Adani Plans Rs 5,500 Crore Investment In Uttar Pradesh Over Next Five Years
Adani Group will invest Rs 5,500 crore over the next five years in power transmission and food processing sectors in Uttar Pradesh, Chairman Gautam Adani said in Lucknow on Sunday.
Speaking at the second ground-breaking ceremony that will see the launch of multiple projects, Adani said he had announced his investment plans during the UP Investor Summit in February 2018.
Work on two power transmission projects has already started, he said, adding that under the food processing segment, rice and flour mills, as well as a cooking oil refining facility will soon be set up in the state.
"In the next five years, the Adani Group is planning to invest Rs 5,000 crore in power transmission and another Rs 500 crore in food processing sector," Adani said.
Talking about his plans to focus on other areas, such as data centres and defence, Adani said that going by size, population, strategic location and demographic dividend of the state, Uttar Pradesh can emerge as a leader in these sectors as well.
"...our presence in the defence sector is very important for us. It is my dream that Adani Group sets up a world-class defence manufacturing hub in the defence corridor of Uttar Pradesh," he said.
Adani Group has already set up a 15,000-tonne granary in Kannauj and is working on developing a mutli-modal river terminal in Varanasi.
Uttar Pradesh is being viewed as the fastest-changing state in the country and will play an important role in making India a $5 trillion economy, Adani said.