The Adani Group is set to invest over Rs 70,000 crore in the most populated State of India in the near future. The announcement was made by Adani Group’s chairperson at the ongoing event – ‘Ground Breaking Ceremony @3.0 of the UP Investors Summit in Lucknow on 03 June, 2022. He said that the Group will be creating over 30,000 jobs in the State.
Gautam Adani, who has a net worth of $98.7 billion as per the Bloomberg’s list of world’s wealthiest persons, said that the Adani Group will invest Rs 24,000 crore to develop road and transport infrastructure in the State. Moreover, in the second round of investment, the Group will add another Rs 35,000 crore in multimodal logistics and defence sectors.
The Summit was attended by Prime Minister Narendra Modi, who laid the foundation stone for more than 1400 projects worth over Rs 80,000 crores in Uttar Pradesh. During the event, the PM expressed confidence in the State saying that Uttar Pradesh “will give momentum to India’s growth story in the 21st century” and that in the next 10 years, it “will be a big driving force for India”.
The projects include agricultural, IT, MSME, manufacturing, renewable energy, pharma, tourism, defence & aerospace, handloom & textiles sectors.
The announcement comes at a time, when the country’s economy is tense and inflation is soaring. In fact, Adani Group chairman’s fortune nose-dived after a significant erosion in valuation of shares of his Group firms over the last few weeks and currently, has slipped to ninth spot from fourth a few weeks back.