Adani Group proposes Rs12,000-cr investments in TN
24 January 2019
The first day of the global investors summit in Tamil Nadu saw two major investment proposals by private sector Adani Group and public sector Indian Oil Corporation Ltd. While Adani has promised investments to the tune of Rs12,000 crore in Tamil Nadu, IOC plans to invest Rs16,641 crore across various projects in the state.
The announcements were made at the two-day global investors summit that kicked off in Chennai on Wednesday.
Karan Adani, CEO of Adani Ports and Special Economic Zone, stated this while speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2019 in Chennai on Wednesday.
He said the company will invest around Rs10,000 crore in port and port-led industries (including the expansion of the Katupalli Port in Ennore), industrial parks and defence, and another Rs2,000 crore on pipeline gas distribution.
Adani hailed the state’s investment climate and said Tamil Nadu is one state in India that every state should be emulating. He also pointed to the state’s balanced economy with a 45 per cent share for the service sector, 34 per cent for manufacturing and 21 percent for agriculture.
“Every business that seeks to grow in India must have a strong presence in Tamil Nadu and we are no exception,” he said.
The Adani Group currently operates two ports in Tamil Nadu, including the Ennore Container Terminal and the Katupalli Port, which it acquired from L&T for Rs1,950 crore in 2018. Adani is expanding operations at the Katupalli port.
“We expect to make this port one of the largest in the country with a capacity to handle over 300 million tonnes of cargo and make this key enabler to support the growth ambition of Tamil Nadu,” he said.
Adani has also make major investments in renewable energy in Tamil Nadu, staring with the construction of the world’s largest solar farm of 640 MW capacity at Kamuthi in Ramanathapuram district at a cost of Rs4,550 crore. This would not have been possible without the support of the Tamil Nadu government, Adani added.
Public sector oil major Indian Oil Corporation said it would be investing Rs16,641 crore across various projects in Tamil Nadu, which will create direct and indirect job opportunities for 20,000 people.
The proposed investments include expansion of retail outlet network (petrol bunk), upgradation and capacity expansion of its facilities in the state, and two new gas distribution projects.