Gautam Adanigroup News

Samyukt Kisan Morcha (SKM) on Monday attacked the Centre over the Adani issue and threatened to launch a protest in support of the opposition's demand for a Joint Parliamentary Committee (JPC) probe into the allegations against the business group. In a statement, the SKM, an umbrella organisation of several farmers' bodies, also said that protests will be held in Uttar Pradesh on December 4 against proposed privatisation of electricity sector in the state. The SKM accused the NDA government at the Centre of shielding industrialist Gautam Adani, against whom bribery allegations have been made in a US court. «The case registered against Adani Group in the USA corroborates SKM's demand of no privatisation of the electricity sector and prepaid smart meters that will impose huge exploitation of the people,» the SKM said.

Adani Green Energy shares surged 9% to Rs 1,445, recovering all losses since the U.S. indictment on November 21. This sharp rebound follows allegations against the group's billionaire founder, Gautam Adani, over an alleged $265 million bribery scheme. The recovery in stock value came after the company issued a clarification denying the bribery accusations against Gautam Adani and other group officials, boosting investor confidence. In recent trading sessions, Adani Green has emerged as one of the top performers, dispelling concerns related to the allegations.

Adani Group stocks will be in focus on Monday after Gautam Adani, chairman of the energy-to-infrastructure conglomerate, addressed ongoing challenges, including allegations of bribery and fraud involving Adani Green Energy. Speaking at the 51st Gem & Jewellery Awards in Jaipur on Saturday, Adani described the allegations as opportunities to strengthen the group. «Less than two weeks ago, we faced allegations from the US regarding compliance practices. Every attack makes us stronger, and every obstacle becomes a stepping stone for resilience,» Adani said, referring to charges filed by the US Department of Justice and the SEC.

Indian tycoon Gautam Adani says his conglomerate is committed to “world-class regulatory compliance" after being indicted in the U.S. on fraud charges and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surf...

Adani Group side has been charged with any violation of the Foreign Corrupt Practices Act (FCPA), or any conspiracy to obstruct justice, Gautam Adani said on Saturday. He was speaking at an award ceremony in Jaipur. This is the first time that the billionaire founder of the Adani Group has spoken since the US Department of Justice and the US SEC levied charges of bribery among others, on certain executives of the group, including him on November 21. “This is not the first time we have faced such challenges,” he said at the award function. “What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” he said.

Subscribe to enjoy similar stories. Mumbai: International Holding Company (IHC), the investment arm of Abu Dhabi's ruling family, has become the second major investor to reaffirm its faith in the Adani Group after its chairman Gautam Adani was indicted by US federal prosecutors for allegedly bribing Indian government officials. "At IHC, our investment strategy is guided by a commitment to long-term growth and sustainability.

Adani Group stocks will be in focus on Thursday after the conglomerate clarified on Wednesday that its executives, including Gautam Adani and his nephew Sagar Adani, have not been indicted on bribery charges by US authorities. The group noted that the US actions have caused «significant repercussions including… international project cancellations, financial market impact and sudden examination from strategic partners, investors, and the public». Adani Green Energy Ltd said group founder chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA) over bribery, nor is the civil complaint filed by the US Securities and Exchange Commission (SEC) based on this. Instead, they have been charged on three counts in the criminal indictment-alleged securities fraud conspiracy, wire fraud conspiracy and securities fraud, the company said in the Adani Group statement that was issued on Wednesday.

Adani Group founder Gautam Adani have highlighted the growing problem India's renewable energy developers face in finding buyers for the power they generate. While India's central government wants to shift away from polluting coal-fired generation towards solar and wind, officials say state government-owned power distribution companies responsible for keeping the lights on have dragged their heels over striking renewable purchase deals. U.S. authorities allege that Indian billionaire Adani conspired to devise a $265 million scheme to bribe Indian state government officials to secure solar power supply deals, after one of his companies was unable to secure buyers for a $6 billion project for several years.

«We have changed the outlook on all seven issuers to negative from stable,» Moody's said.

Subscribe to enjoy similar stories. Fitch Ratings may cut some Adani Group bond ratings to speculative territory after billionaire founder Gautam Adani was charged by the U.S. Justice Department in a bribery scheme.

bribery scandal in the US will not have a material impact on billionaire Gautam Adani's businesses, Rajiv Jain's GQG Partners on Monday said there is no change in its investment thesis on Adani Group companies. Before the scandal broke out, GQG's total exposure to Adani Group companies stood at $9.7 billion which was about 6.1% of its total assets. «We believe this level of exposure is manageable, even given the volatility in Adani Group stocks,» GQG Partners said in a memo, adding that the fundamentals of the companies the boutique investment firm is invested in remain sound.

Revanth Reddy on Monday said the state government will not accept the Rs 100 crore donation announced by Adani Group chairman Gautam Adani for the Young India Skill University being set up in the state. The decision was taken since Adani's announcement gave rise to «unnecessary discussions» that it may appear favouring the state government or the CM, if the donation was accepted, he said while addressing a press conference. He said so far the Telangana government has not accepted a single rupee into its account from any organisation, including Adani Group.

TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. The energy giant said it was not aware of the investigation into the alleged corruption. TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL). In a statement, the French firm said it learnt of US authorities indicting Gautam Adani and two other executives for allegedly paying USD 265 million bribes to Indian officials to secure solar power supply contracts for AEGL.

Hundreds of supporters of India’s main opposition party have protested against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and bribery, and accused the government of protecting the Indian coal magnate whose compani...

Adani Group founder Gautam Adani and his nephew Sagar Adani in connection with allegations of a Rs 2,200 crore ($265 million) bribery scheme, according to the Press Trust of India.

Adani Energy Solutions said on Saturday that Kenya's cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business.

Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.

Subscribe to enjoy similar stories. BENGALURU : The US Securities and Exchange Commission (SEC) has issued a summons to Adani Group's founder and chairman, Gautam Adani, and his nephew and Adani Green Energy's executive director, Sagar Adani, thereby kickstarting legal proceedings in the alleged ₹2,000 crore ($250 million) bribery case. "Within 21 days after service of this summons on you (not counting the day you received it)… you must serve on the plaintiff an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said a 21 November SEC notice to Gautam Adani and Sagar Adani.

Adani Group's ambitious plan to invest more than $100 billion (~₹85,000 crore) in the energy transition business and scale up its renewable energy operations over the next decade could face delays following the indictment of the conglomerate and its founder-chairman Gautam Adani by the US Department of Justice and the Securities and Exchange Commission, according to analysts. The majority of the investment is geared towards building facilities to manufacture electrolysers for producing green hydrogen, wind power turbines, and solar panels, besides establishing solar parks. Adani Group's renewable energy arm Adani Green Energy (AGEL), also India's largest renewable energy company, follows a debt-fuelled growth model with a 70:30 debt-equity structure like most peers.

Adani Group's gross assets swelled by ₹75,277 crore in the first half of this fiscal year as the diversified conglomerate accelerated capital spending across projects, said people close to the matter. Gross assets are on track to reach a record ₹1.2 lakh crore by March-end, the people said. The surge in assets sparked a 7% or ₹16,882 crore increase in gross debt in the fiscal first half to ₹2,58,276 crore. The group's liquidity to service debt has fallen to 28 months as of September-end, from more than 30 months at the end of March. The Ahmedabad-based conglomerate has been battling turmoil over the past two days with promoter Gautam Adani, his nephew Sagar Adani, along with six others indicted by the US Department of Justice. The charges include securities and wire fraud, alleging the group lied to US investors about its anti-bribery practices while engaging in widespread corruption.

Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to reduce speculative bets on the local currency, which is at a record low, four bankers directly familiar with the development told Reuters. The rupee weakened to a record low of 84.5075 per U.S. dollar earlier in the day, pressured by portfolio outflows and a stronger greenback. Foreign investors have sold a net of $3.1 billion in Indian equities so far in November, after selling a record $11.2 billion in October, putting pressure on the rupee. On Thursday, after U.S. prosecutors indicted Adani Group's billionaire founder, Gautam Adani, over alleged bribery and fraud, foreign investors sold $600 million. Provisional data suggests selling continued on Friday, with net sales of $150 million.