NE BUSINESS BUREAU
NEW DELHI, JULY 18
In a morale-boosting move and appreciation of good corporate governance of the Adani Group, US Ambassador to India Eric Garcetti visited Adani group’s Khavda renewable energy project – the largest in the world.
“Inspired by my visit to the Khavda Renewal Energy Facility in Gujarat, where I learned about @AdaniGreen’s innovative projects advancing India’s zero-emissions goals. Sustainable energy is a cornerstone of environmental stewardship, and our bilateral partnership is key to shaping the solutions for a cleaner and greener future for the region and the world,” Garcetti said in a post on X after visiting Khavda on July 16.
- Adani Green Energy Ltd is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Kutch, Gujarat. Built across 538 square kilometers, it is five times the size of Paris and almost as large as Mumbai city
- Adani Group through its projects in infrastructure, mainly ports and power, has been competing with China across various regions, including Sri Lanka, Bangladesh, the Middle East, Israel, Africa, Australia and Myanmar
- Senior lawyer Mahesh Jethmalani has alleged that a businessman with Chinese links commissioned the Hindenburg report
Adani Green Energy Ltd is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Kutch, Gujarat. Built across 538 square kilometers, it is five times the size of Paris and almost as large as Mumbai city. AGEL has operationalised 2,000 MW cumulative solar capacity or 6 per cent of the planned 30,000 MW, within 12 months of commencing work and the entire project is to be completed by 2030.
Grateful to @USAmbIndia for his visit to Adani's 30 GW Renewable Energy site at Khavda and Mundra Port. Invaluable insights on geopolitics, energy transition and India-U.S. relations in an open and candid Q&A with Adanians. Amazing to see his adoption of Indian culture, from… https://t.co/1oyd5IRF9y pic.twitter.com/ZOCNr2VApr
— Gautam Adani (@gautam_adani) July 16, 2024
Group chairman Gautam Adani replied by posting a picture with Garcetti and thanking him for the visit. “Grateful to @USAmbIndia for his visit to Adani’s 30 GW Renewable Energy site at Khavda and Mundra Port. Invaluable insights on geopolitics, energy transition and India-U.S. relations in an open and candid Q&A with Adanians. Amazing to see his adoption of Indian culture, from kadak chai to celebrating holi, to playing cricket to speaking in Hindi and eating chole bhature every day!”
The visit and making it public is being seen as a sign of confidence the US government has in India’s largest infrastructure conglomerate.
This came months after US short-seller Hindenburg Research alleged corporate fraud and stock manipulation at Adani Group. Adani Group has repeatedly denied all allegations and has scripted a comeback story with most of its listed companies erasing losses that the Hindenburg report induced.
Adani Group has been instrumental in India’s strategic infrastructure initiatives, particularly outside its borders, where it competes directly with China’s extensive ‘String of Pearls’ and ‘Belt and Road Initiative’ (BRI).
Its acquisition of Haifa port in Israel, outbidding Chinese interests, highlighted its expanding global influence in the face of Chinese competition.
Hindenburg published the damning report on Adani Group just when it made the Haifa acquisition.
Senior lawyer Mahesh Jethmalani has alleged that a businessman with Chinese links commissioned the Hindenburg report. He claims Chinese spy Anla Cheng and her husband Mark Kingdon hired Hindenburg to produce the report on Adani.
Cheng is the founder and CEO of The China Project (formerly SupChina), an independent digital news, business, events, and consulting marketplace platform. Before this, Cheng ran a Family Office of the Asian Hedge Fund of Funds, Centenium Capital. The couple used Uday Kotak-owned Kotak Mahindra Investments Limited (KMIL) to set up a trading account for short-selling Adani shares, according to a SEBI notice.
Garcetti also visited Adani’s head office in Ahmedabad, where he emphasised the significance of the US-India partnership and India’s growing importance in the geopolitical landscape.
Adani Group through its projects in infrastructure, mainly ports and power, has been competing with China across various regions, including Sri Lanka, Bangladesh, the Middle East, Israel, Africa, Australia and Myanmar. The group has also secured approval to build a port in Vietnam.
