Adani signs 4 MoUs with Telangana worth over Rs 12,400 crore at Davos

economictimes.indiatimes.com:

Gautam Adani's conglomerate signed four Memorandums of Understanding (MoUs) with the Telangana government for an investment of over Rs 12,400 crore at the World Economic Forum 2024, the company said in a statement on Wednesday.

Telangana's newly elected Chief Minister Revanth Reddy and Adani Group Chairman Gautam Adani inked this deal in Davos during the ongoing World Economic Forum.

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As a part of the agreement, Adani Enterprises will invest over Rs 5,000 crore in a 100 MW data center in the state that will be powered by renewable energy over 5-7 years. The company says this can provide employment to around 600 people, both direct and indirect.

Further, Adani Green Energy will invest over Rs 5,000 crore to set up two pup storage projects of around 850 MW at Koyabestagudem and 500 MW at Nacharam.

Ambuja Cements will set up a 6 MTPA cement plant at a cost of Rs 1,400 crore which will generate employment for over 4,000 people. This unit, which will be set up over the next five years, will be set up across 70 acres.

Adani Defence Systems & Technologies, in the next ten years, will invest over Rs 1,000 crore towards research, development, design, manufacturing and integration of counter-drone and missile systems at the Adani Aerospace Park. The company claims this project will generate over 1,000 jobs.

Reddy met with a number of CEOs on Wednesday, including Debjani Ghosh, the president of NASSCOM, Vasant Narasimhan, Medtronic, and WEF chief executive