Adani Group may invest more than $88 billion into renewable energy and cement in Rajasthan: Report

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More than 50% of these investments will be made over the next five years, the report quoted Karan Adani as having said while speaking at an investment summit in the state.

As part of the investments, four new cement plants will be built for an additional capacity of 6 million tonnes per annum.

Apart from this, the group is also planning to build the world’s biggest integrated green energy ecosystem involving 100 gigawatts (GW) of renewable energy.

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This is the first major announcement by the group after US authorities accused the group’s Chairman Gautam Adani as well as some other top executives of being part of a $265 million bribery scheme to secure green energy contracts.

The group has denied the allegations, calling the charges “baseless.”

That came with the group having previously committed to investing $100 billion in renewable energy, valuing their green energy business up to $160 billion.

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For this reason, Adani Green Energy Ltd is building an energy park in Gujarat with a 50 GW production capacity which it expects to complete by 2030.