Aside of energy transition, Adani also intends to focus on the Digital Transformation space by building green data centers.
The Adani Group plans to invest $100 billion over the next decade, according to chairman Gautam Adani, 70 percent of which is earmarked for the Energy Transition space. Speaking at the Forbes Global CEO Conference in Singapore, Adani said that the group plans on investing over $70 billion in an integrated Hydrogen-based value chain, reiterating the announcement made in November last year.
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"We have line of sight to become one of the least expensive producers of the green electron, and thereafter, the least expansive producer of green hydrogen," he said. "It is an absolute game changer for India and opens up the unprecedent possibility that India could one day become a net energy exporter."
Renewables account for nearly 40 percent of the total installed capacity in India, which is also the third largest crude oil importer in the world. However, renewable energy cannot become a viable alternative to traditional power sources, in the absence of large-scale energy storage. Adani echoed similar sentiments in his speech.
"We are also making sure that our goals stay equitable with national needs. Critics would have us instantly get rid of all fossil fuel sources that India needs to serve its large population. This would not work for India," he said.
Several Indian companies, from Reliance Industries, to Hyderabad-based Greenko have announced green hydrogen plans. Indian Oil Corporation has also formed a JV with two private companies for green hydrogen and also plans to manufacture and sell electrolysers, used in the production of green hydrogen.
Adani also highlighted ambitions within the digital transformation space by capitalising on the benefits from the energy transition. The group plans on building green data centers as normal ones consume more energy than any other industry in the world. India's largest conglomerate by market capitalisation intends to bring millions of its B2C customers on one common digital platform.
"We also just finished building the world’s largest sustainability cloud that already has a hundred of our solar and wind sites running on it," he said.
The Adani Group has been in focus recently over its acquisition of cement players ACC & Ambuja, making it the second largest cement manufacturer in the country. In addition, the group also pipped the Tata Group to become the most valued group by market capitalisation. But in the debt market, Adani Ports’ dollar bonds have dropped more than Indian peers on concern about the group’s debt, and its notes due in August 2027 fell to an all-time low this week.
Adani concluded by saying that India's real growth story has just begun and that this is the best window for companies to embrace the country's economic resurgence. "India’s next three decades will be the most defining years for the impact it will have on the world," he said.