Kenya’s President William Ruto has ordered the termination of major contracts with the Indian conglomerate Adani Group, citing concerns over ethical governance following the indictment of Gautam Adani in the United States. The canceled agreements include a high-profile airport development project and a significant energy infrastructure deal, both of which had been positioned as transformative […]
Indian billionaire Gautam Adani, one of the world’s wealthiest individuals and chairman of the Adani Group, has been accused of orchestrating a multibillion-dollar bribery scheme to secure lucrative contracts in India. U.S. federal prosecutors allege that Adani and a group of collaborators paid millions in bribes to Indian government officials, enabling them to win contracts […]
Adani Power, part of the sprawling Indian conglomerate led by Gautam Adani, has issued an ultimatum to the Government of Bangladesh: settle $800 million in outstanding payments by November 7 or face a complete power supply cut. The power supplied to Bangladesh originates from the 1,600 MW Godda coal-fired power plant in Jharkhand, India. Adani […]
In a fresh regulatory blow to the Adani Group, India’s market regulator, the Securities and Exchange Board of India (SEBI), has issued show-cause notices to six companies within the conglomerate. The notices, filed under scrutiny for non-compliance with listing regulations and questionable related party transactions, affect several of Adani’s prominent companies, including Adani Enterprises, Adani […]
In a major move that could redefine India’s infrastructure landscape, the Adani Group is on the brink of acquiring a controlling 46.64% stake in ITD Cementation India Limited from the Thailand-based Italian-Thai Development Public Company. The deal, valued at an estimated ₹3,204 crore, positions Adani to add substantial civil engineering capacity to its portfolio, capitalizing […]
Adani Green Energy Limited (AGEL), a key player in India’s renewable energy sector, has reported an impressive 39% jump in net profit for Q2 FY 2024-25, reaching ₹515 crore. This robust performance is fueled by a significant revenue increase and a strategic expansion of the company’s renewable energy projects. AGEL’s total income for the quarter […]
In a bold move signaling the rise of India as a tech manufacturing powerhouse, Larsen & Toubro’s semiconductor division, L&T Semiconductor Technologies, is set to launch its chip manufacturing operations within the next two years. The announcement comes as India doubles down on its ambitions to build a robust semiconductor manufacturing ecosystem, aiming to reduce […]
The Adani Group has forcefully denied recent allegations that Swiss authorities froze $310 million in funds linked to the conglomerate as part of an ongoing investigation into money laundering and securities forgery. The claims, initially made by US-based short seller Hindenburg Research, referenced newly released Swiss criminal records that reportedly show over $310 million held […]
CLSA, a global brokerage firm, has maintained an ‘Underperform’ rating for Ambuja Cements Limited, predicting a potential 9% decline in the stock’s value. CLSA’s target price of ₹570 reflects concerns over rising costs and intense competition, setting a cautious tone for investors looking at Ambuja Cements as a long-term bet. This bearish stance comes amidst […]
Adani Enterprises Limited, the flagship company of the Adani Group, has announced the early closure of its public issuance of ₹800 crore in secured non-convertible debentures (NCDs). Initially scheduled to close on September 17, 2024, the issue will now close on September 6, 2024. This decision was approved by the company’s Management Committee of the […]