Adani Enterprises Ltd, the flagship company of the Adani Group, on Wednesday inked an agreement with Maharashtra government for Rs 50,000 crore investment to set up 1 GW data centre.
Adani Group will invest Rs 50,000 crore over the next 10 years in setting up the data centre, the apples-to-airport conglomerate said on Wednesday.
On Wednesday, Adani Enterprises’ scrip closed trading nearly 3% lower at Rs 2,970.75.
The MoU was signed in the presence of Maharashtra Chief Minister Eknath Shinde and Adani Group Chairman Gautam Adani at the World Economic Forum 2024 in Davos, Adani Group said in a statement.
“The data centre infrastructure, which will be set up in key locations such as Mumbai or Navi Mumbai and Pune, will be powered by renewable energy, which will enhance the green energy infrastructure in Maharashtra, and provide direct and indirect employment to 20,000 people,” it said.
Adani Group also intends to make deemed distribution investments to power the proposed data centre infrastructure.
The Maharashtra government is interested in promoting information technology-related infrastructure and services and considers the proposed hyperscale project to be economically and socially beneficial to the state.
Mumbai has rapidly transformed from having a minimal share of renewable energy to becoming a global leader in clean energy adoption in just a few years. Mumbai’s renewable energy share now surpasses that of major global cities.
Mega projects like this have facilitated Mumbai’s renewable energy journey and aligns well with its broader sustainability goals contributing to India’s broader renewable energy targets.
In 2023, Adani Electricity Mumbai Ltd supplied up to 38 per cent of Mumbai consumers’ electricity from renewable sources, and is targeting to reach 60 per cent by 2027.