Adani Group to Invest ₹12,400 Crore in Telangana

The investment pledges encompass a 100-megawatt data center planned by Adani Enterprises, the flagship company of the Adani Group, with a proposed expenditure of 50 billion rupees.

On Wednesday, the Adani Group announced its intention to allocate over 124 billion rupees ($1.49 billion) for investments in Telangana, as part of its ten-year plan involving a total expenditure of seven trillion rupees.

The investment commitments include a 100 megawatt data centre to be set up by the group’s flagship firm Adani Enterprises for 50 billion rupees.

Adani Green Energy, Ambuja Cements, and Adani Defence Systems and Technologies have entered agreements to establish projects in the state.

Ahead of a scathing report from US short-seller Hindenburg Research in January last year, the billionaire Gautam Adani-owned group had been eyeing infrastructure expansion and began to raise funds.

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The report, which exposed the Adani Group to increased regulatory scrutiny, negatively impacted its fundraising endeavors, leading to the cancellation of a $2.5 billion share sale and causing a market value decline of $150 billion.

Since then, however, the conglomerate won the backing of bankers and investors, and its main seven stocks have pared losses to about $47 billion.

Earlier this month, the Supreme Court granted additional relief to Mr. Adani, stating that there is no requirement for him to undergo further investigations beyond the ongoing probe by the market regulator.

The group’s favorable situation allows it to proceed with fundraising plans, as Adani Ports announces a $601 million fundraise for projects.

Last week, Mr Adani pledged to invest $24 billion over five years in renewable energy in Prime Minister Narendra Modi’s home state of Gujarat at a business summit.

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