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Another group project, a $900 million port redevelopment in Kerala state, has been stalled for months by protesters. 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. ($1 = 81.6750 Indian rupees)Reporting by Shilpa Jamkhandikar in Mumbai and Nandan Mandayam in Bengaluru; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

☆ INDIA STOCKS Indian shares set for lower opening as Fed keeps hawkish stance
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

India's NSE stock futures, listed on the Singapore exchange , were 0.94% lower as of 0211 GMT. The Federal Reserve raised interest rates by 75 basis points on Wednesday as widely expected and said its battle against inflation will require borrowing costs to rise further. Meanwhile, foreign institutional investors bought a net 14.36 billion Indian rupees ($173.61 million) worth of equities on Wednesday, while domestic investors sold 13.78 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Mahindra and Mahindra Financial Services Ltd (MMFS.NS) reported September-quarter profit of 4.48 billion rupees, a 56.2% year-on-year decline. ($1 = 82.7120 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Indian billionaire Adani looks to raise $10 bln debt - Bloomberg News
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - Indian billionaire Gautam Adani's group plans to raise at least $10 billion in new debt through the next year to refinance large borrowings and fund projects in its pipeline, Bloomberg News reported on Friday, quoting people in the know. The Adani Group plans to use several vehicles including foreign currency debt and green bonds to raise up to $6 billion to swap its current high-interest debt with lower-cost borrowings and deploy the rest for project financing, according to the report. It added that the effort could begin as early as the current December quarter. An Adani Enterprises (ADEL.NS) spokesperson did not immediately respond to a Reuters request for comment. The report comes more than a month after debt research firm CreditSights, a part of the Fitch Group, said it had concerns about the Adani group's overall debt levels, at a time when it is looking to expand aggressively.

☆ INDIA STOCKS Indian shares seen opening higher as oil slips
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - Indian shares are set to open higher on Wednesday, taking cues from overnight gains on Wall Street as corporate earnings helped improve sentiment and oil prices fell on worries of higher U.S. supply. Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Adani Enterprises Ltd (ADEL.NS) said its unit, Adani Defence Systems & Technologies, would buy Air Works for an enterprise value of 4 billion rupees. ** Prestige Estates Projects Ltd (PREG.NS) said during second quarter, the group registered sales of 35.11 billion rupees, up by 66% from a year ago. ** ICICI Lombard General Insurance Co Ltd (ICIL.NS) reported a September-quarter profit after tax of 5.91 billion rupees, up 32.3% from last year.

☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
▼ + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +11 min

Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.

☆ India renewables push gets lift from patient money
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 19 (Reuters Breakingviews) - As global borrowing costs rise, patient foreign investors are stepping up to help tycoons recycle capital and speed India’s energy transition. The wider deal will help the unit of $19 billion Mahindra and Mahindra (MAHM.NS) repay a shareholder loan as Indian businesses deleverage en masse. In April, Tata Power (TTPW.NS) struck a deal with BlackRock (BLK.N) and Abu Dhabi’s Mubadala. Register now for FREE unlimited access to Reuters.com RegisterSimilar tie-ups helped renewables power 60% of India’s energy capacity additions in the past six years, according to Moody’s. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Jeff Bezos was just dethroned as the 2nd richest person in the world by Asia's wealthiest individual
▼ + stars: | 2022-09-17 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Asia's richest person, Gautam Adani, passed Jeff Bezos to become the world's second-richest person. In February, Adani, the founder and chairman of Adani Group, became Asia's richest person, surpassing fellow Indian businessman Mukesh Ambani. He managed his brother's plastic company, helping him import PVC, and in 1988 eventually established the flagship for Adani Group, Adani Enterprises. Adani Group comprises seven publicly-traded companies, including Adani Green Energy Ltd and Adani Total Gas Ltd. As of September 16, 2022, Adani Group has a market cap of over $258.44 billion. As second-richest person, Adani is only behind Elon Musk, who is worth $264 billion, according to the Bloomberg Billionaires Index.

☆ An Indian tycoon just ousted Jeff Bezos as world's second-richest person
▼ + stars: | 2022-09-16 | by ( Allison Morrow | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNN Business) Jeff Bezos just lost his status as the world's second-richest person, dropping to No. 3 as Indian business mogul Gautam Adani rapidly climbs the ranks of Bloomberg's Billionaire Index. 1 wealthiest person with $260 billion to his name, may need to watch his back. It's the first time a person from Asia has ranked so highly on Bloomberg's list, which has long been dominated by white tech entrepreneurs. Adani's $146.9 billion fortune, largely tied up in holdings of his sprawling Adani Group conglomerate, still trails well behind Musk's $260 billion.

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