Indian billionaire Gautam Adani’s flagship company has raised Rs12.5bn ($152m) through notes, its first such local-currency bond sale since it was targeted by short seller Hindenburg Research in January. Credit: Dhiraj Singh/Bloomberg via Getty Images.

Adani Global, a wholly owned subsidiary of Indian energy major Adani Group, and Japan-based manufacturing and trading company Kowa Holdings Asia have formed an equal joint venture (JV) for the marketing and sale of Adani’s green hydrogen and ammonia in Japan, Taiwan and Hawaii.

The green hydrogen up for sale will be produced by Adani New Industries Limited (ANIL), an arm of Adani Group. The first project from ANIL, set to begin production by 2027, is expected to produce one million metric tonnes per annum of green hydrogen.

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In a regulatory filing seen by the Economic Times, the company said: “The JV with Kowa for green hydrogen marketing is a natural and strategic extension of Adani Group’s long-standing marketing and trading relationship with Kowa.

“Depending on market conditions, ANIL aims to increase capacity to up to 3 MMTPA [million metric tonnes per annum] of green hydrogen in the next 10 years, with an investment of about $50 billion,” the company added.

Adani has said that ANIL aims to develop an integrated hydrogen ecosystem within three business streams: manufacturing and supply chains, green hydrogen generation and the production of downstream derivative products such as green ammonia, green methanol and sustainable aviation fuels.

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Earlier this year, accusations of stock manipulation and fraud by Adani in large-scale schemes spanning decades were published in a report by research company Hindenburg Research. Hindenburg dubbed Adani’s alleged actions as “the largest con in corporate history”, putting the value of the company’s fraud at an estimated $17bn. This sum far exceeds many of Adani’s largest investments in renewable and zero-emissions technology.

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After the report was published, stocks for the company plummeted and it lost more than $145bn from its total value. The personal fortune of Adani founder and CEO Gautam Adani also fell by approximately $79bn since the start of this year. Oil giant TotalEnergies put a major partnership to produce green hydrogen with Adani on hold after the allegations were published.