Gautam Adani, the world’s second-richest person, plans to invest $100 billion over the next decade, primarily in the green energy space.
The 60-year-old chairman of India’s Adani Group said that alongside energy transition and digital opportunities, his group will also focus on aerospace and defence, metals, and petrochemicals.
“...We are already the world’s largest solar player and intend to do far more. In this context, Adani New Industries is the manifestation of the bet we are making in the energy transition space,” Adani said at The Forbes Global CEO Conference 2022 in Singapore.
“Today, we can confidently state that we have a line of sight to first become one of the least expensive producers of the green electron and, thereafter, the least expensive producer of green hydrogen,” Adani said at the Singapore event.
Adani’s growth to the top in India
Starting as a commodities trading company in the late 1980s, the Adani Group has over the decades marked its footprints in coal production, thermal power generation, and infrastructure.
It is now India’s largest private port operator and is expanding its airport business. Adani is also venturing into cement, media, and metals.
Adani’s new energy plan follows Mukesh Ambani’s announcement in August of Reliance Industries’ (RIL) goal to invest $25 billion to expand and diversify his $221 billion empire.
The two billionaires seem to be competing in India’s green and renewable energy space since RIL’s entry last year with a $10 billion renewables plan.
Overall, India’s been looking to expand its green energy capacity, but the targets have been mostly missed due to economically unviable projects, alongside inertia among authorities.