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Adani Group stocks rise after US drops fraud charges against Gautam Adani
Updates levels, adds background throughout, adds analyst comments in paragraph 7, adds graphic
By Surbhi Misra
May 19 (Reuters) - Shares of Adani Group companies jumped as much as 5.3% on Tuesday, after the Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, easing a key legal overhang on the ports-to-power conglomerate.
The U.S. Justice Department on Monday moved to drop charges accusing Adani and associates of paying bribes to secure power supply contracts in India, while Adani Enterprises separately settled allegations tied to liquefied petroleum gas imports from Iran.
Shares of the group's flagship, Adani Enterprises ADEL.NS, rose as much as 2.71% and were last up 1.75% at 2736.70 rupees by 1:45 p.m. IST.
Adani Group stocks have been volatile since short seller Hindenburg Research's 2023 report alleging stock manipulation and improper use of offshore tax havens, with several companies recovering sharply from initial losses before coming under renewed pressure amid broader market weakness and legal scrutiny.
In November, U.S. prosecutors accused Gautam Adani and associates of agreeing to pay $265 million in bribes to Indian officials to secure approvals for solar power projects and misleading U.S. investors about the group's anti-corruption practices.
Adani Group has repeatedly denied wrongdoing.
Separately, the U.S. Treasury Department on Monday said Adani Enterprises had agreed to pay $275 million to resolve alleged sanctions violations tied to liquefied petroleum gas imports from Iran.
"The removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects," said Deven Choksey, managing director at DRChoksey FinServ, adding that the development could also pave the way for restructuring initiatives across the conglomerate.
Shares of Adani Green Energy ADNA.NS, which was linked to the U.S. bribery allegations, were last up 1.77%, after rising as much as 5.26% during the day.
As of 1:45 p.m. IST, Adani Ports APSE.NS inched down 0.12%, while Adani Energy Solutions ADAI.NS gained 0.67%.
The U.S. Securities and Exchange Commission separately settled a civil lawsuit against Adani over an alleged scheme to bribe Indian government officials, court records showed last week.
Most Adani stocks yet to recover from Hindenburg losses https://reut.rs/4nzifvv
(Reporting by Surbhi Misra; Editing by Rashmi Aich)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Updates levels, adds background throughout, adds analyst comments in paragraph 7, adds graphic
By Surbhi Misra
May 19 (Reuters) - Shares of Adani Group companies jumped as much as 5.3% on Tuesday, after the Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, easing a key legal overhang on the ports-to-power conglomerate.
The U.S. Justice Department on Monday moved to drop charges accusing Adani and associates of paying bribes to secure power supply contracts in India, while Adani Enterprises separately settled allegations tied to liquefied petroleum gas imports from Iran.
Shares of the group's flagship, Adani Enterprises ADEL.NS, rose as much as 2.71% and were last up 1.75% at 2736.70 rupees by 1:45 p.m. IST.
Adani Group stocks have been volatile since short seller Hindenburg Research's 2023 report alleging stock manipulation and improper use of offshore tax havens, with several companies recovering sharply from initial losses before coming under renewed pressure amid broader market weakness and legal scrutiny.
In November, U.S. prosecutors accused Gautam Adani and associates of agreeing to pay $265 million in bribes to Indian officials to secure approvals for solar power projects and misleading U.S. investors about the group's anti-corruption practices.
Adani Group has repeatedly denied wrongdoing.
Separately, the U.S. Treasury Department on Monday said Adani Enterprises had agreed to pay $275 million to resolve alleged sanctions violations tied to liquefied petroleum gas imports from Iran.
"The removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects," said Deven Choksey, managing director at DRChoksey FinServ, adding that the development could also pave the way for restructuring initiatives across the conglomerate.
Shares of Adani Green Energy ADNA.NS, which was linked to the U.S. bribery allegations, were last up 1.77%, after rising as much as 5.26% during the day.
As of 1:45 p.m. IST, Adani Ports APSE.NS inched down 0.12%, while Adani Energy Solutions ADAI.NS gained 0.67%.
The U.S. Securities and Exchange Commission separately settled a civil lawsuit against Adani over an alleged scheme to bribe Indian government officials, court records showed last week.
Most Adani stocks yet to recover from Hindenburg losses https://reut.rs/4nzifvv
(Reporting by Surbhi Misra; Editing by Rashmi Aich)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
BREAKINGVIEWS-Gautam Adani dials tycoon risk down a level
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Una Galani
HONG KONG, May 15 (Reuters Breakingviews) - If U.S. authorities end actions against Gautam Adani, outsized regulatory concerns around the Indian tycoon's $150 billion eponymous energy and infrastructure empire will ease. Political ones will remain, but the battle-hardened group is in a better position to ride out whatever crisis comes next. If nothing else, that's a win for India.
A flurry of developments suggests the billionaire will soon draw a line under his problems stateside. On Thursday, court filings showed he agreed to settle a case with the Securities and Exchange Commission alleging he made false or misleading statements in connection with a $750 million Adani Green ADNA.NS bond offering. And the Justice Department, per source-based reporting by multiple news outlets, looks set to drop fraud charges in a parallel criminal case over an alleged scheme to pay over $250 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
It all comes at a cost. Besides the total fines that could amount to $300 million, per Reuters reporting citing unnamed sources, Adani is on the hook to invest $10 billion in the U.S. economy, equivalent to as much as two-thirds of the group's promised annual capital expenditure over the next five years. His lawyer, Robert Giuffra, also a personal attorney of U.S. President Donald Trump, told the Justice Department the group couldn't make the pledged investment while the case was proceeding.
The Adani empire's worth has also taken a battering: the market value of the flagship airports-to-datacentre incubator, Adani Enterprises ADEL.NS, is 73% of what it was in early 2023 before it was targeted by short-seller Hindenburg Research, prior to the U.S. issues arising. Adani Total Gas ADAG.NS, Adani Green and Adani Energy Solutions ADAI.NS are also worth less. Yet if the U.S. actions do end, the Indian conglomerate will emerge stronger from the successive crises.
The tycoon's companies now trade on less outrageously eye-watering valuations. India's securities regulator has effectively cleared Adani of the stock manipulation charges levelled by Hindenburg. Adani has unwound pledged shares. Such concerns held back institutional investors from investing in the group. Drawing a line under the U.S. accusations means Adani's empire could now welcome more high-quality shareholders onto its registers; it would also loosen a fundraising straitjacket worn by the group over the past three years. Adani company shares were not very big movers at the open on Friday as the settlements were expected. Yet once they are fully in hand, the group will find it easier and cheaper to raise capital and refinance its $29 billion of net debt.
The group will have to live with the perceived political risk stemming from its rapid rise under Prime Minister Narendra Modi's government. Investors are less jittery about the success of Mukesh Ambani's Reliance Industries RELI.NS and the Tata group because those other too-big-to-fail Indian conglomerates have thrived over many more decades and political transitions. Whenever that test arises, though, the toughened-up Adani group will be better placed to face it.
Follow Una Galani on Linkedin and X.
CONTEXT NEWS
Gautam Adani and his nephew Sagar agreed to pay a total of $18 million to settle U.S. Securities and Exchange Commission allegations that they made false or misleading statements in offering materials in connection with a $750 million Adani Green bond offering, court filings dated May 14 showed.
The Justice Department is also moving to drop fraud charges against Adani in a parallel criminal case, Bloomberg reported earlier on the same day.
The proposed SEC settlement, in which neither defendant admits to or denies the allegations, requires the approval of a district court. The original SEC complaint was filed in November 2024.
Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that the group could not make a pledged $10 billion investment in the U.S. economy while the case was proceeding, Reuters reported citing an unnamed source.
In November 2024, federal prosecutors charged Adani and six other executives over an alleged scheme to pay over $250 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Separately, the Adani group is in talks to pay potentially $265 million to settle an investigation by the U.S. Treasury’s Office of Foreign Assets Control involving shipping Iranian gas, the New York Times reported, citing people briefed on the matter.
Key Adani companies have not fully recovered from successive blows https://www.reuters.com/graphics/BRV-BRV/gdpzagolmvw/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on GALANI/ una.galani@thomsonreuters.com))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Una Galani
HONG KONG, May 15 (Reuters Breakingviews) - If U.S. authorities end actions against Gautam Adani, outsized regulatory concerns around the Indian tycoon's $150 billion eponymous energy and infrastructure empire will ease. Political ones will remain, but the battle-hardened group is in a better position to ride out whatever crisis comes next. If nothing else, that's a win for India.
A flurry of developments suggests the billionaire will soon draw a line under his problems stateside. On Thursday, court filings showed he agreed to settle a case with the Securities and Exchange Commission alleging he made false or misleading statements in connection with a $750 million Adani Green ADNA.NS bond offering. And the Justice Department, per source-based reporting by multiple news outlets, looks set to drop fraud charges in a parallel criminal case over an alleged scheme to pay over $250 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
It all comes at a cost. Besides the total fines that could amount to $300 million, per Reuters reporting citing unnamed sources, Adani is on the hook to invest $10 billion in the U.S. economy, equivalent to as much as two-thirds of the group's promised annual capital expenditure over the next five years. His lawyer, Robert Giuffra, also a personal attorney of U.S. President Donald Trump, told the Justice Department the group couldn't make the pledged investment while the case was proceeding.
The Adani empire's worth has also taken a battering: the market value of the flagship airports-to-datacentre incubator, Adani Enterprises ADEL.NS, is 73% of what it was in early 2023 before it was targeted by short-seller Hindenburg Research, prior to the U.S. issues arising. Adani Total Gas ADAG.NS, Adani Green and Adani Energy Solutions ADAI.NS are also worth less. Yet if the U.S. actions do end, the Indian conglomerate will emerge stronger from the successive crises.
The tycoon's companies now trade on less outrageously eye-watering valuations. India's securities regulator has effectively cleared Adani of the stock manipulation charges levelled by Hindenburg. Adani has unwound pledged shares. Such concerns held back institutional investors from investing in the group. Drawing a line under the U.S. accusations means Adani's empire could now welcome more high-quality shareholders onto its registers; it would also loosen a fundraising straitjacket worn by the group over the past three years. Adani company shares were not very big movers at the open on Friday as the settlements were expected. Yet once they are fully in hand, the group will find it easier and cheaper to raise capital and refinance its $29 billion of net debt.
The group will have to live with the perceived political risk stemming from its rapid rise under Prime Minister Narendra Modi's government. Investors are less jittery about the success of Mukesh Ambani's Reliance Industries RELI.NS and the Tata group because those other too-big-to-fail Indian conglomerates have thrived over many more decades and political transitions. Whenever that test arises, though, the toughened-up Adani group will be better placed to face it.
Follow Una Galani on Linkedin and X.
CONTEXT NEWS
Gautam Adani and his nephew Sagar agreed to pay a total of $18 million to settle U.S. Securities and Exchange Commission allegations that they made false or misleading statements in offering materials in connection with a $750 million Adani Green bond offering, court filings dated May 14 showed.
The Justice Department is also moving to drop fraud charges against Adani in a parallel criminal case, Bloomberg reported earlier on the same day.
The proposed SEC settlement, in which neither defendant admits to or denies the allegations, requires the approval of a district court. The original SEC complaint was filed in November 2024.
Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that the group could not make a pledged $10 billion investment in the U.S. economy while the case was proceeding, Reuters reported citing an unnamed source.
In November 2024, federal prosecutors charged Adani and six other executives over an alleged scheme to pay over $250 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Separately, the Adani group is in talks to pay potentially $265 million to settle an investigation by the U.S. Treasury’s Office of Foreign Assets Control involving shipping Iranian gas, the New York Times reported, citing people briefed on the matter.
Key Adani companies have not fully recovered from successive blows https://www.reuters.com/graphics/BRV-BRV/gdpzagolmvw/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on GALANI/ una.galani@thomsonreuters.com))
Four Indian stocks added, four excluded from key global index in MSCI's May rejig
By Bharath Rajeswaran
May 13 (Reuters) - Global index provider MSCI added four Indian stocks and removed four from its widely tracked Global Standard Index in its latest periodic review, announced earlier on Wednesday, with the changes set to take effect on May 29, 2026.
Federal Bank FED.NS, Multi Commodity Exchange of India MCEI.NS, National Aluminium NALU.NS and Indian Bank INBA.NS will enter the index, while Hyundai Motor India HYUN.NS, Jubilant Foodworks JUBI.NS, Kalyan Jewellers KALN.NS and Rail Vikas Nigam RAIV.NS will be excluded.
India's weight in the MSCI Global Standard Index remains broadly steady at 12.3%, compared with 12.4% after the February review, while the number of Indian constituents is unchanged at 165.
Adani Energy Solutions ADAI.NS, initially seen as a provisional addition, has been left out after being placed under the NSE's additional surveillance mechanism framework, a watchlist for unusual trading activity that makes the stock ineligible for inclusion.
MSCI indexes are key global benchmarks tracked by large passive funds, making index changes a significant driver of stock-specific flows.
Inclusions typically attract fresh passive capital, while deletions often trigger outflows as funds rebalance portfolios.
Nuvama Quantitative and Alternative Research expects passive inflows of $491 million into Federal Bank, $373 million into MCX, $308 million into National Aluminium and $209 million into Indian Bank.
On the other side, Hyundai Motor India, Jubilant Foodworks, Kalyan Jewellers and Rail Vikas Nigam are projected to see outflows of $281 million, $161 million, $137 million and $136 million, respectively.
Adani Power ADAN.NS, BPCL BPCL.NS, FSN E-Commerce FSNE.NS, Trent TREN.NS and Oracle Financial Services ORCL.NS are also expected to draw inflows due to higher weightages, while weights for HUL HLL.NS, Bajaj Finance BJFN.NS, TCS TCS.NS, ONGC ONGC.NS and Ultratech Cement ULTC.NS, among others, were trimmed.
While the Global Standard Index saw balanced additions and deletions, MSCI's small-cap index had heavier exclusions, reducing India's small-cap count to 459 from 474.
MSCI adds four Indian stocks, removes four from its Global Standard Index https://reut.rs/4u7NU9Z
Weightages of five Indian stocks raised in MSCI Global Standard Index https://reut.rs/3Pj88yc
Fourteen Indian stocks have been added to MSCI Small Cap Index https://reut.rs/3Pp9lUG
Major deletions of Indian stocks from MSCI Small Cap Index https://reut.rs/49MCFvl
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
By Bharath Rajeswaran
May 13 (Reuters) - Global index provider MSCI added four Indian stocks and removed four from its widely tracked Global Standard Index in its latest periodic review, announced earlier on Wednesday, with the changes set to take effect on May 29, 2026.
Federal Bank FED.NS, Multi Commodity Exchange of India MCEI.NS, National Aluminium NALU.NS and Indian Bank INBA.NS will enter the index, while Hyundai Motor India HYUN.NS, Jubilant Foodworks JUBI.NS, Kalyan Jewellers KALN.NS and Rail Vikas Nigam RAIV.NS will be excluded.
India's weight in the MSCI Global Standard Index remains broadly steady at 12.3%, compared with 12.4% after the February review, while the number of Indian constituents is unchanged at 165.
Adani Energy Solutions ADAI.NS, initially seen as a provisional addition, has been left out after being placed under the NSE's additional surveillance mechanism framework, a watchlist for unusual trading activity that makes the stock ineligible for inclusion.
MSCI indexes are key global benchmarks tracked by large passive funds, making index changes a significant driver of stock-specific flows.
Inclusions typically attract fresh passive capital, while deletions often trigger outflows as funds rebalance portfolios.
Nuvama Quantitative and Alternative Research expects passive inflows of $491 million into Federal Bank, $373 million into MCX, $308 million into National Aluminium and $209 million into Indian Bank.
On the other side, Hyundai Motor India, Jubilant Foodworks, Kalyan Jewellers and Rail Vikas Nigam are projected to see outflows of $281 million, $161 million, $137 million and $136 million, respectively.
Adani Power ADAN.NS, BPCL BPCL.NS, FSN E-Commerce FSNE.NS, Trent TREN.NS and Oracle Financial Services ORCL.NS are also expected to draw inflows due to higher weightages, while weights for HUL HLL.NS, Bajaj Finance BJFN.NS, TCS TCS.NS, ONGC ONGC.NS and Ultratech Cement ULTC.NS, among others, were trimmed.
While the Global Standard Index saw balanced additions and deletions, MSCI's small-cap index had heavier exclusions, reducing India's small-cap count to 459 from 474.
MSCI adds four Indian stocks, removes four from its Global Standard Index https://reut.rs/4u7NU9Z
Weightages of five Indian stocks raised in MSCI Global Standard Index https://reut.rs/3Pj88yc
Fourteen Indian stocks have been added to MSCI Small Cap Index https://reut.rs/3Pp9lUG
Major deletions of Indian stocks from MSCI Small Cap Index https://reut.rs/49MCFvl
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
MSCI Says Adani Energy Solutions Will Not Be Added To The MSCI Indexes As Part Of The May 2026 Index Review
May 12 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
MSCI: ADANI ENERGY SOLUTIONS WILL NOT BE ADDED TO THE MSCI INDEXES AS PART OF THE MAY 2026 INDEX REVIEW
MSCI: WILL NOT IMPLEMENT ANY ADDITIONS TO IMI FOR SECURITIES THAT ENTER INDIA SHORT TERM AND LONG TERM ADDITIONAL SURVEILLANCE MEASURE
Source https://tinyurl.com/3u87bwfz
May 12 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
MSCI: ADANI ENERGY SOLUTIONS WILL NOT BE ADDED TO THE MSCI INDEXES AS PART OF THE MAY 2026 INDEX REVIEW
MSCI: WILL NOT IMPLEMENT ANY ADDITIONS TO IMI FOR SECURITIES THAT ENTER INDIA SHORT TERM AND LONG TERM ADDITIONAL SURVEILLANCE MEASURE
Source https://tinyurl.com/3u87bwfz
Adani Energy Solutions Q4 Consol Net Profit 6.84 Billion Rupees
April 23 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS Q4 CONSOL NET PROFIT 6.84 BILLION RUPEES
ADANI ENERGY SOLUTIONS Q4 CONSOL REVENUE FROM OPERATIONS 74.43 BILLION RUPEES
Source text: ID:nBSE6ysnc0
Further company coverage: ADAI.NS
April 23 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS Q4 CONSOL NET PROFIT 6.84 BILLION RUPEES
ADANI ENERGY SOLUTIONS Q4 CONSOL REVENUE FROM OPERATIONS 74.43 BILLION RUPEES
Source text: ID:nBSE6ysnc0
Further company coverage: ADAI.NS
MEDIA-Adani unit Refinances offshore bond with Apollo-backed funds - Bloomberg News
-- Source link: https://tinyurl.com/tkxycp3a
-- Note: Reuters has not verified this story and does not vouch for its accuracy
-- Source link: https://tinyurl.com/tkxycp3a
-- Note: Reuters has not verified this story and does not vouch for its accuracy
Indian billionaire Gautam Adani will seek to dismiss US SEC fraud case
SEC say Gautam Adani, Sagar Adani concealed bribery scheme in bond documents
Adanis dispute bribery accusations, deny involvement in bond offering
Related US criminal case dormant since late 2024
SEC had no immediate comment
Adds details from filing, related criminal case, background, paragraphs 4-11
By Jonathan Stempel
NEW YORK, April 7 (Reuters) - Gautam Adani, India's second richest person, will ask a U.S. judge to dismiss the Securities and Exchange Commission's civil fraud case stemming from an alleged bribery scheme, his lawyers said on Tuesday.
Adani and his nephew Sagar Adani were charged by the SEC in November 2024 with orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy ADNA.NS, where both men are executives and directors.
The securities fraud case is tied to Adani Green's alleged failure to disclose the scheme in documents for a $750 million bond offering in 2021.
In a filing in the Brooklyn, New York federal court, the Adanis' lawyers said their clients disputed there was any credible evidence supporting the alleged bribery scheme.
The lawyers said the Adanis' lack of involvement in the offering, and the absence of any intent to defraud or negligence, supported a dismissal.
They also called the SEC claims "impermissibly extraterritorial," reflecting how the Adanis and all alleged misconduct were in India, and the bonds were never traded on a U.S. exchange.
The SEC had no immediate comment. Lawyers for the Adanis said they will formally seek a dismissal by April 30.
U.S. prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. There have been no public developments in that case since December 2024. A spokesman for the U.S. Attorney's office in Brooklyn declined to comment.
Gautam Adani, 63, founded and chairs the conglomerate Adani Group, and is chairman of Adani Green.
He is worth about $60.6 billion, ranking 30th worldwide according to Forbes magazine.
Mukesh Ambani, chairman of the conglomerate Reliance Industries RELI.NS, is India's richest person, worth about $91.4 billion and ranking 20th worldwide, Forbes said.
(Reporting by Jonathan Stempel in New York
Editing by Tomasz Janowski and Bill Berkrot)
((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))
SEC say Gautam Adani, Sagar Adani concealed bribery scheme in bond documents
Adanis dispute bribery accusations, deny involvement in bond offering
Related US criminal case dormant since late 2024
SEC had no immediate comment
Adds details from filing, related criminal case, background, paragraphs 4-11
By Jonathan Stempel
NEW YORK, April 7 (Reuters) - Gautam Adani, India's second richest person, will ask a U.S. judge to dismiss the Securities and Exchange Commission's civil fraud case stemming from an alleged bribery scheme, his lawyers said on Tuesday.
Adani and his nephew Sagar Adani were charged by the SEC in November 2024 with orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy ADNA.NS, where both men are executives and directors.
The securities fraud case is tied to Adani Green's alleged failure to disclose the scheme in documents for a $750 million bond offering in 2021.
In a filing in the Brooklyn, New York federal court, the Adanis' lawyers said their clients disputed there was any credible evidence supporting the alleged bribery scheme.
The lawyers said the Adanis' lack of involvement in the offering, and the absence of any intent to defraud or negligence, supported a dismissal.
They also called the SEC claims "impermissibly extraterritorial," reflecting how the Adanis and all alleged misconduct were in India, and the bonds were never traded on a U.S. exchange.
The SEC had no immediate comment. Lawyers for the Adanis said they will formally seek a dismissal by April 30.
U.S. prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. There have been no public developments in that case since December 2024. A spokesman for the U.S. Attorney's office in Brooklyn declined to comment.
Gautam Adani, 63, founded and chairs the conglomerate Adani Group, and is chairman of Adani Green.
He is worth about $60.6 billion, ranking 30th worldwide according to Forbes magazine.
Mukesh Ambani, chairman of the conglomerate Reliance Industries RELI.NS, is India's richest person, worth about $91.4 billion and ranking 20th worldwide, Forbes said.
(Reporting by Jonathan Stempel in New York
Editing by Tomasz Janowski and Bill Berkrot)
((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))
AAHL, Blinkit Launch India’S First In-Terminal Quick Commerce Service At Mumbai Airport- Statement
April 1 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
AAHL, BLINKIT LAUNCH INDIA’S FIRST IN-TERMINAL QUICK COMMERCE SERVICE AT MUMBAI AIRPORT- STATEMENT
Source text: [ID:]
Further company coverage: ABUJ.NS
April 1 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
AAHL, BLINKIT LAUNCH INDIA’S FIRST IN-TERMINAL QUICK COMMERCE SERVICE AT MUMBAI AIRPORT- STATEMENT
Source text: [ID:]
Further company coverage: ABUJ.NS
Adani Energy Solutions Signs SPA With PFC Consulting For Acquiring South Kalamb Power Transmission
March 31 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - SIGNS SPA WITH PFC CONSULTING FOR ACQUIRING SOUTH KALAMB POWER TRANSMISSION
Source text: ID:nNSE84Vgsx
Further company coverage: ADAI.NS
March 31 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - SIGNS SPA WITH PFC CONSULTING FOR ACQUIRING SOUTH KALAMB POWER TRANSMISSION
Source text: ID:nNSE84Vgsx
Further company coverage: ADAI.NS
Tesla plans India push into energy storage as it expands beyond cars, job ad shows
By Aditi Shah
NEW DELHI, March 20 (Reuters) - Tesla TSLA.O is preparing to enter India's industrial energy storage market, according to a job ad on its website, pitting it against companies controlled by Mukesh Ambani and Gautam Adani as they deepen investment in the sector as the grid shifts to cleaner power.
The new business will also mark Tesla's expansion in India beyond just electric cars, which it started selling in August.
The company already operates a Megapack business in the U.S. and other markets, supplying large-scale energy storage systems for industrial and utility users.
Tesla's new plan was revealed in a job ad on its website, which said it is looking to hire a business development lead in India to "develop and execute a comprehensive market expansion strategy for industrial energy storage solutions".
The candidate will shape its entry into India for "utility-scale energy storage", it added, without elaborating.
Reuters is first to report Tesla's plan. The company did not respond to a request for comment.
Ambani's Reliance RS.N and Adani's group ADEL.NS also have ambitious plans for India's energy storage sector.
India has set a target to reach 500 gigawatts (GW) of non-fossil fuel energy capacity by 2030 from more than 262 GW at the end of 2025. It needs devices that can store energy during off-peak hours, stabilise the grid and reduce carbon emissions.
The government is encouraging companies to invest in storage systems by providing fiscal incentives and is also working on a national roadmap to enable firms to meet the targets.
(Reporting by Aditi Shah, editing by Aditya Kalra and Louise Heavens)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
By Aditi Shah
NEW DELHI, March 20 (Reuters) - Tesla TSLA.O is preparing to enter India's industrial energy storage market, according to a job ad on its website, pitting it against companies controlled by Mukesh Ambani and Gautam Adani as they deepen investment in the sector as the grid shifts to cleaner power.
The new business will also mark Tesla's expansion in India beyond just electric cars, which it started selling in August.
The company already operates a Megapack business in the U.S. and other markets, supplying large-scale energy storage systems for industrial and utility users.
Tesla's new plan was revealed in a job ad on its website, which said it is looking to hire a business development lead in India to "develop and execute a comprehensive market expansion strategy for industrial energy storage solutions".
The candidate will shape its entry into India for "utility-scale energy storage", it added, without elaborating.
Reuters is first to report Tesla's plan. The company did not respond to a request for comment.
Ambani's Reliance RS.N and Adani's group ADEL.NS also have ambitious plans for India's energy storage sector.
India has set a target to reach 500 gigawatts (GW) of non-fossil fuel energy capacity by 2030 from more than 262 GW at the end of 2025. It needs devices that can store energy during off-peak hours, stabilise the grid and reduce carbon emissions.
The government is encouraging companies to invest in storage systems by providing fiscal incentives and is also working on a national roadmap to enable firms to meet the targets.
(Reporting by Aditi Shah, editing by Aditya Kalra and Louise Heavens)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Adani Energy Solutions Unit To Issue $500 Million Senior Secured Notes Due 2041 To Refinance Existing Notes
March 12 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - UNIT TO ISSUE $500 MILLION SENIOR SECURED NOTES DUE 2041 TO REFINANCE EXISTING NOTES
Source text: ID:nNSE8220TP
Further company coverage: ADAI.NS
March 12 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - UNIT TO ISSUE $500 MILLION SENIOR SECURED NOTES DUE 2041 TO REFINANCE EXISTING NOTES
Source text: ID:nNSE8220TP
Further company coverage: ADAI.NS
Apollo buys USD 500 million of senior secured notes from Adani Energy Solutions subsidiary ATSOL Global IFSC
Apollo said Apollo-managed funds and affiliates purchased USD 500 million of investment-grade senior secured private placement notes from ATSOL Global IFSC, a subsidiary of Adani Energy Solutions. The financing is intended primarily to refinance bonds maturing in late 2026. Apollo said the notes are backed by ATSOL’s regulated power transmission assets in Western and Northern India.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Apollo Global Management Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202603111000PRIMZONEFULLFEED9670072) on March 11, 2026, and is solely responsible for the information contained therein.
Apollo said Apollo-managed funds and affiliates purchased USD 500 million of investment-grade senior secured private placement notes from ATSOL Global IFSC, a subsidiary of Adani Energy Solutions. The financing is intended primarily to refinance bonds maturing in late 2026. Apollo said the notes are backed by ATSOL’s regulated power transmission assets in Western and Northern India.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Apollo Global Management Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202603111000PRIMZONEFULLFEED9670072) on March 11, 2026, and is solely responsible for the information contained therein.
India eases curbs on Chinese equipment imports for power, coal as projects delayed, sources say
India grants some exemptions for Chinese power, coal equipment
Restrictions since 2020 caused shortages, slowing key projects
Formal order expected soon, sources say
By Nikunj Ohri and Sarita Chaganti Singh
NEW DELHI, Feb 18 (Reuters) - India has begun easing its restrictions on buying Chinese equipment after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mount, two government officials told Reuters.
This is the first significant easing of five-year-old curbs that have largely shut Chinese firms out of India's $700 billion-$750 billion government contract market.
Reuters reported in January that India is examining broader relaxations on Chinese bidders for government contracts as border tensions ease.
Since the 2020 clash, New Delhi has required Chinese bidders to register with a government panel and secure political and security clearances before competing for any state contract.
INTER-MINISTERIAL PANEL TO DECIDE FUTURE EXEMPTIONS
India has now allowed state-run entities to procure a power-transmission component from China without government approval.
It is weighing a similar, time-bound exemption for key coal-sector equipment, the two officials said.
The exemption was granted in the "national interest," as blocking Chinese imports would hurt India's manufacturing capability, one of the officials said.
A panel of top bureaucrats has approved the waiver, with a formal order expected soon, the two sources said.
The easing follows repeated requests from government departments facing shortages and project delays under the 2020 restrictions, both officials said.
India may allow case‑by‑case imports of critical Chinese equipment rather than fully reopen procurement, the officials said.
STRICT RULES HIT CAPACITY ADDITION
Since the border standoff, strained India-China ties have slowed the exchange of capital, technology and talent.
New project awards to Chinese bidders fell 27% to $1.67 billion in 2021 from a year earlier, a 2024 Observer Research Foundation report said.
India aims to add 500 GW of non‑fossil capacity by 2030, but execution delays and transmission bottlenecks persist.
Power transmission projects face a roughly 40% shortfall in transformers and reactors over the next three years, the second official said.
SHIFT COMES AS INDIA, CHINA REBUILD COMMERCIAL TIES
Such time‑bound exemptions would follow talks with ministries and security agencies, given concerns that low Chinese bids could undercut domestic firms, they added.
The finance, external affairs, industries, home, power and coal ministries did not immediately respond to Reuters' requests for comment.
The calibrated shift comes as India and China work to rebuild commercial ties, after U.S. President Donald Trump imposed a 50% tariff on Indian goods.
(Reporting by Nikunj Ohri and Sarita Chaganti Singh in New Delhi; Editing by Bernadette Baum)
((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
India grants some exemptions for Chinese power, coal equipment
Restrictions since 2020 caused shortages, slowing key projects
Formal order expected soon, sources say
By Nikunj Ohri and Sarita Chaganti Singh
NEW DELHI, Feb 18 (Reuters) - India has begun easing its restrictions on buying Chinese equipment after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mount, two government officials told Reuters.
This is the first significant easing of five-year-old curbs that have largely shut Chinese firms out of India's $700 billion-$750 billion government contract market.
Reuters reported in January that India is examining broader relaxations on Chinese bidders for government contracts as border tensions ease.
Since the 2020 clash, New Delhi has required Chinese bidders to register with a government panel and secure political and security clearances before competing for any state contract.
INTER-MINISTERIAL PANEL TO DECIDE FUTURE EXEMPTIONS
India has now allowed state-run entities to procure a power-transmission component from China without government approval.
It is weighing a similar, time-bound exemption for key coal-sector equipment, the two officials said.
The exemption was granted in the "national interest," as blocking Chinese imports would hurt India's manufacturing capability, one of the officials said.
A panel of top bureaucrats has approved the waiver, with a formal order expected soon, the two sources said.
The easing follows repeated requests from government departments facing shortages and project delays under the 2020 restrictions, both officials said.
India may allow case‑by‑case imports of critical Chinese equipment rather than fully reopen procurement, the officials said.
STRICT RULES HIT CAPACITY ADDITION
Since the border standoff, strained India-China ties have slowed the exchange of capital, technology and talent.
New project awards to Chinese bidders fell 27% to $1.67 billion in 2021 from a year earlier, a 2024 Observer Research Foundation report said.
India aims to add 500 GW of non‑fossil capacity by 2030, but execution delays and transmission bottlenecks persist.
Power transmission projects face a roughly 40% shortfall in transformers and reactors over the next three years, the second official said.
SHIFT COMES AS INDIA, CHINA REBUILD COMMERCIAL TIES
Such time‑bound exemptions would follow talks with ministries and security agencies, given concerns that low Chinese bids could undercut domestic firms, they added.
The finance, external affairs, industries, home, power and coal ministries did not immediately respond to Reuters' requests for comment.
The calibrated shift comes as India and China work to rebuild commercial ties, after U.S. President Donald Trump imposed a 50% tariff on Indian goods.
(Reporting by Nikunj Ohri and Sarita Chaganti Singh in New Delhi; Editing by Bernadette Baum)
((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Adani Energy Secures $750 Million Loan Led By Japanese Banks - Bloomberg News
Feb 10 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SECURES $750 MILLION LOAN LED BY JAPANESE BANKS - BLOOMBERG NEWS
Source text: https://tinyurl.com/2v7sbupj
Further company coverage: ADAI.NS
Feb 10 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SECURES $750 MILLION LOAN LED BY JAPANESE BANKS - BLOOMBERG NEWS
Source text: https://tinyurl.com/2v7sbupj
Further company coverage: ADAI.NS
REFILE-MUFG, SMBC lead Japanese bank consortium funding for Adani Energy's energy project
Corrects to add dropped word "for" in headline
Feb 9 (Reuters) - Adani Energy Solutions ADAI.NS said on Monday it has secured financing from a consortium of Japanese banks, led by MUFG 8306.T and SMBC 8316.T, for a renewable power transmission project in northern India.
(Reporting by Hritam Mukherjee in Bengaluru)
((mailto: hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))
Corrects to add dropped word "for" in headline
Feb 9 (Reuters) - Adani Energy Solutions ADAI.NS said on Monday it has secured financing from a consortium of Japanese banks, led by MUFG 8306.T and SMBC 8316.T, for a renewable power transmission project in northern India.
(Reporting by Hritam Mukherjee in Bengaluru)
((mailto: hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))
US SEC fraud case against Gautam Adani can proceed after procedural matter resolved
.
By Jonathan Stempel
NEW YORK, Jan 30 (Reuters) - The U.S. Securities and Exchange Commission has arranged to serve Gautam Adani with a civil fraud lawsuit, allowing the regulator's case against India's second-richest person to proceed.
In a Friday filing in the Brooklyn, New York federal court, the SEC and U.S.-based lawyers for Adani and his nephew Sagar Adani said the lawyers agreed to accept the SEC's legal papers, eliminating the need for U.S. District Judge Nicholas Garaufis to rule on how the defendants should be served.
If the judge approves the resolution, the Adanis will have 90 days to respond to the SEC's complaint, which could include requests for a dismissal.
Robert Giuffra, a lawyer for Gautam Adani, declined to comment. Sean Hecker, a lawyer for Sagar Adani, also declined to comment.
The SEC charged the Adanis in November 2024 with violating U.S. securities law by orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy ADNA.NS, where both are executives and directors.
Both defendants are in India, and the SEC had reported difficulty in serving them with legal papers.
U.S. prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. There have been no public developments in that case for more than a year. The SEC's case had been stalled for most of that time.
Gautam Adani, 63, founded and chairs the conglomerate Adani Group. He is worth about $59 billion according to Forbes magazine.
(Reporting by Jonathan Stempel; Editing by Hugh Lawson)
.
By Jonathan Stempel
NEW YORK, Jan 30 (Reuters) - The U.S. Securities and Exchange Commission has arranged to serve Gautam Adani with a civil fraud lawsuit, allowing the regulator's case against India's second-richest person to proceed.
In a Friday filing in the Brooklyn, New York federal court, the SEC and U.S.-based lawyers for Adani and his nephew Sagar Adani said the lawyers agreed to accept the SEC's legal papers, eliminating the need for U.S. District Judge Nicholas Garaufis to rule on how the defendants should be served.
If the judge approves the resolution, the Adanis will have 90 days to respond to the SEC's complaint, which could include requests for a dismissal.
Robert Giuffra, a lawyer for Gautam Adani, declined to comment. Sean Hecker, a lawyer for Sagar Adani, also declined to comment.
The SEC charged the Adanis in November 2024 with violating U.S. securities law by orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy ADNA.NS, where both are executives and directors.
Both defendants are in India, and the SEC had reported difficulty in serving them with legal papers.
U.S. prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. There have been no public developments in that case for more than a year. The SEC's case had been stalled for most of that time.
Gautam Adani, 63, founded and chairs the conglomerate Adani Group. He is worth about $59 billion according to Forbes magazine.
(Reporting by Jonathan Stempel; Editing by Hugh Lawson)
Adani group firms shed $12.5 billion market cap after SEC seeks court nod to serve summonses
Corrects paragraph 5 to make clear that the SEC civil case against the Adanis is different from the still pending U.S. Department of Justice criminal case
Adani group stocks down 3.4% to 14.54%
US SEC asked court for permission to personally email summonses to Gautam Adani, nephew
Adani group has called allegations 'baseless'
By Urvi Dugar
Jan 23 (Reuters) - India's Adani group firms shed $12.5 billion in market cap on Friday, after a U.S. markets regulator asked a court for permission to personally email summonses to founder Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme.
Reuters reported the filing from the U.S. Securities and Exchange Commission on Thursday after the Indian markets closed.
On Friday, the group's flagship company, Adani Enterprises ADEL.NS, was the top percentage loser on India's benchmark Nifty 50 .NSEI. While the firm's shares fell 10.65% to 1,864.2 rupees, the Nifty declined 0.95% at close.
Group shares settled down between 3.4% and 14.54%.
U.S. authorities in November 2024 accused Adani group executives of being part of a scheme to pay bribes to Indian officials for buying electricity produced by Adani Green Energy ADNA.NS, a unit of the Adani group. The SEC filed a civil case against Gautam Adani and Sagar Adani, which is separate from the U.S. Department of Justice's criminal indictment against the Adanis and several other defendants. The Justice Department case remains open, court records show.
U.S. law prohibits foreign companies that raise money from American investors from paying bribes overseas to secure business, and it also bars them from soliciting investment on the basis of false or misleading statements.
India has previously refused two requests to serve the summons which the SEC has been trying to send since last year, according to the filings.
Adani group has called the allegations "baseless" and said it would seek "all possible legal recourse" to defend itself. It had not immediately responded to Reuters' request for comment on the latest SEC filing, dated January 21.
"Market participants assumed there's nothing pending and that the group has been cleared, so the SEC filing seems (to have come) out of the blue," said Ambareesh Baliga, an independent market analyst.
With no clear timeline for the next steps, Baliga said he expects the issue could linger for at least another fortnight, noting that overall market sentiment was already weak.
(Reporting by Urvi Dugar and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Daniel Wallis)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Corrects paragraph 5 to make clear that the SEC civil case against the Adanis is different from the still pending U.S. Department of Justice criminal case
Adani group stocks down 3.4% to 14.54%
US SEC asked court for permission to personally email summonses to Gautam Adani, nephew
Adani group has called allegations 'baseless'
By Urvi Dugar
Jan 23 (Reuters) - India's Adani group firms shed $12.5 billion in market cap on Friday, after a U.S. markets regulator asked a court for permission to personally email summonses to founder Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme.
Reuters reported the filing from the U.S. Securities and Exchange Commission on Thursday after the Indian markets closed.
On Friday, the group's flagship company, Adani Enterprises ADEL.NS, was the top percentage loser on India's benchmark Nifty 50 .NSEI. While the firm's shares fell 10.65% to 1,864.2 rupees, the Nifty declined 0.95% at close.
Group shares settled down between 3.4% and 14.54%.
U.S. authorities in November 2024 accused Adani group executives of being part of a scheme to pay bribes to Indian officials for buying electricity produced by Adani Green Energy ADNA.NS, a unit of the Adani group. The SEC filed a civil case against Gautam Adani and Sagar Adani, which is separate from the U.S. Department of Justice's criminal indictment against the Adanis and several other defendants. The Justice Department case remains open, court records show.
U.S. law prohibits foreign companies that raise money from American investors from paying bribes overseas to secure business, and it also bars them from soliciting investment on the basis of false or misleading statements.
India has previously refused two requests to serve the summons which the SEC has been trying to send since last year, according to the filings.
Adani group has called the allegations "baseless" and said it would seek "all possible legal recourse" to defend itself. It had not immediately responded to Reuters' request for comment on the latest SEC filing, dated January 21.
"Market participants assumed there's nothing pending and that the group has been cleared, so the SEC filing seems (to have come) out of the blue," said Ambareesh Baliga, an independent market analyst.
With no clear timeline for the next steps, Baliga said he expects the issue could linger for at least another fortnight, noting that overall market sentiment was already weak.
(Reporting by Urvi Dugar and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Daniel Wallis)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Adani Energy Solutions Posts Q3 Consol Net Profit 5.52 Billion Rupees
Jan 22 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS Q3 CONSOL NET PROFIT 5.52 BILLION RUPEES
ADANI ENERGY SOLUTIONS Q3 CONSOL REVENUE FROM OPERATIONS 67.3 BILLION RUPEES
Further company coverage: ADAI.NS
Jan 22 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS Q3 CONSOL NET PROFIT 5.52 BILLION RUPEES
ADANI ENERGY SOLUTIONS Q3 CONSOL REVENUE FROM OPERATIONS 67.3 BILLION RUPEES
Further company coverage: ADAI.NS
Adani Group CFO Says We Are Not Raising Any Extra Funds For Acquisition Of Jaiprakash Associates Assets
Nov 28 (Reuters) -
ADANI GROUP CFO: WE ARE NOT RAISING ANY EXTRA FUNDS FOR ACQUISITION OF JAIPRAKASH ASSOCIATES ASSETS
Source text: [ID:]
Further company coverage: ADAG.NS
Nov 28 (Reuters) -
ADANI GROUP CFO: WE ARE NOT RAISING ANY EXTRA FUNDS FOR ACQUISITION OF JAIPRAKASH ASSOCIATES ASSETS
Source text: [ID:]
Further company coverage: ADAG.NS
BREAKINGVIEWS-Adani's reprieve in India is largely symbolic
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix extra spacing in fifth paragraph.
By Shritama Bose
MUMBAI, Sept 19 (Reuters Breakingviews) - Gautam Adani is catching a moment of relief. India's securities regulator cleared the tycoon and units of his $152 billion infrastructure conglomerate of stock manipulation charges raised by a short seller in 2023. However, its fortunes won't improve much so long as U.S. charges hang over the group.
The Securities and Exchange Board of India on Thursday said the transactions involving Adani Enterprises ADEL.NS, Adani Ports APSE.NS and Adani Power ADAN.NS between 2018 and 2023 flagged by Nathan Anderson's now-disbanded firm Hindenburg Research did not violate the rules at the time on related party transactions.
The order closes the loop on a more than two-year-old saga marked by a $150 billion reduction in Adani group companies' market value and muddled by allegations of conflict of interest against former SEBI Chair Madhabi Puri Buch, who left her role in February.
The clean bill of health from the watchdog now led by Tuhin Kanta Pandey hardly changes the group's local standing. Indian mutual funds managing some $850 billion in assets were wary of what they see as the group's opacity and its rapid growth before Hindenburg struck, and remain so: Adani Enterprises stock is about 30% lower than at the start of 2023.
A more potent overhang is the U.S. Justice Department's indictment of the tycoon in a $265 million Indian bribery scheme. The Adani group denies any wrongdoing but the charges have complicated the conglomerate's fundraising prospects. Though BlackRock BLK.N subscribed to bonds an Adani unit issued in April to finance an acquisition, that borrowing came at an increased cost than its past deals.
Non-U.S. banks including Barclays BARC.L and DBS DBSM.SI lent $250 million to Adani's airport and ports units last month, Bloomberg reported citing unnamed people familiar with the transactions. But the U.S. issue stalled Adani's efforts to cut its dependence on Indian banks, which hold 47% of its 2.9 trillion rupees ($32.8 billion) debt. The group has returned to equity markets but only for carefully controlled issuances to institutional investors, not the public.
If anything, its stateside problems are widening. A subsidiary of Adani Enterprises has been named among 43 Indian exporters in a U.S. complaint over dumping of solar exports, a person familiar with the situation told Reuters Breakingviews. Similar investigations into Southeast Asian companies have attracted prohibitively high tariffs.
The resumption of trade talks this week between India and the U.S. may smooth the path for Adani to eventually draw a line under the Justice Department's probe, perhaps through a settlement. Until then, its other victories are superficial.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
The Securities and Exchange Board of India on September 18 dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by U.S. short-seller Hindenburg Research.
The capital markets regulator began investigating the group's flagship Adani Enterprises and its ports and energy units in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. SEBI officials said in the order that the transactions under review, which were carried out between 2018 and 2023, did not qualify as related party transactions under the rules at the time.
Most Adani group shares are trading lower than before Hindenburg's attack https://www.reuters.com/graphics/BRV-BRV/gdvzbgwwlvw/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix extra spacing in fifth paragraph.
By Shritama Bose
MUMBAI, Sept 19 (Reuters Breakingviews) - Gautam Adani is catching a moment of relief. India's securities regulator cleared the tycoon and units of his $152 billion infrastructure conglomerate of stock manipulation charges raised by a short seller in 2023. However, its fortunes won't improve much so long as U.S. charges hang over the group.
The Securities and Exchange Board of India on Thursday said the transactions involving Adani Enterprises ADEL.NS, Adani Ports APSE.NS and Adani Power ADAN.NS between 2018 and 2023 flagged by Nathan Anderson's now-disbanded firm Hindenburg Research did not violate the rules at the time on related party transactions.
The order closes the loop on a more than two-year-old saga marked by a $150 billion reduction in Adani group companies' market value and muddled by allegations of conflict of interest against former SEBI Chair Madhabi Puri Buch, who left her role in February.
The clean bill of health from the watchdog now led by Tuhin Kanta Pandey hardly changes the group's local standing. Indian mutual funds managing some $850 billion in assets were wary of what they see as the group's opacity and its rapid growth before Hindenburg struck, and remain so: Adani Enterprises stock is about 30% lower than at the start of 2023.
A more potent overhang is the U.S. Justice Department's indictment of the tycoon in a $265 million Indian bribery scheme. The Adani group denies any wrongdoing but the charges have complicated the conglomerate's fundraising prospects. Though BlackRock BLK.N subscribed to bonds an Adani unit issued in April to finance an acquisition, that borrowing came at an increased cost than its past deals.
Non-U.S. banks including Barclays BARC.L and DBS DBSM.SI lent $250 million to Adani's airport and ports units last month, Bloomberg reported citing unnamed people familiar with the transactions. But the U.S. issue stalled Adani's efforts to cut its dependence on Indian banks, which hold 47% of its 2.9 trillion rupees ($32.8 billion) debt. The group has returned to equity markets but only for carefully controlled issuances to institutional investors, not the public.
If anything, its stateside problems are widening. A subsidiary of Adani Enterprises has been named among 43 Indian exporters in a U.S. complaint over dumping of solar exports, a person familiar with the situation told Reuters Breakingviews. Similar investigations into Southeast Asian companies have attracted prohibitively high tariffs.
The resumption of trade talks this week between India and the U.S. may smooth the path for Adani to eventually draw a line under the Justice Department's probe, perhaps through a settlement. Until then, its other victories are superficial.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
The Securities and Exchange Board of India on September 18 dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by U.S. short-seller Hindenburg Research.
The capital markets regulator began investigating the group's flagship Adani Enterprises and its ports and energy units in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. SEBI officials said in the order that the transactions under review, which were carried out between 2018 and 2023, did not qualify as related party transactions under the rules at the time.
Most Adani group shares are trading lower than before Hindenburg's attack https://www.reuters.com/graphics/BRV-BRV/gdvzbgwwlvw/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
Adani Energy Solutions Incorporates Adani Energy Solutions Step-Fourteen
Sept 2 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES ADANI ENERGY SOLUTIONS STEP-FOURTEEN
Source text: ID:nBSE7fldvh
Further company coverage: ADAI.NS
Sept 2 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES ADANI ENERGY SOLUTIONS STEP-FOURTEEN
Source text: ID:nBSE7fldvh
Further company coverage: ADAI.NS
Adani Energy Solutions Incorporates Adani Energy Solutions Step-Fifteen
Aug 27 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES ADANI ENERGY SOLUTIONS STEP-FIFTEEN
Source text: ID:nBSE4LW327
Further company coverage: ADAI.NS
Aug 27 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES ADANI ENERGY SOLUTIONS STEP-FIFTEEN
Source text: ID:nBSE4LW327
Further company coverage: ADAI.NS
Adani Energy Solutions Incorporates Adani Electricity Vasai-Virar Limited
Aug 5 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - INCORPORATES ADANI ELECTRICITY VASAI-VIRAR LIMITED
Source text: ID:nNSEvN6mS
Further company coverage: ADAI.NS
Aug 5 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - INCORPORATES ADANI ELECTRICITY VASAI-VIRAR LIMITED
Source text: ID:nNSEvN6mS
Further company coverage: ADAI.NS
Adani Energy Solutions Incorporates Three Wholly Owned Subsidiaries
Aug 4 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES THREE WHOLLY OWNED SUBSIDIARIES
Source text: ID:nNSE81JfZX
Further company coverage: ADAI.NS
Aug 4 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
INCORPORATES THREE WHOLLY OWNED SUBSIDIARIES
Source text: ID:nNSE81JfZX
Further company coverage: ADAI.NS
Diamond Power Infrastructure Receives 13.49 Billion Rupees Order From Adani Energy
July 28 (Reuters) - Diamond Power Infrastructure Ltd DIAC.NS:
DIAMOND POWER INFRASTRUCTURE LTD - RECEIVES 13.49 BILLION RUPEES ORDER FROM ADANI ENERGY
DIAMOND POWER INFRASTRUCTURE LTD - RECEIVES 13.49 BILLION RUPEES ORDER FROM ADANI ENERGY
Source text: ID:nBSE7JHgl5
Further company coverage: DIAC.NS
July 28 (Reuters) - Diamond Power Infrastructure Ltd DIAC.NS:
DIAMOND POWER INFRASTRUCTURE LTD - RECEIVES 13.49 BILLION RUPEES ORDER FROM ADANI ENERGY
DIAMOND POWER INFRASTRUCTURE LTD - RECEIVES 13.49 BILLION RUPEES ORDER FROM ADANI ENERGY
Source text: ID:nBSE7JHgl5
Further company coverage: DIAC.NS
Adani Energy Solutions Q1 Capex At 22.24 Billion Rupees
July 24 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - Q1 CAPEX AT 22.24 BILLION RUPEES
ADANI ENERGY SOLUTIONS - ANTICIPATE SIGNIFICANT INCREASE IN CAPEX ROLL-OUT, NEW BID ACTIVITY FROM Q2
Source text: ID:nBSEb0C6wW
Further company coverage: ADAI.NS
July 24 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - Q1 CAPEX AT 22.24 BILLION RUPEES
ADANI ENERGY SOLUTIONS - ANTICIPATE SIGNIFICANT INCREASE IN CAPEX ROLL-OUT, NEW BID ACTIVITY FROM Q2
Source text: ID:nBSEb0C6wW
Further company coverage: ADAI.NS
India's Adani Group stocks slip on report US probing alleged Iran sanctions evasion
June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.
An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."
Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.
India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.
The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.
Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.
Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.
An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."
Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.
India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.
The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.
Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.
Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
Adani Energy Solutions To Consider Fundraising Proposal On May 31
May 28 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - TO CONSIDER FUNDRAISING PROPOSAL ON MAY 31
Further company coverage: ADAI.NS
May 28 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
ADANI ENERGY SOLUTIONS LTD - TO CONSIDER FUNDRAISING PROPOSAL ON MAY 31
Further company coverage: ADAI.NS
Adani Group, Reliance pledge more investments in north-eastern India
Changes media packaging code, recasts first paragraph, adds investment targets for Reliance Industries in paragraphs 4-5
May 23 (Reuters) - Indian conglomerates led by billionaires Gautam Adani and Mukesh Ambani said in separate statements on Friday that they will invest more money to develop their projects in the country's northeast region.
The Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop infrastructure, including roads and highways, as well as green energy projects such as hydro and pumped storage, chairman Gautam Adani said at an industry event in New Delhi.
Earlier this year, he announced his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
Reliance Industries, which has invested 300 billion rupees in the region so far, is aiming to increase it to as much as 750 billion rupees in the next five years, chairman Mukesh Ambani said at the same event.
The oil-to-retail group will set up 350 biogas plants in the region and will build factories to produce fast-moving consumer goods, he added.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Changes media packaging code, recasts first paragraph, adds investment targets for Reliance Industries in paragraphs 4-5
May 23 (Reuters) - Indian conglomerates led by billionaires Gautam Adani and Mukesh Ambani said in separate statements on Friday that they will invest more money to develop their projects in the country's northeast region.
The Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop infrastructure, including roads and highways, as well as green energy projects such as hydro and pumped storage, chairman Gautam Adani said at an industry event in New Delhi.
Earlier this year, he announced his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
Reliance Industries, which has invested 300 billion rupees in the region so far, is aiming to increase it to as much as 750 billion rupees in the next five years, chairman Mukesh Ambani said at the same event.
The oil-to-retail group will set up 350 biogas plants in the region and will build factories to produce fast-moving consumer goods, he added.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
Adani Energy Solutions Q4 Consol Net Profit 6.47 Bln Rupees
May 6 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
Q4 CONSOL NET PROFIT 6.47 BILLION RUPEES
Q4 CONSOL TOTAL INCOME 65.96 BILLION RUPEES
Source text: ID:nnAZN3SOFU2
Further company coverage: ADAI.NS
May 6 (Reuters) - Adani Energy Solutions Ltd ADAI.NS:
Q4 CONSOL NET PROFIT 6.47 BILLION RUPEES
Q4 CONSOL TOTAL INCOME 65.96 BILLION RUPEES
Source text: ID:nnAZN3SOFU2
Further company coverage: ADAI.NS
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What does Adani Energy Solut. do?
Adani Energy Solutions (AESL) is India’s largest integrated energy player with a pole position in the transmission and distribution business focussed on delivering reliable, affordable, and sustainable energy solutions. Its integrated portfolio is spanned across power transmission, distribution, smart metering, and energy solutions catering to various facets of the energy domain. The principal business of the Company and its subsidiaries (together referred to as the Group) includes: power transmission business, distribution of power, smart metering business, cooling solutions and other business activities.
Who are the competitors of Adani Energy Solut.?
Adani Energy Solut. major competitors are Tata Power, Power Grid Corp, CESC, Reliance Infra, INDIGRID Infra Trust. Market Cap of Adani Energy Solut. is ₹1,60,960 Crs. While the median market cap of its peers are ₹23,999 Crs.
Is Adani Energy Solut. financially stable compared to its competitors?
Adani Energy Solut. seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Adani Energy Solut. pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Adani Energy Solut. latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Adani Energy Solut. allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Adani Energy Solut. balance sheet?
Balance sheet of Adani Energy Solut. is moderately strong.
Is the profitablity of Adani Energy Solut. improving?
The profit is oscillating. The profit of Adani Energy Solut. is ₹2,393 Crs for TTM, ₹1,060 Crs for Mar 2025 and ₹1,137 Crs for Mar 2024.
Is the debt of Adani Energy Solut. increasing or decreasing?
Yes, The net debt of Adani Energy Solut. is increasing. Latest net debt of Adani Energy Solut. is ₹44,951 Crs as of Mar-26. This is greater than Mar-25 when it was ₹32,978 Crs.
Is Adani Energy Solut. stock expensive?
Adani Energy Solut. is not expensive. Latest PE of Adani Energy Solut. is 70.52, while 3 year average PE is 180. Also latest EV/EBITDA of Adani Energy Solut. is 25.77 while 3yr average is 34.7.
Has the share price of Adani Energy Solut. grown faster than its competition?
Adani Energy Solut. has given better returns compared to its competitors. Adani Energy Solut. has grown at ~33.58% over the last 8yrs while peers have grown at a median rate of 7.39%
Is the promoter bullish about Adani Energy Solut.?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 72.73% and last quarter promoter holding is 71.19%.
Are mutual funds buying/selling Adani Energy Solut.?
The mutual fund holding of Adani Energy Solut. is increasing. The current mutual fund holding in Adani Energy Solut. is 6.59% while previous quarter holding is 6.44%.