Adani Group to infuse ₹60,000 cr in Odisha over next 10 years | News Bharat

Business tycoon Gautam Adani-led Adani Group is ready to invest 60,000 crore ($7.39 billion) over the next 10 years in the mineral-rich state of Odisha, it said Reuters on December 1.

According to the report, Adani Group will commission a liquefied natural gas (LNG) terminal with a capacity of 5 million tonnes at Dhamra port in the state in December.

The firm also plans to double that capacity in the next five years, Adani Ports and SEZ CEO Karan Adani said in a speech at an investment meeting in the state.

“Our continued commitment to Odisha is shown in our planned capital investment which will exceed 60,000 Cr over the next ten years. I expect this to create tens of thousands of direct and indirect jobs,” Adani said in his speech.

READ ALSO: Adani Group to redevelop Dharavi: All about A long-delayed project for 20,000 kroner

Earlier in September, Gautam Adani said his firm would invest more than $100 billion over the next decade, with 70% earmarked for the energy transition space.

Meanwhile, Tata Steel MD & CEO TV Narendran also announced that it will continue to invest in the state, which has 25 percent of India’s total steelmaking capacity. It has already made investments of over 75,000 crore in Odisha.

Narendran made the remarks at the Make in Odisha Conclave 2022 in Bhubaneswar.

“The Tata group of companies, and specifically Tata Steel, is investing more 75,000 crore in Odisha in the last five years. We will continue to invest to support growth in Odisha,” news agency PTI cited by the officer.

Tata Steel has in the past built its plant at Kalinganagar and has also acquired several assets which include the Neelachal Ispat plant. It is the largest steel producer in Odisha, producing about 9 million tonnes of steel annually, Narendran said.

“We plan to double this in the next few years as we expand across all our locations in Odisha. Odisha accounts for 1/4th of the steel production capacity in the country today,” he said.

With the participation of the agency.

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