Last year the Adani Group, an Indian conglomerate, was accused of, among other things, committing fraud in its aggressive pursuit of growth. Those allegations (which the Adani Group denies), made by Hindenburg Research, a New York-based short-selling firm, rattled the group, but have done little to diminish its ambitions. It continues to pursue global expansion, with Adani Green, its renewable energy arm, leading the charge. In recent months, the company has announced plans to develop projects in several countries across Asia and Africa.
However, on Monday those plans could face a setback when Sri Lanka’s Supreme Court hears petitions against one of Adani’s proposed wind-power projects. Environmentalists claim the project would endanger biodiversity and migratory birds. Even if the Supreme Court were to rule in Adani’s favour, Sri Lanka’s new government could still scupper the plan. Anura Kumara Dissanayake, elected president last month, has vowed to cancel both projects, saying that they threaten the country’s “energy sovereignty”.
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