Adani Group's Rs 2.5k Crore Investment In Uttarakhand May Generate 6,000 Jobs In Rishikesh-Dehradun Area

The Gautam Adani-led Indian conglomerate is looking to invest more than Rs 2,500 crore in Uttarakhand in expanding capacity of cement plants and installing smart electricity meters as it also exploring possibilities to develop aero-city and knowledge city in the state, said group director Pranav Adani at a global investors summit on Friday according to a PTI report.

Speaking at the 'Global Investors Summit - Uttarakhand', Adani said the group's city gas joint venture (JV) will convert 200 state transport businesses to eco-friendly CNG. A joint venture of Indian Oil and Adani Total Gas sells CNG to automobiles and piped natural gas to household kitchens and industries in the state.

"In the cement sector, we will invest Rs 1,700 crore," said Adani. "We will invest Rs 300 crore to take our Roorkee plant's capacity from the current 1.2 million tonnes per annum to 3 million tonnes per annum by the end of next year. We will also invest around Rs 1,400 crore to set up a grinding unit with a capacity of 4 million tonnes per annum," he added.

These investments by the group will generate around 6,000 direct and indirect employment opportunities in the Rishikesh-Dehradun area. "We expect this (our investment) will create 6,000 new direct and indirect jobs in the state," he said.

The Adani group has taken up a project of Rs 800 crore in the Kumaon region to install smart meters for the Uttarakhand Power Corporation Limited (UPCL) to replace the outdated old meters. "We are also exploring land of 1,000 acres in Pantnagar. Possibilities in Pantnagar include infrastructure for an aero-city, an inland container depot, a logistic hub, warehousing, and a knowledge park," he added. Adani also expressed his desire to participate in the power distribution in the state.

The group's presence in the northern state of Uttarakhand spans gas distribution and cement manufacturing.

"To facilitate the transition to cleaner fuels - in line with the Prime Minister's vision to have 15 per cent natural gas in India's energy mix by 2030 - we propose to convert 200 state transport buses to environment-friendly CNG buses, contributing to keeping Uttarakhand the way it is now - green and clean," he said.

The projects mark the of the group's initial steps to make a presence in Uttarakhand.

Adani said Uttarakhand is a treasure trove as it is a gateway to holy places like the Chardham shrines and the state has become India's top gateway for private sector investment also. "The last five years have seen a rapid transformation in growth and development," he said.

Adani stated that the group has proposed to convert 200 fossil fuel-run state buses into environment-friendly CNG buses.

Most Adani group stocks snapped the winning streak on Friday after rallying for almost three consecutive sessions.
The group's flagship Adani Enterprises fell 2.25% at Rs 2821.45 per share, NDTV slumped 6% at Rs 271.55 per share, Adani Energy Solutions and Adani Green Energy declined 5.57% and 4.55%, respectively.