the company had initially pledged Rs 55,000 crore. However, they have already invested over Rs 50,000 crore, surpassing their initial target significantly.

“We’ve surpassed the promised investment of Rs 50,000 crore across various sectors and have notably exceeded our goal of creating 25,000 direct and indirect jobs,” emphasized Adani.

The Adani Group is currently developing an extensive green energy park in Kutch, covering 25 square kilometers and boasting a capacity of 30 gigawatts (GW), visible even from space, as mentioned by Adani.

“Our focus is on expanding the green supply chain to foster a self-reliant India, establishing the most extensive integrated renewable energy ecosystem. This encompasses solar panels, wind turbines, hydrogen electrolysers, green ammonia, PVC, and expansions in copper and cement production,” he explained.

Adani commended India’s economic progress since 2014, citing a remarkable 185 percent GDP growth and a 165 percent increase in per capita income, particularly commendable amid global challenges posed by geopolitics and the pandemic.

Following the Supreme Court’s ruling clearing Adani Group of allegations by Hindenburg Research, Gautam Adani regained the title of Asia’s wealthiest individual. His net worth surged by $7.7 billion in a single day, reaching $97.6 billion, surpassing Mukesh Ambani of Reliance Industries Ltd., whose net worth stood at $97 billion according to the Bloomberg Billionaires Index.

This resurgence for the self-made entrepreneur, whose career began in the diamond trade in the 1980s, marks a remarkable turnaround for Adani’s conglomerate. Despite refuting allegations of corporate fraud by Hindenburg, the Adani Group witnessed a staggering $150 billion drop in market value last year. Subsequently, the company diligently worked to regain trust, paying off loans while addressing concerns raised by regulators, investors, and lenders.

About Seema Vishwas

An anchor with CNBC TV18 for almost 4 years. Also co-anchors prime-time market shows like Power Breakfast, Traders only, Markets Mid-day and NSE Closing Bell.

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