Adani Group to invest Rs 50,000 crore in Jharkhand

Adani Group is looking to invest Rs 50,000 crore for producing urea, methane, power and substitute natural gas in Jharkhand.

An MoU with the group was signed in this regard on Thursday, director of state industry department K Ravi Kumar told PTI on Friday.

The MoU was signed between Kumar and Adani Group CEO Rajesh Jha.

Kumar said the group, which has a coal block at Jeetpur, would invest Rs 50,000 crore to produce urea, methane, power and SNG from coal.

"It is the first stage of MoU. They will prepare a detailed project report. Then land will be identified," he said when asked about location of plants and how much land the investor would require.

The plants would be set up in two phases and are likely to provide direct and indirect employment to 20,000 people.

The capacity of phase-I is - urea-1.3 MMTPA, methanol-3.3 MMTPA, SNG-8 and 4000 MW power while phase-II is 1.3 MMTPA, according to the MoU.

The expected year of production of phase-I is within five years of signing of stage-II MoU.

The phase-II would commence after three years of commencement of phase-I commercial production.

The proposed location is Sindri in Dhanbad or other suitable location in Jharkhand, it said.