World Economic Forum 2024: Adani Group to invest over Rs 12400 crore in Telangana
By Team Asianet Newsable | First Published Jan 17, 2024, 12:50 PM ISTThe Adani Group has entered into four Memorandums of Understanding (MoUs) with the Telangana Government, securing investments exceeding Rs 12,400 crore. The collaborations aim to fuel Telangana's green and transformative economic growth and generate employment opportunities.
In a strategic move, the Adani Group and the Government of Telangana inked four Memorandums of Understanding (MoUs) on Wednesday, signalling a substantial investment of over Rs 12,400 crore. The landmark agreements were formalized during the World Economic Forum 2024. The signing of the MoUs was witnessed by Telangana Chief Minister Revanth Reddy and Adani Group Chairman Gautam Adani. These collaborations are set to lay the groundwork for Telangana's economic growth, emphasizing green, sustainable, inclusive, and transformative development.
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Adani Enterprises Limited (AEL) is slated to invest upwards of Rs 5,000 crore in a 100 MW data center, designed to be powered by renewable energy over the next 5-7 years. AEL's commitment includes fostering collaboration with local MSMEs and startups to cultivate a globally competitive supplier base, promising employment opportunities for 600 individuals, both directly and indirectly.
Adani Green Energy Limited (AGEL) is set to channel over Rs 5,000 crore into establishing two pump storage projects (PSPs) – an 850 MW facility at Koyabestagudem and a 500 MW project at Nacharam.
Ambuja Cements, part of the Adani Group, is earmarking Rs 1,400 crore for the construction of a 6 MTPA cement plant within the next five years. Spanning 70 acres, the unit is poised to significantly enhance Ambuja's production capacity, generating employment for over 4,000 people, both directly and indirectly.
Adani Defence Systems and Technologies Limited is gearing up to invest over Rs 1,000 crore over the next decade in establishing a comprehensive ecosystem. This ecosystem will focus on research, development, design, manufacturing, and integration of counter-drone and missile systems at the Adani Aerospace Park. The envisioned projects are anticipated to bolster India's defence capabilities significantly, providing employment opportunities for over 1,000 individuals.
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