Adani Green Energy to invest Rs 60,000 crores in Andhra Pradesh; MoU signed

The Adani Group has signed a Memorandum of Understanding (MoU) with the government of Andhra Pradesh in presence of Chief Minister Jagan Mohan Reddy at the World Economic Forum in regard to an investment of Rs 60,000 crore by Adani Green Energy in the state. The investment will provide employment to 10,000 people.

Adani Green Energy will set up a 3,700 MW Hydro Storage Plant in Andhra Pradesh. The Gautam Adani-led conglomerate will also start a 10,000 MW solar power project.

Notably, the Adani Group has been executing various projects in the state and Gautam Adani had personal interactions with YSRC president and Chief Minister YS Jagan Mohan Reddy on a few recent occasions, including one on Sunday on the sidelines of the WEF.

A press release from the Chief Minister's Office (CMO) said it was an important step towards decarbonising the economy which facilitated sustainable growth in the future.

After cement, Adani enters healthcare

Billionaire Gautam Adani-led group has created Adani Health Ventures Ltd (AHVL) for its foray into healthcare services through the acquisition of hospitals, diagnostic chains, and digital and offline pharmacies.

AHVL was incorporated on May 17, 2022. AVHL will "carry on the business of healthcare-related activities including, inter alia, setting up, running, administrating medical and diagnostic facilities, health aids, health tech-based facilities, research centres and to do all other allied and incidental activities in this regard," Adani Enterprises said in a regulatory filing.

In the past few months, the group, whose primary business is operating seaports, power plants, coal mines and renewable energy, foraying into new sections like financial services, data centres, airports, real estate, digital services and media.

Adani has also entered the cement sector through the acquisition of Swiss cement giant Holcim's India operations for a total of USD 10.5 billion. Holcim has about 63% stake in Ambuja Cement which holds a 54.53% stake in ACC (of which 4.48% is direct shareholding).