Adani Group to invest Rs 1 lakh-crore in Karnataka over 7 years: Says Karan Gautam Adani at Karnataka Global Investors Summit

Karan Gautam Adani

Adani Group to invest Rs 1 lakh-crore in Karnataka over 7 years: Says Karan Gautam Adani at Karnataka Global Investors Summit

November 3, 2022: Karan Gautam Adani, son of Adani Group chairman Gautam Adani and CEO of Adani Ports and SEZ, on Wednesday termed Karnataka as one of India’s hottest investment destinations.

Not only does the state attract lakhs of tourists, it also welcomes investors and businesses, he said. IT exports worth $65 billion, a third of our nation’s total, is an undeniable testament to your state and India’s growing growth trajectory,” Adani said at Invest Karnataka: Global Investors Meet which was launched today.

Emphasizing that it is very clear that our purpose of building for the world is clearly practical, Karan Adani said that Karnataka’s mix of ingenuity and efficiency dominance has invited business houses like the Adani Group.

“Having already invested over Rs 20,000 crore, we are active in multiple sectors, from cement, power, city gas and edible oil to transport, logistics and digital,” Adani said, adding that they are the largest independent power producer in the state.

The 1,200 MW Udupi Power plant accounts for about 25 per cent of Karnataka’s total installed thermal capacity, he noted.

The conglomerate also has an installed renewable energy capacity of about 1,100 MW spread over 21 locations and, as the world’s largest solar power developer, will invest more in the renewable energy sector in the state.

“We have an installed cement production capacity of over 7 million tonnes across 4 plants in Karnataka and will look to expand our footprint.

On the coastal side, in South Karnataka and Udupi district, we are ramping up our operations,” shared Adani. Mangaluru International Airport is getting a facelift and the Adani Group will be expanding that airport as well.

They will also expand presence in the CNG sector as their CNG stations are coming up at 11 key locations along with 50 km of piped CNG lines.

Additionally, Adani Wilmar, India’s top FMCG brand, by Fortune, is expanding its presence in Mangaluru, asserted Karan Adani.

“No investment portfolio in Karnataka would be complete without digital and we want to capitalize on the unmatched strength the state offers in the tech space.

Across all sectors combined, we will invest nearly Rs 1 lakh crore in the state over the next seven years,” he said.

Additionally, the Group, through the Adani Foundation, is also intensifying its social intervention and outreach programs across the coast in several sectors including education, community health, rural infra and sustainable livelihoods that directly and indirectly touch the lives of over 1.2 million people.

Meanwhile, the three-day Invest Karnataka: Global Investors Meet was inaugurated on Wednesday. The aim of the event is to set the state’s development agenda for the next decade.

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