Key Highlights:
- Adani denies any collaboration with BYD or Beijing Welion for battery manufacturing.
- Stock holds gains, up 0.61 percent despite media reports.
- Focus on major infra projects set to unlock long-term value.
Mumbai: Adani Enterprises on Sunday refuted reports of any collaboration with Chinese electric vehicle giant BYD and Beijing Welion New Energy Technology for battery manufacturing in India. In an official filing with the Bombay Stock Exchange (BSE), the company said the Bloomberg report suggesting such a partnership is "baseless, inaccurate, and misleading."
Despite the clarification, Adani Enterprises shares were trading 0.61 percent higher at Rs 2,365 on the BSE in morning trade.
In its clarification, Adani Enterprises firmly denied any ongoing discussions with either BYD or Beijing Welion, stating:
"The Adani Group is not exploring any form of collaboration with BYD for battery manufacturing in India. Similarly, we are not engaged in any discussions with Beijing Welion New Energy Technology for a partnership of any kind."
The Bloomberg report had earlier claimed that Gautam Adani was personally involved in leading discussions with BYD executives just last week. The report also said that any potential deal would be structured through BYD subsidiaries outside China to avoid geopolitical tensions between India and China.
In its recent Q1 results and update, Adani Enterprises reiterated its focus on operationalising major infrastructure projects during the current fiscal. These include the Navi Mumbai International Airport, a copper plant, and the Ganga Expressway.
Chairman Gautam Adani stated that the group’s business model is proving its strength, as evidenced by 61 percent year-on-year EBITDA growth in the Airports segment.
“We are accelerating our mission to build globally benchmarked and technologically advanced infrastructure platforms that are key to India’s long-term growth,” Adani said.
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