Gautam Adani visits Chinese equipment makers as US legal woes linger

Economic Times

a day ago

Reuters Gautam Adani's recent trip to China, his first overseas visit since facing US legal challenges, signals a renewed focus on international engagement
Indian billionaire Gautam Adani traveled to China last week to meet industrial equipment manufacturers, marking what appears to be his first overseas trip since the US unveiled criminal and civil cases against him in November.
The visit, including to a solar module maker, underscores Adani's continued efforts to maintain momentum in renewables even as he faces heightened scrutiny abroad. Sagar Adani, who oversees the green arm of the conglomerate's sprawling empire, accompanied his uncle on the trip, according to a social media post by one of the companies he visited.
The trip to China could signal a renewed push for international engagement as Gautam Adani tries to shake off controversies, from US legal troubles to investor concerns about corporate governance practices, following a bruising short-seller report in early 2023.Asia's second-richest person, along with his nephew Sagar, face criminal and civil charges in the US over their alleged involvement in a $250 million bribery scheme to pay regional officials in India to lock in solar-power contracts.
The Adani Group has denied the claims, though both Gautam and Sagar have curtailed their international travel since the indictment was announced.
The Indian conglomerate is building one of the largest renewable energy parks — five times the size of Paris — near India's western coast with solar panels and wind turbines.
The billionaire visited a Jinko Solar Co. manufacturing plant, inspecting the facility's automated production lines, the Shanghai-based company said in a statement on June 4. Its energy storage solutions are well-suited to India's high-temperature conditions and will be integrated into Adani's projects to bolster grid stability and renewable energy absorption, it said.
Adani also visited Broad Group's facilities, the Chinese firm said in a post on X. The company has a range of subsidiaries that includes a wind turbine manufacturer.A spokesperson for Adani didn't immediately comment.
The group's renewable energy ramp up plans are crucial for two of Indian Prime Minister Narendra Modi's policy pledges — making the country carbon neutral by 2070 and self-reliant, especially in manufacturing. India is one of the biggest markets for China's solar modules and Adani's visit could also signal room for better business ties between the two countries.While relations between the nuclear-armed neighbors remain fraught, there have recently been signs of a thawing. In January, they agreed to resume direct flights, facilitate visas and restart sharing data of trans-border rivers. A few months later, the nations announced the resumption of an annual pilgrimage to the Tibet Autonomous Region, organized by India's foreign ministry, that had been suspended for years after border clashes erupted.