India’s Adani Group said on Wednesday (Jan 17) it will invest more than US$1.49 billion in the Indian state of Telangana as a part of its seven trillion-rupee expenditure plan for the next decade.

The investment commitments include a 100 megawatt data centre to be set up by the group’s flagship firm Adani Enterprises for 50 billion rupees (S$809 million).

Adani Green Energy, Ambuja Cements, and Adani Defence Systems and Technologies also signed deals to set up projects in the state.

Ahead of a scathing report from US short-seller Hindenburg Research in January last year, the billionaire Gautam Adani-owned group had been eyeing infrastructure expansion and began to raise funds.

The report, which opened up the Adani Group to heightened regulatory scrutiny, dealt a blow to its fundraising efforts that included the calling off a US$2.5 billion share sale, and wiped out US$150 billion from its market value.

Since then, however, the conglomerate won the backing of bankers and investors, and its main seven stocks have pared losses to about US$47 billion.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

India’s Supreme Court also provided further respite to Adani earlier this month, saying it does not need to face more investigations beyond the market regulator’s current probe.

The favour that the group garnered has enabled it to truck on with its plans to raise money to fund its projects, with Adani Ports announcing a US$601 million fundraise.

Last week, Adani pledged to invest US$24 billion over five years in renewable energy in Indian Prime Minister Narendra Modi’s home state of Gujarat at a business summit. REUTERS