NTPC, Reliance, Adani commit Rs 4 lakh cr investment in MP

Bhopal, Feb 24 (PTI) Billionaire Gautam Adani's group, Reliance Industries Ltd and state-owned power producer NTPC were among over a dozen companies that on Monday committed to investing about Rs 4 lakh crore across businesses in Madhya Pradesh.

While Adani promised Rs 1.1 lakh crore in pumped storage, cement, mining, smart-meters, and thermal energy, Reliance committed Rs 60,000 crore to set up biofuel projects in the state.

Speaking at the Invest Madhya Pradesh, the state's eighth edition of investment summit, Adani promised another Rs 1 lakh crore in a greenfield smart city, an airport project, and a coal-gasification project for which the ports-to-power conglomerate is in talks with the state government.

"Today, I am proud to announce new investments of over Rs 1,10,000 crore in the areas of pumped storage, cement, mining, smart-meters and thermal energy. These multi-sectoral investments will create more than 1,20,000 jobs in Madhya Pradesh by 2030," he said.

Adani said the plans are not just about investments, but they are milestones in a shared journey one that would make the state a national leader in industrial and economic growth.

NTPC Chairman and Managing Director Gurdeep Singh said his firm and its subsidiaries and joint venture partners will invest Rs 1.2 lakh crore in setting up 2 gigawatt of renewable power generation capacity in Madhya Pradesh. NTPC will also look at investing another Rs 80,000 crore in two sites of greenfield nuclear power plants in the state.

Renewable energy player Avaada plans to invest Rs 50,000 crore in setting up solar, wind, and pump hydro storage and battery storage projects and solar photovoltaic module manufacturing facility, its MD Vineet Mittal said.

"We will invest Rs 50,000 crore over a period of next three to five years in solar, wind, pumped storage, as well as battery," Mittal said.

Ahmedabad-based Torrent Power committed Rs 26,500 crore investment in renewable energy projects.

Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) committed Rs 26,800 crore and Rs 21,000 crore of lending support, respectively, to projects coming up in the state.

OPG Power Generation Pvt Ltd pledged Rs 13,400 crore investment in setting up a manufacturing facility for battery storage system, small modular reactors, green hydrogen and hybrid (solar and wind) power generation.

The final numbers will change after the state government releases a full list of investment commitments at the end of the two-day summit on Tuesday. PTI ANK MBI ANZ TRB

Source: PTI