Adani Bets on India Energy Security With Nuclear Power Project
(Bloomberg) -- Billionaire Gautam Adani said his giant conglomerate will embark on a new 10 gigawatt nuclear power initiative to help improve India’s energy security, in his first public speech since resolving his legal troubles in the US.
“We are positioning ourselves early to serve the growing national demand for clean, round-the-clock power,” said Adani in a video address to shareholders on Wednesday in conjunction with the annual general meeting of his conglomerate’s flagship Adani Enterprises Ltd.
The tycoon said the group will enter the nuclear energy space through a business called Adani Atomic Energy, has identified land for the project and is targeting a 10 GW capacity by 2035. That would be enough power for millions of households.
Last year, Bloomberg reported that Adani Group is in talks with a northern Indian state to build a commercial nuclear energy project, giving Asia’s richest person a headstart in a sector that India is opening up to private firms.
Adani, who is also celebrating his 64th birthday on Wednesday, said Adani Power Ltd. is implementing India’s largest ever private sector investment of over 2 trillion rupees ($21.1 billion), with a target of 45 GW capacity over the next five years.
The billionaire did not mention his past US legal troubles or their recent resolution, but said his conglomerate is defined by “not the noise that surround us, but the strength of our response.”
His roadmap for the ports-to-energy group points to a renewed focus on expansion and growth as he moves past the phase of intense scrutiny due to the US probes, which previously impeded the ability of the group’s companies to raise money abroad.
US Indictment
American prosecutors had unveiled an indictment against Adani back in November 2024. Last month, the US Justice Department moved to drop criminal charges against Adani and his nephew Sagar Adani in connection with an alleged bribery scheme in India. That happened shortly after the two men agreed to pay a total of $18 million to settle a parallel Securities and Exchange Commission civil fraud case.
Adani Enterprises separately reached a deal to resolve a Office of Foreign Assets Control’s sanctions probe for $275 million. The Adanis and the company did not admit any wrongdoing.
In his speech Wednesday, the tycoon said the Adani Group made a record investment of over 1.5 trillion rupees in infrastructure in the year ended March 31, or more than 30% of India’s total new private-sector capital expenditure for the period.
Adani said his group is also building a national aerospace platform that spans manufacturing, MRO (maintenance, repair and overhaul) services and pilot training.
Adani Enterprises’ shares have climbed about 35% this year, giving the flagship company a market valuation of almost 3.9 trillion rupees.
The total market value of the group’s nine-listed companies has returned to levels last seen in January 2023, before US short-seller Hindenburg Research released a scathing report that accusing the conglomerate of widespread corporate misconduct. Adani has denied those fraud allegations.
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