The Adani Group on Monday dismissed a media report claiming its partnership with Chinese company BYD for battery manufacturing and clean energy, calling it “baseless” and “misleading” in an official statement.
“We categorically deny Bloomberg's report on 4 Aug 2025 suggesting a tie-up between the Adani Group and Chinese companies BYD and Beijing Welion New Energy Technology,” the spokesperson said.
The Bloomberg report, citing sources, earlier said that the Adani Group is “exploring a tie-up with Chinese EV giant BYD Co” to manufacture batteries in India and extend its push into clean energy.
“This report is baseless, inaccurate and misleading. The Adani Group is not exploring any form of collaboration with BYD for battery manufacturing in India,” the group stated.
The company said they are “not engaged in any discussions with Beijing Welion New Energy Technology for a partnership of any kind”.
Gautam Adani was said to be personally steering the negotiations with BYD, with meetings reportedly taking place as recently as last week, reported Bloomberg on Monday.
The proposed collaboration aimed to support large-scale manufacturing of lithium-ion batteries, which are vital for both electric mobility and stationary energy storage systems.
The Adani Group is preparing for a capital expenditure investment of nearly $100 billion over the next five years.
The Group’ business encompasses thermal and renewable generation, transmission, distribution, LNG, LPG, CNG, PNG, battery storage, hydrogen trucks, EV charging stations, pumped hydro, and mining.
It is also India's second-largest and most efficient cement manufacturer, as well as in aerospace and defence, data centres, and real estate.
BYD, which stands for Build Your Dreams, sold a total of 1.86 million BEVs and plug-in hybrids in 2022. In India, EVs made up just over 1 per cent of total car sales of 3.8 million in 2022 but the government wants to grow this to 30 per cent by 2030.
BYD has already invested $200 million in India where it sells the Atto 3 electric SUV and the e6 EV to corporate fleets, and later launched its Seal luxury electric sedan in 2023.