13 Mar 2023
Indian conglomerates run by billionaires Mukesh Ambani and Gautam Adani said they will develop a combined 25 gigawatts of renewable power in the southern Indian state of Andhra Pradesh, as the fossil fuels- led groups continue to low ahead with their green energy goals.
Reliance Industries Ltd. Will build 10 Gigawatts of solar power in the state, Ambani, Asia’s richest person, chief executive officer of Adani Ports & Special Economic Zone Ltd., said his group is committed to constructiong 15 Gigawatts of renewables capacity across five districts over next few years.
Neither group shared investment outlay for these projects in Andhra Pradesh. While Reliance made its early fortune in petrochemicals and refining, and Adani on coal trading, both conglomerates are rapidly pivoting away with ambitious green energy goals. Ambani announced a $75 billion investment plan last year and Gautam Adani promised to spend $70billion across value chain, through his group has lately been consumed by damage-control efforts after a bombshell short seller report triggered a stock and bond rout.
The Reliance and Adani firms already have a sizable presence in the state, with the former managing two sizable ports and the letter operating its offshore deep-sea gas assets in the Krishna-Godavari basin.
Mukesh Ambani The KG-D6 basin development and pipeline infrastructure have received approximately 1.5 trillion rupees ($18.3 billion) in investment from Reliance. Almost 30% of the nation’s gas production wills come from the gas now being produced.
Before the end of 2023, Reliance jio will have finished rolling out 5G throughout all of India. Reliance Retailwould purchase more manufactured items and agriculture and agro- based products from Andhra-Pradesh. Karan Adani Plan to set up two cement plants in the state with a combined capacity 10 million tons Aim to double capacity of its krishnapatnam and Gangavaram pots by adding another 100 million tons per annum in the next five years.Also looking to transform these large ports into indusrial port cites Working on developing a 400-megawatt data center in VishkhapatnamThe investment commitments by the two groups- both important players in India’s energy transition journey- are also a vote of confidence for Andhra Pradesh, which for a long time rattled clean energy investors with its plan to renegotiate power purchase contracts.With the contacts dispute behind them, investors are now looking to harness the rich sunshine and wind of the state.
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