Adani bets big on India growth story

New Delhi, September 27

Adani Group will invest $100 billion over the next decade, primarily in new energy and digital space that includes data centres, Chairman Gautam Adani said on Tuesday, as the group bets big on India growth story.

As much as 70% of this investment will be in the energy transition space, Adani, the world’s second-richest person, said as he continued to reveal bit by bit the group’s new energy plans.

The ports-to-energy conglomerate will add 45 gigawatts of hybrid renewable power generation capacity and build 3 Giga factories to manufacture solar panels, wind turbines and hydrogen electrolyser.

“As a Group, we will invest over $100 billion of capital in the next decade. We have earmarked 70% of this investment for the energy transition space,” Adani, founder and Chairman of Adani Group, said at the Forbes Global CEO conference in Singapore.

Starting off with a modest commodities business in 1988, the 60-year-old tycoon surpassed Jeff Bezos of Amazon, French business magnate Bernard Arnault and American businessman Bill Gates to become the world’s second-wealthiest person with a fortune of $143 billion.

With interests spanning sea ports, airports, green energy, cement and data centres, the combined market capitalisation of the group’s listed companies is $260 billion. The group is already the world’s largest solar player.

“In addition to our existing 20 GW renewables portfolio, the new business will be augmented by another 45 GW of hybrid renewable power generation spread over 100,000 hectares of land — an area 1.4 times that of Singapore. This will lead to commercialisation of three million metric tonne of green hydrogen,” he said.

It will also build 3 Giga factories — one for a 10 GW silicon-based photovoltaic value-chain that will be backward-integrated from raw silicon to solar panels, a 10 GW integrated wind-turbine manufacturing facility, and a 5 GW hydrogen electrolyser factory.

“Today, we can confidently state that we have a line of sight to first — become one of the least expensive producers of the green electron — and thereafter — the least expensive producer of green hydrogen,” he said. — PTI

Gigantic plans

• As much as 70% of this investment will be in the energy transition space
• The conglomerate will add 45 GW of hybrid renewable power generation capacity and build 3 Giga factories to manufacture solar panels, wind turbines and hydrogen electrolyser
• The group plans to interconnect data centres through a series of terrestrial and globally linked undersea cables drawn at its ports and build consumer-based super-apps

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