Adani Group of companies to invest Rs 12,400 crore in Telangana; signs MoUs with Govt of Telangana
Adani Group, through its portfolio of companies, will invest Rs 12,400 crore in Telangana, the company said on Wednesday.
The Chief Minister of Telangana, Revanth Reddy, and the Chairman of the Adani Group, Gautam Adani, signed an agreement at the World Economic Forum in Davos.
Adani Enterprises Limited (AEL) will invest over Rs 5,000 crore in a 100 MW data centre, which would be powered by renewable energy, over the coming 5-7 years. "AEL will work closely with local MSMEs and startups to develop a globally competent supplier base for the project.
It would provide employment, both direct and indirect, to 600 people," the company said in a press statement.
Adani Green Energy Limited, the group's renewable energy arm, will invest over Rs 5,000 crore to set up two pump storage projects (PSPs) –850 MW at Koyabestagudem and 500 MW at Nacharam.
Ambuja Cements will invest Rs 1,400 crore to set up a 6 MTPA cement plant in the next five years. The unit would be set up across 70 acres and would significantly enhance Ambuja’s capability.
It will provide employment for over 4,000 people, both directly and indirectly.
Adani Defence Systems and Technologies Limited will invest over Rs 1,000 crore in 10 years to set up a comprehensive ecosystem for the research, development, design, manufacturing and integration of counter-drone and missile systems at the Adani Aerospace Park. The ecosystem developed through these projects would significantly enhance the defence capability of India and would employ over 1,000 people.
Adani Enterprises Ltd's scrip was trading at Rs 2988.25, down 2.26% on the BSE, Wednesday afternoon.
Benchmark Sensex was trading 1.88% lower.
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