Adani Group not exploring any tie-up with BYD: Statement

The Adani Group has denied a Bloomberg report suggesting a potential tie-up with Chinese companies BYD and Beijing Welion New Energy Technology.

In an exchange filing, Adani said it is not exploring any form of collaboration with Chinese EV giant BYD for battery manufacturing in India, nor is it engaged in any discussions with Beijing Welion New Energy Technology for a partnership of any kind.

"The Bloomberg report on exploring a collaboration with BYD is baseless, inaccurate, and misleading," the group said.

Earlier in the day, Bloomberg reported that the Adani Group is in talks with BYD for a partnership to manufacture batteries in India, as part of its broader push into clean energy.

According to the report, Gautam Adani is personally leading the discussions with BYD executives, which have taken place as recently as last week. The talks are said to align with Adani’s ambition to start large-scale production of lithium-ion cells for both electric vehicles and stationary energy storage.

Adani's conglomerate is currently India's leading producer of solar power.

Bloomberg said that Chinese companies dominate the global market in advanced, cost-effective rechargeable battery technology. A technology agreement is viewed as critical to Adani’s clean energy goals.

However, the report also stated that the talks are still at a preliminary stage and may not progress further.

BYD, the world's top EV seller, is considered a natural partner due to its leadership in battery technology.

Tensions between India and China, including a long-standing border dispute and growing economic rivalry, complicate any such collaboration. China has withheld rare earth magnet exports to Indian automakers since April, while India has reportedly denied visas to senior BYD executives, pushing meetings to neighbouring countries.

The report further said Adani is not relying solely on BYD and has also held discussions with other Chinese renewable energy firms, including Beijing Welion New Energy Technology.

While European and South Korean battery makers are also potential partners, Chinese firms reportedly offer the best price-to-value proposition.