This comes days after Reliance Industries Chairman Mukesh Ambani said that they will make new investments in renewable energy and green hydrogen in Tamil Nadu.
The Adani Group has signed Memorandums of Understanding (MoUs) with Tamil Nadu for investments exceeding Rs 42,700 crore at the Global Investors Meet 2024.
The largest amount, Rs 24,500 crore, will be invested by Adani Green Energy Ltd into three pump storage projects (PSP) over the next 5-7 years.
This comes days after Reliance Industries Chairman Mukesh Ambani said that they will make new investments in renewable energy and green hydrogen in Tamil Nadu. Ambani, who skipped the Global Investors Meet hosted in the state, sent a video message in which he said that the conglomerate would collaborate with the state government to promote sustainable development.
Others present at the MoU signing included 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.
Adani Connex is set to invest Rs 13,200 crore in a hyperscale data centre over the next seven years, while Ambuja Cements will contribute Rs 3,500 crore to establish three cement grinding units in the next five years. Adani Total Gas Ltd plans to invest Rs 1,568 crore over eight years.
Karan Adani praised Tamil Nadu's stability, established industrial ecosystem, advanced infrastructure, connectivity, and business-friendly policies. Referring to Chief Minister MK Stalin, Adani recognized his efforts to make Tamil Nadu a socio-economic powerhouse.
"Today's Tamil Nadu is a standout example of stability, a well-established industrial ecosystem, advanced infrastructure, total connectivity, safe and secure neighbourhoods, business-friendly policies with an able and efficient team of officers, and a diverse and highly-skilled workforce with more women in the ranks than anywhere else in the country!" Karan Adani said.
The Adani Group's presence in Tamil Nadu includes ports and logistics, edible oil, power transmission, city gas distribution, data centres, green energy, and cement manufacturing.
Adani Ports and Special Economic Zone, the integrated ports and logistics company, has invested Rs 3,733 crore in Tiruvallur district, operating the Kattupalli and Ennore Ports catering to the Chennai and Sri City regions. Meanwhile, Adani Green Energy's investment will focus on PSP plants and hydroelectric energy storage systems, targeting a total capacity of 4,900 MW. This clean energy project is expected to create over 4,400 job opportunities.
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