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Gautam Adani says will invest $4 bn in petrochemical complex, launch 'super app': Report

Gautam Adani says will invest $4 bn in petrochemical complex, launch 'super app': Report

Asia's richest person denied that entering the petrochemical industry would put fellow billionaire Mukesh Ambani in direct competition

Gautam Adani Gautam Adani

Billionaire Gautam Adani is planning to invest more than $4 billion in a petrochemical complex in Gujarat, he said in an interview with the Financial Times on Friday.

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, according to the report.

Adani denied that entering the petrochemical industry would put fellow billionaire Mukesh Ambani in direct competition. “There is no competition. India is a huge growth market and everybody is welcome," he added.

Speaking on NDTV acquisition, Adani said he viewed it as a "responsibility" rather than a business opportunity.

According to Gautam Adani, India's economy is expected to grow to $30 trillion by 2050, a nearly 10-fold increase from its current size, as a result of increased consumption and social and economic reforms.

Within the next ten years, the country's gross domestic product may begin to increase by $1 trillion every 12 to 18 months, increasing its appeal as a location for investments, the billionaire predicted at a recent conference in Mumbai. By 2050, he predicted that India's share of the global GDP will be higher than 20 per cent.

The coal-to-ports billionaire reiterated his group's dedication to investing $70 billion in a value chain for clean energy. By 2050, India's energy consumption is predicted to increase by 400 per cent due to economic growth, and the nation will go through an "unprecedented" energy transition to meet this demand, he said.

Also Read: Adani Enterprises' board approves raising up to Rs 20,000 cr via FPO
 

Also Read: Adani Enterprises board meet on fund raising today

Published on: Nov 25, 2022, 3:06 PM IST
Posted by: Smriti Mishra, Nov 25, 2022, 2:57 PM IST