Adani Group
Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group's businesses include sea and airport management, electricity generation and transmission, mining, natural gas, food, weapons, and infrastructure.[13] More than 60% of its revenue is derived from coal-related businesses.[14]
| Company type | Corporate group |
|---|---|
| Industry | Conglomerate |
| Founded | 20 July 1988 |
| Founder | Gautam Adani |
| Headquarters | , India |
Area served | Worldwide |
Key people | Gautam Adani (Chairman) |
| Services | |
| Revenue | ₹2.625 lakh crore (US$33 billion)[2][3] (2023) |
| ₹23,509 crore (US$2.9 billion)[2] (2023) | |
Number of employees | ~29,200+ (2023)[1] |
| Subsidiaries |
|
| Website | adani.com |
| Footnotes / references [4][5][6][7][8][9][10][11][12] | |
At its peak, Adani was the largest Indian conglomerate, surpassing Tata Group.[15] It lost more than $104 billion in value after fraud and market manipulation allegations by short-seller firm Hindenburg Research.[16][17] The Adani Group has also attracted other controversies due to reports of stock manipulation, accounting irregularities, political corruption, cronyism, tax evasion, environmental damage, and suing journalists.[18][19][20][21][22]
History edit
Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. With a capital of ₹5 lakhs, the company was established as a partnership firm with the flagship company Adani Enterprises, previously Adani Exports.[23] In 1990, the Adani Group developed its own port in Mundra to provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc.[24] The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar.[25]
Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largest coal importer in India with 11 Mt of coal handling.[24] The company expanded its business in 2008, purchasing Bunyu Mine in Indonesia which has 180 Mt of coal reserves. In 2009 the firm began generating 330 MW of thermal power. It also built an edible oil refining capacity in India of 2.2 Mt per annum.[24]
In 2010, Adani group with help of Petronet LNG will set up a solid cargo port through a Joint Venture company namely Adani Petronet (Dahej) Port Private Ltd., has already commenced its Phase 1 operations from August 2010 at Dahej Port. solid cargo port terminal would have facilities to import/export bulk products like coal, steel and fertilizer. PLL has 26% equity in this JV.[26][27]
The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010.[28] Operations at the Port of Dahej commenced in 2011 and its capacity subsequently grew to 20 Mt. The company also bought Galilee Basin mine in Australia with 10.4 gigatonnes (Gt) of coal reserves.[29] More than 60 percent of the Adani Group's revenue is derived from coal-related businesses.[14]
In 2011, the Adani group also bought Abbot Point port in Australia with 50 Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40 MW. As the firm achieved 3,960 MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.[30]
Adani Power emerged as India's largest private power producer in 2014.[31] Adani Power's total installed capacity then stood at 9,280 MW.[32] On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for ₹5,500 crore (equivalent to ₹88 billion or US$1.1 billion in 2023).[33] Dhamra Port was a 50:50 joint venture between Tata Steel and L&T Infrastructure Development Projects, which has been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3 Mt in 2013–14.[34] With the acquisition of Dhamra Port, the group is planning to increase its capacity to over 200 Mt by 2020.[35][36]
In 2015, the Adani Group's Adani Renewable Energy Park signed a pact with the Rajasthan Government for a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000 MW.[37] In November 2015, the Adani group began construction at the port in Vizhinjam, Kerala.[38]
Adani Aero Defence signed a pact with the Israeli arms manufacturer, Elbit-ISTAR, and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises secured approval from the Government of Gujarat to begin work on building a solar power equipment plant. In September, Adani Green Energy (Tamil Nadu), the renewable wing of the Adani Group, began operations in Kamuthi in Ramanathapuram, Tamil Nadu with a capacity of 648 MW at an estimated cost of ₹4,550 crore (equivalent to ₹65 billion or US$820 million in 2023).[39] In the same month, the Adani Group inaugurated a 648 MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up.[39]
On 22 December 2017, the Adani Group acquired the power arm of Reliance Infrastructure for ₹18,800 crore (US$2.89 billion).[40]
In October 2019, French oil and gas company TotalEnergies bought a 37.4% stake in Adani Gas for ₹6,155 crore (US$874.04 million) and obtained joint control of the company.[41] Total also invested US$510 million in a subsidiary of Adani Green Energy in February 2020.[42]
In August 2020, Adani Group obtained a majority stake in Mumbai and Navi Mumbai airports after entering a debt acquisition agreement with GVK Group.[43] Through a concession agreement with the Airports Authority of India, Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports.[44]
In May 2021, Adani Green Energy acquired SB Energy, a joint venture of SoftBank Group and Bharti Enterprises, for US$3.5 billion.[45]
In May 2022, the Adani Group acquired Ambuja Cements and ACC for $10.5 billion. The deal will make the Adani Group the second largest cement maker in India.[46]
In May 2022, UAE-based conglomerate International Holding Company (IHC), headed by Syed Basar Shueb, invested US$2 billion in three Adani Group companies, namely Adani Green Energy, Adani Transmission and Adani Enterprises.[47][48] In June 2022, TotalEnergies acquired a 25% stake in Adani New Industries, the newly formed green hydrogen subsidiary of Adani Enterprises, for US$12.5 billion.[49]
Affiliated companies edit
| Company | Shareholders | Ticker Symbol | Notes | Ref |
|---|---|---|---|---|
| Energy | ||||
| Adani Green Energy Limited (AGEL) | ||||
| Adani Power Limited (APL) | ||||
| Adani New Industries Limited (ANIL) |
| |||
| Utilities | ||||
| Adani Transmission Limited (ATL) | ||||
| Adani Total Gas Limited (ATGL) | AEL (37.4%) | |||
| Adani Electricity | Power distribution in Mumbai with over 3M+ consumers | |||
| Cement | ||||
| Ambuja Cements | BSE: 500425 NSE: AMBUJACEM | Acquired from Holcim Group on May 15, 2022 | ||
| ACC | BSE: 500410 NSE: ACC | |||
| Sanghi Cement | BSE: 526521 NSE: SANGHIIND | Acquisition from Sanghi Industries on Aug 03, 2023[50] | ||
| Transport & Logistics | ||||
| Adani Ports and Special Economic Zone Limited (APSEZ) | ||||
Adani Airports Holdings Limited (AAHL)
| AEL (100%) |
| ||
| Adani Road Transport Limited (ARTL) | AEL (100%) | |||
| North Queensland Export Terminal (NQXT) | AEL (100%) | |||
| Technology & Data Centers | ||||
| Adani Connex | AEL (50%) EdgeConnex (50%) | Hyperscale Data Center service provider. All DCs run on 100% renewable energy.
| ||
| Consumer & B2C | ||||
Adani Digital Labs Pvt Limited (ADL)
| AEL (100%) | Multi-purpose super-app to book train tickets, flights, hotels and collect rewards.
| ||
| Adani Realty | Residential & Commercial real estate development | |||
| Adani Wilmar Limited (AWL) | Adani (44%) Wilmar (44%) | BSE: 543458 NSE: AWL | ||
| Finance | ||||
| Adani Capital | Personal loans | |||
| Adani Housing Finance | Housing financing agency | |||
| Media - AMG Media Networks Ltd | ||||
| NDTV | 64.71% | BSE: 532529 NSE: NDTV | Acquired BQ Prime from Quint Digital Media and rebranded it as NDTV Profit, see www.ndtvprofit.com | |
| IANS India Private Limited | 50.50% | Acquired IANS, a News Agency and News Wire | [51] | |
| Real Estate | ||||
| Adani Properties Limited |
| |||
Controversies edit
Coal mining in Australia edit
The Adani Group launched in 2014, with the support of a part of the Australian Government and Queensland, a mining and rail project (Carmichael coal mine) in Carmichael in Queensland's Galilee Basin for $21.5 billion[52] over the life of the project, i.e. 60 years.[52] This mine is one of many coal mines in Queensland, Australia. Its annual capacity would be 10 Mt of thermal coal.[53]
This project will occupy an area of 35,000 hectares (86,000 acres). In response to activist pressure some international banks refused to finance it,[54] and in November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources.[55] In July 2019, the project received its final approvals from the Australian Government and construction of the mine commenced.[56]
In 2015, the then-head of Adani's Australian mining division came under scrutiny due to his association with a mining pollution incident in Zambia, sparking renewed concerns about Adani's suitability to manage the Carmichael coal mine. According to a collaborative report from Environmental Justice Australia, Jeyakumar Janakaraj held significant positions at a mining company that faced criminal charges related to the contamination of the Kafue River in Zambia. This occurred before he assumed leadership role of Adani's operations in Australia. Specifically, Janakaraj served as the operations director at Konkola Copper Mines in 2010, when the company faced legal charges concerning the discharge of hazardous wastewater into the river.[57] However, the Australian government characterized Adani's omission of Janakaraj's involvement in the African pollution incident as a "mistake."[58] Although, under section 489 of Australia's Environmental Protection and Biodiversity Conservation Act 1999, presenting inaccurate or deceptive information could potentially constitute an offense, the federal government has opted not to pursue any legal action against Adani.[59]
The Australian Government has been taken to the Federal Court of Australia by the Australian Conservation Foundation twice, once in 2018 and once in March 2020 (still ongoing as of September 2020[update]), relating to its contravention and alleged contravention of the Environment Protection and Biodiversity Conservation Act 1999 with respect to the impact of the Carmichael mine on groundwater and the country's water resources.[60]
In 2020, Adani Mining changed its name to Bravus Mining and Resources.[61]
On 29 December 2021, Bravus announced that the first shipment of high-quality coal from the Carmichael mine had been assembled at the North Queensland Export Terminal (NQXT) in Bowen ready for export as planned.[62]
Cronyism edit
Chairman and MD Gautam Adani has been described as being close to former Chief Minister of Gujarat and Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party (BJP).[63] This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts.[64] In 2012, an Indian government auditor accused Modi of giving low cost fuel from a Gujarat state-run gas company to the Adani group and other companies.[65][66] In Jharkhand, the BJP-led state government made an exception to its energy policy for Adani's Godda power plant.[14] Both the Adani Group and Modi's government have denied allegations of cronyism.[66]
Leverage edit
The company's corporate debt totaled $30 billion in 2022.[67] In August 2022, CreditSights, a unit of Fitch Ratings, warned that Adani's recent aggressive expansion had hurt the group's cash flow and credit metrics. It also stated that a potential "worst-case scenario" could lead the group to end up in a debt trap and a potential default.[68][69] The CreditSights report garnered significant attention for its dire assessment of Adani's "deeply overleveraged” book; after outreach by Adani, CreditSights softened its language but kept its main conclusion.[70]
Stock market rigging edit
In 2007, the Securities and Exchange Board of India (SEBI) prohibited multiple Adani companies from engaging in the purchase or sale of securities for a period of two years.[71] This action was taken due to their involvement in a manipulation scheme that occurred between 1999 and 2001 to artificially influence stock prices. This manipulation was carried out through entities overseen by Ketan Parekh, the stockbroker who was the main accused in India’s biggest stock market scandal.[72] After paying a fine of $140,000, the companies were eventually permitted to recommence their trading activities.[71]
Tax evasion edit
On 27 February 2010, Central Bureau of Investigation arrested Rajesh Adani, managing director of Adani Enterprises Ltd., on charges of custom duty evasion amounting to ₹80 lakh.[73]
In August 2017, Indian customs alleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using a Dubai shell company to divert the funds.[74] The details of a $235 million diversion were obtained and published by The Guardian.[75] In 2014, the Directorate of Revenue Intelligence mapped out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly owned by Vinod Shantilal Adani, the older brother of Gautam Adani.[76] Same year, DRI forwarded a letter to the then SEBI chairperson,U. K. Sinha, along with a CD containing evidence suggesting the improper diversion of Rs. 2,323 crore.[77] Additionally, they provided two investigative notes, cautioning that the group might be involved in manipulating the stock market through funds allegedly siphoned off using the strategy of overvaluing power equipment imports. However, SEBI did not publicly acknowledge the receipt of this letter and the accompanying evidence from DRI until September 2023, when it was disclosed before the Supreme Court of India.[78]
Corporate governance issue edit
According to Bloomberg News, the group has been found to be maintaining dubious business relations with an engineering contracting firm, Howe Engineering Projects.[79] This firm acquired the engineering business of PMC Project in 2016. In the past, PMC Projects, an Adani contractor, was accused of inflating the value of imported power and infrastructure goods by nearly ₹1,500 crore. Howe, now a separate entity, continues to work as an Adani contractor (just like PMC Projects) for major ports and railway lines being built in India. Deloitte raised concerns in May 2023 about payments made by Adani's ports company to Howe, unable to determine whether Howe should be considered a related party.[80] Also, Adani Group had not publicly disclosed these payments until Deloitte highlighted them.[81]
Stock manipulation and accounting fraud allegations edit
In January 2023, Hindenburg Research published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. The report accused Adani of pulling "the largest con in corporate history"[16][82] and "brazen stock manipulation and accounting fraud scheme over the course of decades".[16][83] Hindenburg also disclosed that it was holding short positions on Adani Group companies.[84][85][86] Bonds and shares of companies associated with Adani experienced a decline of more than $104 billion in market value after the accusations,[87][88][89] representing approximately half of the market value.[90] Hedge fund manager Bill Ackman said Hindenburg's Adani Report was "highly credible and extremely well researched."[91][92] Adani denied the fraud allegations as without merit.[93]
On 29 January, Adani released a 413 page response to the Hindenburg report, calling Hindenburg’s conduct a "calculated securities fraud"[94] and the report a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India."[95] Hindenburg characterized the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism.[96] On 1 February, Adani cancelled its planned $2.5 billion (Rs 20,000 crore) Follow-on Public Offer (FPO) citing market volatility, and announced that it would return the FPO money to investors.[97] Reserve Bank of India sought details from banks on exposure to Adani firms.[98] Citigroup's wealth unit stopped extending margin loans to its clients against securities of Adani Group.[99] Credit Suisse Group AG stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients.[100][101] S&P Dow Jones Indices removed Adani Enterprises from its sustainability index.[102]
Norway's Oil Fund, which had already shed a bulk of its Adani shares pre-Hindenburg report, divested its entire stake following the report.[103][104]
On 19 May, on prima facie, a committee formed by the Supreme Court of India communicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. This was primarily due to the insufficient information provided in the explanations by the SEBI's investigation.[105][106] Earlier on 29 April, SEBI requested a six-month extension to conclude its investigation, instead of the initially given two months provided on 2 March.[107] However, the Supreme Court granted a three-month extension and directed SEBI to complete the probe by 14 August 2023.[108]
On 24 June, 2023, Adani Group's share value took a significant dive, following reports that United States Department of Justice and U.S. Securities and Exchange Commission were investigating the corporation's communications with its U.S.-based investors, spurred by a report from a short seller.[109][110]
On 31 August 2023, the Organized Crime and Corruption Reporting Project put forth allegations asserting that a substantial amount of funds, in the hundreds of millions of dollars, were directed into publicly traded stocks of the Adani Group.[111] These investments purportedly occurred by means of investment funds situated in Mauritius, which are characterized as possessing a lack of transparency. These funds were reportedly associated with partners connected to the promoter family.[112] Supporting evidence presented in the report indicates that these entities engaged in protracted activities involving the acquisition and divestiture of Adani stock through offshore mechanisms, thereby concealing their active participation.[113] This covert engagement apparently yielded significant financial gains. Additionally, the documentation suggests that the overseeing investment firm compensated a company belonging to Vinod Adani for advisory services pertinent to their investment pursuits.[114]
In October 2023, the National Financial Reporting Authority initiated an investigation, reaching out to several audit firms involved in examining the financial records of the Adani Group's listed companies.[115][116]
On January 3, 2024, the Supreme Court ordered SEBI to complete its probe within 90 days (3 months),[117] sparked by allegations from short-seller Hindenburg Research. The Court dismissed requests for an SIT or CBI investigation and shifted focus to Hindenburg’s conduct.[118][119][120]
Manipulating Wikipedia entries edit
A February 2023 article in The Signpost said that the Adani team has been manipulating Wikipedia entries using sock puppet accounts to insert promotional material and remove or edit criticism.[121][122][123]
Bribery allegations edit
In March 2024, the United States expanded its probe into Adani Group, particularly focusing on founder Gautam Adani's conduct and potential bribery by his group companies in exchange for favorable treatment regarding an energy project.[124][125] The investigation is being handled by the United States Attorney for the Eastern District of New York and the United States Department of Justice Criminal Division's fraud unit in Washington.[126]
Sports edit
In addition to its industrial interests, the Adani group owns several sports teams, such as the Gujarat Giants team in the Pro Kabaddi League.[127] In 2022, Adani Group acquired the Gulf Giants team in UAE's International League T20.[128] In August 2022, It also purchased a franchise in Legends League Cricket.[129] In 2023, it purchased a team in the Women's Premier League based in Ahmedabad.
Teams owned by Adani Group edit
| Team | Sports | League | Refs |
|---|---|---|---|
| Gujarat Giants | Kabaddi | Pro Kabaddi League | [130] |
| Gujarat Giants | Cricket | Women's Indian Premier League | [131] |
| Gulf Giants | Cricket | International League T20 | [128] |
| Gujarat Giants | Cricket | Legends League Cricket | [129] |
| Gujarat Giants | Boxing | Big Bout Boxing League | [132] |
| Gujarat Giants | Kho kho | Ultimate Kho Kho | [133] |
Adani also sponsored various other sports initiatives, including a 2016 nationwide programme to prepare athletes for Rio Olympics called Garv Hai (transl. We are proud). It was re-launched for a second time to groom athletes for 2020 Tokyo Olympics, 2022 Asian Games and Commonwealth Games. The programme focuses on archery, shooting, athletics, boxing, and wrestling.[134][135] Beneficiaries of the Garv Hai pilot project in 2016 include Ankita Raina (tennis), Pinki Jangra (boxing), Shiva Thapa (boxing), Khushbir Kaur (athletics), Inderjeet Singh (athletics), Mandeep Jangra (boxing), Malaika Goel (shooting), Deepak Punia (wrestling), KT Irfan (Racewalking) and Sanjivani Jadhav (athletics).[134][135]
Adani Group has naming rights on Hegvold Stadium (now known as Adani Arena) in Rockhampton[136] and the pavilion end of the Narendra Modi Stadium in Ahmedabad.[137]
See also edit
References edit
- ^ a b "About us | Growth with Goodness". from the original on 23 June 2022. Retrieved 13 December 2020.
- ^ a b Tyagi, Prince. "4 out of 10 Adani group companies net profit down in FY 23". Business Insider. from the original on 12 February 2023. Retrieved 8 July 2023.
- ^ ""Adani Group 32 Billion USD Revenue in 2022"". Forbes. Retrieved 8 July 2023.
- ^ "Financials | Adani Enterprises Limited". Adani Enterprises. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Adani Ports and Logistics". Adani Ports & SEZ. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Adani Power". Adani Power. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Adani Transmission". Adani Transmission. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Adani Total Gas". www.adanigas.com. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Adani Wilmar". www.adaniwilmar.com. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | Ambuja Cement". Ambuja Cements. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | ACC Limited". ACC (company). from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "Financials | NDTV". NDTV. from the original on 13 April 2023. Retrieved 13 April 2023.
- ^ "After ADAG, Adani enters defence sector, signs up with Israeli firm". 30 March 2016. from the original on 2 February 2021. Retrieved 25 June 2018.
- ^ a b c Gerry Shih; Niha Masih; Anant Gupta. "How political will often favors a coal billionaire and his dirty fossil fuel". The Washington Post. from the original on 9 December 2022. Retrieved 9 December 2022.
- ^ "Adani beats Tatas to be most valued group". Times of India. 17 September 2022. from the original on 17 September 2022. Retrieved 17 September 2022.
- ^ a b c "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. from the original on 24 February 2023. Retrieved 24 January 2023.
- ^ "Gautam Adani: the Indian billionaire vs the short seller". 10 July 2023. Retrieved 11 July 2023.
- ^ Findlay, Stephanie; Lockett, Hudson (13 November 2020). "'Modi's Rockefeller': Gautam Adani and the concentration of power in India". Financial Times. from the original on 24 January 2023. Retrieved 24 January 2023.
- ^ Madhok, Diksha (13 November 2020). "Gautam Adani was a college dropout. Now he may be too big to fail". CNN. from the original on 24 January 2023. Retrieved 24 January 2023.
- ^ "Adani sees controversies as challenges. And there are plenty of them". Vibes of India. 25 November 2021. from the original on 24 January 2023. Retrieved 24 January 2023.
- ^ "Exclusive: Was Adani's associate in China involved in violating UN Security Council sanctions against North Korea?". Adani Watch. from the original on 2 March 2023. Retrieved 2 March 2023.
- ^ Roy, Saumya. "Q&A: 'Chilling': Journalist sued by Adani, cited by Hindenburg". www.aljazeera.com. Retrieved 24 April 2023.
- ^ "Gautam Adani Biography- About family, children, education, wife, age, and more". business.mapsofindia.com. from the original on 3 July 2019. Retrieved 25 June 2018.
- ^ a b c (PDF). superbrandsindia.com. Archived from the original (PDF) on 1 May 2018. Retrieved 16 December 2018.
- ^ "Adani to bring Wilmar products to India". 23 November 2012. from the original on 23 April 2022. Retrieved 25 June 2018.
- ^ "Petronet LNG Limited : Solid Cargo Port". from the original on 11 April 2023. Retrieved 11 April 2023.
- ^ "Adani Petronet expands Dahej port capacity". 3 January 2012. from the original on 11 April 2023. Retrieved 11 April 2023.
- ^ . economictimes.indiatimes.com. 27 October 2010. Archived from the original on 15 October 2012. Retrieved 16 December 2018.
- ^ Readfearn, Graham (8 January 2022). "After Adani: whatever happened to Queensland's Galilee basin coal boom?". The Guardian. ISSN 0261-3077. Retrieved 15 August 2023.
- ^ "Adani Group to have new identity, logo". 22 February 2012. from the original on 10 April 2022. Retrieved 25 June 2018.
- ^ Gadgil, Makarand (3 April 2014). "Adani Power commissions 4th unit of Tiroda power plant in Gujarat". from the original on 10 April 2022. Retrieved 25 June 2018.
- ^ . articles.economictimes.indiatimes.com. 4 April 2014. Archived from the original on 7 April 2014. Retrieved 16 December 2018.
- ^ Mandavia, Megha; Barman, Arijit (17 May 2014). "Adani Ports acquires Dhamra Port on east coast of India for Rs 5,500 crore". The Economic Times. from the original on 10 April 2022. Retrieved 25 June 2018.
- ^ "Adani acquires Dhamra Port for Rs 5,500 crore". Business Standard India. 17 May 2014. from the original on 10 April 2022. Retrieved 25 June 2018 – via Business Standard.
- ^ "Adani Ports acquires Dhamra Port for Rs.5,500 cr". The Hindu. 16 May 2014. from the original on 21 May 2014. Retrieved 25 June 2018 – via www.thehindu.com.
- ^ "Adani Ports buys Dhamra Port from Tata Steel, L&T for Rs 5,500 crore". businesstoday.in. 17 May 2014. from the original on 21 June 2021. Retrieved 25 June 2018.
- ^ "Adani to set up country's largest solar park of 10,000 MW in Rajasthan". 16 June 2015. from the original on 25 June 2018. Retrieved 25 June 2018.
- ^ "Adani in Pact with Kerala for Vizhinjam Port". 18 August 2015. from the original on 26 April 2022. Retrieved 25 June 2018.
- ^ a b Scott, D. j Walter (22 September 2016). "Adani's 648-MW solar plant inaugurated". The Hindu. from the original on 9 July 2022. Retrieved 25 June 2018 – via www.thehindu.com.
- ^ Patra, Shakti (21 December 2017). "Reliance Infrastructure sells Mumbai power business to Adani Transmission for Rs18,800 crore". from the original on 25 July 2021. Retrieved 25 June 2018.
- ^ Manoj, P. (14 October 2019). "Total buys 37.4 per cent stake in Adani Gas for Rs 6,155 crore". Business Line. from the original on 10 April 2022. Retrieved 5 July 2021.
- ^ "Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times. from the original on 10 April 2022. Retrieved 6 July 2021.
- ^ "Adani takes over MIAL, Navi Mumbai airports after a 2-year tussle with GVK". Business Line. from the original on 2 June 2022. Retrieved 5 June 2021.
- ^ "Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74%". www.businesstoday.in. from the original on 3 June 2021. Retrieved 25 April 2021.
- ^ Jai, Shreya (19 May 2021). "Adani Green buys SB Energy from Softbank and Bharti; firm valued at $3.5 bn". Business Standard India. from the original on 9 July 2021. Retrieved 5 July 2021.
- ^ "Adani Group becomes India's 2nd largest cement maker with $10.5 billion acquisition of Ambuja-ACC". India Today. from the original on 16 May 2022. Retrieved 16 May 2022.
- ^ "Three Adani Group companies receive $2 billion from Abu Dhabi's IHC". The Economic Times. from the original on 30 June 2022. Retrieved 30 June 2022.
- ^ "Abu Dhabi's IHC invests ₹15,400 crore in three Adani firms". 17 May 2022. from the original on 30 June 2022. Retrieved 30 June 2022.
- ^ Laskar, Anirudh (14 June 2022). "French energy giant TotalEnergies to invest $12.5 bn in Adani Group's new firm". Mint. from the original on 1 July 2022. Retrieved 1 July 2022.
- ^ Thomas, Chris; Tandon, Kashish (3 August 2023). "India's Adani boosts cement heft with $295 million deal for Sanghi". Reuters. Retrieved 12 August 2023.
- ^ "Adani Group acquires majority stake in news agency IANS". Business Today. 16 December 2023. Retrieved 2 January 2024.
- ^ a b ADANI, "Description of the mine project" by the Adani, PDF, 110 pages 16 March 2015 at the Wayback Machine (version projecting a 90-year exploitation)
- ^ . Carmichael Mine | Bravus Mining & Resources. Archived from the original on 25 March 2022. Retrieved 18 May 2021.
- ^ Milman, Oliver (17 November 2014). "Carmichael mine: environmental impact will be unknown for years". The Guardian. from the original on 20 October 2017. Retrieved 9 September 2019 – via www.theguardian.com.
- ^ "Adani's Carmichael mine, rail project to be financed through group's resources". Business Standard India. Press Trust of India. 29 November 2018. from the original on 10 April 2022. Retrieved 18 May 2021.
- ^ "Carmichael Coal Mine and Rail Project". statedevelopment.qld.gov.au. 12 November 2020. from the original on 25 November 2020. Retrieved 5 February 2020.
- ^ Robertson, Joshua (12 November 2015). "Boss of Adani's Australian arm linked to mining pollution in Zambia". The Guardian. ISSN 0261-3077. Retrieved 21 August 2023.
- ^ Willacy, Mark (20 January 2016). "Adani 'made mistake' in failing to disclose CEO ran polluting mine". ABC News. Retrieved 21 August 2023.
- ^ Slezak, Michael (21 January 2016). "Adani to face no action over Australian CEO's link to Zambia mine pollution". The Guardian. ISSN 0261-3077. Retrieved 21 August 2023.
- ^ "ACF challenges Morrison Government decision to not apply water trigger to Adani pipeline". Australian Conservation Foundation. 16 March 2020. from the original on 15 March 2022. Retrieved 31 August 2020.
- ^ Philpott, Meech (5 November 2020). "Adani Mining changes name to Bravus in Australia". ABC News. from the original on 26 December 2022. Retrieved 19 September 2022.
- ^ . Archived from the original on 2 January 2022. Retrieved 2 January 2022.
- ^ Farrer, Martin (24 August 2022). "Media freedom fears in India after Modi ally Adani buys 29% stake in NDTV". The Guardian. from the original on 30 December 2022. Retrieved 31 December 2022.
- ^ "For India, the Adani Group is growing too big to fail". Quartz. 13 December 2022. from the original on 13 December 2022. Retrieved 13 December 2022.
- ^ "CAG slams Modi regime for financial irregularities". The Hindu. 30 March 2012. ISSN 0971-751X. from the original on 13 December 2022. Retrieved 13 December 2022.
- ^ a b "Gautam Adani: The school dropout's high-risk journey to become Asia's richest man". BBC News. 2 December 2022. from the original on 13 December 2022. Retrieved 13 December 2022.
- ^ "'Extreme leverage'? Adani's debt-driven expansion under scrutiny". Financial Times. 1 February 2023. from the original on 3 February 2023. Retrieved 3 February 2023.
- ^ "Explained: Fitch says Adani is 'over leveraged' — what does over leveraging mean in business?". The Indian Express. 24 August 2022. from the original on 13 December 2022. Retrieved 13 December 2022.
- ^ "Adani's empire is 'deeply overleveraged,' Fitch Group unit warns". The Indian Express. 23 August 2022. from the original on 13 December 2022. Retrieved 13 December 2022.
- ^ "Adani Group debt data tweaked by CreditSights in toned down note". The Times of India. Bloomberg. 8 September 2022. from the original on 10 January 2023. Retrieved 10 January 2023.
- ^ a b Hyatt, John. "Inside Gautam And Vinod Adani's Controversial Conglomerate—And Why It May Be Too Politically Connected To Fail". Forbes. Retrieved 25 June 2023.
- ^ Narayan, Khushboo (10 January 2020). "Court overturns clean chit to Adanis in share-rigging case". The Indian Express. Retrieved 25 June 2023.
- ^ "Adani Enterprises MD arrested for custom duty evasion – Times of India ►". The Times of India. 27 February 2010. from the original on 10 April 2022. Retrieved 7 April 2019.
- ^ Safi, Michael (21 February 2018). "Adani mining giant facing renewed claims of $600m fraud in India". the Guardian. from the original on 10 April 2022. Retrieved 25 June 2018.
- ^ "Adani document". Scribd. from the original on 28 September 2021. Retrieved 25 June 2018.
- ^ Safi, Michael (15 August 2017). "Adani mining giant faces financial fraud claims as it bids for Australian coal loan". The Guardian. from the original on 5 June 2022. Retrieved 25 June 2018.
- ^ Rajagopal, Krishnadas (11 September 2023). "Petitioner in SC accuses SEBI of concealing" 2014 DRI alert on Adani". The Hindu. ISSN 0971-751X. Retrieved 12 September 2023.
- ^ Tripathi, Ashish. "Sebi suppressed facts about Adani stock manipulation, Supreme Court told". Deccan Herald. Retrieved 12 September 2023.
- ^ Palepu, Advait; Wang, Cindy; Srivastava, Shruti (12 December 2023). "Adani Contractor Probed by India Resurfaces Under a New Name". Bloomberg.com. Retrieved 13 December 2023.
- ^ "Adani-Linked Contractor Under Scrutiny, Reemerges With A New Identity, Says Report". Outlook Business. 12 December 2023. Retrieved 13 December 2023.
- ^ "Adani Group's Ties with Controversial Contractor Howe Raise Governance Concerns: Report". The Wire. Retrieved 13 December 2023.
- ^ "India's Richest Man Accused of Pulling the 'Largest Con in Corporate History'". Time. 25 January 2023. from the original on 3 February 2023. Retrieved 2 February 2023.
- ^ Madhok, Diksha (30 January 2023). "Adani slams US short seller 'attack on India' as stock rout hits $70 billion | CNN Business". CNN. from the original on 2 February 2023. Retrieved 2 February 2023.
- ^ Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ "Adani Rout Crosses $51 Billion as Stocks Plunge by Daily Limits". news.bloomberglaw.com. from the original on 27 January 2023. Retrieved 27 January 2023.
- ^ Barrett, Jonathan (1 February 2023). "Why has the Adani Group shed US$90bn in value and what do short sellers have to gain?". The Guardian. ISSN 0261-3077. from the original on 2 February 2023. Retrieved 2 February 2023.
- ^ "Bill Ackman says Hindenburg's Adani report 'highly credible'". Reuters. 27 January 2023. from the original on 28 January 2023. Retrieved 29 January 2023.
- ^ Aravindan, Aradhana; Sanjai, P R (27 January 2023). "Bill Ackman Calls Hindenburg's Adani Report 'Highly Credible'". Bloomberg News. from the original on 28 January 2023. Retrieved 29 January 2023.
- ^ Madhok, Diksha (25 January 2023). "Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious'". CNN Business. Atlanta, Georgia, USA. from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ Sanjai, P R; Shukla, Sidhartha (29 January 2023). "Adani's 413-Page Reply to Hindenburg After $51 Billion Wipeout". Bloomberg News. from the original on 29 January 2023. Retrieved 29 January 2023.
- ^ Barrett, Jonathan (30 January 2023). "Adani claims US investment firm's fraud allegations are an 'attack on India'". The Guardian. ISSN 0261-3077. from the original on 2 February 2023. Retrieved 2 February 2023.
- ^ Kay, Chris (30 January 2023). "Hindenburg Says Adani's Nationalist Rebuttal Ignores Allegations". Bloomberg News. Retrieved 30 January 2023.
- ^ "Adani Enterprises Calls Off FPO, Money To Be Returned To Investors". February 2023. from the original on 1 February 2023. Retrieved 2 February 2023.
- ^ "RBI looking at banks' exposure to Adani group companies, seeks present status: Sources". Moneycontrol. 2 February 2023. from the original on 3 February 2023. Retrieved 3 February 2023.
- ^ Daga, Anshuman (2 February 2023). "Citigroup stops margin loans against India Adani's securities - source". Reuters. from the original on 3 February 2023. Retrieved 3 February 2023 – via www.reuters.com.
- ^ Ray, Siladitya (1 February 2023). "Credit Suisse Reportedly Assigns Zero Lending Value To Adani Group Bonds Following Hindenburg Allegations". Forbes. from the original on 3 February 2023. Retrieved 3 February 2023.
- ^ Wee, Denise; Chanjaroen, Chanyaporn (1 February 2023). "Credit Suisse's Wealth Unit Halts Margin Loans on Adani Debt". Bloomberg News. from the original on 2 February 2023. Retrieved 7 February 2023.
- ^ Lee, Jihye (3 February 2023). "S&P Dow Jones is knocking Adani Enterprises off its sustainability index". CNBC. from the original on 3 February 2023. Retrieved 3 February 2023.
- ^ Livemint (9 February 2023). "Norway wealth fund sold stakes in Adani companies". Mint. from the original on 9 February 2023. Retrieved 9 February 2023.
- ^ Lundgren, Kari (9 February 2023). "Norway Wealth Fund Unloads Rest of Its Adani Group Holding". BNN Bloomberg, Canada. from the original on 9 February 2023. Retrieved 9 February 2023.
- ^ PTI (19 May 2023). "Sebi probe into Adani drew blank: SC-appointed panel". ThePrint. Retrieved 25 June 2023.
- ^ "Supreme Court Panel's Clean Chit To Adani Group: Prima Facie No Violation". ndtv.com. 19 May 2023. from the original on 19 May 2023. Retrieved 15 August 2023.
- ^ "SEBI asks SC for six more months to complete probe into Hindenburg report". The Hindu. 29 April 2023. ISSN 0971-751X. Retrieved 25 June 2023.
- ^ "SC Gives SEBI Time Till Mid-August to Investigate Hindenburg Claims on Adani Group". The Wire. Retrieved 25 June 2023.
- ^ Benny-Morrison, Ava; Beyoud, Lydia; Hurtado, Patricia (22 June 2023). "Adani Group Draws Regulatory Scrutiny in the US After Short Seller Report". Bloomberg.com. Retrieved 24 June 2023.
- ^ "Adani Group stocks tumble after report says US regulators probing conglomerate". The Indian Express. 23 June 2023. Retrieved 24 June 2023.
- ^ PTI (31 August 2023). "Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock". The Hindu. ISSN 0971-751X. Retrieved 31 August 2023.
- ^ Ellis-Petersen, Hannah; Goodley, Simon (30 August 2023). "Modi-linked Adani family secretly invested in own shares, documents suggest". The Guardian. ISSN 0261-3077. Retrieved 31 August 2023.
- ^ McCrum, Dan; Reed, John (30 August 2023). "Secret paper trail reveals hidden Adani investors". Financial Times. Retrieved 31 August 2023.
- ^ Arcadio, Anand Mangnale, Ravi Nair, and NBR. "Documents Provide Fresh Insight Into Allegations of Stock Manipulation That Rocked India's Powerful Adani Group". OCCRP. Retrieved 31 August 2023.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Srivats, K. R. (25 October 2023). "NFRA asks for audit files from Adani Group firm auditors". BusinessLine. Retrieved 27 October 2023.
- ^ "Adani shares crack up to 7.5% on reports of auditor facing NFRA scrutiny". Moneycontrol. 26 October 2023. Retrieved 27 October 2023.
- ^ Mahajan, Shruti; PR, Sanjai (3 January 2024). "Top India Court Clears Adani From More Probes in Hindenburg Saga". Bloomberg News. Retrieved 12 January 2024.
- ^ Rajagopal, Krishnadas (3 January 2024). "Supreme Court upholds SEBI probe, turns focus on 'conduct' of Hindenburg". The Hindu. Retrieved 6 January 2024.
- ^ Mahapatra, Dhananjay (4 January 2024). "No inadequacy in Sebi probe: Supreme Court". The Times of India. Retrieved 6 January 2024.
- ^ "Adani Hindenburg Case Updates: SC directs Sebi to complete probe within 3 months in remaining two cases". Hindustan Times. 3 January 2024. Retrieved 6 January 2024.
- ^ Agarwal, Nikhil (21 February 2023). "Wikipedia says Adani team manipulated articles on the group". The Economic Times. from the original on 21 February 2023. Retrieved 21 February 2023.
- ^ "Adani Group 'almost certainly' manipulated its entries on Wikipedia, alleges site's newspaper". Scroll.in. 23 February 2023. from the original on 25 February 2023. Retrieved 25 February 2023.
- ^ Banthia, Jyoti (21 February 2023). "Did Adani systematically manipulate Wikipedia entries?". Mint. from the original on 28 February 2023. Retrieved 25 February 2023.
- ^ Pal, Priyasi. "Adani Group Under US Bribery Probe: Shadow Over Indian Green Giant?". Bru Times News.
- ^ "US probing Adani Group and founder over potential bribery: Report". The Indian Express. 16 March 2024. Retrieved 16 March 2024.
- ^ Schoenberg, Tom; Benny-Morrison, Ava (15 March 2024). "US Probing Indian Billionaire Gautam Adani and His Group Over Potential Bribery". Bloomberg.com. Retrieved 16 March 2024.
- ^ . Gujarat Giants. Archived from the original on 26 August 2022. Retrieved 26 August 2022.
- ^ a b "Adani Group makes landmark foray into franchise cricket acquiring rights to a franchise in UAE's flagship T20 league". Emirates cricket. from the original on 4 July 2022. Retrieved 16 May 2022.
- ^ a b "Adani Group acquires franchise in Legends League Cricket". livemint. from the original on 25 August 2022. Retrieved 25 August 2022.
- ^ "Gujarat Giants | Official Website | Kabaddi, kho kho, cricket and more". Gujarat Giants. from the original on 26 August 2022. Retrieved 31 January 2023.
- ^ "Adani Teams". adanisportsline.com. from the original on 31 January 2023. Retrieved 31 January 2023.
- ^ PTI (21 December 2019). "Indian Boxing League: Gujarat Giants beats Punjab Panthers to win title". sportstar.thehindu.com. from the original on 31 January 2023. Retrieved 31 January 2023.
- ^ "Gujarat Giants". Ultimate Kho Kho. from the original on 31 January 2023. Retrieved 31 January 2023.
- ^ a b "Adani Group announces training aid for hidden sports talents". The Quint. 27 June 2019. from the original on 24 November 2021. Retrieved 9 July 2019.
- ^ a b "Adani Group launches Garv Hai project to groom potential medallists". Sportstar. from the original on 18 August 2021. Retrieved 2 July 2021.
- ^ . The Morning Bulletin. Archived from the original on 22 August 2019. Retrieved 22 July 2021.
- ^ Chaudhary, Archana (25 February 2021). "World's Biggest Cricket Arena That Hosted Trump Is Renamed After Modi". Bloomberg News. from the original on 28 April 2022. Retrieved 22 July 2021.
External links edit
- Official website