Adani Group to invest Rs 12,000 crore in state

Adani Ports Chief Executive Officer (CEO) Karan Adani on Wednesday said Adani Group would be signing a memorandum of understanding (MoU) to invest Rs 12,000 crore in Tamil Nadu across various projects, including logistics, industrial park, city gas distribution.

Speaking at the Tamil Nadu Global Investors Meet, which was inaugurated in Chennai today, Karan Adani said Tamil Nadu is one of the most progressive states in India.

Adani Group made its first investment in the state by setting up a container terminal seven years ago. Three years, it also acquired Katupalli Port and is currently planning to make it one of the largest ports in the country.

The company is looking at expanding total cargo handling capacity at Kattupalli (North of Chennai) to 320 million tonnes (MT) from existing 24.65 MT. The total capital cost for the proposed development is estimated over Rs 52,400 crore and is likely to generate employment for around 6,000 people, directly and indirectly. It has filed a revised plan with the Ministry of Environment, Forests and Climate Change.