Ambuja Cements Ltd., under the stewardship of billionaire Gautam Adani, is set to make a substantial investment of 60 billion rupees ($723 million) in renewable power projects, aligning with the Adani Group’s commitment to achieving net-zero goals. The Mumbai-based cement maker, acquired by the Adani Group from Holcim Ltd. last year, aims to fund this initiative through internal accruals.
Ambuja Cements envisions utilizing green energy for 60% of its planned 140 million ton capacity per year, a significant increase from the current 19%. The investment will include a 600 MW solar power and 150 MW wind power plant in Gujarat, along with a 250 MW solar plant in Rajasthan, scheduled for completion by March 2026.
This strategic move aims to reduce the cost of green energy generation by 20%, bringing it down from 6.46 rupees per kilowatt-hour to 5.16 rupees per kWh. Additionally, it will contribute to boosting the supply of green cement.
Gautam Adani, Asia’s second-richest person, has outlined an ambitious plan for the Adani Group, with a commitment to invest $100 billion in green energy transition over the next decade. Five Adani Group firms, including Ambuja Cements, have set a target to achieve net-zero emissions by 2050. Adani and Mukesh Ambani, who initially amassed their wealth in fossil fuels, are now prominent advocates for renewable energy, aligning with Prime Minister Narendra Modi’s vision to decarbonize India and achieve carbon neutrality by 2070.
Beyond Ambuja Cements, other Adani Group entities, such as Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Ports & Special Economic Zone Ltd., and ACC Ltd., are actively contributing to this eco-friendly transition.
