Gautam Adani, the founder and chairman of India’s Adani Group, announced on Wednesday via social media platform X that the company will invest $10 billion in energy and infrastructure projects across the United States. The investment is part of Adani’s strategy to strengthen the U.S. energy security and infrastructure, with plans to create up to 15,000 new jobs. However, the company did not provide specific details on the timeline or the nature of the projects.
In his post, Adani congratulated former U.S. President Donald Trump and highlighted the growing partnership between India and the U.S. “As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and investing $10 billion in U.S. energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs,” Adani wrote.
In other news, last week, Adani Group’s power subsidiary, Adani Power, reduced its electricity supply to neighboring Bangladesh in response to an $800 million debt. Data from Bangladesh’s grid operator revealed that Adani Power cut its supply to Bangladesh from around 1,400-1,500 MW in early August to 700-750 MW in October. On Thursday, the supply was further decreased to approximately 520 MW. Adani Power exports electricity to Dhaka from its 1,600 MW Godda plant in Jharkhand, India.
“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,” said Muhammad Fauzul Kabir Khan, the power and energy adviser in Bangladesh’s caretaker government.
Meanwhile, Adani Group’s shares have seen a recovery, posting a 30% increase year-to-date. The stock had previously taken a hit after a report from short-seller Hindenburg Research accused the company of stock manipulation and accounting fraud. The report claimed that Gautam Adani’s net worth, which had surged by $100 billion in just three years, was largely due to the skyrocketing stock prices of the group’s seven major listed companies. Hindenburg also warned that these companies were significantly overvalued and had an 85% downside based on fundamental analysis.
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