ADAG plans Rs 75,000-cr investment

The Reliance Anil Dhirubhai Ambani Group (ADAG) today said it would scale up its quantum of investment in Madhya Pradesh to Rs 75,000 crore from Rs 50,000 crore over the next five years in sectors like power and cement.

“If it is translated in terms of per hour investment, within the last two hours, we have invested Rs 5 crore. This is our commitment. We are investing Rs 60 crore per working day,” Group Chairman and Chief Executive Officer Anil Ambani said while delivering the keynote address at the concluding ceremony of the two-day Khajuraho Global Investors Meet –II here. These investments would create 0.1 million jobs in the state, claimed Ambani. Giving details about the slew of projects the group had chalked out, he said the group’s two power plants in the state would have a combined capacity of 12,000 megawatt (Mw).

Reliance Power, an ADAG arm, is developing a 4,000-Mw coal-based ultra mega power projects at Sasan and another plant of similar capacity at Chitrangi in Singrauli district.

The group would develop India’s largest private sector mine in the state, with a production capacity of 25 million tonnes of coal per annum.

Ambani said they had decided to increase the capacity of their proposed cement plant in Chitrangi to 20 million tonnes from 10 million tonnes. “Considering the large coal fly ash to be generated from these power plants, we will convert limestone and fly ash into high-class cement, and with the support of the state we are ready to double the capacity of our proposed cement plant from 10 million tonnes to 20 million tonnes,” Ambani said.