Gautam Adani, an Indian billionaire, revealed in an interview with the Financial Times on Friday that he plans to invest more than $4 billion on a petrochemical complex in Gujarat.
According to the article, Adani, Asia’s richest person, aims to build a “super app” in the next three to six months to connect Adani airport travellers with other Adani Group services.
Adani disputed that entering the petrochemicals industry would put him in direct conflict with fellow billionaire Mukesh Ambani. “There is no rivalry, “He stated. “India is a massive growing market where everyone is welcome.””
Adani Enterprises Ltd.’s board of directors is meeting today to consider fund-raising alternatives.
Adani’s planned move is similar to that of fellow Indian billionaire Mukesh Ambani, who collected more than $27 billion from worldwide investors in 2020 by selling shares in parts of his company Reliance Industries Ltd.
According to Gautam Adani, India’s GDP would grow to $30 trillion by 2050, a roughly 10-fold increase from its current size, due to increased consumption and social and economic changes.
Within the next decade, the country’s GDP may grow by $1 trillion per 12 to 18 months, enhancing its appeal as an investment destination, according to the billionaire at a recent conference in Mumbai. According to him, India’s share of global GDP would certainly top 20% by 2050.
The billionaire from coal-to-ports confirmed his company’s intention to invest $70 billion in a clean energy value chain. Economic development would likely increase India’s energy consumption by 400% by 2050, and the country will embark on a “unprecedented” energy shift to meet this need, he added.
The administration of Prime Minister Narendra Modi has set goals for increasing the country’s solar and wind power generation, as well as making the country a worldwide centre for green hydrogen.
The world’s third-largest emitter of greenhouse emissions has set a target of being a net zero emitter by 2070, and corporate tycoons such as Adani and his adversary Mukesh Ambani 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. According to him, India would add a unicorn every nine days by 2021.