Gautam Adani, billionaire industrialist and chairperson of the Adani Group, on Friday announced a Rs 65,000 crore investment in Rajasthan over the next five to seven years in setting up a 10,000 megawatt (MW) solar power capacity, expanding cement plant and upgrading Jaipur airport.

The investment by Adani Group also includes city gas infrastructure for retailing CNG to automobiles and piped gas to households and industries as well as laying transmission lines to carry renewable power.

Also Read | How Gautam Adani scaled the billionaire list in just 6 months

Addressing the two-day “Invest Rajasthan Summit”, which started at Jaipur Exhibition and Convention Centre (JECC) Campus in Jaipur on Friday, Gautam Adani said the Adani Group has invested over Rs 35,000 crore across multiple industrial sectors in Rajasthan. Adani Group already operates a thermal power plant, has set up a solar park, and supplies coal to the state’s power-generating units.

 “Continuing our investment in the renewable business, another 10,000 MW with an investment of Rs 50,000 crore is under implementation,” Adani said.

Also Read | Binance suffers $100 million blockchain bridge hack

“This will be commissioned progressively over the next 5 years,” he said, adding the conglomerate received commercial operation of the world’s largest wind-solar hybrid power plant in Rajasthan just a week back.

In addition to this, the ports-to-energy conglomerate is looking to double its cement manufacturing capacity following its acquisition of Ambuja Cements and ACC.

Also Read | Why rupee slipped past 82 against US dollar

Adani Group already has three cement plants and limestone assets and a significant part of its capacity expansion will continue to happen in Rajasthan. “We anticipate investing another Rs 7,000 crore to double our cement manufacturing capacity in the state,” Adani said.

Adani Group also operates the Jaipur airport which will be expanded.

“Combining all ongoing and future investments, we anticipate investing an additional Rs 65,000 crore in Rajasthan over the next five to seven years and creating over 40,000 direct and indirect jobs,” the industrialist said at the summit.

Also Read | World Bank cuts India’s GDP growth forecast by 100 basis points

Adani Group has received approvals for two proposals, one for two medical colleges and the other for a cricket stadium in Udaipur, reported PTI.

Rajasthan Chief Minister Ashok Gehlot was also present on the occasion as he inaugurated the summit on Friday morning. The two-day summit is being attended by dignitaries of some of the biggest corporate groups from around the globe.

Also Read | Once upon a time: Rupee’s journey from 4 to 82 a dollar

According to a PTI report, the summit will have conclaves and panel discussions on key sectors with viewpoints shared by some of the biggest industry experts and leaders.

Nearly 3,000 delegates from India and abroad are participating in the summit on the theme of ‘Committed-Delivered’. The state government has set a new record by attracting investments of over Rs 10.44 lakh crore, the PTI report said.