- Thursday, March 13, 2025
The embattled Indian company has proceeded with plans to raise funds for its projects after getting a relief from the supreme court in the short-seller case.
By: Shubham Ghosh
INDIAN conglomerate Adani Group on Wednesday (17) said it will invest Rs 624 billion (£5.9 billion) in the Indian states of Maharashtra and Telangana as a part of its expenditure plan worth Rs 7 trillion (£66.5 billion) over the next decade.
The investment includes setting up data infrastructure in Maharashtra, with a capacity of 1 gigawatt, for Rs 500 billion (£4.7 billion).
The Adani Group’s flagship firm Adani Enterprises will also set up a 100 megawatt data centre in the southern state of Telangana, while Adani Green Energy, Ambuja Cements and Adani Defence Systems and Technologies also inked deals to set up projects in the state.
Read: India’s Gautam Adani regains crown of Asia’s richest
The Indian company owned by billionaire Gautam Adani had been planning expansion of infrastructure and started raising funds ahead of a scathing report from US short seller Hindenburg Research in January 2023.
Read: Gautam Adani on India top court verdict in Hindenburg case: ‘Truth has prevailed’
The report dealt a blow to the company’s fundraising efforts that included calling off a $2.5 billion (£1.9 billion) share sale, and erased $150 billion (£118.5 billion) from its market value.
However, the Adani Group got the backing of bankers and investors since then. Recently, the Supreme Court of India gave the company a huge relief when it said that the latter doesn’t need to undergo more probe beyond the investigation of Securities and Exchange Board of India, the country’s market regulator.
It has also enabled the conglomerate to proceed with plans to raise funds for its projects, with Adani Ports unveiling a fundraise worth $601 million (£475 million).
Last week, Adani announced a plan to invest $24 billion (£18.9 billion) in renewable energy in the western state of Gujarat over a period of five years.
(With Reuters inputs)
