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Adani intends to invest $4 billion in petrochemical complex, launch super app

Adani app

Nagpur: Gautam Adani, an Indian billionaire, said in an interview with the Financial Times on Friday that he plans to invest more than $4 billion in a petrochemical company in Gujarat.

According to the report, Adani, Asia’s richest person, plans to launch a “super app” in the next three to six months to connect Adani airport passengers with other Adani Group services.

Adani denied that entering the petrochemicals industry would put him in direct competition with fellow billionaire Mukesh Ambani. “There’s no competition,” he declared. “India is a massive growth market, and every day is appreciated.”

Adani Enterprises Ltd.’s board of directors is meeting today to discuss funding options.

Adani’s potential move is similar to that of fellow Indian billionaire Mukesh Ambani, who raised more than $27 billion from global investors in 2020 by selling stock in units of his conglomerate Reliance Industries Ltd.

According to Gautam Adani, India’s economy will grow to $30 trillion by 2050, nearly ten times its current size, due to rising consumption and social and economic reforms.

Within the next decade, that country’s GDP could grow by $1 trillion every 12 to 189 months, increasing its appeal as an investment destination, the billionaire said at a recent conference in Mumbai. According to him, India’s share of global GDP will likely exceed 20% by 2050.

The billionaire from coal-to-ports reaffirmed his company’s commitment to invest $70 billion in a clean energy value chain. Economic growth will likely increase India’s energy consumption by 400% by 2050, and the country will embark on a “unprecedented” energy transition to meet this demand, he said.

The government of Prime Minister Narendra Modi has set goals for increasing the country’s solar and wind power capacity, as well as making the country a global hub for green hydrogen.

The world’s third largest producer of greenhouse gases has set a goal of becoming a net zero emitter by 2070, and business tycoons such as Adani and his rival Mukesh Ambai are leading the charge, investing billions of dollars in green energy.

According to Adani, India will continue to produce unicorns, or start-ups worth more than a billion dollars in the market. He predicted that by 2021, India would have one unicorn every nine days.




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