Updated January 17th, 2024 at 13:57 IST
Adani Group to invest Rs 12,400 crore in Telangana
Adani Enterprises, the group's flagship company, is set to establish a 100-megawatt data centre with an investment of Rs 5,000 crore.
Billionaire Gautam Adani-backed Adani Group has unveiled plans to invest more than Rs 12,400 crore in Telangana, marking a significant stride in its Rs 7 lakh crore expenditure blueprint for the next decade.
As part of these investment commitments, Adani Enterprises, the group's flagship company, is set to establish a 100-megawatt data centre with an investment of Rs 5,000 crore. Adani Green Energy, Ambuja Cements, and Adani Defence Systems and Technologies have also entered into deals to initiate various projects in the state.
The announcement follows a challenging period for the Adani Group, which faced heightened regulatory scrutiny and fundraising setbacks after a critical report from US short-seller Hindenburg Research in January last year. The report led to the cancellation of a $2.5 billion share sale and a substantial decline of $150 billion in market value.
Despite these challenges, the conglomerate has managed to regain investor confidence and support from financial institutions. The Supreme Court recently provided relief to Adani by stating that the group does not require additional investigations beyond the ongoing probe by the market regulator.
This positive turn of events has empowered the Adani Group to proceed with its fundraising efforts and project plans. Last week, the conglomerate pledged a substantial $24 billion investment over the next five years in renewable energy projects in Gujarat.
Adani Group's continued commitment to strategic investments and expansion aligns with its long-term vision, signalling renewed confidence in its ability to overcome challenges and contribute significantly to India's economic growth.
Published January 17th, 2024 at 13:57 IST