Adani, Modi share stage as group announces $119b investment plan

MUMBAI - At a public event where billionaire Gautam Adani sat close to Indian Prime Minister Narendra Modi, the Adani Group announced a plan to invest tens of billions of dollars, signaling that both its business ambitions and political goodwill were intact despite the company's legal woes in the US.

About 50 per cent of the 7.5 trillion rupees (S$118.5 billion) investment in the western Indian state of Rajasthan would be done over the next five years, Mr Karan Adani, managing director of Adani Ports and Special Economic Zone, said on Dec 9 as his father Gautam sat in the front row, a few seats away from Mr Modi.

No details were shared on how this outlay will be financed. An Adani Group representative did not respond to an e-mail query seeking clarity on this.

While such investment promises are more a statement of intent - and not a hard obligation - it seeks to show the group is continuing business as usual. And Mr Modi's public appearance alongside Mr Adani shows he has not lost his political capital with the Indian government.