WEF 2024: After Telangana, Adani announces ₹50,000 cr investment in Maharashtra

After signing a pact with the Telangana government to invest ₹12,400 crore in the state, Adani group has proposed to invest ₹50,000 crore in Maharashtra. The memorandum of understanding (MoU) was signed by Adani group chairman Gautam Adani in the presence of Maharashtra Chief Minister Eknath Shinde at the World Economic Forum (WEF) 2024 in Davos on January 17, 2024, the power-to-port conglomerate says.

As per the agreement, Adani group flagship, Adani Enterprises will set up 1 GW hyperscale data infrastructure in the state at an investment of ₹50,000 crore, over the next 10 years. The data centre infrastructure will be set up in Mumbai or Navi Mumbai and Pune, which will be powered by renewable energy. The move will boost the green energy infrastructure in Maharashtra, and provide direct and indirect employment to 20,000 people, says the company.

“The Adani Group also intends to make deemed distribution investments to power the proposed 1 GW hyperscale data center infrastructure."

The Maharashtra government is interested in promoting information technology related infrastructure and services and considers the proposed hyperscale project to be economically and socially beneficial to the state.

Earlier, Adani portfolio of companies inked four MoUs with the government of Telangana for investment of over ₹12,400 crore, at the WEF 2024. These pacts intend to help build the foundations for economic growth of Telangana that is green, sustainable, inclusive, and transformative, the group says in a separate release.

As part of the MoU, Adani Enterprises will invest over ₹5,000 crore in a 100 MW data centre, which would be powered by renewable energy, over the coming 5-7 years. While Adani Green Energy will invest over ₹5,000 crore to set up two pump storage projects (PSPs) - 850 MW at Koyabestagudem and 500 MW at Nacharam, Ambuja Cements will invest ₹1,400 crore to set up a 6 MTPA cement plant in the next five years.

Besides, Adani Defence Systems and Technologies will invest over ₹1,000 crore in 10 years to set up an ecosystem for the research, development, design, manufacturing, and integration of counter drone and missile systems at the Adani Aerospace Park.

Adani Enterprises says it will work closely with local MSMEs and startups to develop a globally competent supplier base for the data centre project, which would provide employment, both direct and indirect, to 600 people. Ambuja Cements will set up a plant across 70 acres , which will employ over 4,000 people, both directly and indirectly.