Blame it on rapidly worsening investor sentiment, with US stocks entering a bear market because of soaring inflation and higher interest rates that threaten to trigger a recession.
The project would supply renewable power to local customers in the Pilbara, the center of Australia’s iron ore export sector that hosts mines operated by BHP and Rio Tinto.
Adani New Industries’s “ambition” is to invest more than $50 billion over the next 10 years in green hydrogen as part of the group’s broader plan to boost its presence in the green-energy value chain.