Adani Group to Invest $88 Bn in Rajasthan First Since US Indictments

10 Dec 2024 CW Team

The indictment has fueled political controversy in India, with opposition parties accusing Modi and his Bharatiya Janata Party (BJP) of favoring Adani and obstructing investigations against him in India. Both the Prime Minister and the BJP have denied these allegations. The BJP emphasised that it had no reason to defend Adani and affirmed that the law would take its course.

The allegations have raised concerns among some of the group's partners and investors. At least one Indian state is reviewing its power deal with Adani, and TotalEnergies has paused further investments in the conglomerate. However, the group's finance chief confirmed last month that the company's investment plans would proceed as scheduled.

Karan Adani, Managing Director of Adani Ports, explained that the group's latest investments, which represent more than half of its $159 billion valuation, would be directed toward sectors such as renewable energy, cement, and logistics. He added that over 50 per cent of these investments would be made within the next five years.

Adani also revealed plans to establish four new cement plants, which would increase production capacity by six million metric tons per year. Furthermore, the group intends to create the world's largest integrated green energy ecosystem, which will include 100 gigawatts (GW) of renewable energy, two million tonnes of hydrogen, and 1.8 GW of pumped hydro storage. Adani Green, the group's clean energy arm, is already developing an energy park in Gujarat, with an expected production capacity of 50 GW by 2030.

India's Adani Group announced plans to invest over Rs 7.5 trillion in Rajasthan, marking its first major investment since the US indictment of its billionaire founder, as revealed by a senior executive. The announcement, made during an event in Jaipur city attended by Prime Minister Narendra Modi, came less than a month after US authorities accused Gautam Adani and several senior executives of participating in a scheme to pay bribes amounting to $265 million in exchange for Indian power supply contracts. The group dismissed these charges as baseless. The indictment has fueled political controversy in India, with opposition parties accusing Modi and his Bharatiya Janata Party (BJP) of favoring Adani and obstructing investigations against him in India. Both the Prime Minister and the BJP have denied these allegations. The BJP emphasised that it had no reason to defend Adani and affirmed that the law would take its course. The allegations have raised concerns among some of the group's partners and investors. At least one Indian state is reviewing its power deal with Adani, and TotalEnergies has paused further investments in the conglomerate. However, the group's finance chief confirmed last month that the company's investment plans would proceed as scheduled. Karan Adani, Managing Director of Adani Ports, explained that the group's latest investments, which represent more than half of its $159 billion valuation, would be directed toward sectors such as renewable energy, cement, and logistics. He added that over 50 per cent of these investments would be made within the next five years. Adani also revealed plans to establish four new cement plants, which would increase production capacity by six million metric tons per year. Furthermore, the group intends to create the world's largest integrated green energy ecosystem, which will include 100 gigawatts (GW) of renewable energy, two million tonnes of hydrogen, and 1.8 GW of pumped hydro storage. Adani Green, the group's clean energy arm, is already developing an energy park in Gujarat, with an expected production capacity of 50 GW by 2030.

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