The port-to-energy conglomerate plans to triple its renewable generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies, he said.

Speaking at JP Morgan India Investor Summit, Adani Group chairman said the $20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.

Adani Group’s “integrated value chain, our scale, and experience put us on the path to be the producer of the least expensive green electron anywhere in the world,” he said.

The announcement came weeks after India’s richest man Mukesh Ambani announced an investment of Rs 75,000 crore ($10 billion) in clean power and hydrogen fuel over three years.

Many have seen the June 24 announcement as the petrochemical czar’s direct competition with the country’s second-wealthiest man, Adani who has energy at $1 per kilogram in a decade’s time.

Hydrogen has no carbon emissions can be used as fuel in industry and automobiles.

LIC, which typically invests in secondary markets unless the public issue is a part of the government’s divestment programme, is expected to bid shares in the upcoming IPO of Zomato, the people said, requesting anonymity.

“Zomato’s growth curve demonstrates how rapid India’s transition to the economy has been,” said one of the two people.

Zomato’s valuation has surged from around $5.4 billion in January to over $8 billion in June as the pandemic has boosted the popularity of online platforms as people avoid going out for fear of contracting infections.

India’s largest online food ordering platform is looking to raise as much as Rs 9,375 crore in the public issue. It will be the first of a bunch of Indian consumer internet unicorns that will go public in the next few months Zomato’s shares are priced between Rs 72 and 76 apiece and will open for subscription on 14 July.

“LIC’s investment committee will hold a meeting soon to take a final decision on the plan to invest in Zomato’s IPO,” said the second person. An e-mail sent to the spokesperson for LIC did not elicit any response.

In the quarter ended 31 March, LIC’s holding in publicly traded companies dropped to an all-time low of 3.66% of the market value of 296 companies (where its holding is more than 1%). It was 3.7% as of 31 December.