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Adani to invest Rs 25,200 crore in Chhattisgarh

Business Standard:  August 25, 2015

Ahmedabad/Raipur: The Adani Group has announced an investment of Rs 25,200 crore for two major projects in Chhattisgarh. The global integrated player will be investing in two projects, including a coal-to-poly generation (CTP) project and a rice bran solvent extraction plant and refinery in Chhattisgarh.

The group signed a memorandum of understanding (MoU) with the Chhattisgarh government on the same. It was signed in the presence of Chhattisgarh Chief Minister Raman Singh, industry minister Amar Agrawal, chief secretary Vivek Dhandh, and Adani Enterprises managing director Rajesh Adani.

The CTP project will consist of ammonia/urea and substitute natural gas (SNG) complex via gasification of Indian high-ash coal sourced from within the state.

The project cost is estimated at Rs 25,000 crore and includes coal-to-urea plant, coal-to-SNG plant and coal-based thermal power plant.

The CTP project had the potential to generate 10,000 jobs and substantial revenue to Chhattisgarh, the group said in an official statement.

Adani Group will set up a rice bran solvent extraction plant and a physical refinery packing plant at Rajnandgaon in Chhattisgarh at a project cost of around Rs 200 crore. The proposed project will carry a potential to generate 600 jobs in Chhattisgarh and help increase the potential of rice bran oil production in the state. It will take two years to start production

"Adani Group remains committed to helping India on its path to attaining energy sufficiency. These projects will help Chhattisgarh strengthen its overall socio-economic status. We feel these two projects will play an instrumental role in assisting the larger national agenda of inclusive growth for all and is demonstrative of our continuous efforts of nation building," said Gautam Adani, chairman of Adani Group.

According Chhattisgarh chief minister Singh, the projects will not only enhance the economic growth of the state but also create substantial employment opportunities for the people.

Based on various studies, Adani Enterprises believed the CTP project would not only help ensure energy security for India but also drive macro-economic growth through the coal-based fuel, the group stated.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

x IBEF : India Brand Equity Foundation