Adani Group Signs 4 Deals, to Invest Rs 12,400 cr in Telangana

Davos: The Adani Group on Wednesday signed four MoUs with the Telangana government for a proposed investment of Rs 12,400 crore at the World Economic Forum in Davos of Switzerland.

Chief Minister Revanth Reddy, along with IT and industries minister D. Sridhar Babu, met chairman of Adani Group Gautam Adani, and president and CEO of aerospace and defence Ashish Rajvanshi, and exchanged four memorandums of understanding for investments to the tune of Rs 12,400 crore over the next few years.

As per the agreements, Adani Green Energy will invest Rs 5,000 crores for setting two pumped storage projects of 1,350 MW capacity, AdaniConneX Data Centers will invest Rs 5,000 crore to set up a data centre campus in Chandanvelly with a total capacity of 100 MW, Ambuja Cements Ltd will invest Rs 1,400 crores in a cement grinding unit with a capacity of 6.0 MTPA, and Adani Aerospace and Defence will invest Rs 1,000 crores in counter-drone systems, missile development and manufacturing centres at the Adani Aerospace and Defence Park.

Besides the investments, Adani Group has also agreed to support the Chief Minister’s goal of creating skilling universities in Telangana and will soon develop an integrated state-of-the-art skilling university in Telangana.

Revanth Reddy assured Adani that the state government would provide the required amenities, infrastructure, and support for the projects.

Welcoming the Adani Group to Telangana, Revanth Reddy said: “It is a great pleasure to welcome the Adani group to Telangana. The eagerness of Gautam Adani garu to explore various possibilities and harnessing our strength is a welcome signal that top-notch conglomerates are eager to invest in Telangana. We have successfully shown to business world that Telangana means business.”

Speaking after the signing, Gautam Adani said: “The new Government in Telangana, under the leadership of Revanth Reddy, has been extremely investor friendly and with newly initiated policies, should attract more investments. Adani Group will continue growing in Telangana at high pace.”