Adani gorup inks MoU with TN on projects worth Rs 42,700 crore

Chennai: Diversified conglomerate Adani Group has committed investments to the tune of Rs 42,700 crore in Tamil Nadu across various sectors on the second day of the Global Investors Meet 2024 held here on Monday.

At the valedicatory session of the event organised by the ruling DMK government, memorandum of understandings between the Adani Group and the state government were signed in the presence of Chief Minister M K Stalin, Minister for Industries TRB Rajaa, Adani Ports and Special Economic Zone, Managing Director, Karan Adani.

The investments by Adani Group is one of the big ticket projects bagged by the state government.

The biggest investment of Rs 24,500 crore (of the total Rs 42,700 crore) would be made by Adani Green Energy Ltd in three pump storage projects in the next five to seven years, Adani Group said in a company statement.

Besides, Adani ConneX, the hyperscale data centre provider of the Group, would pump in Rs 13,200 crore for setting up a data centre while Ambuja Cements (a member of Adani Group) has committed Rs 3,500 crore for establishment of three cement grinding units in the state. Adani Total Gas Ltd would invest Rs 1,568 crore in the next eight years, the statement said.

"Today's Tamil Nadu is a standout example of stability, a well-established industrial ecosystem, advanced infrastructure, total connectivity, safe and secure neighbourhoods, business-friendly policies..." said Adani.

"His (Stalin's) drive to make Tamil Nadu a socio-economic powerhouse has pulled a growing number of business houses to invest in this state - and the Adani Group is privileged to be one of them," he added.

The Adani Group's presence in Tamil Nadu is across sectors including ports and logistics, edible oil, power transmission, city gas distribution, data centres, green energy and cement manufacturing.

The Adani Ports and Special Economic Zone currently operates Kattupalli and Ennore Ports near Chennai and have made investments worth Rs 3,733 crore so far.

On the Adani Green Energy Ltd, which would be setting up three pump storage projects, the company said, "it is targeting a total capacity of 4,900 MW through facilities in Thenmalai, Alleri and Aliyar (in Tamil Nadu)".

The project envisages creation of 4,400 jobs in the region, the statement added.

Tamil Nadu secured Rs 6.64 lakh crore worth of investments committed by various multi-nationals across sectors during the Global Investors Meet 2024. The investments would lead to creation of 26.90 lakh jobs in the state.