India's Adani Group is in early talks with China's BYD (HKG:1211, SHE:002594) to partner on battery manufacturing, as part of its clean energy expansion plans, Bloomberg News reported Monday, citing people familiar with the matter.
The discussions, reportedly led by Gautam Adani, involve potentially using BYD's regional subsidiaries to sidestep geopolitical sensitivities.
The batteries would support electric vehicles and energy storage for Adani's solar power assets, according to the report.
However, Adani Group denied the report in a stock exchange filing, saying it is "not exploring any form of collaboration with BYD for battery manufacturing in India," Bloomberg added.
Talks remain preliminary and may not advance, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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