Bhopal: Adani issue may hit investment plans of Rs 60k crore in MP

Bhopal (Madhya Pradesh): The problems that the Adani Group is facing after the Hindenburg report may hit investment proposals of Rs 60,000 crore by the business house in Madhya Pradesh.

Pranab Adani, representative of the business house, announced at the Global Investors’ Summit (GIS) that the group would invest Rs 60,000 crore in the state.

The Adani Group has been in trouble for the past few days. After the Hindenburg report, the prices of shares of different companies run by the Adanis have declined.

The Congress has also mounted pressure on the Adani Group in Parliament. Against this backdrop, there are doubts whether the Adanis will invest in the state.

The Adanis announced that they would set up food parks in Dhar, Indore, Ujjain, Guna and in Damoh, besides they promised to invest in cement units and energy sectors.

The state government is enthusiastic about the announcements made by the Adanis, but the difficulty that the business house is in has cast a shadow on the state’s plan.

The state received a proposal for investment of Rs 15.42 lakh crore during the GIS. The Adanis announced the highest amount of investment.

Before this year’s GIS, the JP Group and the Ambanis made proposals for investment, but they failed to do so because of their tight financial position.

The elections will be held after nine months of the GIS. So, if the investment proposals do not materialise, the ruling dispensation may have to face problems.

It is for sure that as the election days draw closer, the investors will wait for the new government to take over.