According to Reuters, business tycoon Gautam Adani’s Adani Group plans to invest 60,000 crores ($7.39 billion) in the mineral-rich state of Odisha over the next ten years.
According to the report, Adani Group will open a liquefied natural gas (LNG) terminal with a capacity of 5 million tonnes in the state’s Dhamra port in December.
Adani Ports and Special Economic Zone CEO Karan Adani said during a speech at a state investment summit that the company plans to double its capacity within the next five years.
“Our continuing commitment to Odisha is showcased in our planned capital investment that will exceed ₹60,000 Cr over the next ten years. I anticipate this will create tens of thousands of direct and indirect jobs,” Adani said in his speech.
Gautam Adani had previously stated in September that his company would invest more than $100 billion over the next decade, with 70% earmarked for the energy transition space.
Meanwhile, Tata Steel MD & CEO T V Narendran announced that the company will continue to invest in the state, which accounts for 25% of India’s total steel production capacity. It has already invested over Rs.75,000 crore in Odisha.
The remarks were made by Narendran at the ‘Make in Odisha Conclave 2022’ in Bhubaneswar.
Prasanta Patnaik