Gautam Adani’s conglomerate will spend more than $20 billion (over Rs 1.45 lakh crore) in the next 10 years on building a renewables ecosystem, days after fellow Indian billionaire Mukesh Ambani committed investments to clean energy.
The group would invest the money across renewable energy generation, component manufacturing, transmission and distribution, Adani, chairman of the conglomerate, said at JPMorgan’s Sixth India Investor Summit.
The ports-to-power conglomerate will triple the share of renewable electricity generation capacity over the next four years from 21% to 63%. A scale, Adani said, at which no other company in the world is ramping up.
He said by 2030, the group will be the first Indian company to power all its data centres with renewable energy. The company has earmarked 75% of planned capital expenditure until 2025 for green technologies, he said.
Adani’s green plan follows Ambani’s announcement that Reliance Industries Ltd. will spend Rs 60,000 crore over the next three years to create and offer a fully integrated end-to-end renewables energy eco-system. Reliance has also committed to net-zero carbon target by 2035.
According to Adani, his group is looking to achieve an integrated value chain, scale, and experience and that would put the country on the path to be the producer of the least-expensive green electron in the world.
He said the group will be the first port business that is ahead of its target to get to net zero by 2025.
The Adani Group, he said, has already taken steps to towards digitising the country with businesses spanning data centres, industrial clouds, and the Adani Digital Labs.