Telangana govt, Adani Portfolio ink MoUs worth over Rs 12,400 cr

DAVOS:  In a major development at the World Economic Forum (WEF) 2024 in Davos, the Government of Telangana and the Adani Portfolio of Companies signed four Memorandums of Understanding (MoUs) totalling over Rs 12,400 crore.

According to a media release by Adani, the agreements inked in the presence of Telangana’s Chief Minister, Revanth Reddy, and Adani Group’s Chairman, Gautam Adani, signify a significant stride towards fostering green, sustainable, inclusive, and transformative economic growth in the region.

The first major commitment came from Adani Enterprises Limited (AEL), pledging to invest over Rs 5,000 crore in establishing a cutting-edge 100 MW data centre over the next 5-7 years.

The data centre, a cornerstone of technological advancement, will prioritize sustainability by relying on renewable energy sources for its operations.

AEL also emphasizes collaboration with local Micro, Small, and Medium Enterprises (MSMEs) and startups to develop a globally competitive supplier base for the project.

This initiative is expected to generate direct and indirect employment opportunities for 600 people.

In a significant move towards sustainable energy solutions, Adani Green Energy Limited (AGEL) announced an investment exceeding Rs 5,000 crore for the establishment of two pump storage projects (PSPs).

These projects, with capacities of 850 MW at Koyabestagudem and 500 MW at Nacharam, underscore AGEL’s commitment to environmentally conscious practices and bolstering the state’s energy infrastructure.

The third MoU was inked by Ambuja Cements, outlining a Rs 1,400 crore investment to construct a state-of-the-art 6 Million Tonnes Per Annum (MTPA) cement plant in the next five years. Spanning accross 70 acres, the plant is set to significantly augment Ambuja’s production capabilities, offering employment opportunities for over 4,000 individuals, both directly and indirectly.

Adani Defense Systems and Technologies Limited brought forth a substantial commitment, pledging over Rs 1,000 crore for the next decade. The investment focuses on establishing a comprehensive ecosystem dedicated to the research, development, design, manufacturing, and integration of counter-drone and missile systems.

The Adani Aerospace Park will serve as a hub for these critical defence capabilities, contributing to India’s defence preparedness and generating employment for over 1,000 people. The signing of these MoUs marks a collaborative effort to drive economic prosperity, technological advancement, and employment generation in Telangana.

The strategic alignment between the state government and Adani’s diverse portfolio underscores a shared vision for sustainable development and innovation.

The agreements are anticipated to pave the way for transformative economic activities, positioning Telangana as a key player in India’s growth trajectory.