Former richest man in India: Plans to invest US$24 billion to build green energy park
On January 10, Indian billionaire Gautam Adani announced an ambitious plan at the "Gujarat Vibrant Global Summit": In the next five years, he will invest 2 trillion rupees (approximately (totaling US$24 billion) to create 100,000 direct and indirect jobs. It is understood that the founder of the huge Adani Group is now worth 88.8 billion euros, ranking 12th on the world's richest list.
Adani revealed that his group is building the "world's largest green energy park" covering an area of 25 square kilometers and generating 30 gigawatts of electricity in the Kutch region.
He said the Adani Group is creating a renewable energy ecosystem that includes solar panels, wind turbines, hydrogen electrolyzers, and green ammonia.
Shockingly, Adani said his companies have invested more than 500 billion rupees in the region, including 550 billion rupees pledged by 2025. As soon as the news was announced, the share prices of listed companies under the Adani Group rose collectively, with Adani Enterprises (ADEL.NS) rising by 2.77%, Adani Ports (APSE.NS) rising by 1.44%, and Adani Green Energy (ADNA.NS) rising by 2.77%. 2.37%.
International Energy Network learned that the businessman started his career in diamond trading and later founded a company called Adani Exports Limited in 1988. In 1996, Adani spotted the opportunity of privatization of India's energy industry and established Adani Energy Company, becoming an Indian coal giant.
In 2010, he spent US$16 billion to buy the 60-year right to use the Carmichael coal mine in Australia, setting a record for India's largest overseas investment. He gradually secured his position as "India's largest coal boss". Because the Adani Group he founded already accounts for more than one-third of India's coal imports.
It currently has companies in key sectors such as ports, power, social media, and clean energy. Today its business spans energy, ports and logistics, mining and resources, natural gas, defense and aerospace, and airports. The group has pledged to invest $100 billion over the next decade to achieve a green transition.
Gujarat is the home state of Indian Prime Minister Narendra Modi and the country's main industrial hub. Adani's fortune-making process is closely related to Prime Minister Narendra Modi, and their relationship can be traced back to 2003. At that time, Modi, who was the Chief Minister of Gujarat (equivalent to the provincial governor), was being criticized for his failure to properly handle the Gujarat riots. Adani publicly defended Modi at a meeting and later helped Modi launch the "Vibrant Gujarat" global investment summit. This summit attracted a lot of investment to Gujarat and became Modi’s political achievement.
