Telangana signs deals worth Rs 12,400 cr with Adani Group at Davos summit

The Adani Group, one of the world’s largest infrastructure conglomerates, and the Telangana government on Wednesday signed four agreements committing investments worth more than Rs 12,400 crore in the state.

The memoranda of understanding were signed at the World Economic Forum in Davos in the presence of Telangana Chief Minister Revanth Reddy and Gautam Adani, chairman of the Adani Group. The agreements will help build the foundations for Telangana’s economic growth that is “green, sustainable, inclusive, and transformative”, said a statement by the Adani Group.

Adani Enterprises Limited (AEL) will invest more than Rs 5,000 crore in a 100 megawatt (Mw) data centre, which would be powered by renewable energy and set up over five to seven years. AEL will work with businesses and startups in Telangana to develop a globally competent supplier base for the project. The data centre would provide direct and indirect employment to 600 people.

Adani Green Energy Limited (AGEL) will invest more than Rs 5,000 crore to set up two pump storage projects: One of 850 Mw at Koya Bestagudem and another of 500 Mw at Nacharam. Ambuja Cements will invest more than Rs 1,400 crore to set up a 6 million tonnes per annum cement plant in the next five years. The unit would be set up across 70 acres and would significantly enhance Ambuja’s capability. It will provide employment for over 4,000 people.

Adani Defence Systems and Technologies Limited will invest more than Rs 1,000 crore in 10 years to set up a "comprehensive ecosystem" for the research, development, design, manufacturing and integration of counter drone and missile systems at the Adani Aerospace Park in Hyedrabad. The ecosystem developed through these projects will "significantly enhance" India's defence capability and provide employment to more than 1,000 people, said the statement.