India’s Union Power and Renewable Energy Minister, RK Singh, stated that the controversy surrounding the Adani group will not hinder the country’s plans for green energy.
Singh made the comment after Adani Enterprises cancelled a Rs 20,000 crore follow-on public offering.
The controversy began when US short-seller Hindenburg Research accused the company of using tax havens and raised concerns about debt. Singh emphasized that India has a robust renewable energy capacity with several large companies capable of investing globally, so the Adani controversy will not impact the country.
India aims to have 500 GW of installed capacity by 2030 and achieve Net Zero by 2070. The Adani Group, led by billionaire Gautam Adani, has played a significant role in India’s renewable energy sector with three of its publicly listed companies operating in the power sector.