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Adani announces Rs 55,000 crore investment in Gujarat in next five years

Adani Group has Thursday announced plans to foray into petrochemical business with a Rs 16,000 crore project with German chemical major BASF

Press Trust of India  |  Ahmedabad 

Gautam Adani
Gautam Adani

Billionaire Friday announced over Rs 55,000 crore investment in next five years in a clutch of projects in including the world's largest solar park, a copper plant, a unit, and a

Adani Group, which operates in the state, had Thursday announced plans to foray into petrochemical business with a Rs 16,000 crore project with German chemical BASF.

Speaking at the 9th Summit here, Adani said his group's investments in in the past five years exceed Rs 50,000 crores and "we are further accelerating our investments."

"Over the next 5 years, our investments will include the world's largest solar hybrid park in Khavda. The anticipated investment in this park is Rs 30,000 crore.

"We also plan to establish a 1 GW Data Center Park in Mundra, a one million ton copper smelting and refining project, a and clinker manufacturing unit in Lakhpat, an integrated and expand our Photovoltaic Overall, we anticipate a total of Rs 55,000 crore of investment in all these projects," he said.

This will lead to the creation of over 50,000 new direct and indirect jobs in the state.

The Rs 55,000 crore investment announced Friday does not include the petrochemical plans to set up in a joint venture with BASF at Mundra.

ALSO READ: Adani partners Germany's BASF for Rs 16,000-crore petrochem foray

Headquartered in Ahmedabad, is an integrated with interests in resources (and trading), logistics (ports, logistics, shipping and rail), (renewable and thermal power generation, transmission and distribution), agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, and defence sectors.

Adani praised Narendra Modi's vision saying he has "fundamentally restored confidence across the world that will be the key engine for global economic growth."

"Your (Modi's) ability to stabilise the economic fundamentals with low inflation rates, strict management of fiscal deficits, introduction of the largest tax reform since independence (GST), establishing the bankruptcy code, and strong relationships with key nations across the world has cemented India's place as one of the best nations to invest in," he said.

ALSO READ: Adani Group to foray into petrochemicals via joint venture with BASF

had made an unprecedented 53 point jump on the ease of doing business index and has become the world's fastest-growing economy, he said. "And under your (Modi's) watch will become one of the world's top five economies in 2019.

First Published: Fri, January 18 2019. 13:40 IST