All articles tagged with #adani group
India's Prime Minister Narendra Modi inaugurated the new Navi Mumbai International Airport built by Adani Group, costing $2.2 billion, to expand Mumbai's aviation capacity, ease congestion, and boost economic growth, with plans for water taxis and extensive connectivity.
Indian banks are reassessing their exposure to the Adani Group following US bribery allegations against its founder, Gautam Adani. Despite the charges, Adani's stocks have partially recovered, supported by partners like Abu Dhabi's International Holding. While some banks remain cautious, others like the State Bank of India continue funding ongoing projects. The allegations have led to global repercussions, including halted investments by TotalEnergies and project cancellations in Kenya. However, Israel remains supportive of Adani's investments. The Indian government has not commented on the issue, despite opposition demands for a debate.
Bribery allegations against Adani Group founder Gautam Adani highlight challenges in India's renewable energy sector, particularly in securing buyers for solar and wind power. Despite India's push to increase renewable capacity, state-owned power distribution companies are slow to adopt clean energy due to infrastructure and reliability concerns. The situation is exacerbated by changes in tender processes and a lack of state-guaranteed Power Purchase Agreements, leading to delays and potential financial difficulties for renewable projects.
Asian stocks rose on Friday, driven by gains in chipmaking and cyclical stocks, despite ongoing tensions from the Russia-Ukraine conflict. Japanese and South Korean markets saw notable increases, with tech sectors performing well, while Chinese stocks lagged due to a lack of stimulus details. Indian markets continued to suffer from losses linked to the Adani Group's legal troubles. Inflation concerns in Japan suggest potential rate hikes by the Bank of Japan.
Gautam Adani, a prominent Indian billionaire and ally of Prime Minister Narendra Modi, faces US fraud charges alleging a $250 million bribery scheme, impacting his $169 billion business empire. The allegations have led to a $34 billion loss in market value for Adani Group companies and raised concerns about the implications for India's economy and politics. Despite the charges, experts suggest that while Adani's global expansion plans may face hurdles, the broader US-India business relationship is unlikely to be significantly affected.
Kenya's President William Ruto has cancelled two major deals with the Adani Group following fraud charges against Indian billionaire Gautam Adani by US prosecutors. The deals, worth over $2.5 billion, involved investments in Kenya's main airport and energy infrastructure. Ruto cited new information from investigations as the reason for the cancellation, emphasizing his commitment to combating corruption. The airport deal had been controversial, sparking worker strikes over job loss fears. Kenya will seek new partners for these projects.
Gautam Adani, chairman of the Adani Group, and several associates have been indicted by New York federal prosecutors for allegedly orchestrating a scheme involving over $250 million in bribes to Indian government officials. The charges also include accusations of misleading investors and banks to secure billions of dollars and obstructing justice. This marks the second major accusation against the Adani Group in recent years, following fraud allegations by Hindenburg Research.
Indian billionaire Gautam Adani has been charged with fraud in the US, accused of orchestrating a $250 million bribery scheme to secure contracts for his renewable energy company. The charges have led to a significant drop in Adani Group's stock prices and halted a $600 million bond offering. The allegations follow a 2023 report by Hindenburg Research accusing the group of stock manipulation and fraud, which Adani denied. The case has sparked political controversy in India, with opposition leaders demanding action against Adani and questioning his ties to Prime Minister Narendra Modi.
The United States has charged Indian billionaire Gautam Adani with fraud related to a bribery scheme. The charges allege that Adani was involved in corrupt practices to secure business advantages. This development adds to the scrutiny faced by the Adani Group, a major conglomerate in India.
Indian billionaire Gautam Adani has been indicted by US federal prosecutors for allegedly orchestrating a bribery scheme to secure favorable solar power contracts in India, potentially profiting over $2 billion. The charges, which include securities fraud, involve Adani, his nephew, and executives from Adani Group and a Canadian pension fund. The scheme allegedly involved $250 million in bribes to Indian officials and was concealed from US investors. The indictment could reignite scrutiny on Adani Group, which has faced previous allegations of fraud.
Billionaire Gautam Adani has been indicted in New York for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts in India, which were expected to generate $2 billion in profits. The charges include securities fraud and conspiracy to commit securities and wire fraud. The US attorney's office and the SEC have accused Adani and two other executives of paying bribes to Indian officials and misleading US investors. Adani Group has not yet commented on the charges.
Gautam Adani, chairman of the Adani Group, along with two other executives, has been charged in a New York federal court with wire and securities fraud. The charges involve an alleged scheme to defraud investors by making false statements and bribing Indian officials to secure lucrative contracts. The U.S. Attorney's Office in Brooklyn announced the indictment, highlighting the international scope of the alleged fraud.
Gautam Adani's net worth surged to nearly $100 billion following a significant rally in Indian stock markets, driven by exit polls predicting a third term for Prime Minister Narendra Modi. Shares in Adani's companies saw substantial gains, with Adani Enterprises rising nearly 6.9% and Adani Power surging over 18%. This market boost added $8 billion to Adani's fortune, making him the world's 17th richest person and Asia's second wealthiest.
Indian stock markets hit record highs as exit polls predict a decisive election win for Prime Minister Narendra Modi and his BJP-led alliance, boosting shares of infrastructure-focused companies like Adani Group and major banks.
The Adani Group's credit profile has significantly improved as its net debt to Ebitda ratio has declined to 2.19 times in FY24, with cash reserves at an all-time high of Rs 59,791 crore. The group's credit ratings have seen substantial upgrades, and its diversified debt capital book shows balanced exposure to domestic and global markets. Chairman Gautam Adani highlighted the group's resilience and strong recovery, with market capitalization reaching Rs 17.94 lakh crore.