India's Adani Group will invest 650 billion Indian rupees ($7.9 billion) in the northern Indian state of Rajasthan over the next five to seven years, its founder, and Asia's richest man, Gautam Adani said on Friday.
Adani said late last month his company would invest more than $100 billion over the next decade, most of it in the energy transition business.
The ports-to-energy conglomerate will invest in the renewables business, cement manufacturing, expanding an airport and developing networks to deliver piped natural gas (PNG) and compressed natural gas (CNG), Adani told an investment summit in the state on Friday.
"Combining all ongoing and future investments, we anticipate investing an additional Rs 65,000 crore ($7.90 billion) in Rajasthan over the next five to seven years and creating over 40,000 direct and indirect jobs," Adani told the summit.
The Adani Group has announced deals worth billions of dollars this year alone, the biggest one being its $10.5 billion acquisition of Holcim AG's cement businesses in India - Ambuja Cements Ltd and ACC Ltd.[nL4N3000T1
A significant part of the company's capacity expansion in cement will come from Rajasthan, Adani said, adding that the company anticipates investing 70 billion Indian rupees ($850.68 million) to double its cement manufacturing capacity in the state.
($1 = 82.2870 Indian rupees) (Reporting by Shilpa Jamkhandikar in Mumbai, Editing by Louise Heavens)