Adani Group won't make EV batteries with BYD in India
What's the story
Adani Group has denied a Bloomberg report that suggested a possible collaboration with Chinese firms BYD and Beijing Welion New Energy Technology for battery manufacturing in India. The company called the report "baseless, inaccurate and misleading" in an official statement. Adani Enterprises clarified that it is not exploring any form of collaboration with either BYD or Beijing Welion for battery manufacturing/clean energy ventures in India.
Report
What did Bloomberg's report say?
Bloomberg's report had claimed that the Adani Group was exploring a partnership with Chinese EV giant BYD to manufacture batteries in India. The collaboration was said to be part of Adani's push into clean energy. The report also claimed that group chairman Gautam Adani was "personally heading discussions" with BYD executives, and that the talks were at an early stage but might not progress due to diplomatic tensions between Beijing and New Delhi.
Clean energy
Adani's clean energy initiatives
Despite denying the alleged collaborations, Adani Group has reiterated its commitment to India's energy transition via its ongoing clean energy initiatives. The firm has built a substantial clean energy portfolio across solar, wind, as well as green hydrogen verticals. It is currently expanding its solar module manufacturing capacity to 10GW per year and plans to nearly double its wind turbine production capacity to 5GW per annum.