Gautam Adani to launch a super app and invest $4 billion in a petrochemical complex
- ByStartupStory | November 25, 2022
Indian billionaire Gautam Adani stated in an interview with the Financial Times on Friday that he intended to invest more than $4 billion in a petrochemical complex in the state of Gujarat. According to the article, Adani, the wealthiest person in Asia, intends to introduce a “super app” in the upcoming three to six months to link airport visitors with other Adani Group services. Adani denied that entering the petrochemical industry would put fellow billionaire Mukesh Ambani in direct competition.
“There is no competition,” he said. “India is a huge growth market, and everybody is welcome.”Today, the board of the parent firm, Adani Enterprises Ltd., will meet to examine potential fund-raising strategies. The possible move by Adani is similar to one made by another Indian billionaire, Mukesh Ambani, who sold shares in his conglomerate Reliance Industries Ltd. to raise more than $27 billion from foreign investors in 2020.
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 changes.
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, India’s contribution to the global GDP will likely approach 20%.
The billionaire from the coal-to-ports industry reiterated his group’s pledge to invest $70 billion in a value chain for clean energy. By 2050, India’s energy consumption is predicted to increase by 400% due to economic growth, and the nation will go through an “unprecedented” energy transition to meet this need, he said.
The government of Prime Minister Narendra Modi has set goals to increase the country’s capacity for solar and wind energy as well as to establish it as a global center for green hydrogen. By investing billions of dollars in green energy, business titans like Adani and his adversary Mukesh Ambani are leading the charge to become the third-largest greenhouse gas generator in the world and a net zero emitter by 2070. According to Adani, India is anticipated to continue producing unicorn start-ups—companies with a market value greater than $1 billion—at a quick rate. According to him, India would add a unicorn every nine days in 2021.
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