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“India Knows the Value of Peace”: Gautam Adani Hails Operation Sindoor and Armed Forces

June 24, 2025, 1:05 pm

Adani Group Chairman Gautam Adani on Tuesday paid tribute to the Indian armed forces and praised the success of Operation Sindoor, a strategic military operation launched last month to target terror sites in Pakistan and PoK.

Speaking at the 33rd Annual General Meeting (AGM) of Adani Group shareholders, Mr Adani said:

“This year, during Operation Sindoor, our brave men and women in uniform stood tall. Not for fame, not for medals — but for duty. Their courage reminded us that peace is never free; it is earned.”

He added,

“Operation Sindoor showed that India knows the value of peace, but if someone shows us an eye, we know how to respond in their language.”

Adani Defence’s Role in the Operation

Gautam Adani also revealed that Adani Defence’s drones played a significant role in the mission.

“Our drones became the eyes in the skies and swords of attack. Our anti-drone systems helped protect our forces and citizens. We operate where it matters — where India needs us the most.”

Tribute to Air India Crash Victims

Mr Adani also mourned the tragic Air India crash in Ahmedabad on June 12, in which over 250 people were killed when a Boeing 787-8 Dreamliner crashed shortly after takeoff.

“So many dreams were silenced in an instant. So many families were forever changed. We bow our heads in grief.”

He closed his remarks by saying that gratitude and grief must go hand-in-hand as a reminder of what truly matters.

“Was the Sangam bath just for show?”: Gautam Adani’s Visit to Ajmer Sharif Dargah Ignites Social Media Buzz

February 16, 2025, 8:28 pm

Billionaire Gautam Adani visited Ajmer Sharif Dargah in Rajasthan and shared pictures from his visit, writing, “Prayers for blessings and safety for all.”

The shrine is the final resting place of Islamic mystic Mu’in al-Din Chishti, also known as Khwaja Garib Nawaz.

Adani was accompanied by his wife, Priti Adani, during his visit on February 15. After he posted the photos, social media users reacted to them.

सभी के लिए बरकत और सलामती की दुआएं। ?#AjmerSharif pic.twitter.com/jo2mOguaW9

— Gautam Adani (@gautam_adani) February 15, 2025

One social media user reacted to the visit, stating, “Some people were talking about digging up this very Ajmer Sharif Dargah. Perhaps they are the same people who do not truly understand their own religion. Our Hindu faith teaches us to respect all religions.”

Another user agreed, posting, “Absolutely! God is one. Respect all religions.”

“This is the DIVINE place where all powers are bow down,” commented one user, while another wrote, “Only those come to Ajmer whom Khwaja calls.”

However, many other comments expressed dissatisfaction.

One user wrote, “Shame on you, the reason why Narendra Modi given your border area is now revealed.”

Another commented, “Kya majboori rahi hogi (What could have been the compulsion?).”

‘Was the Sangam bath just for show?’

Another user commented, “Why, have you lost faith in Sanatan, or was the Sangam bath just for show? Why do we need to keep jumping from one tree to another like a langur? You will always remain a non-believer. If we pray, we will do so in our own way and to our own gods and goddesses.”

Criticizing the act, one user posted, “4 Vedas, 6 Shastras, 18 Puranas, 60 Niti Shastras, 108 Upanishads; even after all this, if you still worship Peers, Fakirs and Mazars, then your slavery was justified and will remain so.”

Another user remarked, “Just imagine if it was Rahul Gandhi or Akhilesh Yadav or Mamata Banarjee. Bhakts would be assuming them in reply section. BJP would be holding press conference to prove them Muslim appeasement leaders.”

PM Modi Responds to Bribery Allegations Against Gautam Adani in US

February 14, 2025, 1:00 pm

Prime Minister Narendra Modi has reacted to the bribery claims against Indian tycoon Gautam Adani, stating that the issue was never raised when he met US President Donald Trump.

When queried on the bribery case going on with Adani and whether the subject was mentioned in his conversation with President Trump, PM Modi replied categorically, “Two important leaders of two nations never speak about individual subjects.” He added further, “India is a democracy, and our culture is ‘Vasudhaiva Kutumbakam,’ we think the entire world is like a family. I think all Indians are mine.”

Bribery Allegations and US Charges

The US Department of Justice recently indicted Gautam Adani for allegedly participating in a plot to pay more than USD 250 million (around ₹2,100 crore) as bribes to Indian authorities. This was done, it is said, to obtain favorable conditions for solar power deals. The indictment alleges that the payments were concealed from US banks and investors, to whom the Adani Group had raised billions for the project.

These accusations have also highlighted the activities of the Adani Group, and they have attracted legal inquiry by US officials.

Trump’s Executive Order on Investigations

A few days after the bribery claims were made public and Donald Trump became the 47th US President, an important executive order was signed. The order instructed the Department of Justice to suspend enforcement of a close to 50-year-old law utilized in investigating businesses such as Adani Group.

Trump’s executive order requested the Attorney General to consider the guidelines and policies governing such investigations within 180 days, during which no new Foreign Corrupt Practices Act (FCPA) enforcement actions were to be taken unless there was an individual exception.

Gautam Adani Replies to Allegations

When there were allegations of bribery and fraud, Gautam Adani refuted the accusations, saying, “As all of you would have read, a fortnight ago, we encountered a set of allegations in the US regarding compliance practices in Adani Green Energy. It is not the first time that we encountered such issues.”. What I can say is that each attack only makes us stronger, and each challenge becomes a stepping stone to an even stronger Adani Group.

Adani’s assertion speaks to the group’s strength amid legal issues, with the company asserting that they will keep pushing through the allegations just as they have always done. The Adani Group does not let the accusations deter them from their dedication to transparency and development.

Jeet Adani’s Bride, Diva Shah, Stuns in a Regal Sabyasachi Attire at Their Wedding

February 8, 2025, 12:56 pm

Jeet Adani, the youngest scion of Gautam Adani, one of India’s billionaire business tycoons, wed his sweetheart Diva Jaimin Shah in an exquisite private ceremony in Ahmedabad. The dreamy wedding, hosted at the grand Shantigram, was a magnificent aura of grace, blessing, and glory.

Gautam Adani took to Instagram and shared a post, writing, ‘With the blessings of the Almighty God, Victory and Diva tied in the holy bond of marriage today. This marriage took place today in Ahmedabad with traditional customs and auspicious auspicious wishes among loved ones. It was a small and extremely private ceremony, so we couldn’t invite all the well-wishers, which I apologize for. I heartily wish you all for daughter Diva and victory. ?”

View this post on Instagram.

A post shared by Gautam Adani (@gautam.adani)

Splendid Sabyasachi Attire

Diva Shah turned heads in a graceful Sabyasachi lehenga exuding grace and royalty on her special day. The bride has opted for the white lehenga with intricate golden embroidery. The full saree attire is harmonized perfectly with Diva’s dark red blouse. Adorned with a deep red velvet dupatta pinned at her shoulder, she finishes the look with another glowing dupatta resting gently on her head flawless amalgamation of heritage and grace.

Her accessories were equally striking, from a choker statement diamond to a delicate ‘Maang Tikka’ and the signature red-and-white bangles to give a touch of the traditional element at play here. There was nothing brash about Diva’s makeup; soft pink cheeks, beautiful smoky eyes, and a classic bun hairstyle enhanced her ethereal charm.

Jeet Wedding Attire

Jeet Adani matched the bride’s ethereal beauty with a majestic ivory sherwani that was as subtle as it was elegant. His outfit boasted fine embroidery and was coupled with a doshala made of gold, along with a matching turban that gave him an old-world, yet trendy, wedding look.

The wedding activities began at 2 PM on February 7, with a beautiful Jain and Gujarati-style wedding. Even though the occasion was kept as a private family affair, nothing was left undone to make it lavish enough to be worthy of the name Adani.

Jeet Adani Weds Diva Shah In A Private Ceremony, Gautam Adani Seeks Blessings | Watch

February 7, 2025, 10:06 pm

The youngest son of billionaire industrialist and Adani Group chairman Gautam Adani, Jeet Adani, tied the knot with Diva Jaimin Shah in a private ceremony on Friday. The ceremony took place in Ahmedabad and involved close family and friends.

He announced the good news on the social media platform X by sharing pictures from the wedding and giving thanks. “With the blessings of Almighty God, Jeet and Diva tied the sacred knot today. The ceremony was conducted with traditional rituals and Shubh Mangal Bhaav among loved ones. It was a small and private function, so we couldn’t invite all well-wishers, for which I sincerely apologize,” he wrote in Hindi. He also sought blessings for the newlyweds. On March 12, 2023, in a private ceremony held in Ahmedabad, Jeet Adani and Diva Shah, daughter of Gujarat-based diamond merchant Jaimin Shah, got engaged. The marriage took place at Shantigram, the Adani township in Ahmedabad, according to traditional Jain and Gujarati customs.

#WATCH | Adani Group chairman, Gautam Adani’s son Jeet Adani gets married to Diva in a private ceremony in Gujarat’s Ahmedabad pic.twitter.com/6E4hsbmizf

— ANI (@ANI) February 7, 2025

Pre-wedding events began with a lively ‘bhangra’ performance at 2 PM on February 6. The son of Daler Mehndi, Gurdeep Mehndi, enthralled the audiences with his energetic performance during the wedding event. Jeet Adani joined the Adani Group in 2019 after completing education from the University of Pennsylvania’s School of Engineering and Applied Sciences and is currently leading both Adani Airports and Adani Digital Labs.

Gautam Adani had earlier stated that the wedding would be “more simple and traditional” instead of a big and celebrity studded Maha Kumbh Mela where he had come. It was, in fact, a private yet elegant celebration of love and tradition as promised by him.

Gautam Adani Confirms Son Jeet’s Wedding Will Be Simple and Traditional

January 22, 2025, 2:43 pm

Gautam Adani, chairman of the Adani Group, has clearly dismissed rumors about his younger son, Jeet Adani’s wedding. During an interaction at the Maha Kumbh Mela in Prayagraj, Adani confirmed that the wedding will take place on February 7. However, he emphasized that it would be a simple and traditional ceremony, putting an end to all speculation.

Addressing the Rumors

In the days leading up to the announcement, unverified reports circulated online suggesting that pop sensation Taylor Swift was in talks to perform at the wedding. There were also claims that renowned chefs would be flown in, high-tech features would be integrated, and hundreds of luxury cars would be booked to transport guests. These rumors, however, remain unconfirmed.

Adani Clarifies the Situation

Adani directly addressed the rumors, stating, “Jeet’s wedding is on the 7th of February. Our way of life is like that of common people. Jeet’s wedding will be very traditional, conducted in a very simple manner.” He clarified that the wedding would not be extravagant and would focus on simplicity and tradition.

When asked if celebrities would attend, Adani quickly responded, “No, not at all.” He reiterated that only family members would be present at the ceremony, further confirming that the event would be private and intimate.

#WATCH | Prayagraj, Uttar Pradesh | On his son Jeet Adani's marriage, Adani Group chairman, Gautam Adani says, "Jeet's marriage is on 7th February. Our activities are like common people. His marriage will be very simple and with full traditional ways…" pic.twitter.com/CebEZ4q14i

— ANI (@ANI) January 21, 2025

Focus on Family and Tradition

Additionally, Adani shared that his son Jeet had accompanied him to the Maha Kumbh Mela to seek blessings before the wedding. This moment of spiritual significance highlights the family’s commitment to tradition.

These clarifications put an end to the swirling rumors about celebrity guests and lavish plans. The wedding will remain a family-focused and traditional event, with no extravagant elements.

Jeet Adani and Diva Shah’s Wedding

Jeet Adani, who joined the Adani Group in 2019 after completing his studies at the University of Pennsylvania, will marry Diva Shah, the daughter of Jaimin Shah. The couple will exchange vows in an intimate ceremony on February 7, surrounded by close family members.

In conclusion, Gautam Adani has addressed the false rumors surrounding his son’s wedding. The celebration will be modest, reflecting the family’s values of simplicity and tradition.

Adani Fallout Forces Hindenburg Research’s Closure: Founder Makes Surprising Move

January 16, 2025, 7:22 am

Nathan Anderson, the founder of Hindenburg Research, has decided to wind down his investigative research firm, citing the intense and overwhelming nature of his work as the primary reason for his decision. Anderson, 40, made the announcement in a website post on Wednesday, where he emphasized that the decision was not based on any specific threat, health issue, or personal problem but rather the toll the job has taken on his personal life.

Why Nathan Anderson is Stepping Away from Hindenburg Research

Since founding Hindenburg Research in 2017, Anderson’s firm gained global attention for publishing controversial reports that triggered massive short-selling activity and prompted investigations into major corporations. Most notably, Hindenburg’s 2023 report accusing Adani Group of corporate misconduct led to a dramatic drop in the market value of companies, including the Adani Group and US-based Nikola. The firm also made waves with reports on Dorsey’s Block Inc. and Icahn Enterprises.

Anderson’s work at Hindenburg has sparked debates and fierce opposition from the businesses involved. Adani Group, for example, rejected the report as an attempt to destabilise its operations and politically defame India’s governance. Despite the controversies, Anderson’s reports led to a combined loss of nearly $99 billion in wealth for the three business tycoons, and a market value decline of up to $173 billion for their companies.

What’s Next for Nathan Anderson and Hindenburg Research?

After working through the firm’s remaining investigative ideas and sharing tips with regulators regarding suspected Ponzi schemes, Anderson announced he would focus on transitioning his team to new ventures. He plans to spend the next six months creating educational materials and videos to teach others about Hindenburg’s investigation model, hoping to leave a lasting impact on the world of corporate research.

Anderson also stressed that his decision to dissolve the firm marks the end of a chapter in his life, acknowledging that the experience, while rewarding, had come at a significant personal cost. Moving forward, he intends to focus on the next phase of his career while ensuring his team’s future success.

Adani Group Firms See Rs 27,000 Crore Surge in Investors’ Wealth, Stocks Rise 9%

December 12, 2024, 5:09 pm

Adani Group companies’ stocks have added nearly ₹ 27,000 crore to investors’ wealth, with most stocks gaining in trading this morning. The market capitalisation of Adani Group firms rose ₹ 26,894.46 crore to ₹ 13.55 lakh crore at 11.03 am.

Adani Group Stocks Rise 9%

The Adani Group companies’ stocks rose 9 per cent, with Adani Green Energy Ltd and Adani Power Ltd leading the gains. Adani Green Energy Ltd jumped 7.38 per cent to ₹ 1,232.80 apiece, the highest level since December 9. It was trading 6.42 per cent higher at ₹ 1,221.75 apiece as of 11.08 am.

Adani Power Ltd share price rose as much as 5.11 per cent to ₹ 545.80 apiece, the highest level since December 6. It was trading 4.36 per cent higher at ₹ 541.90 apiece as of 11.09 am.

Nomura’s Positive Outlook on Adani Group

Nomura had earlier this week said the stocks of Adani companies were the most attractive compared to other Indian companies. Nomura said the Gautam Adani-led conglomerate can easily face recent turmoil caused by legal issues connected with the US Department of Justice. This is because the Adani Group’s liquidity management has improved, Nomura said.

The Adani Group is in early talks to refinance loans worth $1.1 billion. The group’s efforts to refinance its loans are seen as a positive step towards improving its financial health.

Adani Ports Withdraws $553M US Loan for Colombo Project

December 11, 2024, 12:04 pm

Adani Ports and Special Economic Zone (APSEZ), owned by billionaire Gautam Adani, has withdrawn from a $553 million loan agreement with the US International Development Finance Corporation (DFC). This loan was meant to fund the development of a port terminal in Colombo, Sri Lanka. Reports from sources confirmed this move.

Shift to Internal Financing

In a filing on Monday, APSEZ announced a significant shift in its funding strategy. The company revealed, “The project will be financed through the company’s internal accruals and capital management plan. We have withdrawn our request for financing from the DFC.” This decision underscores Adani Ports’ confidence in its internal resources.

Allegations Against Gautam Adani

However, the filing did not address recent controversies surrounding Gautam Adani and his associates. A US court recently indicted them for allegedly planning to pay $265 million in bribes to Indian officials for solar energy projects. According to the indictment, they also concealed this scheme while seeking investments from US-based financiers.

Political Repercussions in India

These allegations have sparked political debates in India. Opposition parties have criticized Prime Minister Narendra Modi, accusing him of favoring Gautam Adani. The claims gain traction as both Adani and Modi hail from Gujarat, adding a political dimension to the controversy.

Colombo Port Project Moves Forward

Despite withdrawing from the DFC loan, work on the Colombo port terminal continues. The original loan agreement, signed last year, aimed to counter China’s dominance in infrastructure financing in developing nations. Although no funds were released under the agreement, construction has already begun. The project also involves local Sri Lankan partners, further strengthening regional collaboration.

Sri Lanka’s New President to Visit India

Meanwhile, Sri Lanka’s newly-elected President, Anura Kumara Dissanayake, is set to visit India from December 15-17. This trip marks his first international visit since taking office, signaling a focus on enhancing bilateral relations with India.

Broader Implications

This decision by APSEZ to self-finance the Colombo project highlights its strategic adaptability. Furthermore, it reflects shifting dynamics in regional infrastructure investments, with countries seeking alternatives to traditional funding sources like China.

By moving forward with internal resources, Adani Ports signals its commitment to long-term goals while navigating political and legal challenges.

WATCH | Gautam Adani Responds To US Fraud Charges: “Every Attack Makes Us Stronger”

December 1, 2024, 12:14 am

Adani Group Chairman Gautam Adani addressed allegations of corruption and fraud filed by US prosecutors, emphasizing his company’s commitment to compliance and resilience. Speaking at the 51st Gems and Jewellery Award in Jaipur, Adani declared:

“Every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group.”

The charges, brought forth by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), accuse Adani Green Energy Ltd (AGEL) and key executives of securities and wire fraud, citing materially false and misleading statements in bond offering documents.

#WATCH | Jaipur, Rajasthan: Addressing 51st Gem & Jewellery Awards, Adani Group Chairman Gautam Adani says, “…As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first… pic.twitter.com/LWGT0tDiBC

— ANI (@ANI) November 30, 2024

Allegations Against Adani and Executives

The US indictment alleges that Gautam Adani, his nephew Sagar Adani, and others orchestrated a $265 million bribery scheme between 2021 and 2023 to secure energy contracts worth $2 billion in profits over 20 years. Bribes were reportedly directed at officials in Indian states, including Andhra Pradesh, Odisha, Tamil Nadu, and others.

Key allegations include:

Offering bribes to gain business advantages.
Violations of anti-bribery and anti-corruption policies.
Securities fraud and wire fraud charges.

The SEC has also filed a civil complaint against Adani and other executives. Arrest warrants have been issued for Gautam Adani and Sagar Adani, with plans to involve foreign law enforcement.

Adani Group’s Rebuttal

The Adani Group has strongly refuted these allegations, calling them “baseless.” The company stated its intention to pursue legal recourse to defend itself.

“No one from Adani’s side has been charged with any violation or conspiracy to obstruct justice,” Gautam Adani asserted, criticizing the spread of misinformation.

Political Reactions

The allegations have sparked political controversy in India. While opposition parties accuse the BJP of shielding Adani, the BJP highlighted that the states mentioned in the US indictment are governed by opposition parties.

Adani’s Commitment to Resilience

Adani reaffirmed the company’s dedication to compliance and progress, stating:

“The more bold your dreams, the more the world scrutinizes. It is in that scrutiny that we find the courage to challenge the status quo.”

Looking Ahead

As the legal process unfolds, the Adani Group remains resolute in defending its reputation and pioneering initiatives. While the allegations cast a shadow, Adani’s response underscores the company’s determination to emerge stronger amidst challenges.

This case continues to unfold as stakeholders await further developments in court proceedings.

Winter Session of the Parliament Adjourned After Opposition Demands Answers on Adani Bribery Charges & Bonds Prices

November 25, 2024, 3:53 pm

The winter session of parliament was put on hold on Monday after Opposition leaders demanded discussion on United States $265 million bribery charges against India’s conglomerate Adani Group’s seven members, including chairman, Gautam Adani. Due to this Adani dollar bond prices fell to one-year low as investor and lenders weighed the future of stocks.

The allegations pertain to purported payments made to secure contracts potentially yielding $2 billion in profits over two decades and to facilitate the development of India’s largest solar power project. Additionally, the charges claim the group misled the public despite being informed about the U.S. investigation in 2023. The Adani Group has dismissed these accusations, as well as those by the U.S. Securities and Exchange Commission in a related civil case, labeling them as baseless and vowing to pursue “all possible legal remedies.”

“It is unfortunate that the govt did not address or react to this issue (Adani row). The Chairman informed us that we cannot raise this matter under Rule 267, as earlier decisions were taken not to allow such topics. But, Rule 267 exists precisely for urgent matters like the Manipur and Sambhal incidents. We demand a JPC (Joint Parliamentary Committee) be constituted to investigate this case thoroughly and bring clarity,” says Congress President Mallikarjun Kharge on the Adani row discussed in the Winter Session of Parliament earlier today.

Telangana Chief Minister Revanth Reddy says, “Many companies have given funds to the Young India Skill University. In the same way, the Adani group also gave Rs 100 crores. Yesterday, we wrote a letter to Adani on behalf of govt stating that the state govt is not ready to accept the Rs 100 crores given by Adani group.. I like to reiterate the decision by the state govt to not accept the Rs 100 crores from Adani group.”

Political Reactions and Parliamentary Disruptions

Indian opposition parties, who frequently criticize Adani for his alleged ties to Prime Minister Narendra Modi, have pledged to raise the issue in parliament. Mallikarjun Kharge, leader of the opposition Congress party, demanded a detailed parliamentary debate on the “Adani saga,” emphasizing that the matter could tarnish India’s global reputation and jeopardize investments made by millions of retail investors.

As parliament commenced its session, Vice President and upper house chairman Jagdeep Dhankhar acknowledged receiving 13 notices demanding a discussion on Adani but declined them, citing procedural non-compliance. Attempts to proceed with regular business were disrupted by lawmakers, leading to multiple suspensions of the session.

Allegations of Favouritism

Opposition leaders have long accused Modi’s government of protecting and favoring Adani, citing their relationship dating back to Modi’s tenure as Gujarat’s chief minister. Both the government and Adani have denied these claims, dismissing them as unfounded. The ruling Bharatiya Janata Party (BJP) has stated that the Adani Group will handle the legal challenges independently and that the law will take its course.

Impact on Markets and Banking Sector

The indictment has triggered a sell-off in Adani dollar bonds, with some banks reportedly reconsidering fresh lending to the group. In response, the Monetary Authority of Singapore clarified that the exposure of its banking sector to Adani is minimal, with measures in place to monitor and manage borrower risks. DBS Group, Singapore’s largest bank, earlier disclosed a S$1.3 billion ($967 million) exposure to the Adani Group but declined further comment.

Despite market concerns, the Adani Group emphasized its financial resilience, reporting cash reserves of $6.33 billion as of the first half of FY25—enough to cover long-term debt repayments for 28 months. The group also highlighted its commitment to regular financial disclosures and robust credit performance.

Market Performance

The allegations mark the second major crisis for the Adani Group in two years, following accusations in 2022 by Hindenburg Research regarding improper use of offshore tax havens—claims the company denied.

In Asian markets on Monday, Adani Ports and SEZ bonds maturing in 2027 dropped by 1.6 cents, while longer-dated bonds saw declines of 8 to 10 cents since the charges emerged. Adani Transmission debt maturing in 2036 also fell by 1.8 cents, compounding a broader decline across the group’s debt instruments.

Also read: SP MP Zia Ur Rehman Barq Denies Sambhal Violence Allegations, Calls Case a Conspiracy

Adani’s 10 listed stocks, led by Adani Enterprises, lost $27.9 billion in market capitalization over two sessions following the U.S. charges. On Monday, however, eight of the 10 stocks showed recovery in early trade, though gains were muted. Adani Energy Solutions reversed its upward trend to trade approximately 2% lower.

SEBI Probes Adani Bribery Disclosures

November 22, 2024, 9:05 pm

India’s Securities and Exchange Board (SEBI) is scrutinizing Adani Green Energy Ltd. for potential disclosure lapses concerning a U.S. Department of Justice (DOJ) bribery investigation. The probe focuses on whether Adani Green adequately informed investors about the DOJ’s inquiry, especially regarding the involvement of individuals associated with the Adani Group.

SEBI has approached stock exchange officials to determine if Adani Green failed to properly disclose the DOJ’s investigation into bribery allegations. This fact-finding mission is expected to continue for two weeks, after which SEBI may decide on initiating a formal investigation.

The inquiry stems from a March 15 Bloomberg News report indicating that U.S. prosecutors were investigating whether an Adani entity or individuals linked to the company, including its billionaire chairman Gautam Adani, were involved in bribing Indian officials for favorable treatment on an energy project. In response, the Adani Group stated it was not “aware of any investigation against our chairman” and affirmed its compliance with anti-bribery laws in India and elsewhere. Subsequently, on March 19, Adani Green filed a statement to stock exchanges acknowledging awareness of an investigation into potential violations of American anti-corruption laws by an unrelated third party.

On November 20, U.S. prosecutors charged Gautam Adani with orchestrating a $250 million bribery scheme to secure solar energy contracts in India, alleging that the conglomerate concealed this plan while seeking funds from U.S. investors. A spokesperson for the Adani Group denied these allegations.

The indictment also claims that Adani’s denial to Bloomberg in March was a false statement intended to further the alleged fraud, noting that Adani’s nephew, Sagar Adani, had received a grand jury subpoena and search warrant a year earlier. Sagar Adani serves as the executive director of Adani Green, India’s largest renewable energy developer.

In response to the U.S. indictment, shares of Adani’s flagship firm plummeted by as much as 23% on Thursday before recovering some losses on Friday.

SEBI, which can act on complaints from stock exchanges, has previously investigated the Adani Group for issues such as disclosure norms, including following allegations by short-seller Hindenburg Research last year, though findings have yet to be disclosed. SEBI’s authority allows it to file civil charges, with disclosure violations typically resulting in monetary penalties.
Neither SEBI, the Bombay Stock Exchange Ltd., nor the National Stock Exchange Ltd. responded to requests for comment.

The Adani Group, a multinational conglomerate headquartered in India, has faced increased scrutiny over its corporate governance practices. In January 2023, Hindenburg Research accused the group of stock manipulation and accounting fraud, leading to significant market volatility. The Adani Group denied these allegations, asserting compliance with all regulatory requirements.

The recent U.S. indictment has intensified concerns about the conglomerate’s transparency and adherence to international anti-corruption standards. Analysts suggest that the outcome of SEBI’s investigation could have far-reaching implications for investor confidence and the regulatory landscape in India.

Also read: LG Saxena: Atishi Better Than Kejriwal

As the situation develops, stakeholders are closely monitoring the actions of both SEBI and the Adani Group to assess the potential impact on India’s financial markets and the conglomerate’s future operations.

Adani Group Coal Unit Faces Racism And Human Rights Allegations In Australia

November 22, 2024, 2:23 pm

Adani Group, already under scrutiny after US prosecutors indicted its chairman Gautam Adani for fraud, is now facing new set of accusations of racism linked to its Australian coal operations. An Aboriginal group in Queensland, the Nagana Yarrbayn Wangan & Jagalingou Cultural Custodians, filed a formal complaint with the Australian Human Rights Commission, alleging racial discrimination by Adani’s coal subsidiary, Bravus Mining and Resources.

The complaint, submitted earlier this week, accuses Adani employees of attempting to block Aboriginal group members from accessing sacred springs near the Carmichael coal mine. The group claims this interference prevented them from performing cultural rites and sharing cultural knowledge.

Adrian Burragubba, Senior Cultural Custodian for the Nagana Yarrbayn, expressed frustration in a statement: “We have endured years of discrimination and vilification from Adani, and we’re not putting up with this anymore.” Burragubba emphasized that legal action was now the only path forward after Adani ignored previous concerns raised by their lawyers.

In response, a Bravus spokesperson denied the allegations, labeling the complaint an attempt to prevent the company from sharing its perspective. The spokesperson also highlighted that the mine has operated in compliance with local laws and in partnership with the majority of the Traditional Owner group, under formal agreements. The company added it had not received any notification from the Australian Human Rights Commission about the complaint.

The Aboriginal group is seeking compensation, a public apology, the removal of certain social media content, a retraction of media statements, and mandatory anti-racism training for Adani’s leadership.

The Carmichael mine, which has been a contentious project, faced opposition from climate activists and some Aboriginal groups for years before it began operations in December 2021. The new accusations come at a time when Adani Group companies’ shares have continued to fall, following the fraud and bribery charges filed against the company’s chairman, Gautam Adani, in the US earlier this week.

Sagar Adani Charged in US Bribery and Fraud Case: Who is He?

November 22, 2024, 10:38 am

Sagar Adani, the nephew of Indian billionaire Gautam Adani, is one of seven defendants charged in a U.S. indictment related to an alleged bribery and fraud scheme. The charges are connected to a renewable energy project in India, where Adani and others are accused of paying bribes to secure contracts.

Alleged Bribery Scheme

According to U.S. authorities, Gautam Adani and the other defendants conspired to pay around $265 million in bribes to Indian government officials. The bribes were allegedly intended to secure contracts for a solar energy project in India. The Adani Group has denied the allegations, calling them baseless, and has stated it will pursue “all possible legal recourse.”

Who is Sagar Adani?

Family Background: Sagar Adani is the son of Rajesh Adani, Gautam Adani’s brother. He has been with the Adani Group since its early years.

Career Role: He serves as the executive director at Adani Green Energy, where his father is also a director.

Education and Experience: Sagar joined the Adani Group in 2015 after earning a degree in economics from Brown University in the U.S. He is credited with helping expand Adani Green Energy’s solar and wind energy sectors.

Leadership Role: Sagar oversees the company’s strategic, financial, and structural development, according to the company’s official website.

Future Prospects: Bloomberg reports that Sagar is one of four potential successors to Gautam Adani, alongside his sons Karan and Jeet Adani and their cousin Pranav Adani.

Charges Against Sagar Adani

Sagar Adani, along with his uncle Gautam Adani, is accused of being involved in a scheme to secure a solar energy project in India. The charges also include misleading investors during a $750 million bond offering, which raised around $175 million from U.S. investors.

U.S. authorities claim that Sagar, Gautam, and others worked together to bribe Indian officials, aiming to win contracts for the development of India’s largest solar power plant. The project is expected to generate around $2 billion in profit over the next 20 years.

Legal Proceedings

It is still uncertain whether Sagar and Gautam Adani will appear in U.S. court. They may attempt to have the indictment dismissed without traveling to the U.S. According to a spokesperson for U.S. Attorney Breon Peace in Brooklyn, none of the defendants are in custody at the moment.

Adani Group Denies US ‘Bribery’ Allegations Against Gautam Adani As ‘Baseless’

November 21, 2024, 5:38 pm

The Adani Group dismissed the accusations made by US prosecutors, claiming that Gautam Adani had paid over $250 million in bribes to Indian officials for favorable government contracts.

Adani Group’s Statement

On Thursday, the Adani Group strongly rejected the charges, calling them “baseless” and denying the allegations made by the US Department of Justice and the US Securities and Exchange Commission. A spokesperson for the group stated, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

The US prosecutors have charged Adani for allegedly being involved in a scheme to bribe Indian officials to gain advantageous terms for solar power contracts, amounting to over $250 million (approximately ₹2,100 crore).

US Department of Justice Response

Commenting on the situation, the Adani Group spokesperson referred to a statement from the US Department of Justice, noting that “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.”

Also Read: Rahul Gandhi Accuses PM Modi of Corruption and Protecting Gautam Adani

The spokesperson further emphasized the group’s commitment to maintaining the highest standards of governance, transparency, and regulatory compliance across all its operations. “We assure our stakeholders, partners, and employees that we are a law-abiding organization, fully compliant with all laws,” the statement added.

Charges Against Gautam Adani

According to Bloomberg, the following charges have been made against Adani:

Gautam Adani is alleged to have personally met with Indian authorities multiple times to further the bribery plot.
Co-conspirators are said to have communicated through electronic messaging apps, including while in the US.
Evidence of the bribery scheme includes electronic documentation, such as photos of documents summarizing the bribes and PowerPoint and Excel presentations detailing the bribe options.
The individuals involved reportedly used code names such as “V,” “snake,” and “numero uno minus one,” with Gautam Adani being referred to as “Mr. A,” “numero uno,” and “the big man.”
Some members are accused of destroying evidence, including presentations and electronic communications, to cover their tracks.
Adani allegedly emailed himself photos of the search warrant and grand jury subpoena handed to his nephew, Sagar Adani, by the FBI.

Adani Executives Charged In $250m Bribery And Fraud Scheme Targeting US Investors

November 21, 2024, 12:28 pm

A five-count indictment was unsealed in Brooklyn federal court, charging Gautam S. Adani, Sagar R. Adani, Vneet S. Jaain, and several others in connection with a multi-billion-dollar bribery and fraud scheme. The charges include conspiracy to commit securities and wire fraud, securities fraud, and obstruction of justice, involving US investors and global financial institutions.

The indictment alleges that between 2020 and 2024, the defendants orchestrated a scheme to pay over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts, projected to generate over $2 billion in profits. Gautam S. Adani personally met Indian officials to advance the scheme, while other executives documented the bribes using phones and electronic tools.

Fraudulent Capital Raising and False Statements

The accused allegedly misrepresented anti-corruption practices and concealed the bribery scheme while raising over $3 billion through US-based syndicate loans and bond offerings. False statements were also made in the company’s financial reports to investors and the market.

Deputy Assistant Attorney General Lisa H. Miller highlighted the scale of the alleged crimes, stating, “These offenses involved corruption and deception to secure state energy contracts, causing significant harm to US investors.”

Obstruction of Investigation

The indictment also accuses several individuals, including Cyril Cabanes and Rupesh Agarwal, of obstructing investigations by the FBI, Department of Justice, and SEC. These efforts included deleting evidence, withholding information during internal probes, and making false statements to authorities.

International Implications

The case is being prosecuted by the Eastern District of New York’s Business and Securities Fraud Section and the Justice Department’s Fraud Section. US Attorney Breon Peace emphasized the commitment to combating corruption in international markets, stating, “We will continue to hold accountable those who undermine the integrity of global financial systems.”

The charges are part of ongoing efforts by the Justice Department to enforce anti-corruption laws under the Foreign Corrupt Practices Act (FCPA). All defendants are presumed innocent until proven guilty.

Devendra Fadnavis Denies Allegations, Says Gautam Adani Never Attended Their Meetings

November 15, 2024, 11:29 pm

Maharashtra Deputy Chief Minister Devendra Fadnavis on Friday rubbished reports that industrialist Gautam Adani was in any discussions about a possible BJP-NCP government formation in the state after the Assembly elections in 2019. This comes after NCP leader Ajit Pawar accused leaders from both the BJP and his own NCP of attending talks hosted by Adani at his Delhi residence, only to retract his statement later admitting he had “made a mistake”.

Fadnavis confirmed that a meeting did indeed take place between BJP and NCP leaders, but he was categorical that Adani had no role to play in it. “See, the meeting had happened. Sharad Pawar, Ajit Pawar, (Union Home Minister) Amit Shah, and I were there. But, Gautam Adani was not there,” he said to India Today’s Anjana Om Kashyap.

Also Read: Elon Musk And Gautam Adani Set To Achieve World’s First Trillionaire Status

Earlier, in an interview with Newslaundry and The News Minute, Ajit Pawar has said that he, Fadnavis, Amit Shah, Sharad Pawar, and Praful Patel were involved in government formation discussions with Adani attending the meeting. Sharad Pawar too repeated the statement while speaking to the press claiming that it is Adani who hosted the meeting. However, in a turnaround reaction during an interview with ANI, Ajit Pawar has withdrawn his statement clarifying that he made a mistake and that when they were at Adani’s guest house, “there is no role of an industrialist in state government formation.”
Ajit Pawar clarified that he was not forced into making the statement.

In 2019, Fadnavis and Ajit Pawar had briefly formed a government, with Fadnavis as the Chief Minister and Ajit Pawar as the Deputy CM, that survived for 80 hours only. The NCP then relented and returned Ajit Pawar and along with Congress and Shiv Sena joined the Maha Vikas Aghadi government. In 2022, the coalition broke up following a rebellion led by Eknath Shinde, who became Chief Minister of the new government with Fadnavis as his deputy. A year later, NCP MLA Ajit Pawar jumped into the ruling coalition, and he again became the Deputy Chief Minister.

Maharashtra Assembly polls will be held on November 20, whose results will come out on November 23. This is the first election after the split between Shiv Sena and NCP.

$10 Billion US Investment By Adani Group: A Win For Trump, Jobs, And Energy Security

November 14, 2024, 10:09 am

The Adani Group has announced a significant $10 billion investment in US-based energy and infrastructure projects as part of its expanding global footprint. Adani Group chairman Gautam Adani confirmed the news in a post on X (formerly Twitter), extending congratulations to the newly elected US President Donald Trump. “Congratulations to @realDonaldTrump,” Adani stated. “With deepening India-US ties, Adani Group commits to investing $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs.”

Focus on US Energy Security Amid Changing Policy Climate

The investment announcement comes during a shift in the US energy policy landscape, as the American Petroleum Institute (API) calls on President Trump to reverse certain policies enacted during President Joe Biden’s administration, citing job security and energy supply risks. Trump’s recent victory speech emphasized his stance on expanding oil production, highlighting the slogan “Drill, baby, drill” to signal his support for the industry’s growth.

HAVE A LOOK AT THE VIRAL POST:

Congratulations to @realDonaldTrump. As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and invest $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000… pic.twitter.com/X9wZm4BV2u

— Gautam Adani (@gautam_adani) November 13, 2024

Adani’s Expanding Global Projects

This US-focused investment aligns with the Adani Group’s broader international ambitions, including a 10 GW target for hydroelectric projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam. In line with this strategy, Gautam Adani recently hosted ambassadors from the European Union, Germany, Denmark, and Belgium, giving them an in-depth look into Adani’s renewable energy operations in Gujarat.

Building Digital Infrastructure: Partnership with EdgeConneX

The Adani Group’s global plans also extend into digital infrastructure. Through its partnership with US-based data center operator EdgeConneX, Adani Enterprises is constructing hyperscale data centers across India. This venture aims to bolster India’s data capacity, supporting the country’s digital economy with state-of-the-art facilities.

With these projects, Adani Group is actively expanding its international influence, with the US investment marking another milestone in its global growth strategy.

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.”

Check Who is Now No Longer Among the World’s Top 10 Richest People

October 4, 2024, 9:20 pm

Once the richest person in the world, Microsoft co-founder Bill Gates has dropped out of the list of the world’s top 10 wealthiest individuals. Gates, a fixture among the wealthiest for over two decades, is now ranked 13th according to Forbes’ real-time billionaire list, trailing behind India’s Mukesh Ambani, who holds the 11th spot.

Bill Gates’ Current Net Worth

According to Forbes, Bill Gates’ current net worth is $106.2 billion (approximately ₹89,182 crore), a decrease of $358 million from earlier. Gates’ ranking has steadily declined, although he remains a prominent figure in global philanthropy.

Reason Behind Gates’ Decline in Wealth

The key factor behind Bill Gates’ declining position in the wealth rankings is his 2021 divorce from Melinda French Gates. The settlement, speculated to have tripled from the initial estimates, significantly impacted Gates’ overall fortune. As a result, Melinda French Gates is now among the wealthiest women in the U.S., with a net worth of $29 billion, making her the ninth-richest woman in the country.

Philanthropic Commitments Amid Wealth Decline

Despite the fall in wealth rankings, Gates remains dedicated to his philanthropic initiatives through the Bill & Melinda Gates Foundation, which continues to focus on global health and development. However, questions remain about the future direction of the foundation, given Melinda’s departure from its leadership. Bill Gates has hinted that he may see further declines in his wealth rankings in the future, but assures that the foundation will continue its work for at least another 25 years.

Where Do Mukesh Ambani and Gautam Adani Stand?

Currently, Mukesh Ambani ranks 11th on Forbes’ real-time billionaire list with a net worth of $109.2 billion. Gautam Adani, once ranked among the top wealthiest individuals, is now at 21st place with a net worth of $81.1 billion. Both Indian billionaires have surpassed Gates in recent months.

Elon Musk And Gautam Adani Set To Achieve World’s First Trillionaire Status

September 9, 2024, 1:31 pm

According to a recent report by Informa Connect Academy, Elon Musk, CEO of Tesla, SpaceX, and X (formerly Twitter), is on track to become the world’s first trillionaire by 2027. The report, titled “2024 Trillion Dollar Club,” highlights Musk’s meteoric rise in wealth, noting an average annual growth rate of 110%, which has placed him at the top of the Bloomberg Billionaires Index with a net worth of $251 billion.

Others on the Trillionaire Path

Musk isn’t the only billionaire inching closer to trillionaire status. The report also projects that Gautam Adani, India’s wealthiest man, will reach this milestone by 2028. Adani, head of the Adani Group, has diversified business ventures spanning power generation, ports, logistics, and even defense and aerospace. With an estimated net worth of $84 billion and an average annual growth rate of 122.86%, Adani is positioned to become a trillionaire within the next five years.

Jensen Huang, co-founder and CEO of Nvidia, is another billionaire in the race. Huang’s leadership has been instrumental in Nvidia reaching a trillion-dollar valuation, and his personal fortune has grown to $77 billion. The report estimates that with an annual growth rate of 111.88%, Huang could join the Trillionaire Club by 2028.

Bernard Arnault, CEO of LVMH, the world’s largest luxury conglomerate, is expected to hit the trillionaire mark by 2030. Arnault’s empire includes some of the world’s most prestigious luxury brands, including Louis Vuitton and Moët Hennessy.

The Path for Women in the Trillionaire Club

While male billionaires dominate the list of potential trillionaires, three women stand out as likely to reach this financial pinnacle by 2050. Among them is Francoise Bettencourt Meyers, chairwoman of the family holding company and a board member of L’Oreal, the cosmetics giant founded by her grandfather, Eugène Schueller. Meyers and her family control more than a third of L’Oreal, with their combined fortune standing at $99.5 billion. The report predicts that the family could amass a trillion-dollar fortune by 2040.

Wealth and Climate Concerns

As the prospect of trillionaires becomes more real, concerns about wealth inequality continue to mount. Critics point to the significant environmental impact of the wealthiest 1%, who are responsible for more carbon emissions than the poorest 66% of the global population. This disproportionate contribution to the climate crisis raises ethical questions about the social and environmental implications of extreme wealth accumulation.

A New Era of Wealth

While the rise of trillionaires may captivate the public imagination, it also highlights the growing gap between the ultra-wealthy and the rest of society. As figures like Musk, Adani, Huang, and Bettencourt Meyers continue to expand their empires, the conversation surrounding wealth distribution and its broader impact on society is likely to intensify.

Adani Tops Hurun India Rich List 2024; Ambani Second, SRK Joins Elite Club

August 29, 2024, 2:45 pm

Gautam Adani has reclaimed the top position in the 2024 Hurun India Rich List, surpassing Mukesh Ambani of Reliance Industries Limited (RIL). Adani’s net worth has reached an astounding Rs 11.6 lakh crore, making him the wealthiest individual in India. This marks a significant achievement as he once again tops the prestigious list, pushing Ambani to the second spot.

India’s Growing Wealth Amidst Global Shifts

Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, highlighted India’s growing influence as Asia’s wealth creation engine. While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires in 2024.

Ambani, Nadar, and Poonawalla Follow in the Top Rankings

Mukesh Ambani secured the second position on the list with an impressive wealth of Rs 1,014,700 crore. Following Ambani, Shiv Nadar and his family from HCL Technologies ranked third with a net worth of Rs 314,000 crore. The Poonawalla family, known for their Serum Institute of India, came in fourth, while Dilip Shanghvi of Sun Pharmaceutical Industries rounded out the top five.

Shah Rukh Khan’s Debut on the Hurun India Rich List

Bollywood superstar Shah Rukh Khan made his debut on the Hurun India Rich List 2024 with a net worth of Rs 7,300 crore. SRK’s wealth surge is attributed to his significant stakes in the IPL team Kolkata Knight Riders and the success of his production house, Red Chillies Entertainment.

Young Entrepreneurs Make Their Mark

The list also introduced its youngest members, including 21-year-old Kaivalya Vohra, co-founder of the $5 billion quick commerce startup Zepto, and 22-year-old Aadit Palicha, also a co-founder of Zepto.

Gautam Adani Extends Rs 5 Crore Financial Aid to Kerala Following Wayanad Landslide

July 31, 2024, 6:58 pm

Gautam Adani, Chairman and Founder of the Adani Group, expressed his condolences for the lives lost in the Wayanad landslide and announced a financial aid of Rs 5 crore to support relief efforts in Kerala. The landslide, triggered by incessant rainfall, has resulted in 158 confirmed deaths, according to the Kerala Revenue Department.

In a post on X, Adani said, “Deeply saddened by the tragic loss of life in Wayanad. My heart goes out to the affected families. The Adani Group stands in solidarity with Kerala during this difficult time.” He added, “We humbly extend our support with a contribution of Rs 5 crore to the Kerala Chief Minister’s Distress Relief Fund.”

Meanwhile, the Southern Naval Command dispatched a disaster relief team of 68 personnel from INS Zamorin at Ezhimala to the affected areas. The team, equipped with medical personnel and essential equipment, arrived at the site at 10 pm on July 30, 2024. Additional teams are on standby and will be deployed as needed. An Advanced Light Helicopter (ALH) detachment in Search and Rescue (SAR) configuration was also deployed from Kochi to Calicut to assist in the rescue efforts.

The regional meteorological department has issued warnings for heavy rainfall in five districts, including Wayanad. An Orange Alert is in place for Malappuram, Kozhikode, Wayanad, Kannur, and Kasaragod, while a Yellow Alert is issued for several other districts. No rain warnings are in effect for Thiruvananthapuram and Kollam.

The Kerala government is compiling a list of those affected by the landslide. Kerala Revenue and Housing Minister K Rajan stated that the list, based on ration cards and plantation records, will be available by the evening. Comprehensive rehabilitation measures will follow.

Gautam Adani Donates Rs 5 Crore For Kerala’s Wayanad Landslide Relief

July 31, 2024, 5:18 pm

Gautam Adani, Chairman and founder of the Adani Group, expressed his condolences for the lives lost in the Wayanad landslide and pledged Rs 5 crore to support relief efforts in Kerala. The death toll from the landslides in the Meppadi area of Wayanad district, triggered by continuous rainfall, has risen to 158, according to the Kerala Revenue Department.

In a post on X, Adani shared, “Deeply saddened by the tragic loss of life in Wayanad. My heart goes out to the affected families. The Adani Group stands in solidarity with Kerala during this difficult time.” He added, “We humbly extend our support with a contribution of Rs 5 Cr to the Kerala Chief Minister’s Distress Relief Fund.”

Additionally, the Southern Naval Command dispatched a disaster relief team of 68 personnel from INS Zamorin at Ezhimala to assist in the affected areas. The team, which included medical personnel and necessary equipment, arrived at the site at 10 pm on the same day they were dispatched. More teams are on standby for deployment as needed. An Advanced Light Helicopter (ALH) detachment was also deployed from Kochi to Calicut to aid in the rescue efforts.

The regional meteorological department has issued a warning for heavy rainfall in five districts, including Wayanad. An Orange Alert is in place for Malappuram, Kozhikode, Wayanad, Kannur, and Kasaragod, while a Yellow Alert has been issued for Pathanamthitta, Alappuzha, Kottayam, Ernakulam, Idukki, Thrissur, and Palakkad. There are no rain warnings for Thiruvananthapuram and Kollam.

The Kerala government is compiling a list of those affected by the landslide. Kerala Revenue and Housing Minister K Rajan stated that the number of people affected will be available by the evening. He noted that the list would be based on ration cards and mustering records of plantations, and that camps will continue with comprehensive rehabilitation measures to follow.

Bhutanese PM Tshering Tobgay, King Jigme Khesar Namgyel Wangchuck Visit To Gujarat

July 24, 2024, 6:32 pm

Bhutanese Prime Minister Tshering Tobgay, along with King Jigme Khesar Namgyel Wangchuck, concluded their three-day visit to Gujarat on Wednesday, aiming to strengthen the bonds of friendship between Bhutan and India.

During the final leg of their visit, the Bhutanese delegation toured GIFT City, a burgeoning global financial and IT services hub near Gandhinagar. Prime Minister Tobgay expressed admiration for the rapid development and advanced infrastructure of the Smart City.

“Today, we visited GIFT City. We are inspired by what has been achieved in such a short time in this Smart City. Our visit here will further strengthen strong ties of friendship between Bhutan and Bharat. On behalf of His Majesty, the King of Bhutan, I would like to thank the Chief Minister of Gujarat Bhupendra Patel for the wonderful arrangements,” said Tobgay in a press conference before departing.

The state government released a statement noting the delegation’s appreciation for the “world-class infrastructure and other high-tech systems such as the district cooling system and utility tunnel.”

Immensely grateful to His Majesty King Jigme Khesar Namgyel Wangchuck of Bhutan and Hon. @PMBhutan Dasho Tshering Tobgay for visiting Adani’s 30 GW Renewable Energy site at Khavda and Mundra Port. Deeply inspired by Bhutan’s vibrant spirit and steadfast commitment to eco-friendly… pic.twitter.com/ZsIotDYC2g

— Gautam Adani (@gautam_adani) July 23, 2024

Reflecting on their visit to the Statue of Unity on July 22, Tobgay remarked, “I felt like I was on a pilgrimage… to see the gigantic statue of Sardar Vallabhbhai Patel and experience Prime Minister Narendra Modi’s vision for India.”

On Tuesday, the delegation visited Adani Group’s flagship infrastructure project sites at Mundra and Khavda. Mundra is home to India’s largest commercial port, while Khavda is the site of the world’s largest renewable energy park.

“Yesterday we visited a giant solar renewable farm at Khavda in Kutch, then Mundra port and the Special Economic Zone. I can see a lot of opportunities for further strengthening the friendship, cooperation, and partnership through these projects,” Tobgay noted.

The Bhutanese Prime Minister also proposed a partnership between India and Bhutan for the development of the ‘Mindfulness City’ planned at Gelephu town in southern Bhutan near the Indian border.

Before departing, King Wangchuck and Prime Minister Tobgay took a helicopter ride to get a bird’s eye view of Ahmedabad. Chief Minister Bhupendra Patel bid them farewell at the airport, marking the end of their successful visit to Gujarat.

Gautam Adani Declares ‘We Are Stronger Than Ever’ Amidst Baseless Accusations

June 24, 2024, 3:29 pm

Addressing the Annual General Meeting (AGM) of Adani Enterprises, Group Chairman Gautam Adani declared, “We are Stronger Than Ever. And our best is yet to come.”

Regarding the Hindenburg allegations, Adani remarked, “We were faced with baseless accusations made by a foreign short seller that questioned our decades of hard work. In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established.”

He further mentioned that the company’s stance was validated by the country’s apex court and corroborated by rating agencies and the financial community. “Our commitment to operational excellence and transparent disclosures was validated not only by rating agencies and the well-informed financial community, but also by respected global investors like GQG Partners, Total Energies, IHC, QIA, and the US Development Finance Corporation—all of whom chose to invest in us.”

Adani group reduced its debt ratio, says Gautam Adani

To restore market confidence, the group pre-paid Rs 17,500 crore in margin-led financing debt. The company reduced its debt to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ratio to 2.5 times within six months, and it now stands at 2.2 times, enhancing the group’s financial resilience and providing room for future expansion.

Discussing the performance of individual group companies, Adani highlighted that Adani Enterprises had an outstanding year. Airports saw double-digit growth with a record 88.6 million passengers. Kutch copper commenced operations with a capacity of 1 mmtpa.

Adani Ports & SEZ also had an exceptional year, surpassing 400 MMT (million metric tons) of cargo and handling a record 420 MMT. Ten of the group’s ports achieved lifetime high cargo volumes.

In renewable energy, Adani Green Energy’s Khavda park was a notable accomplishment. The company has revised its FY30 target from 45 GW to 50 GW, adding 2.8 GW of green energy in 2023-24.

Adani Power’s operating capacity increased by 12 percent to 15,250 MW.

Adani Energy Solutions continued to commission crucial transmission infrastructure, including two 765 kV lines. The company’s transmission order book stands at Rs 17,000 crore, and its smart metering order book has expanded to 228 lakh units.

Adani Total Gas expanded its CNG stations to over 900 stations, and PNG connections increased from 8.45 lakh to 9.76 lakh connections.

Following the acquisition of ACC and Ambuja Cements, the Adani Group’s combined cement capacity rose from 67.5 MTPA (million tonnes per annum) to 79 MTPA, with EBITDA per tonne more than doubling since the acquisition. The company is on track to reach its target of 140 MTPA by 2028.

NDTV, the company’s media entity, expanded regionally and scaled digitally, with a 39 percent increase in global digital traffic. It invested in next-generation digital infrastructure and added new facilities in BKC, Mumbai, and NCR, Delhi.

Adani also noted that the Adani Foundation now reaches 9.1 million individuals across 6,769 villages in 19 states.

Commenting on India’s growth, Adani praised the central and state governments’ focus on infrastructure development and projected the country to become a USD 30 trillion economy by 2032.Gautam Adani Declares ‘We Are Stronger Than Ever’ Amidst Baseless Accusations

Gautam Adani Lauds Company’s ‘Resilience’ in Face of Hindenburg Report

June 24, 2024, 3:25 pm

At the Annual General Meeting (AGM) of Adani Enterprises on Monday Chairman Gautam Adani addressed the company’s resilience in the face of adversity over the past year. Adani emphasized how the company defended its integrity and reputation against an aggressive attack by foreign short-seller Hindenburg. Despite the challenge, the Adani Group emerged stronger, demonstrating the robustness of its foundational strength.

He said, “The true measure of success is our ability to stand firm in the face of adversity. Perseverance was never more evident than what we demonstrated last year.” Last year, Hindenburg Research group accused Adani Enterprises of manipulating stock prices and improperly using tax havens, leading to a sell-off in Gautam Adani’s ports-to-power conglomerate.

On Monday, Adani elaborated on the two-pronged assault involving information distortion and political allegations that coincided with a critical follow-on public offer (FPO). He assured investors that the Group remained focused on their trust and interests, even returning the ₹20,000 crores raised through the FPO amid ongoing investigations.

“Despite raising ₹20,000 crore through the largest ever FPO, we decided to return the proceeds. This decision underscored our dedication to our commitment to the investors,” Adani said. He stressed that the attack aimed to defame the Group, do maximum damage, and erode market value, but the Group’s resilience turned these challenges into catalysts for strengthening.

Adani concluded by reflecting on how the headwinds faced had forged the Group into a stronger, more resilient entity. “The challenges that tested us ultimately forged us into a stronger entity, more resilient and prepared for the future.”

Earlier this year, the Supreme Court dismissed all allegations against the Adani Group, reposing confidence in SEBI’s powers. The court ruled that petitioners failed to provide sufficient material to transfer the Adani-Hindenburg probe to a special investigation team, thereby disposing of the petitions and confirming the Group’s clean chit.

Gautam Adani Charts Path To $30 Trillion Economy By 2050

June 19, 2024, 1:50 pm

Gautam Adani, the Chairman of the Adani Group today listed three key areas which will further help the national infrastructure grow in years to come, driving the country to realise its goal of becoming a $30 trillion economy by 2050.

According to Gautam Adani, touted as ‘The Infra Man of India’, the three key areas are – the role of government policies and governance in building infrastructure; the future of infrastructure and its interconnection with sustainability; and Adani Group’s areas of focus and the role it is playing in developing national infrastructure.

The 1991 economic liberalisation and reforms, announced by the late Prime Minister PV Narasimha Rao and the finance minister at that time, Dr Manmohan Singh, marked a watershed moment in India’s economic history and dismantled the ‘Licence Raj’ which had seen the government involved in almost every approval that businesses needed.

The statistics tell the story. As per World Bank data: In the three decades prior to liberalisation, the Indian GDP grew by 7 times. And in the three decades post-liberalisation, our GDP grew by 14 times.

“There could be no better validation than these numbers on the power of liberalisation,” Gautam Adani said while delivering the keynote at the Crisil Ratings’ ‘Annual Infrastructure Summit’.

However, the liberalisation in 1991 marked a major turning point. The breaking down of the ‘Licence Raj’ meant that the government did away with industrial licensing for most sectors.

It eliminated much of the requirement for businesses to obtain government permission to invest, or set prices, or build capacity.

“If the period between 1991 and 2014 was about putting down the foundations and building the runway, the period from 2014 to 2024 has been about the aircraft taking off,” Gautam Adani noted.

And a strong example of this ‘take off’ is the National Infrastructure Pipeline, the NIP programme.

The core essence of the NIP is its integrated approach involving participation from both the public and private sectors with the funding model divided between the two.

“I consider the NIP programme that has earmarked a projected investment of ₹ 111 lakh crore over the period FY20-25 as a benchmark of how a government can put in place a national view of over 9,000 infrastructure projects across sectors like energy, logistics, water, airports and social infrastructure,” the Adani Group Chairman added.

The single most important catalyst enabling this take-off has been the quality of ‘governance’ that we have witnessed over the past decade, and the metrics speak for themselves.

“India’s fiscal investment has doubled, from 1.6 per cent of GDP to 3.3 per cent of GDP. Corporate Income Tax rates have fallen from 30 per cent to 22 per cent, creating headroom for corporates to invest. And the current account deficit fell from 3.5 per cent of GDP to 0.8 per cent of GDP,” informed Gautam Adani.

These outcomes are fundamentally rooted in this government’s effectiveness in institutionalising policy for transforming our nation’s landscape from one of challenges to one of possibilities.

The results are visible to all.

“First, almost every foreign visitor that I meet these days talks about the extraordinary infrastructure growth they see in India be it the quality of the multi-lane highways, the massive construction projects all over the country, access to ports across the nation’s coastline, the rapid penetration of green energy, a world-class and modern transmission grid, dedicated freight corridors, the quality and access to airports across the country, several new Metro rail networks, and the massive trans-sea links,” according to Gautam Adani.

Second, the Indian government’s Aadhaar and UPI infrastructure has transformed the financial ecosystem in the country.

This system has democratised access to financial services to such an extreme level that it has allowed even the previously unbanked population to participate in the digital economy.

“This has led to the stronger tax collections that we have already started to witness. It has also spurred the growth of fintech companies, streamlined subsidy distribution, and enhanced transparency, contributing significantly to the country’s digital transformation and economic growth,” Gautam Adani emphasised.

And third, is the very visible aspect about the ‘young-ness’ of India that we formally call the ‘demographic dividend’.

India’s median age stands at less than 29 years, while China’s median age today is already at 39.

“What is more remarkable is that even in 2050, India’s median age will be just 39 years. This means that India will be at its peak consumption for at least the next three to four decades. No other nation will have this scale advantage of domestic demand,” said Gautam Adani.

In terms of numbers, estimates show that by the end of FY32, the year India has targeted to become a 10 trillion-dollar economy, the cumulative spend on infrastructure will exceed 2.5 trillion dollars.

“These are all indicative of the potential of India, and I can confidently state that the platform to create totally new market spaces in India is now in place,” said Gautam Adani.

The Adani Group Chairman also spoke about two emerging sectors: infrastructure to enable energy transition and digital infrastructure.

“Let me first expand on the energy transition space. This will fundamentally change the global energy landscape forever. The global transition market was valued at approximately 3 trillion dollars in 2023 and is expected to grow to nearly 6 trillion dollars by 2030, and thereafter double every 10 years till 2050,” informed Gautam Adani.

India aims to install 500 gigawatts of renewable energy capacity by 2030.

“This ambitious target will require annual investments of over 150 billion dollars. The transition to green energy in India is expected to generate millions of new jobs in sectors such as solar and wind, energy storage, hydrogen and its derivatives, EV charging stations, as well as grid infrastructure development,” Gautam Adani stated.

On the ‘digital infrastructure’ space, Gautam Adani said we have now arrived at a world where the AI revolution sits at the core of every digital initiative.

“And at the heart of all this action is the Data Centre, the critical infrastructure needed to power all forms of computational needs, especially AI workloads for machine learning algorithms, natural language processing, computer vision and deep learning”.

“The fact is that the infrastructure required for energy transition and the infrastructure required for digital transformation are now inseparable as the technology sector becomes the largest consumer of the precious green electrons,” Gautam Adani added.

Over the past 30 years, the Adani Group has leveraged these drivers to become the world’s second-largest solar power company; India’s largest airport operator with 25 per cent of passenger traffic and 40 per cent of air cargo; India’s largest Ports & Logistics company with 30 per cent of national market share; India’s largest integrated energy player spanning across generation, transmission & distribution, LNG and LPG terminals, and city gas and piped gas distribution; India’s second largest cement manufacturer; and several other new sectors including metals, petrochemicals, aerospace and defence, super apps, and industrial clouds.

“Nothing holds more potential than the two I have outlined — the energy transition space and the digital infrastructure space. This is why the Adani Group is making massive investments in both these areas,” said Gautam Adani.

“The next decade will see us invest more than $100 billion in the energy transition space and further expand our integrated renewable energy value chain that today already spans the manufacturing of every major component required for green energy generation,” the Adani Group Chairman added.