Adani explores battery JV with China’s BYD
Mumbai: The Adani Group is in early-stage talks with Chinese electric vehicle giant BYD Co. to collaborate on battery manufacturing in India, as part of its broader push into clean energy, Bloomberg reported.
Gautam Adani is said to be personally leading the discussions, which included meetings with BYD executives as recently as last week.
However, with diplomatic ties between India and China remaining tense, any deal is likely to be routed through BYD’s subsidiaries based in third countries rather than directly via its Shenzhen headquarters, the report sid, citing sources familiar with the matter.
The negotiations reflect Adani’s strategic aim to scale up production of lithium-ion cells, not just for electric vehicles but also for stationary energy storage systems critical to supporting its growing renewable energy business.
The Adani Group, India’s largest solar power producer, views battery technology as central to its clean energy roadmap.
Chinese companies currently dominate the global battery supply chain, and Adani considers technology sharing essential to achieving its ambitions.
While the talks may not lead to a formal agreement, BYD is seen as a strong contender given its global leadership in both EVs and battery innovation.
Yet, a partnership of this nature would test the political waters. India and China remain locked in a protracted border standoff and are often on opposing ends of the global supply chain debate.
Since April, China has been restricting exports of key technologies, including rare earth magnets, to India and parts of Southeast Asia.
India, meanwhile, has held back visas for BYD executives, pushing the companies to meet in neighbouring countries.
Adani is also exploring tie-ups beyond BYD.
It has reportedly initiated conversations with other Chinese clean energy players such as Beijing Welion New Energy Technology Co., though no official comment has come from the latter.
Alternative partners in Europe and South Korea have been considered, but none match the cost advantages Chinese firms offer.
During a low-key visit to China in June, Adani met executives from companies including Broad Group and Jinko Solar Co., as suggested by social media activity and company releases.
However, some firms declined the meeting, underscoring the sensitive nature of any cross-border engagement at this time.
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