Adani, Ambani make Rs 1.68 trn investment pledge in Rajasthan: Report

Under the 'Invest Rajasthan' outreach programme, Rajasthan received the biggest investment pledges from Gautam Adani-led Adani Group and the Mukesh Ambani-chaired Reliance Industries Ltd

Under the ‘Invest Rajasthan’ outreach programme, state Chief Minister Ashok Gehlot led Rajasthan government received the biggest investment pledges from Gautam Adani-led Adani Group and the Mukesh Ambani chaired Reliance Industries Ltd (RIL), a report by The Indian Express said. 

Adani Group and RIL pledged more than Rs 1.68 trillion between December 2021 and March 2022 in Letters of Intent (LoIs) and Memoranda of Understanding (MoUs) with the Rajasthan government, data by the state's Bureau of Investment Promotion (BoIP) following the RTI application showed, stated the IE report. Adani and Ambani's pledge in total accounts for nearly 18 per cent of the total value of the investment pledge of Rs 940,453 crore during the period. 

The 'Invest Rajasthan' programme is, according to the BoIP website, the “State’s active investor outreach program comprising domestic, national, and international investor meets, embassy connect programs and virtual seminars. The program aims at soliciting investment proposals, processing them on a mission mode and taking them to fruition.”

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This comes even as the Congress leader Rahul Gandhi, earlier in February, accused the ruling Bharatiya Janata Party at Centre of 'crony capitalism' and said Adani and Ambani were the 'double-A variant' spreading in the nation's economy, leading to monopolies across various sectors. 

Reliance New Energy Solar Ltd made an investment pledge of Rs 1 trillion, Adani Green Energy Ltd of Rs 60,000 crore, followed by Adani Infra Ltd, Adani Total Gas Ltd, and Adani Wilmar Ltd at Rs 5,000 crore, Rs 3,000 crore, and Rs 246.08 crore, respectively, showed the data reported by IE. 

Nearly 4,106 firms have pledged to invest in the Congress-ruled states. Some of them are JSW Future Energy Ltd and Sterlite Power Technologies Pvt. Ltd at Rs 40,000 crore each, Hindustan Zinc Cairn, also of Vedanta Group at Rs 33,350 crore, Axis Energy and Axis Energy Ventures Pvt. Ltd. at Rs 30,000 crore each, Eden-Renewables at Rs 20,000 crore and Tata Power at Rs 15,000 crore, the report stated.