Adani Group pledges Rs 12,400 cr investment in Congress-ruled Telangana

Hyderabad: While Congress leader Rahul Gandhi leaves no opportunity to criticise the Adani Group, it's business as usual in Congress-ruled Telangana. On Wednesday, the Adani Group of companies signed four memorandums of understanding (MoU) for investments of over Rs 12,400 crore in Telangana at the World Economic Forum annual meeting in Davos.

These were signed in the presence of Telangana Chief Minister, A Revanth Reddy, and Adani Group Chairman, Gautam Adani.

Adani Enterprises Limited (AEL) will invest over Rs 5,000 crore in a 100 MW data centre, powered by renewable energy, over the coming five to seven years. AEL will work closely with local MSMEs and startups to develop a globally competent supplier base for the project, providing employment, both direct and indirect, to 600 people.

Adani Green Energy Limited (AGEL) will invest over Rs 5,000 crore to set up two pump storage projects (PSPs) – 850 MW at Koyabestagudem and 500 MW at Nacharam.

Ambuja Cements will invest Rs 1,400 crore to set up a 6 MTPA cement plant in the next five years. The unit will be set up across 70 acres and significantly enhance Ambuja’s capability, providing employment for over 4,000 people, both directly and indirectly.

Adani Defence Systems and Technologies Limited will invest over Rs 1,000 crore in 10 years to set up a comprehensive ecosystem for the research, development, design, manufacturing, and integration of counter-drone and missile systems at the Adani Aerospace Park. The ecosystem developed through these projects will significantly enhance the defence capability of India and employ over 1,000 people.

Apart from the above investments, the Adani Group has also agreed to support the Chief Minister’s goal of creating skilled universities in Telangana.

Soon, the Adani Group will develop an integrated state-of-the-art skilling university in Telangana. Welcoming the Adani Group to the state, Revanth Reddy said, “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'.”

Speaking after signing the MoU, Gautam Adani, said, “The new government in Telangana under the leadership of Revanth Reddy has been extremely investor-friendly and with newly initiated policies, should attract more investments. The Adani group will continue growing in Telangana at a high pace.”