Ambuja Cements Ltd., controlled by billionaire Gautam Adani, said it will invest 60 billion rupees ($723 million) to build 1,000 megawatt of renewable power projects as the Indian conglomerate seeks to move rapidly toward its net zero goals.

The Mumbai-based cement maker, which the Adani Group acquired from Holcim Ltd. last year, will be funding this investment through internal accruals, it said in an exchange filing Monday. Ambuja is targeting using green energy for 60% of its 140 million ton planned capacity a year, up from the current 19%, it added.

The projects include a 600 MW solar power and 150 MW wind power plant in Gujarat and a 250 MW solar plant in neighboring Rajasthan by March 2026, according to the filing, on top of the existing 84 MW of green energy capacity in Ambuja Cements. It'll reduce the cost of green energy generation by 20% from 6.46 rupees per kilowatt-hour, to 5.16 rupees per kWh and increase the supply of green cement.

The sprawling conglomerate led by Mr Adani, Asia's second-richest person, plans to invest $100 billion in its green energy transition over the next decade, with five of its firms aiming to become net zero emitters by 2050. Mr Adani and billionaire Mukesh Ambani - both built their fortunes on fossil fuels - have emerged as champions of renewable energy, bolstering Prime Minister Narendra Modi's mission to decarbonise India and make it carbon neutral by 2070.

Besides Ambuja Cements, group firms Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Ports & Special Economic Zone Ltd. and ACC Ltd. have set a 2050 carbon net zero target, the conglomerate said in a statement last week.

Its businesses were "actively sourcing renewables, electrifying operations and adopting biofuels, and deploying waste heat recovery and energy storage technologies" to speed up the transition, it said.