Latest Adani News | Top Adani News Headlines Today | Today India news | Breaking Adani News Today | English Adani News Headlines - TheDailyGuardian

Adani Airports Terminate DragonPass Partnership; Adani Power Bags Major UP Contract

May 15, 2025, 11:26 pm

Adani Airport Holdings posted the decision to terminate its relationship with the newly established partnership with Chinese firm DragonPass immediately on Thursday, a week after association started.

The company provided airport lounge access services. A spokesperson validated that customers of DragonPass will not receive lounge access at airports operated by Adani anymore, although the decision will not affect lounge and travel experience for other travelers.

“Our association with DragonPass, which provided access to airport lounges, has been terminated with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will have no impact on the airport lounge and travel experience for other customers,” an Adani Airport Holdings spokesperson said.

Background of the Partnership between Adani and DragonPass

This comes a week after Adani Digital Labs partnered with Dragonpass to elevate fliers’ airport lounge and travel experiences.

Adani Digital Labs is the digital innovation arm of the Adani Group, dedicated to transforming how billions of users interact with essential services.

The company said that as the digital extension of Adani-managed airports under airports-holdings”>Adani Airports Holdings Limited (AAHL) and Adani Enterprises Ltd. (AEL), ADL plays a strategic role in shaping the future of travel and airport experiences.

ADL’s Role in Airport Experience

The company further stated that ADL has thoroughly integrated itself into the operations of India’s top airports, improving efficiency, personalisation, and connectivity across every touchpoint—streamlining passenger travel, facilitating cashless environments, and offering digital-first conveniences.

Through the merger of cutting-edge technologies and human-centric design coupled with strong strategic alliances, ADL is reinventing what seamless, scalable, and fulfilling experiences mean, all in the light of the Adani Group’s nation-building aspirations and customer-obsessed innovation.

Adani Power Secures Major UP Contract

In yet another development, Adani Power announced on Saturday that it won a closely contested auction to sell 1500 MW (net) thermal power to Uttar Pradesh.

Under the agreement, the Adani Group firm will supply power at a highly competitive tariff rate of Rs 5.383 per unit from a greenfield 2×800 MW (1500 MW net) Ultra-supercritical power project it will establish in the state on the DBFOO model.

Who is Roshni Nadar Malhotra? India’s Third Richest Person After Ambani & Adani

March 15, 2025, 6:45 pm

Roshni Nadar Malhotra has solidified her position as one of the richest persons in India, ranking third behind Mukesh Ambani and Gautam Adani. Her ascent to this lofty status comes in the wake of a major succession transaction that handed over a large chunk of HCL Corporation’s shares to her, solidifying her power in India’s corporate scene.

Massive Stake Transfer Positions Roshni Nadar as HCL Chairperson

On 6 March, Shiv Nadar, the HCL Technologies founder, made a historic move by giving away 47% of his holding in Vama Sundari Investments (Delhi) Private Limited and HCL Corporation Private Limited to his daughter. Transferring the holding with two gift deeds has provided Roshni with majority control over HCL Technologies and HCL Infosystems, the market leaders under the HCL Group.

This transition cements Roshni’s role as a key decision-maker in one of India’s largest technology conglomerates. With this move, she now holds the largest shareholder position in HCL Corp, further strengthening her leadership in the business world.

Who is Roshni Nadar Malhotra?

Roshni Nadar Malhotra’s path to becoming one of India’s most influential women is firmly embedded in her education and working background. Born in 1982 in New Delhi, she is the sole child of Shiv Nadar and Kiran Nadar. She majored in Communications at Northwestern University before obtaining an MBA from the Kellogg School of Management.

Roshni is a keen participant on a number of esteemed academic and corporate boards. She is on the Dean’s Advisory Council for MIT’s School of Engineering and the Executive Board for Asia at Kellogg. She is also on the board at the US-India Strategic Partnership Forum (USISPF) and a global board of directors member of The Nature Conservancy (TNC). She is also an independent director at HDFC Asset Management Company.

A Passion for Social Change and Philanthropy

In addition to her corporate success, Roshni is also a committed philanthropist. As a trustee of the Shiv Nadar Foundation, she has been instrumental in initiating programs such as VidyaGyan, a leadership academy to deliver quality education to disadvantaged students.

Her Personal and Professional Life

Roshni is wedded to HCL Healthcare’s vice chairman Shikhar Malhotra. The couple represents a formidable couple in the philanthropy and business world.

Roshni Nadar Malhotra has not only joined the ranks of India’s richest after this new transfer of stakes, but she has also cemented her place among the nation’s most powerful business leaders.

Adani Announces Rs 2.1 Lakh Crore Investment in Madhya Pradesh, Promises Over 1 Lakh Jobsv

February 24, 2025, 4:20 pm

At the Madhya Pradesh Global Investors Summit in Bhopal, billionaire Gautam Adani revealed that the Adani Group would be putting ₹2.1 lakh crore into Madhya Pradesh, a step anticipated to produce more than 1.2 lakh jobs by 2030.

Concentrating on Core Industries

Important areas including pumped storage, aggregrates, mining, advanced metering, and thermal energy will benefit from the investment. Further investments might come from ongoing talks on a greenfield smart city, an airport, and a coal gasification experiment, in addition to systems.

Adani’s assurance of helping Madhya Pradesh

These are not mere financial instruments. Adani underlined his confidence in Prime Minister Narendra Modi as well as in Chief Minister Mohan Yadav by stating that these are markers in a shared road—a road that will turn Madhya Pradesh into a national leader in industrial and economic expansion.

Current portfolios and future strategies

Adani pointed out that his group has already created more than 25,000 jobs across Madhya Pradesh by means of investments totaling ₹50,000 crore in energy, infrastructure, and logistics. He restated his intent to see the state keep advancing, adding, “But our trip here is far from finished.”

Appreciation of PM Modi’s Leadership

Adani praised the revolutionary direction of Prime Minister Modi, adding: “Never before have India’s confidence been higher. Our country, thanks to the Prime Minister’s tireless work, has never controlled more respect internationally.” He credited this revival.

An investment hub in Madhya Pradesh

Mohan Yadav, Chief Minister, attention on ease of doing business has critically helped to make Madhya Pradesh among India’s most investment-friendly states. This investment will help the Adani Group support the position of the state as a major business expansion site by propelling commercial and economic development.

Adani Case: US Lawmakers Slam Biden Administration Over ‘Misguided’ Probe

February 11, 2025, 11:10 am

Six U.S. Congressmen have asked newly appointed Attorney General Pam Bondi to probe the earlier decision of the Department of Justice (DoJ) to indict Adani Group officials. The lawmakers have questioned the logic behind the Biden administration’s move, which the conglomerate had dismissed as baseless in November last year.

Representatives Lance Gooden, Pat Fallon, Mike Haridopolos, Brandon Gill, William R. Timmons, and Brian Babin censured DoJ’s steps by calling it a “misguided crusade.” In their statement, they cautioned the DoJ not to disrupt this strategic partnership because any such haphazard acts would “harm America.” It referred to one of the Biden administration’s many “unwise decisions.”.

Lawmakers Challenge DoJ’s Decision

“This case rests on the allegation that preparations were made by members of this company in India to bribe Indian officials, also exclusively located in India. Instead of deferring the case to the appropriate Indian authorities, the Biden DoJ decided to push forward and indict the company’s executives without any real injury to US interests being present,” the Congressmen wrote.

They argued there was “no compelling reason” to pursue the case in a manner that could strain US-India relations unless external motivations were involved. “This misguided crusade came at the risk of harming our relationship with a strategic geopolitical partner like India immediately preceding President Trump’s return to the Oval Office,” they said.

Emphasizing Donald Trump’s focus on economic revival, they pointed out the importance of economic cooperation with “valuable partners” like India. The lawmakers argued that “needless pursuits against those who have contributed tens of billions and created thousands of jobs” might deter foreign investment in the U.S. and cause “more harm for America’s interests than good, if any.”

Questioning the Justification of the Case

Underscoring the strong ties between the U.S. and India, they noted that both nations share mutual respect, a sentiment reflected in the leadership of Trump and Indian Prime Minister Narendra Modi. “President Trump has always recognized the true potential of a strong and beneficial relationship between two economic and military superpowers like the US and India,” they stated in their letter.

They issued a warning that the ruling could be used for “politically motivated” decisions under “left-wing megadonors” motives in ways that undermine diplomatic progress and ultimately favor such adversaries as China in its “goal to eliminate the American economy and achieve total global economic control through their Belt and Road Initiative (BRI).”

The lawmakers criticized the DoJ for its “selective pursuit” against Adani. Besides the groups, they asked for further review of the case of Indian businessman Gautam Adani. “We would like you to investigate the Biden DOJ’s actions and we’d appreciate you providing us with all records regarding this case, so we can have a unified front in bringing to light the facts,” they said.

CRISIL Ratings: Adani Group Maintains Adequate Liquidity Amid Legal Challenges

November 29, 2024, 2:36 pm

The Adani Group has sufficient liquidity and operational cash flows to meet its debt obligations and planned capital expenditures in the medium term, according to a recent update from CRISIL Ratings. The agency stated, “All our outstanding ratings are under continuous surveillance.”

On November 20, the US Department of Justice and SEC filed charges against key officials of AGEL

This update comes as the Adani Group faces legal proceedings in the United States. On November 20, 2024, the US Department of Justice and the Securities and Exchange Commission (SEC) filed charges against key officials of Adani Green Energy Ltd (AGEL), including Gautam Adani, Sagar Adani, and Vneet Jaain. The charges involve allegations of securities fraud, wire fraud, and misleading bond offering documents.

In response to these allegations, the Adani Group refuted the claims, stating, “Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.”

Despite these ongoing challenges, CRISIL Ratings noted that, based on feedback from the Adani Group’s management and lenders, there have been no negative actions from investors or lenders to date, such as accelerated debt repayments or changes in loan terms. The group also retains the flexibility to adjust its discretionary capital expenditures in response to financial market developments.

The Adani Group reported a robust financial performance for fiscal year 2024, with earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹82,917 crore. The group’s net debt-to-EBITDA ratio stood at 2.19 times, indicating healthy debt management. As of September 2024, the group maintained a cash balance of over ₹53,000 crore, which is more than sufficient to cover its long-term debt maturities of approximately ₹27,500 crore.

CRISIL emphasized that the group’s ratings are supported by its strong business and financial risk profiles, which include steady cash flows, long-term infrastructure assets, and its critical role within India’s infrastructure sector. The group’s affiliation with the larger Adani Group also provides additional financial flexibility.

CRISIL acknowledged the Adani Group’s financial stability

While CRISIL acknowledged the Adani Group’s financial stability, it also highlighted potential risks. Any adverse regulatory or judicial actions, or restrictions on accessing domestic and international capital, could impact the group’s financial flexibility. Additionally, a significant rise in financing costs or challenges in refinancing upcoming debt repayments will be closely monitored.

Recent developments, including a decline in the market value of Adani Group’s listed companies and the cancellation of a USD 600 million bond offering by AGEL, have raised concerns. CRISIL is closely observing how these issues may affect the group’s operations and financial position in the coming months.

Hurun Philanthropy 2024: Not Ambani Or Adani, See Who Topped the List!

November 8, 2024, 12:29 pm

The 2024 Hurun India Philanthropy List reveals that while industrial giants Mukesh Ambani and Gautam Adani are among the wealthiest individuals in India, it is HCL Technologies founder Shiv Nadar and his family who continue to top the list of the nation’s most generous philanthropists. For the second consecutive year, Nadar and his family led the rankings, contributing a remarkable ₹2,153 crore to various charitable initiatives. The Ambani family took second place, donating ₹407 crore, while the Bajaj family, with ₹352 crore, climbed three ranks to secure the third spot with a 33% increase in their donations over the previous year.

HAVE A LOOK AT THE VIRAL POST:

Meet India’s Most Generous Donors #HurunIndia #Philanthropy pic.twitter.com/I3NGRpPrLk

— Anup Tiwari (@anuptiwari) November 8, 2024

The list, encompassing over 200 donors, shows that the top 10 philanthropists contributed a total of ₹4,625 crore, comprising 53% of all donations. The average donation across the 203 contributors was ₹43 crore. Notable new entrants in the list include Krishna Chivukula, who made a donation of ₹228 crore, and Susmita and Subroto Bagchi, who collectively donated ₹179 crore. Key causes supported include education, public healthcare, and ecosystem building.

Gautam Adani, Rohini Nilekani, and Nikhil Kamath Among Top Names

The Adani family, representing the Adani Group, ranked fifth with a donation of ₹330 crore—a 16% increase from the previous year, with their philanthropic focus channeled through the Adani Foundation. Among the top 10 female philanthropists, Rohini Nilekani led with a ₹154 crore donation toward ecosystem development. Meanwhile, Nikhil Kamath, co-founder of Zerodha, at 38, stands as the youngest in the list, donating ₹120 crore to the Rainmatter Foundation and marking his second consecutive appearance in the philanthropy rankings.

These contributions underscore the commitment of India’s wealthiest to social causes, highlighting substantial support for public welfare and development in key sectors.

This Indian Billionaire was Kidnapped for $1.5 Million, Later Held Hostage During Mumbai Terror Attacks

October 28, 2024, 10:48 am

Gautam Adani is now recognized as one of India’s most influential businessmen, having risen from humble beginnings to become the country’s second-richest person. However, not many are aware that he has cheated death on two separate occasions. Adani is the driving force behind the remarkable ascent of the Adani Group, a major player in India’s business landscape.

Born in Ahmedabad in 1962 to a Gujarati Jain family as one of eight siblings, Adani’s father was a small textile merchant and his mother a homemaker. He dropped out of Gujarat University and, in 1988, launched Adani Exports, now known as Adani Enterprises, which serves as the holding company for the Adani Group. This marked the beginning of his journey to extraordinary success.

As of now, at 62 years old, Gautam Adani’s net worth stands at an impressive $93.5 billion, according to the Bloomberg Billionaires Index, making him the second-richest man in India, just behind Mukesh Ambani. The Adani Group operates across various sectors, including energy, agriculture, real estate, and defense.

While details about Adani’s business ventures are widely known, fewer people realize that he has faced life-threatening situations twice. He has survived both a kidnapping and the infamous Mumbai terror attacks.

The Kidnapping Of Gautam Adani

In 1998, Adani and his associate, Shantilal Patel, were kidnapped at gunpoint in Ahmedabad. As they were leaving the Karnavati Club, their vehicle was ambushed by armed bandits. According to Financial Express, the kidnappers, riding scooters, forced their car to a halt and abducted both men, demanding a ransom of $1.5 to $2 million for their release. Fortunately, they were released the same day.

Reflecting on the ordeal, Adani remarked, “Two or three very unfortunate incidents happened in my life, that is one of them.”

His second encounter with death occurred on November 26, 2008, when he was taken hostage at the Taj Mahal Hotel during the Mumbai terror attacks. As reported by Business Standard, Adani had just finished a meeting with Dubai Port CEO Mohammed Sharaf and was about to pay his bill when business associates persuaded him to stay for coffee and further discussions. It was at this moment that terrorists launched their attack on the hotel.

The hotel staff managed to escort Adani and other guests to the kitchen and later to the basement. He spent the night there until he was rescued the following day.

After arriving in Ahmedabad on his private jet on November 27, Adani shared, “I saw death at a distance of just 15 feet.”

Indian Conglomerates Set for $800 Billion Investment Surge: S&P Global Ratings

October 14, 2024, 3:27 pm

Indian conglomerates are preparing for a significant investment surge, with projected capital commitments reaching approximately $800 billion over the next decade, according to a recent report by S&P Global Ratings. This planned expenditure is nearly three times the amount invested by these large business groups in the previous ten years, indicating a robust drive toward growth and diversification.

Focus on New and Emerging Sectors

Around 40% of the planned investments will be directed toward emerging sectors, including green hydrogen, clean energy, aviation, semiconductors, electric vehicles (EVs), and data centers. Leading this investment charge are major conglomerates such as Vedanta, Tata, Adani, Reliance, and JSW, which are collectively preparing to invest about $350 billion in these growth areas over the next decade.

Neel Gopalakrishnan, a credit analyst at S&P Global Ratings, stated, “About 40% of Indian conglomerates’ spending over the coming decade will be on new businesses. The Vedanta, Tata, Adani, Reliance, and JSW groups alone are prepping about $350 billion of investment in these sectors.”

Continued Investment in Established Sectors

While some of India’s largest conglomerates are focusing on new business sectors, others are expected to maintain their investment in established areas to enhance scale and profitability. The report suggests that conservative growth strategies will continue to characterize companies like Birla, Mahindra, Hinduja, Hero, ITC, Bajaj, and Murugappa groups.

S&P Global Ratings estimates that investments in existing businesses could range between $400 billion and $500 billion over the next ten years, assuming these companies maintain their investment pace from the past two years. Strengthening core operations will be crucial as these conglomerates navigate the associated risks of their large-scale investment plans.

As debt levels are likely to rise to support these ambitious growth initiatives, it is essential for companies to continuously bolster their core businesses to sustain their credit profiles. Underperformance during the investment phase could negatively impact credit metrics, making effective execution of growth strategies critical for these conglomerates moving forward.

Adani Group: Bangladesh’s $500M Godda Debt ‘Unsustainable,’ Says FT

September 9, 2024, 3:42 pm

The Adani Group has alerted Bangladesh’s new interim government that its $500 million debt from the Godda power plant is “unsustainable,” according to a Financial Times report.

“We are in constant dialogue with the Bangladesh government and have appraised them of this unsustainable situation where we are meeting not just our supply commitment but also [commitments] to our lenders and suppliers in spite of rising receivables,” Adani Power stated.

Commitment to Power Supply

Despite the growing debt, Adani Power has pledged to continue providing reliable and competitively priced power from the Godda facility to Bangladesh.

Challenges for Bangladesh’s Interim Government

The interim government, led by Nobel laureate Muhammad Yunus, is grappling with economic recovery following the ousting of former Prime Minister Sheikh Hasina. The power supply deal with Adani, which began in April 2023, has faced criticism due to its high cost.

Financial Strain and Future Plans

Bangladesh’s total power liabilities have reached $3.7 billion, with an estimated $800 million owed to Adani. The interim administration has sought financial aid from lenders like the World Bank and plans to reintroduce competitive bidding and review energy deals under the previous government.

Hindenburg Raises New Questions; Responds to SEBI Chairperson Madhabi Puri Buch

August 12, 2024, 7:39 am

In a series of tweets, Hindenburg Research has responded to SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, regarding allegations made on August 10, 2024. The Buchs had defended their investment in a fund made in 2015, prior to Madhabi Buch joining SEBI in 2017, stating the decision was influenced by Anil Ahuja, a childhood friend of Dhaval Buch and a seasoned investor. They emphasized that the fund had no investments in Adani Group securities.

Hindenburg countered by highlighting significant admissions in the Buchs’ response, including confirmation of investment in a Bermuda/Mauritius fund allegedly linked to funds siphoned by Vinod Adani. They also pointed out that the fund was managed by Ahuja, who had ties to Adani Group, suggesting a potential conflict of interest.

Further, Hindenburg claimed that while Madhabi Buch stated that her consulting companies became dormant after her SEBI appointment, her husband took over these businesses in 2019, with Madhabi still owning 99% of Agora Advisory Limited in India. The Singaporean entity, Agora Partners Singapore, was wholly owned by her until March 2022, when ownership was transferred to her husband shortly after she became SEBI Chairperson.

The Singaporean consulting entity she set up doesn’t publicly report its financials like revenue or profit so it’s impossible to see how much money this entity has earned during her time at SEBI.

The Indian entity, still 99% owned by the SEBI Chairperson, has generated INR… pic.twitter.com/NXQkOsSkgD

— Hindenburg Research (@HindenburgRes) August 11, 2024

This is especially important given whistleblower documents showing that Buch used her personal email to do business using her husband’s name while serving as a Whole Time Member of SEBI.

In 2017, weeks ahead of her appointment as SEBI Whole Time Member, she ensured the accounts… pic.twitter.com/zeGWoUDC5A

— Hindenburg Research (@HindenburgRes) August 11, 2024

The research firm also noted that Agora Advisory Limited generated INR 23.985 million (about USD 312,000) in revenue during the financial years 2022-2024 while Madhabi Buch was SEBI Chairperson. They raised concerns about possible undisclosed business activities, referencing whistleblower documents alleging use of personal emails for business transactions under her husband’s name.

Additionally, Hindenburg alleged that before her SEBI appointment, Madhabi Buch ensured that accounts connected to Adani were registered under her husband’s name. They cited a private email suggesting she redeemed stakes in funds through her husband. The firm has called for a full, transparent investigation and disclosure of all consulting clients and business dealings related to both Buchs.

Why drag Ambani, Adani down?

May 18, 2024, 4:30 am

The leaders’ vision should be to promote industries, not ridicule industrialists.

Before starting the discussion, let me narrate a historical anecdote. History is witness to the fact that the Bajaj and the Birla families have made remarkable contributions in the freedom struggle. Ramnath Goenka once asked Mahatma Gandhi, “Bapu, do you not perceive that these two industrialists, Bajaj and Birla, are exploiting you?” Bapu responded, “No, I do not believe so. It seems to me that I am the one exploiting them.” In the important battle for freedom, money is spent on facilitating travel, accommodation and food for the workers. Notably, these two families are actively contributing financially to make it possible.

I am recalling this episode so that the younger generation understands the significant contributions made by industrialists during the freedom movement. Indeed, their role was pivotal and it is also important to recognise that industrialists continued to play a significant role in India’s progress after independence. However, it astonishes me to see certain politicians targeting industrial conglomerates. Presently, it has become a fashion to attack the Ambani and Adani groups as if they have indulged in massive corruption. I am not sure about the authenticity of these allegations, but even if there is some truth to them, it should be determined within the confines of the courtroom rather than the political arena.

Congress leader Rahul Gandhi has consistently claimed that Ambani and Adani groups have close ties with the Prime Minister, suggesting that closeness to the government influences their growth. It is inappropriate for Rahul Gandhi to make such statements. Dhirubhai Ambani had been close to both Indira Gandhi and Sonia Gandhi, and they have mutually supported each other. It’s a common occurrence for industrialists to support various political parties based on their interests and capabilities. This trend isn’t new to India. In Japan, industrialists have a decisive role in selecting the Prime Minister, while in countries like America and South Korea, they also play a role in politics. There is nothing new about it. Back home, we hear allegations that the government favours industrialists like Ambani and Adani as they hail from Gujarat. However, I personally dismiss such allegations.

But now, Prime Minister Narendra Modi has raised a new question as to why Rahul Gandhi has suddenly gone silent on Ambani-Adani these days? Did he receive tempo-loads of money, he asked. The Prime Minister mentioning the names of these industrialists in this manner surprised many, even prompting me to write on this topic. Rahul Gandhi and his Congress party wasted no time in responding to the PM’s comments. However, the fundamental question remains: why do we drag our industrialists into the political slugfest? Why are efforts being made to brand them as corrupt? Is it a crime to be an industrialist and contribute to the development of our nation? Why do we forget that in this era of competition, establishing, running and expanding an industry while keeping the team united is no easy feat? Mukesh Ambani successfully carried forward the legacy of Dhirubhai Ambani, taking it to an international level. On the other hand, Anil Ambani was unable to do the same. Kumar Mangalam Birla managed to carry forward the tradition of the Birla Group, while other Birlas were left behind. Anand Mahindra successfully carried forward the legacy of Keshub and Harish Mahindra. The rapid success achieved by Adani today is a testament to the dedication and acumen of the industry owners.

I have seen politics for a long time and the political perspective has always been to foster the growth of industries. In the past, the esteemed Tata and Birla groups were the sole representatives of India on the global stage. However, today, India boasts of a multitude of companies that bring immense pride to the nation on an international scale. It is imperative for any industry to receive support from the government in order to flourish. The leaders from countries such as Germany, Italy, South Korea, France and Japan often lead delegations of industrialists while visiting other countries, seeking cooperation from other countries. Here, unfortunately, it feels more like oppression!

I am on a trip to America and Mexico these days. The Silicon Valley in California, where I am staying, is a stronghold of numerous industrialists, many of whom possess wealth equivalent to the GDP of several countries. I am highlighting this to illustrate how industrialists are treated in this region. What is the scenario in our country? Several industrialists have relocated from India, which is concerning. Prominent figures like Hinduja, Mittal, Lohia, Bagri, Anil Agarwal and others are now operating their businesses from either Britain or Dubai. Why is this happening? Without industries, how can job opportunities be generated? Where will the government get tax revenue from? It is worth noting that industries directly contribute over 27 per cent to India’s GDP. Without taxes, how will the country develop? Where will funds for social welfare come from? The key to industrial prosperity lies in assisting and supporting industrialists, not ridiculing and alienating them. If industries thrive, the nation will thrive too.

The author is the chairman, Editorial Board of Lokmat Media and former member of Rajya Sabha.

Adani Group Injects Rs 8,339 Crore into Ambuja Cements, Raises Stake to 70.3%

April 17, 2024, 6:54 pm

Adani Group has announced an infusion of an additional Rs 8,339 crore into Ambuja Cements Ltd (Ambuja), a prominent entity within the cement and building materials sector. Ambuja Cements stands as the flagship company under the diverse portfolio of the Adani group.

This substantial capital injection underscores the Adani family’s commitment to bolstering Ambuja Cements’ growth trajectory and consolidating its position within the industry. With this infusion, the Adani family reaffirms its strategic vision for Ambuja Cements, positioning it for sustained success in the dynamic landscape of cement and building materials.

The Adani family has demonstrated their unwavering commitment to bolstering their investment in the company by fully subscribing to the warrants programme, infusing an additional Rs 8,339 crore. This brings their total investment in the company to Rs 20,000 crore, resulting in a 3.6 per cent increase in their stake to 70.3 per cent.

Notably, this follows previous investments of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore on March 28, 2024, which were allocated for the partial issuance of shares, as per a company statement. Emphasizing their strategic approach to capital management, the release highlighted the Adani family’s commitment to enhancing the future prospects and potential of the cement vertical through these investments.

As per the statement, the supplementary investment aims to strengthen the company’s financial standing, empowering it with greater resources to pursue its ambitious expansion strategies and seize emerging prospects within the market. The injected funds are expected to play a pivotal role in realizing the cement vertical’s goal of reaching a capacity of 140 million tonnes per annum by 2028.

Additionally, the infusion will facilitate the implementation of several strategic measures, including debottlenecking capital expenditure aimed at improving operational efficiency and optimizing resources throughout the supply chain. Moreover, it will foster innovation and product enhancement through the integration of advanced technologies, thereby enabling the company to offer superior services tailored to meet the increasing demands of the sector, which are propelled by the burgeoning Indian economy.

Ajay Kapur, Whole Time Director and CEO of Ambuja Cements Ltd, expressed enthusiasm over the completion of the Adani family’s primary investment of Rs 20,000 crore in Ambuja. He highlighted that this infusion of funds equips Ambuja with the financial flexibility necessary for accelerated growth, capital management initiatives, and a robust balance sheet. Kapur emphasized that this investment not only reflects a strong belief in Ambuja’s vision and business model but also underscores their commitment to generating sustainable long-term value for stakeholders.

He further stated that this financial boost will propel Ambuja towards setting new industry standards, accelerating growth, and maintaining operational excellence, business synergies, and cost leadership. Barclays Bank PLC, MUFG Bank, Mizuho Bank, and Standard Chartered Bank served as advisors for the transaction.

Ambuja, in collaboration with its subsidiaries ACC Ltd. and Sanghi Industries Ltd., has significantly bolstered the Adani Group’s cement capacity to 78.9 million metric tonnes per annum (MTPA). This achievement has been realized through the strategic operation of 18 integrated cement manufacturing plants and 19 cement grinding units spread across the nation, underscoring the group’s formidable presence and robust infrastructure within the cement industry.

Supreme Court rules no regulatory failure by SEBI in Adani-Hindenburg row

January 3, 2024, 11:33 am

The Supreme Court has ruled that the Securities and Exchange Board of India (SEBI) did not exhibit any regulatory failure in the Adani-Hindenburg controversy. The judgment emphasizes that reliance on unverified press reports is insufficient and cannot serve as a foundation for regulatory lapses.

The case, extensively covered by @DebayonRoy, involved a dispute between SEBI and Hindenburg Research over the regulatory body’s handling of complaints against Adani Group. The verdict is seen as a victory for Gautam Adani, who expressed gratitude for the support and affirmed a commitment to India’s growth story.

[BREAKING] No regulatory failure by SEBI in Adani-Hindenburg row, reliance on unverified press reports cannot stand: Supreme Court

report by @DebayonRoy #SupremeCourt #AdaniHindenburgCase #AdaniGroup https://t.co/gTMjvveOns

— Bar & Bench (@barandbench) January 3, 2024

Gautam Adani took to Twitter, stating, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind.”

The Hon’ble Supreme Court’s judgement shows that:

Truth has prevailed.
Satyameva Jayate.

I am grateful to those who stood by us.

Our humble contribution to India’s growth story will continue.

Jai Hind.

— Gautam Adani (@gautam_adani) January 3, 2024

The apex court’s decision underscores the importance of relying on verified and substantiated information in regulatory matters, emphasizing the need for a robust foundation for allegations. The judgment is likely to have implications for how regulatory bodies handle complaints based on media reports, reinforcing the significance of thorough investigations.

As this legal chapter concludes, the focus may now shift to ensuring the transparency and accuracy of information in the financial market, with regulatory bodies potentially refining their approaches to handling complaints and allegations.

SEBI probing Adani since 2016 is factually baseless, regulator tells SC

May 16, 2023, 4:25 am

The Securities and Exchange Board of India apprised the Supreme Court on Monday that the market regulator is already investigating Adani Group companies since 2016 is factually baseless.
SEBI has filed a rejoinder affidavit in response to a petition relating to Hindenburg Research’s report on the Adani Group. SEBI had sought an extension to conclude the investigation in the report by US short-seller Hindenburg Research by a period of six months. The top court on Friday orally remarked that they will extend the time for the probe to SEBI, but not for six months and they can extend the time for the probe by three months. Petitioners had alleged that SEBI was probing the Adani Group since 2016.

SEBI told the SC that the investigation done earlier by SEBI pertains to the issuance of Global Depository Receipts (“GDRs”) by 51 Indian listed companies, in respect of which investigation was conducted. SEBI submitted before the Supreme Court that no listed company of Adani Group was part of those 51 companies it was investigating.

“Pursuant to the completion of the investigation, appropriate enforcement actions were taken in this matter. Hence, the allegation that the Securities and Exchange Board of India (“SEBI”) is investigating Adani since 2016 is factually baseless. I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced,” SEBI said in a rejoinder affidavit. SEBI submitted before Supreme Court that in the context of an investigation into Minimum Public Shareholding (“MPS”) norms, SEBI has already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding (“MOU”) with the International Organization of Securities Commissions (“IOSCO”).

Various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as October 6, 2020, and SEBI apprised the court. SEBI submitted before the Supreme Court that the application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable.

Stalemate continues in both Houses; Parliament adjourned

March 23, 2023, 5:22 pm

Minutes after proceedings started, both Houses of Parliament were adjourned on Thursday till 2 pm as the war of words continued in Parliament over the issue of Rahul Gandhi’s statements in the UK and the Adani-Hindenburg matter.

Budget Session got underway on 13 March and today is the eighth day of the second leg of the Budget Session.

Both Houses observed a moment of silence in honour of Shaheed Diwas, on this day revolutionaries Bhagat Singh, Rajguru, and Sukhdev were hanged by the British.

Minutes after proceedings started in Houses on Thursday, Lok Sabha and Rajya Sabha were adjourned till 12 pm.

Chairman of Rajya Sabha Jagdeep Dhankhar said that he held three meetings (of floor leaders) on Thursday as part of consultations to break the logjam between the BJP and the Opposition parties. But both sides have taken a rigid stand.

The meeting began at 10 am today in Dhankar’s chamber to deliberate on securing the orderly functioning of the Rajya Sabha.

Union Ministers Piyush Goyal, Pralhad Joshi, Arjun Ram Meghwal, V Muraleedharan, and others were present in the meeting.

The Lok Sabha passed the Jammu and Kashmir Appropriation Bill 2023, On 21 March, and the Appropriation Bill (no. 2) 2023. The Rajya Sabha, however, adjourned without undertaking any legislative matters.

Both Houses have been experiencing adjournments, with the Opposition sticking to the Joint Parliamentary Committee probe into the Adani Group issue while the Treasury benches raising their voices for an apology from Rahul Gandhi for his remarks in the UK.

Sanjay Singh: Give me CBI, will arrest Modi, Adani within 2 hours

February 27, 2023, 4:51 pm

After releasing from detention, AAP MLA, Sanjay Singh along with hsi fellow party leaders on Monday, stated that the BJP is trying to taint the images of Delhi CM, Arvind Kejriwal. Furthermore he claimed that he would have PM Modi, Union Minister Amit Shah and billionaire Gautam Adani “arrested within two hours,” if the ED and CBI are with him.

Notably, Singh along with other AAP leaders was detained on Sunday for staging a demonstration outside the CBI officer, in support of Deputy Chief Minister’s arrest in connection with the Delhi liquor policy case.

Speaking to ANI, after his release, Singh alleged that the BJP was trying to “defame” Delhi CM, claiming tha all attempts to bring a bad name to Kejriwal to make his party fail.

“There will soon be an end to PM Modi’s dictatorship. He arrested the most popular Education minister (Manish Sisodia) of the country. He is trying to defame Arvind Kejriwal but such acts won’t affect his image. It was a cowardly act by the Centre to have Sisodia arrested by the agencies,” the AAP MP said.

“Give me ED and CBI, I will arrest Modi, Amit Shah and Adani within two hours. You can do anything when you have the power to misuse probe agencies,” Singh added.

SC tags Congress leader’s plea relating to Hindenburg report with another petition

February 15, 2023, 2:21 pm

The Supreme Court on Wednesday tagged Congress leader Jaya Thakur’s plea seeking an investigation against Adani Group and its associates in the light of disclosure made by Hindenburg Research report with two other petitions related to it and listed it for hearing on February 17.
Earlier two other petitions were filed one of the petitions was filed by advocate Vishal Tiwari who sought to Constitute a Committee under the Monitoring of the retired Supreme Court Judge. Another petitioner, advocate ML Sharma, has sought a probe against the US-based firm.

Budget session: All opposition parties, except AAP, turn up in parliamentary debates today

February 7, 2023, 1:14 pm

All opposition parties, with the exception of the Aam Aadmi Party (AAP), have chosen to take part in the parliamentary debates on Tuesday despite the gridlock around the Adani-Hindenburg issue, said sources.

Leaders from opposition parties met in Mallikarjun Kharge’s office on Tuesday to “decide the day’s strategy” regarding their demand for a Joint Parliamentary Committee (JPC) to investigate the Adani issue.

Jairam Ramesh, the Congress national secretary in charge of communications, tweeted that “most opposition parties have decided to join in Parliamentary proceedings starting today and continue to raise their demand for a JPC into the PM-linked Adani Maha Mega Scam.”

The budget session of Parliament got underway on January 31 with President Droupadi Murmu’s address to the joint session of Parliament. Union Finance Minister Nirmala Sitharaman tabled the Budget 2023-24 on February 1. Since then, no activity has been conducted in Parliament due to the ongoing impasse around the Adani issue. The opposition has been demanding that the government should come forward and clear the matter regarding the Adani stock issue, which caused disruption in both Houses.

Senior Congress leader Digvijay Singh, declared on Monday that the party would not “back down” unless Prime Minister Narendra Modi agreed to allow a debate in Parliament about the Hindenburg Research report against Adani Group.

The Congress party has been vocal in raising the issue in Parliament, forcing it to adjourn. For the third day in a row, Parliament has been rocked by the opposition’s demand to hold the Joint Parliamentary Committee (JPC).

Congress called for a protest all over the country on Monday outside State Bank of India (SBI) branches and Life Insurance Corporation (LIC) offices, demanding an investigation into the issue. Opposition members have been claiming that the investment of the Adani Group in public sector banks may affect the savings of the common people.

The first phase of the Budget session will end on February 13, and the second half is scheduled to take place from March 13 to April 6.

Hindenburg-Adani row: Congress launches nationwide protests

February 6, 2023, 5:04 pm

The Congress launched a countrywide campaign over the Hindenburg-Adani row by staging protests in different parts of the country on Monday.

A protest was staged over the Adani issue by congress members in Telangana outside the State Bank of India office in Hyderabad. A protest was also held in Jammu by congress.

A video showing protesters clashing with the police, circulated the internet. The protesters were also raising anti- BJP slogans.

The student wing of Congress in Delhi was also demanding a Joint Parliament Committee probe over Adani row.

The opposition is arguing that the investment of the Adani group in public sector banks such as the SBI and LIC has a big impact on the savings of the middle class.

The opposition also protested near the Gandhi statue outside the Parliament and demanded for a Joint Parliament Committee investigation or Supreme Court-monitored probe into the Hindenburg-Adani row.

Although the Congress is getting the support of other opposition parties on the Adani issue, it has to be seen whether the parties such as the Bharat Rashtra Samithi, Aam Aadmi Party and Trinamool Congress, which are seen together in the meetings, will join the Congress demonstration or extend moral support.
However, the Bahujan Samaj Party (BSP) and Janata Dal (Secular) have kept their distance from Congress on this issue.

Parliament adjourned till 2 pm amid Opposition protest over Adani row

February 6, 2023, 1:26 pm

Both houses of the Parliament were on Monday adjourned till 2 pm amid heavy sloganeering by Opposition MPs demanding a Joint Parliamentary Committee (JPC) probe into the Adani issue. Earlier in the day, Opposition MPs gathered at the Gandhi statue at the Parliament premises, to stage a protest. The opposition parties have sought discussion over investment by LIC, Public Sector Banks, and financial institutions

Adani Group sees further slump: 10 more stocks fall today

February 3, 2023, 12:13 pm

It seems Gautam Adani is not finding anyway out of the debacle any soon. Adani group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value.

The Hindenburg report has impacted the Adani Group of companies adversely. Gautam Adani’s public statement did no help in reviving the conglomerate. Flagship Adani Enterprises Ltd. sank as much as 25%, taking its decline to 66% in seven trading sessions.

The crisis of confidence in Adani has become a national issue with opposition lawmakers disrupting parliament on Thursday to demand answers from Prime Minister Narendra Modi’s government, given how closely his interests are intertwined with the nation’s growth plans. Government officials have sought to downplay the impact.

Opposition demands parliamentary panel probe into Adani stock crash row

February 2, 2023, 7:07 pm

Oppositions seeks probe into the Hindenburg report against Adani

February 2, 2023, 1:31 pm

Both the Houses of Parliament were adjourned till 2 pm on Thursday amid direptions over the war of words on the Hindenburg report against Adani Enterprises while seeking a Joint Parliamentary Committee probe into the matter. The like-minded Opposition parties held a meeting before the commencement of the day’s Session of the Parliament to discuss strategy for the day. Several Opposition MPs have given suspension of Business notices to the respective Houses of Parliament on the issue.

“Adani’s mountain of lies and fraud is crumbling like a pack of cards. Crores of investors in the country are worried. Those who have invested in LIC, SBI because both of them have given loans worth crores of rupees,” Aam Admi Party MP Sanjay Singh said.

“I have written to PM Modi, CBI and ED to confiscate Adani’s passport, otherwise if he flees the country like other businessmen, what would the crores of people do?” he added further.

Congress MP Manoj Tewari demanded a probe by a Joint Parliamentary Committee.
“We demand an investigation by the Joint Parliamentary Committee on the issue. We will raise the demand inside the Parliament. If the government doesn’t accept our demand, we will take appropriate steps. We’ll demand that a Joint Parliamentary Committee (JPC) should be constituted to go into the alleged aberrations. The question is not only about one promoter but about the efficacy of the entire regulatory system,” Tewari said.
Earlier, Union Parliamentary Affairs Minister Pralhad Joshi appealed to the Opposition to run the House smoothly.

Big Blow: Adani shares drop by 27 percent!

February 1, 2023, 5:00 pm

While the ‘aam aadmi’ of India was celebrating the new relaxed tax slab, the one who are involved in share market got a shocker. Shares of Adani Enterprises nosedived sharply on Wednesday, a day after its follow-on public offer closed for the subscription.

The shares of Adani Group flagship company closed at Rs 2,179.75 with a sharp decline of 26.70 per cent. Its intraday low was Rs 1,941.2, over 30 per cent lower than Tuesday’s settlement price.

On Tuesday, the last day for subscription, the follow-on public offer (FPO) issued by Adani Enterprises was fully subscribed. A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings.

Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed.

On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about USD 400 million (AED 1.4 billion) into the Adani Enterprises’ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.

Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO), the largest ever in India.

There were concerns that the FPO may not receive a strong response from investors amid a report by a US-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others.The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions. It added the report was “nothing but a lie”.

Adani Group acquires majority stake in NDTV

December 30, 2022, 4:47 pm

The Adani Group on Friday acquired a majority stake in the media firm NDTV. Earlier Adani Group has a 27.26 percent equity stake in NDTV from the promoters — Prannoy Roy and Radhika Roy. “RRPR, an indirect subsidiary of Adani Enterprises and member of the promoter/promoter group of NDTV, has acquired a 27.26 percent equity stake in NDTV from Mr. Prannoy Roy and Mrs. Radhika Roy (“Sellers”) by way of inter-se transfer under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.” the Adani Group stated. However, now RRPR will hold a 56.45 percent equity stake in NDTV.

Senior journalist Ravish Kumar resigns from NDTV

November 30, 2022, 11:11 pm

Amid the Adani takeover, senior journalist Ravish Kumar resigned from NDTV India on Wednesday.

Earlier on Tuesday, the channel’s founders and promoters Prannoy Roy and Radhika Roy resigned as directors on the board of RRRPR Holding Private Limited (RRPRH).

Meanwhile, the resignation was effective immediately and Suparna Singh, president, NDTV Group said, “Few journalists have impacted people as much as Ravish. This is reflected in the immense feedback about him; in the crowds he draws everywhere; in the prestigious awards and recognition he has received, within India and internationally; and in his daily reports, which champion the rights and needs of those who are under-served.”

Moreover, Ravish Kumar used to host a number of shows like Hum Log, Ravish ki Report, Des Ki Baat, and Prime Time. Kumar has also won the Ramon Magsaysay award and the Ramnath Goenka Excellence in Journalism Award twice.

However, after the resignation of Prannoy Roy and Radhika Roy, the board approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect.

Furthermore, Adani in August took a share of VCPL and holds a 29.18% stake in the news channel.

Thiruvananthapuram: Nine policemen injured in Vizhinjam port clash, says police

November 28, 2022, 5:27 pm

The ongoing protests over the development of a port in Vizhinjam, some 20 kilometres from the state capital, got violent on Sunday when police and demonstrators clashed. According to police authorities with knowledge of the incident, at least nine cops were hurt during the altercation.

Conflicts erupted after demonstrators surrounded the Vizhinjam police station following the filing of a FIR on Saturday against the Archbishop and auxiliary bishop of Thiruvananthapuram, Thomas J. Netto. In the protest, Netto has been in the fore.

During the two-hour siege, several police cars suffered damage.

According to a senior officer privy to developments, the police then resorted to baton charge and fired several rounds in the air to disperse the crowd.

According to a report by news agency PTI, four police jeeps and a minivan were damaged in the clash and nine police officials were injured. They were shifted to various hospitals, the report said, citing officials familiar with the matter.

After protesters demanded a halt to all construction, work on the multi-utility mother port was halted for more than three months.

They claimed that the government had broken past commitments on rehabilitation and that large-scale building and breakwater projects would negatively affect their way of life.

Under the direction of the Latin Catholic church diocese in the state capital, the fishing community put out a seven-point list of demands to put an end to their protest, including a halt to all construction activities, which the government rejected.

Rajasthan: “Will not against any corporation, but monopolisation”, says Rahul Gandhi

October 8, 2022, 5:07 pm

Rahul Gandhi, the leader of the Congress, clarified his stance on the issue and said he is not against any corporations; rather, his opposition is to monopolisation, a day after Rajasthan’s chief minister Ashok Gehlot faced criticism for praising industrialist Gautam Adani while Rahul Gandhi continues to target Adani-Ambani in his attacks against the BJP government.

“Mr Adani has committed ₹60,000 crore to Rajasthan. No chief minister can refuse such an offer. In fact, it would not be correct for a chief minister to refuse such an offer,” Rahul Gandhi said as he was asked to comment on the issue. At the Bharat Jodo press conference on Saturday, he stopped Jairam Ramesh who asked reporters to ask questions only relating to Bharat Jodo and said he will answer the question as it is an important one. “I will also answer this question in English,” Rahul Gandhi said.

“My contention is in the use of political power to help certain chosen businesses. My opposition is to 2 or 3 or 4 large businesses being helped politically to monopolise every single business in this country. That is where my opposition is,” Rahul Gandhi said.

“I am in no way against the corporates, businesses, but against the complete monopolisation of businesses as that weakens the country. And today what we are seeing is a complete monopolisation of all businesses. And that’s my problem,” Rahul Gandhi said.

Rahul Gandhi stated, “The day they do that, I will stand in the opposition.” The Rajasthan government has not utilised political clout to assist Adani in the state.

Ashok Gehlot praised Gautam Adani at the Rajasthan Investment Summit on Friday, addressing him as Adani bhai. As the second-richest person in the world, he also congratulated him on that achievement. The BJP referred to Gehlot’s praise for Adani as a “tight slap” on Rahul Gandhi in light of his apparent break with the high command during the Rajasthan uprising.

“Rahul Gandhi’s Congress party which constantly curses the central government in the name of Adani is now being kind to him. The head of Rajasthan, Ashok Gehlot is providing valuable land to Adani group on concessional rates,” deputy leader of opposition Rajendra Rathore said.

In the next five to seven years, the head of the Adani Group plans to invest $65,000 crore in the state by building a 10,000 MW solar power facility, expanding a cement plant, and improving the Jaipur International Airport.

While this happened in Rajasthan, Rahul Gandhi on Friday did not dither to tweet against this ‘monopolisation’. “Yesterday, I met a woman. Her farmer husband died of suicide as he had a debt of ₹50,000. One Bharat: Loan to capitalist friends at 6% interest and loan waiver of crores. Second India: A life full of debt and hardships at 24% interest to Annadata. ‘Two Indias’ in one country, we will not accept it,” he tweeted.

Gautam Adani becomes the world’s second richest man all over again

September 20, 2022, 12:16 pm

Gautam Adani, the billionaire tycoon, has reclaimed the second spot on Bloomberg and Forbes’ global billionaires’ list, leapfrogging Amazon founder Jeff Bezos and Louis Vitton CEO Bernard Arnault. Last week, the Adani Group chairman briefly became the world’s second richest man before falling back to third place.

According to Forbes, Adani’s net worth is $156.3 billion (12.44 lakh crore), putting him ahead of Louis Vitton’s Bernard Arnault and Jeff Bezos. Mukesh Ambani, chairman of Reliance Industries, remains in eighth place with a fortune of $92 billion. Elon Musk, the founder of Tesla, remains the world’s richest man, with a net worth of $277 billion (22.05 lakh crore).

The 60-year-old tycoon recently completed a $6.5 billion acquisition of cement firms Ambuja Cements and ACC, and he now plans to double cement manufacturing capacity and become the country’s most profitable manufacturer.

Adani, who was born in Ahmedabad, dropped out of college to work in the diamond industry before launching his export business in 1988. Seven years later, he was awarded a contract to construct and operate a commercial shipping port in Mundra, Gujarat, which has since grown to become India’s largest port. Adani expanded into thermal power generation and coal mining in India and abroad at the same time.

In recent years, the Adani Group has established a presence in petrochemicals, cement, data centres, and copper refining, in addition to establishing an ambitious renewable energy business.

After Reliance Industries chairman Mukesh Ambani announced plans to launch a consumer goods business, his kitchen essentials firm Adani Wilmar is now attempting to expand its food operations.

According to reports, the company has set aside 500 crore from its IPO for acquisitions. Bloomberg reported that the additional funding will come from internal accruals and a 3000 crore capital expenditure planned for next April.