Adani Skips Summit in Key State That Draws Other Billionaires

(Bloomberg) -- Top Indian industry leaders Friday pledged billions of dollars in infrastructure and business development in the country’s most populous state even as billionaire Gautam Adani was conspicuous by his absence at the event that he’s attended in the past.

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Speaking at the Uttar Pradesh investors summit, Mukesh Ambani, chairman of Reliance Industries Ltd. pledged 750 billion rupees ($9.1 billion) of investment in Uttar Pradesh state over the next four years, while Kumar Mangalam Birla, who leads the Aditya Birla Group, promised 250 billion rupees. The Tata Group is developing an integrated multi-modal air cargo complex at the upcoming Jewar airport.

Adani, who’s battling allegations of fraud and market manipulation from a US short seller, was absent from the opening day of the three-day forum in state capital Lucknow. The Adani Group has denied the allegations. Last year, he pledged investments of over 700 billion rupees at a similar event in the state.

A spokesperson for the Adani Group didn’t immediately respond to an email seeking comment.

The tycoon regularly shows up at events like this across the country as various states vie with each other to draw investments. Apart from the promised investment in Uttar Pradesh, his conglomerate last year promised 650 billion rupees worth of infrastructure projects in Rajasthan over the next seven years and his group this year pledged 600 billion rupees in Madhya Pradesh across various sectors, including renewable energy and coal.

--With assistance from Ragini Saxena.

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