India’s Adani Group to Invest $10 Billion in US Energy, Infrastructure

(Bloomberg) — India’s Adani Group plans to invest $10 billion in energy and infrastructure projects in the US, deepening strategic business ties between the two countries.

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The group is “committed to leveraging its global expertise” and will invest in projects that would create as many as 15,000 jobs in the US, billionaire Gautam Adani said in a post on X on Wednesday.

Adani’s investment in the US follows a battle against allegations of corporate governance and accounting irregularities by New York-based short-seller Hindenburg Research in January 2023, which caused a massive erosion of the group’s market value last year.

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While the Indian securities regulator launched an extensive probe into the group’s affairs, Adani has bounced back raising significant amounts of fresh capital from foreign investors including US-based GQG Partners.

The infrastructure conglomerate has announced major investments domestically in recent months across metals, ports and green hydrogen production. The group is also solidifying its market share in the cement and construction sectors, acquiring Orient Cement Ltd. for $963 million and ITD Cementation for $381 million in October.

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