Adani group inks pact with Telangana govt to invest Rs 12,400 Cr on projects

Hyderabad: The Adani group and the Telangana Government on Wednesday signed four memorandums of understanding (MoU) for investments of over Rs 12,400 crore in the state.

The MoUs were signed, in the presence of Chief Minister Revanth Reddy and the Chairman of the Adani Group, Gautam Adani, at the World Economic Forum 2024 in Davos, Switzerland, a press release from the Adani group said.

As part of the MoU, 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 next five to seven 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 release said.

Adani Green Energy Limited (AGEL) will also invest over Rs 5,000 crore to set up two pump storage projects – 850 MW at Koyabestagudem and 500 MW at Nacharam here, while Ambuja Cements will invest Rs 1,400 crore to set up a 6 MTPA cement plant in the next five years. It will provide employment to over 4,000 people, both directly and indirectly, the release said.

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 release said.

The ecosystem developed through these projects would significantly enhance the defence capability of India and provide employment to over 1,000 people, the release said.