The Adani Group’s plan to invest $70 billion in clean energy will help India to reduce its dependency on oil and gas imports and emerge as a net exporter of clean energy, chairman Gautam S Adani said on Tuesday.
“The best evidence which showcased our confidence and belief in the future — is our investment of $70 billion in facilitating India’s green transition. We are already one of the world’s largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future,” Adani said at the group’s annual general meeting on Tuesday.
“We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. A transformation which will help reshape India’s energy footprint in an extraordinary way,” he said, adding, that the success of the group is based on its alignment with India’s growth story.
In 2021, billionaire Adani said his logistics-to-energy conglomerate will invest ($70 billion) over the next decade to become the world’s largest renewable energy company. This would also help the group produce the cheapest hydrogen on earth.
“India’s renewable energy capacity has increased almost 300% since 2015. In fact, the past year saw an astonishing 125% increase in capital investment in renewables compared to 2020-21. There is no stopping India now as over 75% of the surging incremental demand that India needs is expected to be met through the addition of renewable energy generation,” Adani added.
Apart from its global renewable energy portfolio, the Group also has made progress in several other industries over the past 12 months. “Never have we walked away from investing in India, never have we slowed our investments,” he said.
Adani said that “in one stroke” the group became the largest airport operator in India. Around the airports it operates, the group is also developing aerotropolises and creating localised community-based economic centres.
The group is also building India’s infrastructure, winning road contracts and strengthening its market share in ports, logistics, transmission and distribution, city gas and piped natural gas. The successful initial public offering (IPO) of Adani Wilmar had it the largest FMCG firm in the country, while the acquisition of Holcim’s assets in India – ACC and Ambuja Cements – helped it emerge as the second-largest cement manufacturer.
The group’s market capitalisation exceeded $200 billion this year.
The Adani family will contribute Rs 60,000 crore towards charitable activities across healthcare, education and skill development with a focus on rural India. This is also to mark Adani’s 60th birthday and his father Shantilal Adani’s 100th birth anniversary.