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.
Dabhol has faced a series of catastrophic equipment failure and is currently battling thinning gas availability.
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
The Union Cabinet is understood to have decided to constitute an empowered Group of Ministers to resolve the crisis plaguing the multi-billion Dabhol power project, promoted by the erstwhile Enron Corporation.
Power Minister Anant Geete said on Tuesday that the finance ministry is considering a proposal to restart the Dabhol Power plant, now lying idle for nearly two years.
Bribe for Goa project estimated at $976,630
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
Dabhol's assets will be demerged into the power plant and the LNG terminal.
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