mumbai, Feb. 18 -- The Adani Group's $100 billion investment commitment to an artificial intelligence (AI) ready data centre and power ecosystem-along with investment commitments of other Indian conglomerates like Reliance Industries, Tata Group and Larsen and Toubro-is taking a leaf out of the $500 billion Project Stargate playbook of the US. The ecosystem not only gives Indian conglomerates a cost advantage but also better control over the operationalization of their multi-gigawatt data centres, experts said. So far, investment commitments by top Indian conglomerates in the AI ecosystem have reached $125 billion, including those from Reliance Industries, the Tata Group, and Larsen and Toubro, according to Mint's calculations based on public announcements and analyst estimates. This rivals the $500 billion Project Stargate in the US, where top private-sector companies have committed to investing in the infrastructure needed to power the next generation of AI and secure the country's lead over rivals like China. The Adani Group's investment plan, for instance, includes not just setting up data centres to handle AI demand but also the energy generation ecosystem that will power them, Gautam Adani, chairman of the Adani Group, said in a press release on Tuesday. The Ahmedabad-based conglomerate will spend this $100 billion across its group firms by 2035, including about $7 billion already spent, as per a company executive who spoke on the condition of anonymity. The data centres will be built in Gujarat, Maharashtra, Karnataka, Rajasthan and Andhra Pradesh, this executive said. The renewable energy infrastructure, meanwhile, will be spread across Gujarat, Rajasthan, Madhya Pradesh and Tamil Nadu. "The world is entering an Intelligence Revolution more profound than any previous Industrial Revolution," Adani said in the press release. "Nations that master the symmetry between energy and compute will shape the next decade." The Adani Group has not disclosed the source of funding for this investment, which is among the largest commitments the group has made to date. Reliance Industries is planning a similar end-to-end play, setting up renewable energy-powered data centres that are AI-ready. The Mumbai-based conglomerate has yet to outline a consolidated investment guidance for this ecosystem, but analysts at Morgan Stanley estimated in a note on 31 October 2025 that it could spend up to $15 billion per 1 GW of data centre capacity. The Tata Group also has investments across power generation (at Tata Power Ltd) and has planned a $6.5 billion investment in AI-ready data centres at Tata Consultancy Services Ltd. However, the Mumbai-based conglomerate has not announced captive power capacity at Tata Power for TCS's data centres, unlike the road map given by Adani and Reliance. Separately, Tata Electronics is investing $11 billion in making a semiconductor fab in Gujarat and $3 billion in an outsourced semiconductor assembly and testing (OSAT) facility in Assam. Meanwhile, Larsen and Toubro Ltd (L&T) plans to build a moat by owning the land, physical infrastructure, and servers, and by having in-house construction capability. The firm is also considering developing its own renewable energy plants to power these data centres, but a final decision has yet to be taken, Mint reported on 21 January. "This kind of commitment is not a single bet on AI enthusiasm. It is a layered infrastructure play. Power, time, and control sit at the centre of it," said Sanchit Gogia, the chief executive officer and chief analyst at Greyhound Research, a technology research and advisory firm....