US Ambassador in India visits Adani’s Khavda project site

Thursday, 25 July 2024 04:16 - - {{hitsCtrl.values.hits}}

In a significant demonstration of confidence and support, US Ambassador to India Eric Garcetti visited the Adani Group’s Khavda renewable energy project, the largest of its kind in the world.

This visit underscores the conglomerate’s recovery following the Hindenburg report and highlights its continuing role in advancing the region’s renewable energy goals.

Adani Green Energy Ltd. (AGEL) is developing the world’s largest renewable energy project, with a planned capacity of 30,000 MW on barren land in Khavda, Kutch, Gujarat, India.

Spanning 538 square kilometres, the project area is five times the size of Paris and nearly as large as Mumbai. Within 12 months of starting work, AGEL has operationalised 2,000 MW of solar capacity, which is 6% of the planned total, with full completion expected by 2030.

Garcetti’s visit and the positive publicity surrounding it are seen as signs of renewed US Government confidence in India’s largest infrastructure conglomerate. This comes months after US short-seller Hindenburg Research accused the Adani Group of corporate fraud and stock manipulation, allegations the group has consistently denied. The Adani Group has since bounced back, with most of its listed companies recovering from the initial losses caused by the Hindenburg report.

The Adani Group has been pivotal in India’s strategic infrastructure initiatives, particularly outside its borders, competing directly with China’s extensive ‘String of Pearls’ and ‘Belt and Road Initiative’ (BRI). The group’s acquisition of the Haifa Port in Israel, outbidding Chinese interests, exemplifies its growing global influence despite the competition.

During his visit to Adani’s head office in Ahmedabad, Garcetti emphasised the importance of the US-India partnership and India’s growing geopolitical significance. The Adani Group, through its infrastructure projects, particularly in ports and power, continues to compete with other countries 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.