Adani Group to invest $70 bn in green energy, infra: Gautam Adani

Group leads the race to make India a net exporter of clean energy, says billionaire in speech to shareholders

The Adani Group will invest $70 billion in green energy transition and infrastructure projects, said chairman Gautam Adani on Tuesday as he called for "reshaping India’s energy footprint in an extraordinary way".

"The best evidence which showcased our confidence and belief in the future is our investment of $70 billion in facilitating India’s green transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future," he said at the annual shareholders' meeting of Adani Enterprises, the flagship company of the group.

The group leads the race to turn India from being dependent on imported oil and gas to one day becoming a net exporter of clean energy. "A transformation which will help reshape India’s energy footprint in an extraordinary way. While we now hold a major global renewable energies portfolio, we have made also remarkable progress in several other industries over the past 12 months.

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In one stroke, we have become the largest airport operator in India. Around these airports that we operate today we are engaged in the adjacent businesses of developing aerotropolises and creating localised community-based economic centres," Adani said.

The billionaire said his group is building India's infrastructure, winning some of the largest road contracts and growing its market share in business such as ports, logistics, transmission and distribution, city gas, and piped natural gas. "Our successful IPO of Adani Wilmar makes us the largest FMCG company in the country. And following the acquisition of Holcim’s assets in India that include two of the most recognised brand names across the country – ACC and Ambuja Cements –we are now the second largest cement manufacturer in India.

This is a classic example of our adjacency-based business model at work. In addition, we have also made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials – all aligned with the Government’s vision of an Atmanirbhar Bharat," Adani said.

Adani said he turned 60 this year, which also marks the 100th birth anniversary of his father Shantilal Adani. "To mark this milestone, the Adani family came together and decided to contribute Rs. 60,000 crores towards charitable activities related to healthcare, education, and skill development, focussing especially on rural India," he said.

"These three areas should be seen holistically, rather than separately, as they collectively form the drivers for an equitable and future-ready India. We have an opportunity in India to lift tens of millions of people permanently out of poverty. We owe it not only to ourselves but also to our country," Adani said. The group's market capitalization rose to US$ 200 billion, and the group was able to raise billions of dollars from the international markets – a direct validation of confidence in the India and Adani growth story, he said. "Our growth and success have been recognised around the world. Several foreign governments are now approaching us to work in their geographies and help build their infrastructure.

Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India’s boundaries," he said.