Adani Group Signs MoUs to Invest Rs 42,700 Crore in Tamil Nadu
The Adani Group has signed memorandums of understanding (MoUs) with Tamil Nadu, pledging to invest over Rs 42,700 crore at the Global Investors Meet 2024. Adani Green Energy Ltd, a subsidiary of the conglomerate, will make the largest investment of Rs 24,500 crore in three pump storage projects over the next 5-7 years.
The signing ceremony was attended by Tamil Nadu Chief Minister MK Stalin, State Industries Minister TRB Rajaa, and Karan Adani, the Managing Director of Adani Ports and Special Economic Zone. Cabinet Ministers and Secretaries from various government departments were also present.
As part of the agreements, Adani Connex will invest Rs 13,200 crore in a hyperscale data centre over the next seven years. Ambuja Cements plans to invest Rs 3,500 crore in three cement grinding units within the next five years, and Adani Total Gas Ltd will invest Rs 1,568 crore over eight years.
Karan Adani praised Tamil Nadu’s stable industrial ecosystem, advanced infrastructure, connectivity, and business-friendly policies. He expressed gratitude for the opportunity to invest in the state and commended Chief Minister MK Stalin’s efforts to make Tamil Nadu a socio-economic powerhouse.
The Adani Group’s presence in Tamil Nadu encompasses various sectors, including ports and logistics, edible oil, power transmission, city gas distribution, data centers, green energy, and cement manufacturing. Adani Ports and Special Economic Zone, which currently operates the Kattupalli and Ennore Ports, has invested Rs 3,733 crore in Tiruvallur district.
Adani Green Energy will invest in pump storage projects and hydroelectric energy storage systems, targeting a total capacity of 4,900 MW. The clean energy project is expected to create over 4,400 job opportunities.
The Adani-EdgeConnex data center, located near the SIPCOT IT park in Chennai, will be expanded to a 200 MW facility with an investment of Rs 13,200 crore. This expansion will make it one of India’s largest single-location investments in digital infrastructure.
Ambuja Cements plans to increase its annual capacity from 1 million tonnes to 14 million metric tonnes, with three new plants in Madukkarai, Kattupalli, and Tuticorin. These plants are expected to generate over 5,000 direct and indirect employment opportunities.
Adani Total Gas, which currently serves Cuddalore and Tiruppur districts with piped gas, aims to expand its investment in Tamil Nadu to cater to city gas distribution, liquefied natural gas, and electric vehicles.
The Adani Group’s investments in Tamil Nadu reflect its commitment to the state’s growth and development across various sectors.
The Adani Group, a prominent Indian multinational conglomerate, has recently signed a pact to invest a staggering amount of Rs 42,700 crore in the southern state of Tamil Nadu. This substantial investment aims to enhance the infrastructure, renewable energy, and port development sectors of the state. The agreement aligns with the Indian government’s mission to boost economic growth and attract foreign investments. This collaboration is expected to create numerous job opportunities and contribute significantly to the overall development of Tamil Nadu.
Disclaimer: Only the headline and content of this report may have been reworked by Newsearay, staff; the rest of the content is auto-generated from a syndicated feed. The Article was originally published on Source link
