DAVOS - The Indian state of Telangana has secured investment proposals worth Rs 36,670 ($4.89B) crore during the World Economic Forum in Davos, with significant commitments from leading industry entities. The Adani Group, a conglomerate with diverse interests, has announced an extensive investment plan focusing on renewable energy and technology.
The Group's renewable energy arm, Adani Green Energy (AGEL), is set to invest in two pumped storage projects at Koyabestagudem (850 MW) and Nacharam (500 MW). These projects are part of a larger green energy initiative that the Group is undertaking as the world transitions towards more sustainable energy solutions. AGEL has also unveiled plans for a renewable energy-backed data center project, investing Rs 5,000 crore ($666M). This initiative is expected to create approximately 600 jobs through partnerships with local MSMEs/startups.
In addition to these investments, AdaniConneX, another subsidiary of the Adani Group, will be establishing a data center project, further underlining the Group's commitment to the tech sector.
The Adani Group's investment spree in Telangana also extends to the defense sector. Adani Defence Systems has committed Rs 1,000 crores ($133M) to establish an ecosystem at Aerospace Park focused on counter-drone and missile system development. This move signifies the Group's diversification and interest in contributing to the strategic sectors of the Indian economy while providing jobs for over 1,000 people.
Moreover, Ambuja Cements plans to inject Rs 1,400 crore ($186M) into a new cement grinding unit. This unit, which will have a capacity of 6 million tonnes per annum (MTPA), is expected to support the growing infrastructure needs of the region and employ over 4,000 individuals.
Today's updates clarify that Telangana secured investments from the Adani Group totaling Rs 12,400 crore ($1.6B) across four sectors to promote sustainable economic development. The investments are split with Rs 5,000 crore going towards a renewable energy-backed data center project, another Rs 5,000 crore for two pumped storage projects, Rs 1,000 crore for the establishment of counter-drone and missile system facilities at Adani Aerospace Park, and Rs 1,400 crore from Ambuja Cements for a new cement plant. These investments are expected to generate significant job opportunities and bolster the local economy.
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