Shares of Adani Group were trading in the green on 29 January after the company announced signing a Memorandum of Understanding (MoU) with the Odisha Government, committing a total investment of Rs 2.3 lakh crore over a period of five years across different sectors.
The Memorandum of Understanding (MoU) was signed at the ‘Utkarsh Odisha-Make in Odisha Conclave,’ which was inaugurated earlier in the day by Prime Minister Narendra Modi.
Karan Adani, Managing Director of Adani Ports & Special Economic Zone Ltd., met with Chief Minister Mohan Charan Majhi to formalize the agreement, committing investments in key sectors such as power, cement, industrial parks, and aluminium, according to an official statement.
Hemant Sharma, Chief Secretary (Industries), said, “This is the biggest investment intent by any group in the conclave.”
He stated that 54 MoUs, amounting to Rs 4.5 crore, were signed on the first day of the conclave.
Additionally, six projects by Adani Total Gas Ltd (ATGL), which provides natural gas and compressed natural gas to industrial, commercial, and residential sectors, were commissioned on Tuesday, according to officials.
Moreover, the company’s subsidiary Renew Exim DMCC received approval from the Competition Commission of India (CCI) for its proposal to acquire a majority stake in ITD Cementation for a total consideration of Rs 5,757 crore.
The CCI, in its statement, said, “The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64 per cent equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of the ITD Cementation India Ltd (target).”
ITD Cementation India Ltd is an engineering and construction company that undertakes heavy civil, infrastructure and engineering, procurement and construction (EPC) business and operates in India and overseas.
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