Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore ($1.1 billion) as the marquee investor shrugged off damning report of a US short seller to invest in billionaire Gautam Adani's group.
Billionaire Gautam Adani-led group's renewable energy firm on Thursday announced plans to raise Rs 12,300 crore through a share sale to investors as the group continues to build on a comeback strategy to emerge out of allegations of fraud levelled by a US short-seller. Adani Green Energy Ltd in a stock exchange filing said its board has approved raising up to Rs 12,300 crore through an issue of equity shares by way of qualified institutional placement (QIP). The funds are intended to be used for meeting capital needs of the company's expansion plans.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO). The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
Properties worth over Rs 150 crore of real estate firm Unitech Group have been attached in a money laundering case, the Enforcement Directorate (ED) said on Tuesday. The assets include a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.
CII, in a communication with the state industries department, cited it had a packed schedule for the year and the dates frozen for the Make in Odisha conclave clashed with a major national summit hosted by the industry body.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd has emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group, a source said on Friday. APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district. "APSEZ is the highest bidder, offering a share of 0.25 per cent of gross revenue. "It was marginally higher than the second bidder who offered 0.23 per cent," a senior government official said, without wanting to be named.
After a $110 billion rout in market value, embattled Adani group got some reprieve on Tuesday after shares of most of its listed firms rebounded on bourses and international rating agencies said there was no credit risk for lenders with exposure to the group. The group, which is in the midst of a political storm after US-based short-seller Hindenburg Research's adverse report dated January 24 triggered a meltdown in group stocks wiping out billions of dollars in market value, also had a mixed day with the quarterly results of four of its entities, particularly Adani Ports and Special Economic Zone reporting a 12.94 per cent decline in consolidated net profit to Rs 1,336.51 crore for the December quarter 2022. Shares of flagship firm Adani Enterprises settled nearly 15 per cent higher at Rs 1,802.50 apiece while shares of Adani Wilmar jumped 5 per cent to end at Rs 399.40 on BSE.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons Ltd, will invest Rs 3,500 crore (Rs 35 billion) in setting up an information technology Special Economic Zone at Taramani, Chennai. The project will have both commercial and residential projects.
At a recent meeting with Delhi chief secretary Rakesh Mehta besides other Industries department officials, private developers like DLF Commercial Developers Ltd and Consolidate Finvest and Holdings Ltd expressed their inability to invest in the project.
A Union environment ministry's expert appraisal panel felt that the project proponent, CPL Infrastructure Pvt Ltd, a subsidiary of Cadila Pharmaceuticals Ltd, had failed to give requisite details for the proposed park in Dhandhuka Taluka in Ahmedabad.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry's Export Promotion Council for export oriented units and special economic zones.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
The Tamil Nadu government on Monday entered into a joint venture with Hyderabad-based GMR Infrastructure Ltd to set up a multi-product Special Economic Zone in the state's Krishnagiri district at a cost of Rs 2,300 crore (Rs 23 billion).
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
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Issue in two months for Australian projects; group to invest another $15 billion in infrastructure projects by 2020.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
In its final order, the environment ministry had concluded that the upfront payment of Rs 200 crore as Environment Restoration Fund for violations and damage done was not permitted under the Environment Protection Act. Consequent to this order, the penalty that could be imposed on any confirmation of violation in the future is a maximum of Rs 1 lakh.
Unitech Corporate Parks Plc, the real estate investment company listed on London's Alternative Investment Market in which developer Unitech Ltd holds a 40 per cent stake, has decided to put one of its largest assets in India on the block with a valuation of Rs 3,000 crore.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is planning to spend $3 billion for a new petrochemical complex at Jamnagar.The new complex will utilise residual gases generated from the two existing refineries, of which one is located in a special economic zone (SEZ), to generate further downstream products."The investment could be in the range of $3 billion, depending on raw material prices," said a Reliance official on condition of anonymity.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
ONGC is considering selling up to 25 per cent of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ, a senior company official said. It plans to give 19 per cent equity stake in OPaL to state-run gas utility GAIL India, while another 25 per cent interest may be offered to Petronet LNG and Bharat Petroleum or a strategic partner.
Larsen and Toubro Ltd said on Monday it has bagged Rs 800-crore (Rs 8 billion) contract from Reliance Industries Ltd for construction services and supply of electrical systems for its SEZ refinery and petrochemical project in Jamnagar, Gujarat.
Compact disk manufacturer Moser Baer said on Tuesday it will invest Rs 792 crore (Rs 7.92 billion) in its wholly owned subsidiary Moser Baer Photo Voltaic Ltd.
Real estate firm Ansal Housing and Construction Ltd plans to invest Rs 2,000 crore (Rs 20 billion) in the next four years to develop various projects, which include seven townships in Tier II cities.
Finance Minister Arun Jaitley on Monday said state governments should emulate the concept of 'Gujarat International Finance Tec-City'
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
With the government asking the companies to operate with only 50 per cent staff strength, and exports dipping to almost zero, the truck and bus drivers idling at the petrol pump say they hardly have any work now. At a petrol pump on the deserted Bavla-Changodar highway near Ahmedabad in Gujarat, several trucks and buses are neatly parked in a row.
Even while the union budget may not have announced many direct schemes for Gujarat, the state has been a major beneficiary under Prime Minister Narendra Modi's first 100 days in office.
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