India's Adani Group to invest over $88 bln in Rajasthan state, exec says (updated)

Adani Energy Solutions

09/12/2024 08:22

(Adds details, background)
       Dec 9 (Reuters) - Indian conglomerate Adani Group will
invest over 7.5 trillion rupees ($88.53 billion) in various
sectors such as renewable energy and cement in the northwestern
state of Rajasthan, Karan Adani, managing director of Adani
Ports  APSE.NS , said on Monday.
    Over 50% of these investments will be made over the next
five years, Adani said, while speaking at an investment summit
in the state. 
    As part of its investments, it plans to set up four new
cement plants to build additional capacity of 6 million tonnes
per annum, he said.
    The group also plans to build the world's biggest integrated
green energy ecosystem involving 100 gigawatts (GW) of renewable
energy, he added.
    This is the first big-ticket announcement from the group
after U.S. authorities last month accused group chairman Gautam
Adani and some top executives in the Adani Group of being part
of a scheme to pay bribes worth $265 million to secure Indian
power supply contracts and of misleading U.S. investors during
fund raises there.
    The group has called the charges "baseless".
    Separately, the ports-to-airports conglomerate previously
committed to invest $100 billion in the renewables sector, seen
as a core area for its $160 billion valuation.  
    As part of this, the group's clean energy arm Adani Green
 ADNA.NS  is building an energy park in the western state of
Gujarat with a production capacity of 50 GW by 2030. 

($1 = 84.7200 Indian rupees)

 (Reporting by Sethuraman NR; Editing by Sonia Cheema and Janane
Venkatraman)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))