The article reports that the Adani Group has found itself in a “win-win situation” due to U.S. tariffs on Chinese solar panels. The U.S. has not imposed stiff tariffs on Indian solar panels, which has benefited Mundra Solar PV Ltd (MSPVL), an Adani firm that manufactures solar cells and panels. On the other hand, another Adani company, Adani Green Energy, is building the world’s largest solar park in India and is a major buyer of solar panels from third parties, including Chinese suppliers like JinkoSolar and LONGi. This allows the group to profit from both exporting high-margin solar panels to the U.S. and importing more cost-effective ones from China for its domestic projects.
However, this opportunity may be short-lived. India has already started to indirectly restrict the import of Chinese solar modules by making it mandatory to use panels made by local companies for government-linked projects, which constitute the bulk of domestic solar demand. The government is also working on a second list that will make it mandatory for companies to use domestically produced solar cells from June 2026. Despite this, the Adani Group states that its procurement processes adhere to good governance practices, with all transactions, whether within the group or with third parties, being conducted on an arm’s length basis.