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India’s Adani Group Plans $10B Investment in American Energy
Gautam Adani, founder and chairman of Indian industrial conglomerate Adani Group, said in a social media post platform X on Wednesday that the company will invest $10 billion in energy and infrastructure projects in the United States. Adani has revealed that his company also aims to create up to 15,000 jobs in the country, but did not give the time period or details of the projects.
“Congratulations to @realDonaldTrump. As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and invest $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs,” Adani wrote on X.
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In related news, last week, India’s largest private power company, Adani Power, cut electricity supply to neighboring Bangladesh over a $800 million debt, data from Bangladesh’s grid operator revealed. Adani Power, a subsidiary of Adani Group, cut October supply to 700 MW-750 MW from around 1,400-1,500 MW in early August. Supply was further reduced to ~520 MW on Thursday. Adani Powerexports power to Dhaka from its dedicated 1,600 megawatt (MW) Godda plant in eastern India’s Jharkhand state.
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“We are gradually paying the dues and will take alternative measures if anyone stops the supply. We will not let any power producer hold us hostage,” Muhammad Fauzul Kabir Khan, power and energy adviser in Bangladesh’s caretaker government, told Reuters.
Adani Group shares have rebounded, and have returned 30% in the year-to-date. Previously, the shares were hammered after short-seller Hindenburg Research published a damning report alleging that Adani Group was involved in “brazen stock manipulation” and “an accounting fraud scheme over the course of decades”.
According to Hindenburg, Gautam Adani, founder and chairman of the Adani Group, had managed to amass a net worth of roughly $120 billion, with $100 billion coming in the past 3 years, largely through stock price appreciation in the group’s seven key listed companies, which had spiked an average of 819% over the timeframe. Hindenburg argued that Adani Group’s seven key listed companies “had 85% downside purely on a fundamental basis owing to sky-high valuations”.
By Alex Kimani for Oilprice.com
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