ADANI GROUP LAND PURCHASE ODISHA
Adani CFO says bribery allegations linked to single business contract
Adani Group's CFO, Jugeshinder Robbie Singh, defended the conglomerate against US bribery allegations, stating that they involve a single contract representing about 10% of Adani Green Energy's business. Singh emphasized that the accusations are limited to a specific contract and do not involve any wrongdoing by other Adani Group companies.
Azure probe found irregularities, shared details with justice department
Azure Power's internal probe, prompted by whistleblowers, uncovered employee misconduct and potential improper payments related to a solar project in Andhra Pradesh. The company shared its findings, which included evidence of data manipulation, with the US Department of Justice. Azure surrendered the project to SECI, citing the investigation, and it was later awarded to Adani Green.
'Damaging' Andhra Brand: Chandrababu Naidu promises action over Adani Group's US bribery case
Former Andhra Pradesh Chief Minister Chandrababu Naidu pledged to act on bribery allegations against the previous administration and the Adani Group. The US SEC alleges kickbacks were offered to secure a solar power deal. Naidu acknowledged the damage to the state's reputation and vowed to prevent future occurrences.
BJD says allegations of Adani paying bribe to Odisha govt officials 'false'
India's Biju Janata Dal (BJD) party has refuted allegations of bribery involving the Adani Group concerning renewable energy supply in Odisha. The BJD asserts that agreements were solely between Adani, the Solar Energy Corporation of India, and state power entities, with the Odisha government playing no direct role.
Key events in Gautam Adani's US indictment over alleged bribery scheme
Indian billionaire Gautam Adani and two others have been indicted by U.S. prosecutors for allegedly orchestrating a $265 million bribery scheme in India to secure solar power contracts. The U.S. Securities and Exchange Commission also filed civil charges. The Adani Group denies the allegations.
SECI link to Adani bribe, fraud probe: What put India's solar power nodal agency in the dock?
The US Justice Department is investigating allegations of bribery involving Adani Group, Azure Power, and India's Solar Energy Corporation (SECI). The matter traces back to a 2019 (stalled) solar project, with accusations that Adani offered bribes exceeding $250 million to secure agreements with state discoms despite pricing disputes. Adani has denied the allegations.
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'Bribe notes' with per megawatt rates: Case filings detail Sagar Adani's role in the scandal
Sagar Adani, nephew of Indian tycoon Gautam Adani, stands accused by US prosecutors of orchestrating a bribery scheme. Detailed notes on his phone, dubbed "bribe notes," allegedly documented payments made to Indian officials to secure lucrative power contracts for the Adani Group.
No direct agreement with Adani, says YSRCP on allegation of bribe for power purchase
The YSRCP clarified that the Andhra Pradesh government had no direct agreement with the Adani Group regarding solar power contracts. The party stated that the power purchase agreement was signed between Solar Energy Corporation of India Ltd (SECI) and AP Discoms, with the approval of regulatory bodies.
No comments for now over Adani solar power row, says TDP on allegations of bribes to Andhra officials for purchases
Telugu Desam Party (TDP), an NDA ally, is currently reviewing the allegations against the Adani Group regarding potential bribes paid for solar power contracts in Andhra Pradesh. The US Department of Justice has charged Gautam Adani and others, but the Adani Group denies these claims. TDP plans to announce its stance after a thorough examination of the situation.
Congress, BJD question Adani's land purchase in Odisha, company says it's for afforestation
The Adani Group's recent land acquisition near Odisha's Gandhamardhan hills has sparked controversy. While the group claims the land is for afforestation, opposition parties suspect mining intentions, prompting concerns from locals and political leaders.
Adani Power, Vedanta, JPL, four others in race for Sinnar Thermal Plant
Maharashtra state government-owned MAHAGENCO and public sector NTPC have also submitted a joint bid for the plant, which is based near Nashik, two people familiar with the process said.
Adani Power, Jindal Power, Vedanta, four others in race for Sinnar thermal plant
Maharashtra state government-owned MAHAGENCO and public sector NTPC have also submitted a joint bid for the plant, which is based near Nashik, two people familiar with the process said. The power plant, a subsidiary of RattanIndia Power, was initially developed by Indiabulls Power and was admitted to insolvency in January following a plea by Shapoorji Pallonji & CoShapoorji Pallonji & Co for non-payment of dues after constructing a part of the plant.
Global investor consortium lines up Rs 2,100 crore investment in SP Group
Shapoorji Pallonji group is set to receive over Rs 2,100 crore from global investors led by Deutsche Bank. The funds will aid in upcoming IPO of Afcons Infrastructure and other liquidity events. The group seeks extension on non-convertible debentures payments due in September till December.
Odisha Cabinet approves 10% reservation and physical tests exemption for ex-Agniveers in uniformed services
Chief Minister Mohan Charan Majhi-led Odisha cabinet has approved the proposal for providing 10% reservation and exemption from physical tests for ex-Agniveers in uniformed services.
Why this Adani bull is raising its bet on Ambuja Cements
Ambuja Cements, owned by Adani Group, saw an investment boost from GQG Partners, increasing their stake to 2.04%. Shares rose 4% following the deal. The Adani Group plans to raise Rs 30,000 crore by selling shares in its listed firms. Adani is aggressively expanding its cement business to challenge market leader UltraTech.
How Dharavi redevelopment plan will change the face of Mumbai
Adnan Syed, 24, celebrates his team's victory at the T10 Dharavi Premier League cricket tournament, winning `1 lakh. The tournament, supported by the Adani Group that aims to redevelop Dharavi, Asia's largest slum. The project, worth `5,029 crore, faces challenges due to Dharavi's cultural, economic, and political significance. The redevelopment promises modernisation, job creation, and improved living conditions, yet faces resistance and controversies. The plan involves state-of-the-art infrastructure, social overhaul, and economic upgradation, aiming to transform Dharavi into a modern business hub.
Bharti's BT Group deal could open doors for the 'real East India Company' to flourish
Bharti Enterprises is set to acquire a 24.51% stake in British Telecom for $4 billion, marking a significant outbound deal for an Indian firm. This acquisition, which follows the UK-India Technology Security Initiative, signals deepening business ties and potential growth in telecom synergies and bilateral trade between the nations
Adani Power, NTPC, JSW Energy in the race for Sinnar Thermal
Several major power companies, including Adani Power, JSW Energy, and NTPC, are among the bidders for the debt-laden Sinnar Thermal Power plant in Maharashtra. The plant, with a potential capacity of 2,700 MW, faces challenges such as coal supply issues and legal disputes. Top creditors like Power Finance Corp and REC are seeking their dues, adding complexity to the resolution process. The Maharashtra government may also show interest in the asset, given its strategic importance in the state's power generation landscape. With multiple stakeholders involved, the future ownership of Sinnar Thermal Power remains uncertain.
Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies
The board of Power Finance Corporation (PFC), a state-owned entity, has approved a loan of Rs 15,000 crore to companies within the Shapoorji Pallonji group, according to sources familiar with the matter. This decision represents a significant development for the Mistry family, who hold 18.37% stake in Tata Sons. The loan is intended to assist in settling promoter debts and fulfilling financial obligations owed by their operational firms to creditors. Security for the loan will be provided by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.
No land to Adani group, Dharavi land transfer to Maharashtra govt depts: Sources
The Dharavi slum redevelopment project involves the Adani group building houses for residents, with land transferred to Maharashtra government departments, not Adani. Officials rejected claims of land grab, emphasising that the land remains with government entities. The project aims to provide housing and commercial spaces, ensuring no displacement of Dharavi residents. Additional benefits include stamp duty exemptions and business support.
Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for Rs 3,080 crore
Adani Ports and Special Economic Zone (APSEZ) announced the acquisition of a 95% stake in Odisha's Gopalpur Port (GPL) for an equity value of Rs 1,349 crore and enterprise value of Rs 3,080 crore. The move aims to bolster its presence on India's east coast and strengthen its integrated logistics strategy.
EQT-Temasek to sell green venture O2 Power
Barclays has been appointed to initiate a formal sale process. Approaches will be made to global infrastructure funds and energy companies. This comes as close to a dozen transactions centred on renewable assets in India are at various stages of implementation. Those involved include the Aditya Birla Group, Brookfield and Macquarie Infrastructure among others.
Adani starts talks for first dollar bond sale since Hindenburg
The conglomerate¡¯s finances have drawn close scrutiny ever since Hindenburg Research accused it of fraud and stock manipulation, claims Adani has repeatedly denied. The bombshell report triggered a rout in the group¡¯s shares and bonds, suggesting it would have to pay dearly when next raising capital.
More than just an index and it's not Nifty: A collection of stocks suitable for trading and investing alike
Out of 50 stocks, only 5 of them have delivered negative returns in the last one year. Out of these 5 stocks, three stocks belong to one industrial house which faced headwinds early last year. 7 stocks have delivered more than 100 percent return, 4 stocks have gained between 80 to 100 %, 8 stocks have gained between 60 to 80 %, 5 stocks between 40 to 60 %, 12 stocks have gained between 20 to 40% and 9 stocks have gained between 0 to 20%. So, if you have focussed only on these 50 stocks out of a total universe of more than 3000 stocks which are traded, the probability that you would have been able to make money both in volatile and trending markets and also satisfy your desire to be a trader and investor at same time would have been met. The reason why is stocks? Most retail traders have a tendency to trade with bullish bias and prefer taking long positions rather than going short even when markets are not so bullish.
Adani Group to start mapping Mumbai's Dharavi slum in weeks
Adani Group will begin mapping Dharavi as part of a government contract to redevelop the area. The conglomerate plans to complete the $3 billion project over the next seven years. However, the renovation faces political opposition and legal hurdles. Adani's plans for the slum have not been made public, raising concerns among its residents.
Better to invest in Tata Tech after 3-6 months; Adani stocks good for trading: Dipan Mehta
¡°If you have got an allotment in Tata Technologies, stay put, do not sell just because of a whiff of negative news flow. But buying on listing at a huge premium is something I would really like to avoid. You can average it if you already have an allotment in the IPO, but I would not look at making fresh investments in Tata Tech at these levels on listing.¡±
Adani-Total's Dhamra LNG terminal to start commercial operations at May-end
The 5 million tonne a year capacity terminal received its first ever shipment of liquefied natural gas - a fuel that will be used to make steel, produce fertilizers and turned into CNG and cooking gas - on April 1. Qatari ship 'Milaha Ras Laffan' docked at Dhamra port on April 1 morning, bringing in 2.6 trillion British thermal units of natural gas in its frozen form (LNG) which will be used to commission the facility.
Adani's Dhamra LNG terminal in Odisha receives 1st cargo, to start gas revolution in East
Adani Group and TotalEnergies' LNG import terminal at Dhamra on the Odisha coast has received its first-ever shipment of LNG worth Rs 6,000 crore. Commissioning and testing operations will take up to 45 days, and commercial operations are expected to start after this period. The start of the 5 million-tonne per annum LNG import terminal is important to PM Modi's plan to boost natural gas use in the country's energy mix to 15 % by 2030 from 6.3 %.
Hindenburg fallout: Adani Group suspends work on petrochem project worth Rs 34,900 crore
The group's flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.
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