NEW DELHI: Gautam Adani, India’s second-richest man who heads the Ahmedabad-based edible-oils, infrastructure and energy conglomerate, on Tuesday, threw a gauntlet at the country’s wealthiest person Mukesh Ambani by announcing a $20-billion renewable energy play with the promise to produce the world’s cheapest “green electron”.
At the current exchange rate, the investment amounts to Rs 1,50,00 crore and will be spent on building capacities for renewable energy generation and component manufacturing as well as transmission and distribution, Adani told the JP Morgan India Investor Summit.
Adani’s outlay is double that of the $10-billion green energy foray Ambani had recently announced for his Reliance Industries Ltd, with the promise to produce green hydrogen — seen as the fuel of the future — for less than $1 per kg in a decade.
