India’s leading multinational conglomerate, the Adani Group, plans to invest USD 20 billion in the renewable energy sector, including component manufacturing, transmission and distribution, over the next 10 years, group chairman Gautam Adani said at the JP Morgan summit.
He said three-fourths of the group’s capital expenditure would be in green technology. At present, the Adani Group has 19.3 GW of renewable energy generation capacity. The group will also focus on investments in the infrastructure sector and plans to start new business within Adani Enterprises and subsequently list them as separate companies. “Our real phase of accelerated growth is just beginning,” he said, adding that the group had acquired more than 50 assets in the past eight years for USD 12 billion. He stressed that his aim was to develop deep operational expertise and grow aggressively in each of his businesses, both organically and inorganically.
He said the group would operate the Navi Mumbai airport by 2024. There are plans to create a super application to combine all the proposals of the group. He added that the new businesses to come will include all digital-related enterprises that now extend to data centers, industrial clouds and Adani Digital Labs. At 1331 IST, Adani Enterprises shares were trading 1.5 per cent higher at Rs 1,438.75 and Adani Green Energy shares were trading 1.2 per cent lower at Rs 1,117.25 on NSE. Adani Group Chairman Adani said that the Adani Group is on track to become the world’s largest renewable energy generation company by 2030.