Introduction
The Adani Group, one of India’s largest conglomerates, has announced its intention to invest Rs 2 lakh crore ($24 billion) in the green energy and renewable energy sectors in Gujarat over the next five years. This was revealed by the group’s chairman, Gautam Adani, at the Vibrant Gujarat summit held on January 10, 2024. The investment is expected to create around 1 lakh direct and indirect jobs in the state and boost its economic growth.
Green Energy Park in Kutch
One of the major projects that the Adani Group is undertaking in Gujarat is the construction of a green energy park in Kutch, which spans 25 sq km and has a capacity of 30 GW. This is the largest integrated renewable energy project in the world, according to Adani. He said that the project is not only a remarkable feat but can even be seen from space. The green energy park will produce solar panels, wind turbines, hydrogen electrolysers, green ammonia, PVC, and expansions in copper and cement production.
India’s Economic Progress
Adani also praised India’s economic progress under the leadership of Prime Minister Narendra Modi. He said that since 2014, India has achieved a remarkable 185% growth in GDP and 165% growth in per capita income. He also said that India is on track to become a $5 trillion economy by 2025 and a $10 trillion economy by 2030. He attributed this success to the government’s reforms and initiatives such as Make in India, Digital India, Startup India, Skill India, and Aatmanirbhar Bharat.
Adani’s Wealth
Adani also regained his position as the richest person in Asia after the Supreme Court ruled that no further investigations were required into the allegations made by Hindenburg Research against his group. His net worth increased by $7.7 billion in a single day to reach $97.6 billion, surpassing Mukesh Ambani, the chairman of Reliance Industries Ltd., as Asia’s wealthiest individual, according to Bloomberg Billionaires Index. This comeback marks the end of an eventful year for the Adani Group, which faced a significant loss in market value despite denying the allegations of corporate fraud made by Hindenburg.