Billionaire Gautam Adani said his group is planning more than Rs 1.1 lakh crore ($12.7 billion) of new investments in India, signaling the conglomerate’s focus on growing in its home market while fighting corruption charges in the US.
This will fund projects ranging from pumped storage to cement and mining to smart-meters and thermal energy, Adani said at an investment summit in the central Indian state of Madhya Pradesh on Monday. The group is also in discussions for a greenfield smart city, an airport project and a coal-gasification project in the state at an additional investment of Rs 1 lakh crore, he added.The India investment plans of Adani come amid legal challenges it faces in the US, and a string of project setbacks in countries including Kenya and Sri Lanka.
Adani on Monday didn’t outline how his group will fund the new projects in Madhya Pradesh. Last year, the conglomerate had committed Rs 75,000 crore in Madhya Pradesh. Adani said on Monday that his group has already invested more than Rs 50,000 crore and created over 25,000 jobs across energy, infrastructure, manufacturing, logistics, and agri-business, without elaborating.