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☆ India’s Adani Green Energy Limited is building world’s biggest clean energy plant five times the size of Paris
▼ + stars: | 2024-03-19 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.

Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, ”, haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, “, that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia

☆ Indian economy regains its swagger as China stumbles
▼ + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.

Persons: Narendra Modi, ”, Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, ”, ’, China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington

☆ Adani blasts ‘Soros-funded interests’ after media raise new questions about business empire
▼ + stars: | 2023-09-01 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

The documents were unearthed by the non-profit Organized Crime and Corruption Reporting Project (OCCRP), which counts billionaire George Soros’ Open Society Foundations among its financial backers, and its research was shared with media including The Guardian and the Financial Times. It is also backed by the US State Department, the UK Foreign Office and the Ford Foundation. The Financial Times said people familiar with the structures had claimed “parallel sets of books and a Russian doll of companies and funds” at the investment firm were used to mask the trades. When Hindenburg published its report in late January, it pitched 88 questions to Adani that cast doubt on his conglomerate’s financial health. Speaking to reporters in Mumbai on Thursday, Rahul Gandhi, a prominent lawmaker from India’s main opposition Congress party, urged Modi to investigate the allegations put forward by the Financial Times and The Guardian and criticized his silence on the matter.

Persons: Gautam, “ Soros, George Soros, OCCRP, Narendra Modi, Adani, “, OCCRP’s, Drew Sullivan, Hindenburg, —, ”, SEBI, ” Adani, Modi, Rahul Gandhi, ” Gandhi, Michelle Toh, Rhea Mogul Organizations: London CNN, Adani, Guardian, Financial Times, CNN, Soros, US State Department, Foreign Office, Ford Foundation, Indian, Adani Group, Hindenburg Research, Society Foundations, Securities and Exchange Board of India, ” Reuters, India’s Locations: Adani, Bermuda, Russian, Mauritius, India, Mumbai

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

☆ Adani case threatens watchdog’s rising credibility
▼ + stars: | 2023-07-06 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

In June the Securities and Exchange Board of India, the country’s markets regulator, disciplined two media tycoons for alleged wrongdoing and strengthened disclosure norms for foreign investors. Going all-in on the Adani case would entail working with other law enforcers, such as the Directorate of Enforcement and the Directorate of Revenue Intelligence. Unless Buch’s team pulls out all the stops, the regulator’s toughest test under her leadership so far is a threat to its rising credibility. The markets regulator on June 12 barred Zee Entertainment Enterprises CEO Punit Goenka and Chair Emeritus Subhash Chandra from holding key managerial positions in any listed company. In a separate order dated June 22 Sebi barred Eros group Managing Director Sunil Arjan Lulla and three group entities including Eros International Media from the securities market, citing accounting irregularities.

Persons: Puri, Gautam, Punit Goenka, Subhash Chandra, Breakingviews, Sebi, Sunil Arjan Lulla, Antony Currie, Katrina Hamlin Organizations: Reuters, Securities and Exchange Board of India, Zee Entertainment Enterprises, Eros International, Reuters Graphics Reuters, of Revenue Intelligence, Securities, Exchange Board, India, Eros International Media, Thomson Locations: MUMBAI

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Adani contrarian is a win for Hindenburg, too
▼ + stars: | 2023-03-03 | by ( Una Galani | ) www.reuters.com time to read: +6 min

GQG Partners is snapping up shares in four of the Indian tycoon’s nine core companies, including the flagship Adani Enterprises (ADEL.NS), along with Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS) and Adani Transmission (ADAI.NS). The mogul was trying to do just that last month with a $2.5 billion Adani Enterprise share sale before it was scuppered by Hindenburg’s sortie. Barring something truly exceptional, the scars of Hindenburg’s successful attack on Adani will linger for a while. GQG bought shares in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises from entities owned by the Adani family. Adani has dismissed the allegations outlined in U.S. fund Hindenburg Research’s Jan. 24 report.

☆ Adani shares soar as US investor steps in
▼ + stars: | 2023-03-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in some of Indian billionaire Gautam Adani’s companies soared Friday after a US private equity firm agreed to invest nearly $1.9 billion in his embattled conglomerate. The Adani Group said Thursday that GQG Partners had bought $1.87 billion of stock in secondary market trades across four of its companies. Shares of the group’s flagship company, Adani Enterprises, soared nearly 17% following the announcement. Shares of Adani Ports rose almost 10%, while Adani Green Energy and Adani Transmission both gained 5%. And Australia-listed GQG Partners, which manages more than $92 billion in assets, doesn’t appear to share the concerns of other investors.

☆ India’s Highest Court Orders Probe Into Adani Market Turmoil
▼ + stars: | 2023-03-02 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The Supreme Court of India formed a committee to investigate the cause of the market turmoil that has engulfed billionaire Gautam Adani’s namesake conglomerate, saying it would look for regulatory failures or securities-law violations that could have contributed to a massive selloff in the group’s stocks. The inquiry by the six-person panel adds to an investigation that is already being conducted by the country’s securities and markets regulator. The new expert committee will be chaired by a former Supreme Court judge and includes two bankers, a lawyer, an entrepreneur and a retired Bombay High Court judge. It has been given two months to come up with a report, according to a court order on Thursday.

☆ MSCI’s Adani cut signals fat tail risks for India
▼ + stars: | 2023-02-10 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Hindenburg founder Nathan Anderson sees MSCI's move as a validation of his group’s findings of “stock parking” by Adani. The Securities and Exchange Board of India, headed by former banker Madhabi Puri Buch, acknowledged unusual price movements this month, but without naming the Adani group. But the longer the controversy drags on, there will be a fat tail risk for Adani and all his stakeholders. CONTEXT NEWSGlobal index provider MSCI on Feb. 9 cut its determined free floats for four Adani companies. It reduced those of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC, and said any resulting changes will be implemented at the close of Feb. 28.

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

One of the large shareholders of Adani Power, the energy firm at the core of Indian billionaire Gautam Adani’s business empire, is an offshore company called Opal Investment Pvt. Ltd.Adani Power described Opal in its latest quarterly report as an independent shareholder that has no ties to the ports-to-power conglomerate beyond its 4.69% stake in Adani Power.

☆ Gautam Adani’s Wealth Almost Halved by Stock-Price Plunge
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The net worth of Indian billionaire Gautam Adani has fallen by around $58 billion over the past week and a half, the result of a rout in stock prices linked to his namesake conglomerate following the publication of a report by a U.S. short seller. The combined market value of shares owned by India’s Adani Group has halved since New York-based Hindenburg Research published a report on Jan. 24 that alleged fraud and stock-market manipulation at the business, among other allegations. Adani has denied the claims.

☆ Gautam Adani’s Net Worth Drops by $58 Billion in 10 Days
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

☆ Total: Adani will ask Big 4 accounting firm for 'general audit'
▼ + stars: | 2023-02-03 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

In total, Adani Group companies have lost $110 billion in market value. Adani Group declined to comment on whether it was planning to appoint one of the Big 4 accounting firms as auditor. A document on Adani Enterprises’ website dated January 13, 2023, also names Shah Dhandharia as “statutory auditors” and provides the firm’s website address. In its report, Hindenburg Research said historical archives of the firm’s website showed that it had only four partners and 11 employees. Trading in five listed Adani firms was halted Friday after they fell to daily limits set by the Indian stock exchange.

☆ Gautam Adani’s crisis will hit India hard: podcast
▼ + stars: | 2023-02-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews: Adani’s share sale U-turn spares only some blushes, article with imageBreakingviews category · February 2, 2023 · 1:44 AM UTCMarkets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises was all but forced after a 28% plunge in the company’s share price the day after it closed the books. Cancelling the deal is marginally better than stuffing above-market-price stock down investors’ throats. The U-turn is nonetheless a key sign the support for the Indian industrialist has a limit.

☆ Gautam Adani’s next hurdles may be harder to clear
▼ + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.

Morgan Stanley economists forecast its stock market will be the world’s third largest before the end of 2030. For those who passively track stock market indexes, the controversy engulfing Adani, briefly the world’s third richest man, may act as a deterrent from an already expensive market. The newish chair of India’s securities regulator, Madhabi Puri Buch, has already wielded a stick at credit rating agencies to instil better market discipline. In the meantime, the turmoil is a reminder to investors of the danger of investing blindly in emerging markets. Stocks look increasingly expensive compared to emerging marketsReuters GraphicsFollow @ugalani and @ShritamaBose on TwitterloadingloadingCONTEXT NEWSShares of the Adani group companies have lost $65 billion since Jan. 25 after U.S. short-seller Hindenburg Research published a research note on the group.

HONG KONG/MUMBAI, Jan 30 (Reuters Breakingviews) - Gautam Adani’s financing options are narrowing fast. That leaves it dependent on a safety net provided by Indian banks. Those concerns exploded after Hindenburg Research last week declared the Indian group was making extensive use of tax havens and “pulling the largest con in corporate history” – allegations Adani dismissed as “misinformation” and “stale, baseless and discredited”. Lending more to the group would protect the capital that banks already have at risk in projects under construction. Shares of Gautam Adani’s listed companies have lost a combined $48 billion in market capitalisation since Jan. 25.

☆ Adani Group slams US short seller Hindenburg over fraud allegations
▼ + stars: | 2023-01-30 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Since the release of Hindenburg’s report, Adani’s business empire has lost more than $70 billion of its stock market value. Fast expansionThe 60-year-old tycoon founded the Adani Group over 30 years ago, and is seen as a close ally of India’s current prime minister, Narendra Modi. In its response, the Adani Group portrayed the US short seller’s report as an “attack” on India and its investors. Hidenburg had concluded its report last week with 88 questions for the Adani Group. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month.

☆ Gautam Adani’s business loses $50 billion in market value after short seller report
▼ + stars: | 2023-01-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The 60-year old tycoon founded the Adani group over 30 years ago.

☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
▼ + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.

☆ Indian billionaire Adani’s firm wins bid to develop vast Mumbai slum
▼ + stars: | 2022-11-30 | by ( ) edition.cnn.com time to read: +2 min

The real estate unit of Indian billionaire Gautam Adani’s Adani Enterprises has won the right to redevelop India’s largest slum, Mumbai’s Dharavi neighborhood, with a 50 billion rupee ($612 million) bid, a state official said on Tuesday. Adani’s winning bid of 50 billion rupees was more than double that of real estate group DLF, which bid 20 billion rupees ($244.87 million), said SVR Srinivas, CEO of the Dharavi Redevelopment Project, a government enterprise in the western state of Maharashtra. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid.

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