India's Adani Group to invest $7.39 bln in eastern state of Odisha

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/Files

MUMBAI, Dec 1 (Reuters) - India's Adani Group, owned by Asia's richest man Gautam Adani, will invest 600 billion Indian rupees ($7.39 billion) over the next 10 years in the mineral-rich state of Odisha, a top executive said on Thursday.

The group will commission a liquefied natural gas (LNG) terminal with 5 million tons of capacity in Dhamra port in the state this month, and plans to double this capacity within the next five years, Karan Adani, chief executive officer of Adani Ports and Special Economic Zone (APSE.NS), said in a speech during an investment summit in the state.

"Our continuing commitment to Odisha is showcased in our planned capital investment that will exceed Rs 60,000 Cr over the next ten years. I anticipate this will create tens of thousands of direct and indirect jobs," Adani said in his speech.

Gautam Adani, whose empire spans gas and power projects as well as a ports and logistics business, said in September his company would invest more than $100 billion over the next decade, with 70% earmarked for the energy transition space.

($1 = 81.1470 Indian rupees)

Reporting by Shilpa Jamkhandikar Editing by Mark Potter

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