Gautam Adani Group To Make An Investment Of Rs 12,400 Cr In Congress Ruled State Telangana

Gautam Adani-led Indian conglomerate inked four Memorandums of Understanding (MoUs) with the Telangana government concerning a massive investment of over Rs 12,400 crore at the World Economic Forum 2024 in Davos, said the company in a statement on Wednesday.

According to media reports, Adani Group Chairman Gautam Adani declared his plan to invest Rs 12,400 crore in multiple businesses in the state when he met newly elected Telangana CM A. Revanth Reddy at the World Economic Forum in Davos. A delegation of Telangana ministers and officials exchanged four MoUs with the Adani Group officials.

Adani group firms including Adani Green Energy, Ambuja Cements, and Adani Defence Systems and Technologies also signed deals to set up projects in the state.
As a part of the agreement, Adani Enterprises will invest over Rs 5,000 crore in a 100 MW data center in the state that will be powered by renewable energy over 5-7 years.
Adani Group's ambitious investment plans include Adani Green Energy's Rs 5,000 crore investment in setting up two pumped storage projects of 1350 MW capacity in the state.

AdaniConneX Data Centers is scheduled to invest Rs 5,000 Crores for a Data Center campus in Chandanvelly with a total capacity of 100 MW, while Ambuja Cements will invest Rs 1,400 crore in a Cement Grinding unit with a capacity of 6.0 MTPA in the state.

Adani Defence Systems & Technologies will invest over Rs 1,000 crore in the next ten years, towards research, development, design, manufacturing, and integration of counter-drone and missile systems at the Adani Aerospace Park. The company claims this project will create over 1,000 jobs.

The Adani Group has been pitching Hyderabad as the new destination for manufacturing missiles and unmanned vehicles and had initially said it would invest an additional Rs 1,500 crore over the next two to three years.
Earlier, Adani Group said it would engage in the production of long-range missiles, naval missiles, next-generation anti-radiation missiles, and Rudram-2 hypersonic missiles in Hyderabad.

Last week, Mr Adani pledged to invest $24 billion over five years in renewable energy in Prime Minister Narendra Modi's home state of Gujarat at a business summit.