India's steel market is out of step with global trends. Global demand is weak with China at a huge supply surplus to its domestic demand, pushing down global steel prices. India's domestic demand for steel is strong, given the continuing infrastructure push and is likely to accelerate as urbanisation improves, and the auto sector continues to grow alongside the infrastructure push.
The company has battled opposition from green groups since starting work on the project five years ago
Sources said Adani had not been able to tie up any financing for the coal project
Gautam Adani on Tuesday said his ports-to-energy conglomerate never slowed or stopped investing in the country as the group's success is based on its alignment with the India growth story. Speaking at the annual shareholder meeting of the group companies, he said the previously announced $70 billion investment in new energy business will help turn India from being a net importer of oil and gas to an exporter of clean energy. "Never have we walked away from investing in India, never have we slowed our investments," he said. "We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions."
Adani, which already has mining and environmental licences from the state government, requires the state approvals on management plans on the endangered finch bird and groundwater in order to commence the mine construction.
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.
"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single Infrastructure -- and job creating -- developments in Australia's recent history," Gautam Adani said.
Global Steel Holdings, the holding company which controls the steel and associated businesses of the Ispat Group, has acquired two coal blocks in Mozambique. According to sources, the investment in the blocks would be in the region of Rs 460 crore (Rs 4.6 billion).
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
A direction is this regard was given on Wednesday after Finance Minister P Chidambaram and Coal Minister Sriprakash Jaiswal met in the presence of the secretaries of the Department of Economic Affairs and Coal Ministry
Gandhi said farmers asked him during his Bharat Jodo and Bharat Jodo Nyay yatras about why they were not getting the benefit of loan waivers like billionaire industrialists or MSP (minimum support price) for farm produce.
More than 80 per cent of Indians live in districts vulnerable to climate risks. Among these, Assam, Andhra Pradesh, Maharashtra, Karnataka, and Bihar are the most vulnerable states to extreme climate events.
Environmental campaigners say they hope two outstanding court cases can still stop India's Adani Enterprises Ltd from developing a A$10 billion ($7.6 billion) coal project.
He is known for his paperless style of working.
The CBI opposed the plea seeking summoning of former prime minister Manmohan Singh and two others as additional accused in a coal scam case.
Adani, which estimates its project will generate more than A$22 billion ($15.6 billion) in taxes and royalties, has yet to line up funding but is sticking to a late 2017 start date.
In 11 out of 29 coal mines successfully e-auctioned, a number of qualified bidders in the e-auction stage were from the same company/parent subsidiary company coalition/joint venture, CAG said.
The power sector is always strongly correlated to economic activity and is receiving its share of investor attention as India's post-Covid-19 recovery continues. India's leading integrated power producer, the public sector undertaking (PSU) NTPC controls around 25 per cent of India's power capacity. It continues to increase installed capacity, in thermal as well as renewables (solar, wind, green hydrogen) and hydropower and pumped hydro, and also has backward integration into coal mining, and explored nuclear.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
Pawar posted on X, formerly known as Twitter, pictures of him and Adani cutting a ribbon of the factory.
Adani's $15-billion Carmichael coal mine is stuck since 2010.
Aditya Aluminium project ready but clearances still stuck for mine
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
The Coal India offering would follow a 5 percent stake sale in state-controlled Oil and Natural Gas Corp, worth $2.8 billion and slated for December.
Progress on the mine was blocked in August after a claim Adani failed to take into account the welfare of the yakka skink lizard and ornamental snake.
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
Analysts seem to be generally pessimistic about Bharat Heavy Electricals (BHEL). Out of 15 brokerages with recommendations since May this year, two have 'buy' while five have 'sell' and eight have 'underweight'/'reduce'/'underperform'/'hold' recommendations. The average target price of the public sector undertaking (PSU) is Rs 61. However, the stock has been consistently hitting new highs, which indicates that there is some kind of valuation mismatch.
China, the world's largest coal producer, has also the dubious distinction of having the deadliest coalmines.
A total of 86 metres have to be drilled vertically to prepare an escape passage. Pipes of 1.2 metres in diameter have to be laid vertically through the top of the tunnel on which work began on Sunday as a second option to reach the stranded labourers.
Hindalco's first quarter (Q1FY23) results indicate healthy domestic volumes for aluminium and copper, and lower cost of production. Subsidiary Novelis saw weak volume trends but it managed to push operating profit margins on a better mix and pricing hikes. The weak global outlook on aluminium is a cause for ongoing concern.
The challenge was launched by Mackay Conservation Group in January.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
For Swarup, the job would not be just challenging but also tricky, given the negativity attached to the sector.
The Bharatiya Janata Party on Thursday accused the government of not cooperating with the Central Bureau of Investigation in the coal scam by dilly-dallying on sharing relevant files with the probe agency and demanded that the computers in the Prime Minister's Office, which store such information, should be seized for "data mining".
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Rahul met the prime minister for about 30 minutes before the party group chaired by Congress President Sonia Gandhi with the prime minister by her side began deliberations at Dr Singh's residence.
Pranav Adani has come a long way since 1999, when he first got actively involved with the Adani Group's businesses, run by his uncle, Gautam Adani.
Prime Minister Narendra D Modi visited the Science City in Ahmedabad on Wednesday, September 27, 2023.
CEOs fear any change in status of the mines will mean disruption in production, loss of investment and increased production cost for user industries.
The immediate denial of any issues with approvals by the Queensland government raises questions as to what Adani is trying to accomplish
Adani Enterprises, which is launching India Inc's second-largest follow-on public offer worth Rs 20,000 crore next week, on Thursday said it is planning to enter the water segment as this is a key element of its core business of infrastructure. The group is into the entire gamut of infrastructure -- being its ports, airports, roads, expressways power generation & distribution, among others. In ports and airports, the group is the largest player in the private sector. Addressing media from Milan, group chief financial officer Jugeshinder Singh said the company has fixed the price band for the Rs 20,000-crore issue in the range of Rs 3,112-3,276 per share.
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