The Adani Group will invest Rs 75,000 crore in Madhya Pradesh across various sectors such as cement, roads, energy and natural resources, a move that would generate more than 15,000 jobs. The group has been on an investment spree across various states in the country, mostly to develop infrastructure across sectors.
The group will invest close to Rs 30,000 crore, its biggest in the state, to ramp up its power generation capacity at the Mahan Energen plant in Singrauli. The capacity would be hiked to 4,400 megawatts (MW) from the present 1,200 MW. Further, it will also invest close to Rs 28,000 crore to set up 3,410 MW capacity of pumped storage projects.
“Looking at the range of supportive multi-sectoral policies, schemes and reforms that the government is now pushing forward, it is clear that the infinite potential of Madhya Pradesh is rapidly emerging into the light. I see infinite possibilities for infinite growth – especially in energy and infrastructure – and the Adani Group is excited about investing in Madhya Pradesh,” Pranav Adani, managing director (Agro, Oil and Gas) and a director with Adani Enterprises (AEL) said.
AEL, the flagship firm of Adani Group, has presence in power, energy and logistics, with operations in India and 11 countries.
A Rs 5,000-crore investment is earmarked to set up a 4-million tonne per annum (MTPA) clinker unit in Chorgadi and two cement grinding units, in Dewas and Bhopal, with a combined capacity of 8 MTPA. Another Rs 5,000 crore would be invested to build the Mahakaal Expressway from Ujjain to Bhopal, through Indore, Adani, who was speaking at the Madhya Pradesh Regional Industry Conclave in Ujjain, said.
In the natural resources sector, the group will invest over Rs 4,000 crore, another Rs 600 crore to expand presence in food processing, logistics and agri-logistics and defence manufacturing. It will also pump-in Rs 2,100 crore in fuel distribution business, which includes city gas distribution (CGS), liquefied natural gas, electric vehicle and bio-gas.
The bulk of this will be used to strengthen CGS network across Bhind, Burhanpur, Anuppur, Tikamgarh and Alirajpur. However, the time frame for these investments were not immediately revealed.
The group’s cumulative investment in the state – spreading across roads, cement and natural resources to thermal power, renewable energy and power transmission – amounts to almost Rs 18,000 crore. The group has created almost 11,000 employment opportunities in the state.
Earlier in January, Adani Group chairman Gautam Adani announced a ₹2 trillion investment in Gujarat over the next five years, and prior to this the group announced plans to invest Rs 1 trillion in Karnataka over the next seven years.
In October, the group had earlier announced a Rs 65,000-crore investment over 5-7 years in Rajasthan, and Rs 60,000 crore in Odisha over the next decade.