Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over $2 billion in a first major deal since the US bribery indictment. In a statement, Adani Enterprises Ltd -- which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd -- said it will sell 31.06 per cent stake to Wilmar International. About 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
Who else will take on the might of Microsoft, Google, and Amazon if not the Adanis, Ambanis, Birlas, or Tatas?, asks R Jagannathan.
Adani Group chairman Gautam Adani has reaffirmed Adani Enterprises' ambitions for aggressive expansion, committing to invest up to $20 billion annually over the next five years. "Our capital investment across businesses is set to break all records.
'While the current pause offers temporary reprieve and alleviates any immediate legal pressure, the long-term implications remain uncertain.'
Congress leader Rahul Gandhi on Tuesday alleged that Prime Minister Narendra Modi buckled under United States pressure to finalise a trade deal and 'sold off' the hard work of Indian farmers through the agreement.
Billionaires Mukesh Ambani and Gautam Adani have pledged their support to the Indian armed forces, who are currently repelling intense shelling, gunfire, and drone attacks from Pakistan. "We are very proud of our Indian Armed Forces for Operation Sindoor. India stands united, fierce in resolve and unshakable in purpose, against the scourge of all forms of terrorism," Ambani, chairman and managing director of Reliance Industries Ltd, said in a statement.
In November last year, an indictment was unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including Chairman of the Adani Group, Gautam Adani, by linking them to an alleged bribery scheme.
Glimpses from the opening of the Adani Green Energy Gallery at the Science Museum in London.
Ajit Pawar on Sunday announced the alliance between the factions for the Pimpri Chinchwad civic polls.
The BJP stunned the Pawars in the Pune polls, clinching 119 seats. The NCP came a distant second with 27 seats, while its ally, NCP (SP) led by Sharad Pawar, won three. The Congress managed 15 seats.
Abu Dhabi's International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate's founder chairman Gautam Adani. "Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement.
Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya's airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said "there are no allegations made against the company". On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.
French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. The energy giant said it was not aware of the investigation into the alleged corruption. TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).
Challenging the decision of the Biden Administration to investigate the activities of Indian billionaire Gautam Adani and his companies, an influential Republican lawmaker on Tuesday said such selective actions risk damaging critical alliance partners.
From the 30-share Sensex pack, Adani Ports surged 6 per cent. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers. In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank and ICICI Bank were among the laggards.
Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of chairman Gautam Adani and others on alleged bribery charges, while Fitch Ratings put some bonds of the conglomerate on negative watch. Moody's affirmed the ratings on all seven entities -- Adani Ports and Special Economic Zone Ltd, two limited restricted groups of Adani Green Energy Ltd, Adani Transmission Step-One Ltd, Adani Transportation Restricted group 1 (AESL RG1), Adani Electricity Mumbai Ltd and Adani International Container Terminal Pvt Ltd.
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
Billionaire Gautam Adani's group is in advanced talks to acquire real estate company Emaar India for an enterprise value of around $1.4-1.5 billion as it looks to expand its property business, according to sources. Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land.
Indian billionaire Gautam Adani-led group's Haifa port in Israel was unharmed by the Iranian ballistic missile attack, with cargo operations progressing unhampered, sources said. Late on Saturday night, Iran targeted Israel's Haifa port and a nearby oil refinery in response to Tel Avi's attack on Iranian nuclear and other targets earlier this week.
'If the period between 1991 and 2014 was about laying the foundations and building the runway, the period from 2014 to 2024 has been about the aircraft taking off.'
Fine balance between austerity and profligacy with infra push.
The Adani group on Thursday denied charges of paying bribe to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws. It said all possible legal recourse will be sought.
Paytm operator One97 Communications Ltd on Wednesday said it is not in talks to sell a stake to the Adani Group. Adani group has also termed such reports as "false and untrue." Commenting on a report that billionaire Gautam Adani was in talks with Paytm CEO Vijay Shekhar Sharma for a possible stake buy, One97 Communications said, the "news item is speculative and the company is not engaged in any discussions in this regard."
The Opposition members wanted to discuss the Adani controversy and the recent violence in Uttar Pradesh's Sambhal.
Google plans to invest $15 billion over the next five years in setting an artificial intelligence hub in Visakhapatnam, a senior official of the company said on Tuesday.
Billionaire Gautam Adani's younger son Jeet on Friday married fiance Diva Shah at a small and intimate, traditional ceremony with a close group of friends and family in attendance.
'That was my mistake.' 'Gautam Adani was not involved in forming the Maharashtra government.' 'Adani was not there in the meeting.' 'The meeting was at his guest house and we were sitting in his guest house.'
Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said.
The Navi Mumbai International Airport will be inaugurated on October 8, Adani Group chairman Gautam Adani said on Wednesday. The airport, which received the aerodrome licence from aviation safety regulator DGCA on Tuesday, is being developed in multiple phases.
Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charged in the United States for alleged bribery and fraud.
West Bengal Chief Minister Mamata Banerjee met the second most richest man in Asia -- Adani Group Chairman Gautam Adani -- in Kolkata on Wednesday, April 20, 2022.
Adani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani's conglomerate, on Thursday reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company.
The Lokapriya Gopinath Bardoloi International Airport in Guwahati has inaugurated a new nature-themed terminal building, designed to handle 13.1 million passengers per year and serve as a key aviation hub for the northeast and a gateway to Southeast Asia.
Indian equities declined on Friday, with the benchmark Nifty posting its worst weekly fall since September, as foreign investor sentiment remained weak amid tepid earnings growth and little progress on the India-US trade front.
Prime Minister Narendra Modi inaugurated Phase 1 of the 19,650 crore (196.50 billion) Navi Mumbai International Airport, marking a major milestone in India's aviation infrastructure. Conceived as the country's largest greenfield airport project, the facility has been developed under the public-private partnership model and will function as the second international airport for the Mumbai Metropolitan Region, easing pressure on the congested Chhatrapati Shivaji Maharaj International Airport. The new airport is expected to significantly improve air connectivity for Mumbai and its adjoining regions, catalyse economic growth in Navi Mumbai and Raigad districts, and serve as a key hub for passenger and cargo traffic in western India.
Pawar was addressing an election campaign rally in Pimpri-Chinchwad and announced the development.
"This is ENTIRE political science," Jairam Ramesh said apparently taking a dig at PM Narendra Modi.
A Delhi court has set aside an order asking four journalists to take down alleged defamatory content against Adani Enterprises Limited (AEL), saying the effect of removal of the articles by an ad interim ex parte order was 'sweeping' and it had the 'effect of decreeing the suit itself without a trial'.
The combined market-cap of all listed Adani group firms has plunged nearly Rs 7.11 trillion since January 24 when the Hindenburg report was made public.
Pawar posted on X, formerly known as Twitter, pictures of him and Adani cutting a ribbon of the factory.
