(Bloomberg) -- The Adani Group plans to invest over 750 billion rupees ($9 billion) in the central Indian state of Madhya Pradesh, as the conglomerate led by billionaire Gautam Adani returns to capital spending after a scathing short seller attack in early 2023.

The group will invest about 300 billion rupees to ramp up the power generation capacity at its Mahan Energen plant from 1,200 megawatt to 4,400 megawatt, Pranav Adani, a board director at flagship Adani Enterprises Ltd. said at an investment summit in the state.

Almost 280 billion rupees will be utilized for setting up 3,400 megawatt capacity pump storage project, while the rest will help build a four-million-ton-a-year clinker facility and two cement grinding units, said Adani who’s a nephew to the group founder and Asia’s second-richest person. The entire investment, for which no time line was specified, is likely to create 15,000 direct and indirect jobs, Adani said.

The announcement adds to the spate of multi-billion dollar pledges that the ports-to-power conglomerate has made across Indian states ahead of national elections. In January, Adani Group committed to invest 2 trillion rupees in its home state of Gujarat and inaugurated two defense facilities in Uttar Pradesh this week aimed at bolstering local manufacturing. 

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