After Hindenburg, Adani is back on investments track with massive plans in Andhra Pradesh.
Karan Adani promised mega investments by his group in Andhra Pradesh at the state’s investor forum on Friday, in what is seen as the Adani family’s first significant public appearance since the Hindenburg incident. This includes the construction of two cement plants with a combined capacity of 10 million tonnes per annum (MTPA), a 15,000-megawatt (Mw) renewable power project, a 400-Mw data centre, and plans to increase port capacity by 100 million metric tonnes.
According to the Andhra government, Adani Green Energy has signed two memorandums of understanding (MoUs) that might result in a Rs 21,820 crore investment and the creation of 14,000 employment. Karan Adani stated that his company intends to increase the capacity of its two current ports in Krishnapatnam and Gangavaram.
This comes at a time when neither Gautam Adani nor anybody else from the Adani family attended the much-publicized investor meeting hosted by the government of Uttar Pradesh in Lucknow last month. Karan Adani is the son of Gautam Adani and the CEO of Adani Ports and SEZ. The massive investment announcement comes at a time when the Adani Group is dealing with charges of stock manipulation and fraud levelled by Hindenburg Research. This is the first major announcement following the accusations.
Karan Adani mentioned that the Adani Group is operating in numerous industries in Andhra Pradesh, including ports, logistics, electricity, edible oil, and data centres. He added that their activities demonstrate the Adani Group’s dedication to the state’s aim of port-led industrial growth. Adani Group now manages two huge private ports in Andhra Pradesh with a combined capacity of 100 million metric tonnes per year and that it also intends to add another 100 MMT over the next five years to develop these ports into industrial port cities.
The 15,000 Mw renewable power projects announced by the company on Friday would also be built in the districts of Anantapur, Kadappa, Kurnool, Visakhapatnam, and Vizianagaram during the next few years. The younger Adani promised yet another massive investment in cement. As part of the company’s growth plans in the next years, Ambuja and ACC Cement will put up two plants in Kadappa and Nadikudi, with a combined capacity of 10 million tonne per annum, Adani announced.
With the data centre industry gaining traction in India, the firm intends to build a 400-Megawatt data centre in Visakhapatnam, the state’s new executive capital. According to the Adani group, these initiatives will not only generate new investment but will also offer job possibilities and highlight the company’s commitment to Andhra Pradesh’s long-term progress. These initiatives are in addition to the group’s previous investment of over Rs 20,000 crore in the state, which has resulted in the creation of more than 18,000 direct and 54,000 indirect employment.
