Adani Enters Into Petrochemicals Business, Unveils New Apps


Billionaire Gautam Adani said in an interview with the Financial Times on Friday that he plans to invest more than $4 billion in a petrochemical complex 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 Enterprises Ltd.’s board of directors is meeting today to discuss fund-raising 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 stakes in units of his conglomerate Reliance Industries.

According to Gautam Adani, India’s economy will grow to $30 trillion by 2050, a nearly 10-fold increase from its current size, due to rising consumption and social and economic reforms.

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 per cent by 2050, and the country will embark on an “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.

Adani said India is expected to maintain its rapid pace of creating unicorns, start-ups that have more than a billion dollars in market value. In 2021, India added a unicorn every nine days, he said.

The world’s third-largest emitter 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 Ambani are leading the charge, investing billions of dollars in green energy.

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