Adani to Invest USD 4 Billion in Petrochemical Complex in Gujarat: Report

As India seeks to reduce imports of petrochemicals and chemicals in order to boost domestic production, several large-scale investments have been planned in the state by companies such as Reliance Industries Ltd, Rosneft-backed Nayara Energy, Adani group, and Indian Oil Corp. India's crude oil demand is expected to rise from 4.7 million bpd in 2017 to around 10 million bpd by 2040.

Gautam Adani, an Indian billionaire, said today in an interview that he plans to invest more than $4 billion in a petrochemical complex in Gujarat.

According to the report, Asia's richest person, Gautam Adani, plans to launch a "super app" in three to six months to connect Adani airport passengers with other Adani Group services.

Adani denied that entering the petrochemical industry would put him in direct competition with fellow billionaire Mukesh Ambani. "There is no rivalry. "India is a massive growth market where everyone is welcome," he added.

Adani described the NDTV acquisition as a "responsibility" rather than a business opportunity.

According to Gautam Adani, India's economy will grow to $30 trillion by 2050, nearly doubling its current size due to increased consumption and social and economic reforms.

The country's GDP may increase by $1 trillion every 12 to 18 months within the next ten years, increasing its appeal as a location for investments, the billionaire predicted at a recent conference in Mumbai. He predicted that by 2050, India's share of global GDP would be more significant than 20%.

The coal-to-ports billionaire reaffirmed his company's commitment to investing $70 billion in a clean energy value chain.  Due to economic growth, India's energy consumption is expected to increase 400% by 2050, and the country will go through an "unprecedented" energy transition to meet this demand, he said.