Davos 2024: Adani group commits to over Rs 12,400 crore investments in Telangana

Davos 2024: Gautam Adani expressed confidence in the Telangana's investor-friendly approach and the potential for continued high-paced growth for the Adani Group.

Edited By: Mayank Kasyap

Last Updated : 17 January 2024, 11:36 PM IST

CM Revanth Reddy meets Gautam Adani in Davos

ANI

Davos 2024: In a noteworthy development, the Adani Group, led by Chairman Gautam Adani, signed four Memorandums of Understanding (MoUs) at the World Economic Forum annual meeting in Davos, committing investments exceeding Rs 12,400 crore in the Indian state of Telangana. This move comes amid ongoing criticisms by Congress leader Rahul Gandhi towards the Adani Group, highlighting the paradox between political discourse and economic partnerships.

Davos 2024: Key investment initiatives

Adani Enterprises Limited (AEL): A significant investment of over Rs 5,000 crore is earmarked for a 100 MW data centre, powered by renewable energy, to be established over the next five to seven years. AEL aims to collaborate with local Micro, Small, and Medium-sized Enterprises (MSMEs) and startups to build a globally competitive supplier base, generating direct and indirect employment for 600 individuals.
Adani Green Energy Limited (AGEL): AGEL is set to invest over Rs 5,000 crore in two pump storage projects (PSPs) – 850 MW at Koyabestagudem and 500 MW at Nacharam.
Ambuja Cements: With a commitment of Rs 1,400 crore, Ambuja Cements will establish a 6 Million Tonnes Per Annum (MTPA) cement plant over the next five years. The plant, spanning 70 acres, is anticipated to significantly augment Ambuja's production capabilities, creating employment opportunities for over 4,000 individuals.
Adani Defence Systems and Technologies Limited: An investment exceeding Rs 1,000 crore over the next decade will go towards developing a comprehensive ecosystem for research, development, design, manufacturing, and integration of counter-drone and missile systems at the Adani Aerospace Park. This initiative is expected to enhance India's defence capabilities and provide employment for over 1,000 people.

Davos 2024: Adani aims to support Telangana's skill development goals

In addition to these investments, the Adani Group has committed to supporting Telangana's ambition to establish skilled universities. An integrated state-of-the-art skilling university is in the pipeline, contributing to the state's educational infrastructure.

Davos 2024: Political, business synergy

Welcoming the Adani Group's commitments, Telangana Chief Minister A Revanth Reddy stated, “It is a great pleasure to welcome the Adani group to Telangana. The eagerness of Gautam Adani to explore various possibilities and harnessing our strength is a welcome signal that top-notch conglomerates are eager to invest in Telangana. We have successfully shown to the business world that 'Telangana Means Business'.”

Gautam Adani, speaking on the occasion, lauded the investor-friendly approach of the Telangana government under the leadership of Chief Minister Revanth Reddy. He expressed confidence in the state's potential for continued high-paced growth for the Adani Group.

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Davos 2024: Adani group commits to over Rs 12,400 crore investments in Telangana