The Adani Group is exploring a tieup with Chinese EV giant BYD Co. that would allow billionaire Gautam Adani’s conglomerate to manufacture batteries in India and extend its push into clean energy, according to people familiar with the matter.

Adani is personally heading discussions with BYD executives, which have taken place as recently as last week, one of the people said. Wary of diplomatic tensions between Beijing and New Delhi, any tieup will be signed with BYD’s subsidiaries in countries in the region, and not with its headquarters in Shenzhen, the people said, asking for anonymity to discuss private matters.

The Adani Group denied Bloomberg’s reporting in a stock exchange filing Monday, saying it’s “not exploring any form of collaboration with BYD for battery manufacturing in India.”

The talks stem from the Adani Group’s ambition to launch mass production of lithium-ion cells for use in both electric vehicles and particularly in stationary energy storage to complement its renewable energy assets. Adani’s conglomerate is the dominant local producer of solar power.

The most advanced and affordable rechargeable battery technology is held by Chinese makers, and Adani sees a technology agreement as essential to the group’s goals, the people said.

Talks between Adani and BYD are at a preliminary stage and may not progress, the people said.

BYD is a natural choice for a technology tieup, as the Chinese company is not just the world’s top seller of EVs, but is at the forefront of rechargeable battery technology globally.

Yet any partnership between the behemoths would test the tolerance of politicians in both countries. Besides being embroiled in a decades-old border dispute, India and China are increasingly rivals in the export manufacturing of items like iPhones. China wants to curb technology transfer and equipment exports to India and Southeast Asia and has withheld exports of rare earth magnets to Indian carmakers since April.

On its part, India has not granted visas to BYD’s Indian business heads, forcing them to conduct meetings in neighboring countries.

BYD did not respond to repeated requests for comment.

The Chinese marque has catapulted into the top ranks of global carmakers and boasts a battery and charging system that’s capable of providing around 400 kilometers (249 miles) of range in 5 minutes. But it posted monthly sales for July that fell sequentially for the first time in 2025, raising doubts as to whether the company can reach its annual target.

BYD is pushing aggressively into new markets, especially in populous emerging economies like India, as it reaches saturation in China and is shut out of the US by high tariffs.

Trip to China

Adani is not putting his eggs entirely in BYD’s basket, and has also talked to a variety of Chinese renewable energy firms like Beijing Welion New Energy Technology Co., people familiar with the matter said. The patriarch is also highly aware of the challenges in obtaining political approval for any partnership with a Chinese company, they said.

The group is “not engaged in any discussions with Beijing Welion New Energy Technology for a partnership of any kind,” it said in a stock exchange statement issued by flagship Adani Enterprises Ltd. on Monday.

It’s possible to secure battery technology from European and South Korean firms but none can match the price-value proposition that Chinese firms can offer, the people added.

On his trip to China in June, some companies received Adani and his entourage like state officials, yet others made up excuses to deny them entry into their premises, one of the people said, reflecting political uncertainty.

Beijing Welion did not immediately respond to a request for comment.

While Adani’s China trip was kept largely under wraps, he also visited solar component makers Broad Group and Jinko Solar Co., according to social media posts and company statements.

The group’s Adani Green Energy Ltd. unit is India’s largest renewable power producer, with about 15.8 gigawatts of operational capacity — more than 70% of it coming from solar — and a target to install 50 gigawatts by 2030.

Adani’s conglomerate also operates 4 gigawatts manufacturing capacity for solar cells and modules, as well as a 2 gigawatt-ingot and wafer-making plant, the only one in India.

The group has plans to invest across the green energy spectrum — from renewable power generation to green hydrogen and energy storage and is expected to be essential to Prime Minister Narendra Modi’s goal of making India net carbon zero by 2070.

Adani has also pledged to decarbonize the conglomerate’s existing operations — it is the country’s largest private coal-fired power producer, as well as its biggest sea port and airport operator.

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