Adani Group will invest Rs 1 lakh crore over the next decade in Andhra Pradesh, Karan Adani, Managing Director of Adani Ports and SEZ, said. Speaking at the Andhra Pradesh Investor Summit, he said the investment will span across ports, cement, data centres, energy and advanced manufacturing.
Karan Adani, the eldest son of Gautam Adani, unveiled the Adani Group’s $15 billion Vizag Tech Park vision, which includes building one of the world’s largest green-powered hyperscale data-centre ecosystems in partnership with Google.
The latest Rs 1 lakh crore investment announcement by the Adani Group is in addition to the Rs 40,000 crore already invested. Adani said that the existing Adani operations in Andhra Pradesh have already created over one lakh direct and indirect jobs, with more large-scale employment generation planned through upcoming projects.
Besides the Adani Group leadership, over 3,000 business leaders, diplomats and industry experts are expected to attend the 2-day investment summit in Andhra Pradesh. The state is expecting to sign investment MoUs worth about Rs 10 lakh crore.
Adani Group bags power orders
Earlier on Thursday, Adani Power, a company within the Adani Group, received a Letter of Intent from Assam Power Distribution Company (APDCL) for the supply of electricity from a new 3,200 MW ultra-supercritical thermal power project. The company will invest Rs 48,000 crore in the project.
The company will develop the 3,200 MW power project in Assam under the Design, Build, Finance, Own and Operate model. The power project comprises four units of 800 MW each and will be commissioned in a phased manner, starting from December 2030, and full commissioning is targeted for December 2032.
Adani Green Energy, another company within the Adani Group, received an LoA from APDCL for a 500 MW pumped hydro energy storage project. Under the agreement, the company will supply power at an annual fixed tariff of Rs 1,02,92,887 per MW for 40 years from the project’s commercial operation date.
