Gautam Adani, Asia’s second-richest individual, has announced ambitious plans for his conglomerate to invest over 1.6 trillion rupees ($18.4 billion) in two Indian states, despite facing corruption charges in the United States.
On Tuesday, Adani pledged 500 billion rupees ($5.7 billion) for projects in Assam, targeting sectors such as airports, city gas distribution, transmission lines, cement production, and road infrastructure. This came just a day after he revealed a 1.1 trillion rupee ($12.7 billion) investment package for Madhya Pradesh, covering initiatives like pumped storage, cement manufacturing, mining, smart meters, and thermal energy.
Speaking at an event in Madhya Pradesh on Monday, Adani also disclosed ongoing negotiations for additional projects in the state, including a greenfield smart city, an airport, and a coal-gasification venture, potentially worth another 1 trillion rupees.
These plans emerge as the Adani Group navigates legal hurdles in the U.S., where the Department of Justice indicted Adani in November over an alleged bribery scheme to secure contracts—claims the conglomerate strongly denies.
The group has also encountered project setbacks in Kenya and Sri Lanka, complicating its international fundraising efforts.
While such announcements at investor summits often represent intentions rather than firm commitments, Adani’s focus signals a strategic pivot toward expanding within India – his home market.
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According to Bloomberg, Adani did not specify funding sources for the Madhya Pradesh projects. Last year, the group committed 750 billion rupees to the same state to boost power generation, cement grinding, and other industries.
Financing these ventures could prove challenging. Reports suggest Adani Green Energy Ltd., a group subsidiary, is negotiating with local lenders to refinance up to $1.1 billion of dollar-denominated debt into rupees.
He said his conglomerate has already invested over 500 billion rupees, generating more than 25,000 jobs across sectors like energy, infrastructure, manufacturing, logistics, and agri-business, though he offered no further details.
The new investment plan shows Adani’s determination to grow in India, even as global scrutiny and financial pressures mount.
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