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Adani Group will invest over $100 billion over the next ten years, from ports to the shift to renewable energy

Speaking at the Forbes Global CEO Conference in Singapore, Adani stated that the company plans to expand its role as a solar player and has set aside 70% of its investment for the area of energy transformation.

In New Delhi: Adani Group’s Chairman Gautam Adani announced on Tuesday that the ports-to-energy conglomerate will accelerate an already aggressive expansion strategy by investing more than $100 billion over the following ten years, the most of it in the energy transition industry.

The 60-year-old started the corporation in 1988 as a commodities trading company and has since expanded into a number of industries, primarily those related to infrastructure and in line with the aims of Prime Minister Narendra Modi’s administration.

“As a group, we will invest over $100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in Singapore.

“We have earmarked 70% of this investment for the energy transition space. We are already the world’s largest solar player, and we intend to do far more.”

He omitted to mention the financing method for the investments. CreditSights, a debt research company, expressed alarm over the group’s leverage earlier this month, despite the group’s assertion that its ratios were healthy and within acceptable ranges for the industry.

According to Forbes, Adani is second only to Elon Musk in terms of personal wealth with a $143 billion fortune. The listed companies in the group have a total market capitalization of $260 billion, which has been rising rapidly in recent years.

The largest deal announced by the Adani Group this year alone was its $10.5 billion purchase of the Ambuja Cements Ltd. and ACC Ltd. cement companies in India owned by Holcim AG.

Gautam Adani stated that the organisation aimed to become a low-cost manufacturer of green hydrogen, which is obtained from water using electrolysis and is produced using renewable energy.

He claimed that a 10 gigawatt (GW) silicon-based photovoltaic chain, a 10 GW wind-turbine manufacturing facility, and a 5 GW hydrogen electrolyser plant were all currently being constructed by the firm.

“It is an absolute game changer for India and opens up the unprecedented possibility that India could one day become a net energy exporter,” he said.

India is currently the third-largest importer and consumer of crude oil in the world.

Adani claimed that his organisation operated 25% of the country’s airports’ passenger traffic and 40% of their air freight. With a 30% market share, it is also India’s biggest port and logistics firm.

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