Vibrant Gujarat Summit 2024: Gautam Adani-led Adani Group to invest Rs 2 lakh crore in Gujarat in 5 years

Vibrant Gujarat Summit 2024: The Adani Group, led by chairman Gautam Adani, has announced its intention to invest Rs 2 lakh crore ($24 billion) in the green energy and renewable energy sectors in Gujarat over the next five years. Adani made this announcement at the Vibrant Gujarat summit held on Wednesday.
This significant investment has the potential to create around 1 lakh direct and indirect jobs in the state, according to Gautam Adani.According to an ET report, he also mentioned that during the previous edition of the summit, the company had committed to investing Rs 55,000 crore. To date, the company has already invested over Rs 50,000 crore. He also highlighted the company has exceeded its target of generating 25,000 jobs.
Adani highlighted the ongoing construction of a green energy park in Kutch, which spans 25 sq km and has a capacity of 30 GW. He emphasized that this project is not only a remarkable feat but can even be seen from space.

According to Adani, the aim is to expand the green supply chain and create the largest integrated renewable energy ecosystem. This includes the production of solar panels, wind turbines, hydrogen electrolysers, green ammonia, PVC, and expansions in copper and cement production, Adani stated.
Adani also commended India's economic progress amidst geopolitical and pandemic-related challenges. He mentioned that since 2014, India has achieved a remarkable 185% growth in GDP and 165% growth in per capita income.

In other news, Gautam Adani has regained his position as the richest person in Asia. Following the Supreme Court's ruling that no further investigations were required into the allegations made by Hindenburg Research against Adani's group, his net worth increased by $7.7 billion in a single day. With a net worth of $97.6 billion, Adani surpassed Mukesh Ambani, the chairman of Reliance Industries Ltd., as Asia’s wealthiest individual, according to Bloomberg Billionaires Index.
This comeback marks the end of an eventful year for the Adani Group, which faced a significant loss in market value despite denying the allegations of corporate fraud made by Hindenburg. The company dedicated extensive efforts to regain the trust of lenders, investors, and regulators, ultimately succeeding in repaying loans and satisfying regulatory concerns.