With New Investment In Sight, Will Adani Bolster His Green Energy Promise?
Adani Group will invest over $150 billion across businesses. In September, Adani promised to step up investments across the green energy value chain as it aims to become the world's top renewable energy producer by 2030
Gautam Adani's group will invest over $150 billion across businesses, from green energy to data centres, airports, healthcare, among others as it plans to join the elite global club of companies with $1 trillion valuations, reported PTI.
Adani Group's businesses have expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution, and FMCG and more recently into data centres, airports, petrochemicals, cement and media
Chief financial officer Jugeshinder Robbie Singh shared detailed growth plans of the group. "The Adani Group is planning to invest $50-70 billion in the green hydrogen business and another $23 billion in green energy over the next 5-10 years," the CFO said, quoted the report.
He added that investment of $7 billion will be for electricity transmission, $12 billion for the transport utility sector and $5 billion in the road sector, respectively. The Group's data centre business with Cloud services would entail an investment of $6.5 billion in partnership with Edge ConneX and another $9-10 billion is planned for airports. Its foray into the cement sector with the acquisition of ACC and Ambuja cement entailed a $10 billion investment. It is foraying into the petrochemical business with plans to set up a 1 million tonnes per annum PVC manufacturing facility at an investment of $2 billion and would enter the copper sector with a 0.5 million tonnes a year smelter at an investment of $1 billion, the report added.
The healthcare sector including insurance, hospitals, and diagnostic and pharma would see an investment of $7-10 billion, with some coming from Adani Foundation.
Earlier in September, Gautam Adani said his ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a $70 billion investment in clean energy by 2030.
Adani group is stepping up investments across the green energy value chain as it aims to become the world's top renewable energy producer by 2030. "The Adani Group has already committed $70 billion (for climate change and green energy). This will see us building three giga factories in India leading to one of the world's most integrated green-energy value chains. These giga factories will extend from polysilicon to solar modules, complete manufacturing of wind turbines and the manufacturing of hydrogen electrolysers," he had said.
Recently, Adani Defence Systems and Technologies Ltd (ADSTL) signed definitive agreements to acquire Air Works, a diversified independent MRO with pan-India presence across 27 cities, at an enterprise value of INR 400 crore.