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US set to drop criminal fraud case against India’s Gautam Adani, sources say, as deal reached in civil case
Prosecutors alleged Adani paid bribes for solar project, Adani denies allegations
Adani and nephew settle related SEC civil fraud case for $18 million, deny wrongdoing
Adani's lawyers had argued U.S. lacked jurisdiction and evidence
By Dan Rosenzweig-Ziff and Andrew Goudsward
May 15 (Reuters) - The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter.
Adani on Thursday also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval.
The possible dismissal of the criminal charges comes after 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 Adani could not make that investment while the case was proceeding, one of the sources said.
Adani had publicly promised to invest that amount and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election.
Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Giuffra made a similar argument in court filings in the parallel SEC case last month.
Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently.
The Justice Department did not immediately respond to a request for comment.
Bloomberg News first reported that the Justice Department was close to dismissing Adani's case.
It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden.
In November 2024, federal prosecutors in Brooklyn charged Adani over an alleged scheme in which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said.
The Adani Group has called the allegations "baseless."
RELATED CIVIL FRAUD CASE ALSO RESOLVED
Adani also faced a related SEC civil fraud lawsuit, which the securities regulator settled on Thursday subject to court approval, court records showed. Sagar Adani, the nephew of Gautam Adani, was also facing the SEC civil claims.
Adani and his nephew would pay civil penalties of $18 million, though neither would admit or deny any wrongdoing, the court records showed.
Adani Green Energy ADNA.NS said in a statement the two men and the SEC had filed with a New York court for the entry of a final judgement, which was now being awaited.
The Adanis' lawyers last month said their clients disputed there was any credible evidence supporting the bribery scheme alleged by the SEC.
They 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 63-year-old Adani is worth $82 billion, according to Forbes magazine, making him one of the world's richest people.
(Additonal reporting by Luc Cohen in New York and Anusha Shah in Bengaluru; writing by Scott Murdoch. Editing by Andy Sullivan, Lincoln Feast and John Mair.)
Prosecutors alleged Adani paid bribes for solar project, Adani denies allegations
Adani and nephew settle related SEC civil fraud case for $18 million, deny wrongdoing
Adani's lawyers had argued U.S. lacked jurisdiction and evidence
By Dan Rosenzweig-Ziff and Andrew Goudsward
May 15 (Reuters) - The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter.
Adani on Thursday also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval.
The possible dismissal of the criminal charges comes after 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 Adani could not make that investment while the case was proceeding, one of the sources said.
Adani had publicly promised to invest that amount and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election.
Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Giuffra made a similar argument in court filings in the parallel SEC case last month.
Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently.
The Justice Department did not immediately respond to a request for comment.
Bloomberg News first reported that the Justice Department was close to dismissing Adani's case.
It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden.
In November 2024, federal prosecutors in Brooklyn charged Adani over an alleged scheme in which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said.
The Adani Group has called the allegations "baseless."
RELATED CIVIL FRAUD CASE ALSO RESOLVED
Adani also faced a related SEC civil fraud lawsuit, which the securities regulator settled on Thursday subject to court approval, court records showed. Sagar Adani, the nephew of Gautam Adani, was also facing the SEC civil claims.
Adani and his nephew would pay civil penalties of $18 million, though neither would admit or deny any wrongdoing, the court records showed.
Adani Green Energy ADNA.NS said in a statement the two men and the SEC had filed with a New York court for the entry of a final judgement, which was now being awaited.
The Adanis' lawyers last month said their clients disputed there was any credible evidence supporting the bribery scheme alleged by the SEC.
They 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 63-year-old Adani is worth $82 billion, according to Forbes magazine, making him one of the world's richest people.
(Additonal reporting by Luc Cohen in New York and Anusha Shah in Bengaluru; writing by Scott Murdoch. Editing by Andy Sullivan, Lincoln Feast and John Mair.)
US authorities move to resolve fraud cases against India's Adani, Bloomberg News reports
May 14 (Reuters) - U.S. authorities are moving to resolve the fraud charges against Indian billionaire Gautam Adani, Bloomberg news reported on Thursday.
The Justice Department may announce that the charges will be dropped this week, the report said, citing people familiar with the matter.
Reuters could not immediately verify the report.
(Reporting by Anusha Shah in Bengaluru)
May 14 (Reuters) - U.S. authorities are moving to resolve the fraud charges against Indian billionaire Gautam Adani, Bloomberg news reported on Thursday.
The Justice Department may announce that the charges will be dropped this week, the report said, citing people familiar with the matter.
Reuters could not immediately verify the report.
(Reporting by Anusha Shah in Bengaluru)
Uber CEO Says Co is Setting Up Its First Data Center In India With Adani Group
May 13 (Reuters) - Uber CEO:
UBER CEO: SETTING UP CO'S FIRST DATA CENTER IN INDIA WITH ADANI GROUP; TO BE READY LATER THIS YEAR - X POST
Source text: https://x.com/dkhos/status/2054467647509577987
Further company coverage: ADEL.NS
May 13 (Reuters) - Uber CEO:
UBER CEO: SETTING UP CO'S FIRST DATA CENTER IN INDIA WITH ADANI GROUP; TO BE READY LATER THIS YEAR - X POST
Source text: https://x.com/dkhos/status/2054467647509577987
Further company coverage: ADEL.NS
India's Royal Enfield to invest over $232 million in new manufacturing plant
May 7 (Reuters) - Indian bike maker Royal Enfield plans to invest about 22 billion rupees ($232.24 million) to set up a manufacturing plant in the southern state of Andhra Pradesh, it said on Thursday.
The Eicher Motors EICH.NS unit will establish the facility in two phases, with the first phase expected to be completed by 2029, and the second slated for 2032.
The plant will add around 900,000 units to its current annual capacity of around 1.46 million units, as of end-February.
Andhra Pradesh has drawn investments from Alphabet's GOOGL.O Google, Reliance Industries RELI.NS and Adani Group ADEL.NS, among others.
Royal Enfield's project is expected to generate roughly 5,000 direct and indirect jobs.
The investment marks the bike maker's first major manufacturing expansion outside Tamil Nadu state, the firm said.
($1 = 94.7300 Indian rupees)
(Reporting by Bipasha Dey in Bengaluru; Editing by Sonia Cheema)
May 7 (Reuters) - Indian bike maker Royal Enfield plans to invest about 22 billion rupees ($232.24 million) to set up a manufacturing plant in the southern state of Andhra Pradesh, it said on Thursday.
The Eicher Motors EICH.NS unit will establish the facility in two phases, with the first phase expected to be completed by 2029, and the second slated for 2032.
The plant will add around 900,000 units to its current annual capacity of around 1.46 million units, as of end-February.
Andhra Pradesh has drawn investments from Alphabet's GOOGL.O Google, Reliance Industries RELI.NS and Adani Group ADEL.NS, among others.
Royal Enfield's project is expected to generate roughly 5,000 direct and indirect jobs.
The investment marks the bike maker's first major manufacturing expansion outside Tamil Nadu state, the firm said.
($1 = 94.7300 Indian rupees)
(Reporting by Bipasha Dey in Bengaluru; Editing by Sonia Cheema)
Adani, Arcelor among firms setting up treasury operations in India's GIFT City, sources say
Firms are setting up treasury operations in India's GIFT City
GIFT City allows access to cheaper funding
GIFT City allows lower taxes on remitting dividends, excess cash
By Jayshree P Upadhyay and Jaspreet Kalra
MUMBAI, May 5 (Reuters) - Gautam Adani's eponymous firm, telecom operator Bharti Airtel BRTI.NS, U.S.-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources.
They are set to join ArcelorMittal MT.LU, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings.
The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased.
Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media.
Corporate treasury operations have traditionally been housed in places like Singapore and the Netherlands. Global treasury centres are hubs where multinational firms manage cash, funding, liquidity, foreign exchange and financial risks.
Access to cheaper funding, lower taxes on remitting dividends and excess cash to overseas units, along with being able to hold assets in dollars as the rupee weakens, are prompting firms to set up treasury centres in GIFT City, the three sources said. By onshoring this activity to GIFT City, India hopes to retain control and oversight of global financial flows associated with its companies.
"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, a senior partner at PricewaterhouseCoopers.
Responding to a Reuters query, a spokesperson for Germany-based ZF Friedrichshafen said in an email it is exploring a GIFT City set-up and has yet to apply for a license.
Email queries to the other companies mentioned in this article did not yield any responses.
The names of firms planning to set up operations in GIFT City have not been previously reported.
Dipesh Shah, an executive director at the International Financial Services Centre Authority, a GIFT City regulator, said "the rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital." He declined to comment on individual companies setting up treasury operations at the tax hub.
REGULATORY PUSH
Activity has picked up sharply since January, with seven companies securing regulatory licences and another 17 at different stages of approval, sources said.
Much of the recent surge is attributable to regulatory changes from April 2025, according to two of the sources.
"The interest from foreign multinational companies has been beyond our expectations," said a senior regulatory official at GIFT City who requested anonymity as they are not authorised to talk to the media.
A key change that was made allows banks to pay interest on current account balances - a practice not allowed by the Reserve Bank of India for onshore lenders, the sources said. Just one foreign bank has started this so far, two of the three sources said.
ArcelorMittal - an early entrant - plans to undertake cash pooling activities for its India entities via GIFT City, according to the sources, similar to what it does via its treasury centre in Paris through an entity called ArcelorMittal Treasury.
(Reporting by Jayshree P Upadhyay and Jaspreet Kalra in Mumbai; Editing by Ira Dugal in Mumbai and Thomas Derpinghaus)
((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Firms are setting up treasury operations in India's GIFT City
GIFT City allows access to cheaper funding
GIFT City allows lower taxes on remitting dividends, excess cash
By Jayshree P Upadhyay and Jaspreet Kalra
MUMBAI, May 5 (Reuters) - Gautam Adani's eponymous firm, telecom operator Bharti Airtel BRTI.NS, U.S.-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources.
They are set to join ArcelorMittal MT.LU, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings.
The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased.
Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media.
Corporate treasury operations have traditionally been housed in places like Singapore and the Netherlands. Global treasury centres are hubs where multinational firms manage cash, funding, liquidity, foreign exchange and financial risks.
Access to cheaper funding, lower taxes on remitting dividends and excess cash to overseas units, along with being able to hold assets in dollars as the rupee weakens, are prompting firms to set up treasury centres in GIFT City, the three sources said. By onshoring this activity to GIFT City, India hopes to retain control and oversight of global financial flows associated with its companies.
"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, a senior partner at PricewaterhouseCoopers.
Responding to a Reuters query, a spokesperson for Germany-based ZF Friedrichshafen said in an email it is exploring a GIFT City set-up and has yet to apply for a license.
Email queries to the other companies mentioned in this article did not yield any responses.
The names of firms planning to set up operations in GIFT City have not been previously reported.
Dipesh Shah, an executive director at the International Financial Services Centre Authority, a GIFT City regulator, said "the rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital." He declined to comment on individual companies setting up treasury operations at the tax hub.
REGULATORY PUSH
Activity has picked up sharply since January, with seven companies securing regulatory licences and another 17 at different stages of approval, sources said.
Much of the recent surge is attributable to regulatory changes from April 2025, according to two of the sources.
"The interest from foreign multinational companies has been beyond our expectations," said a senior regulatory official at GIFT City who requested anonymity as they are not authorised to talk to the media.
A key change that was made allows banks to pay interest on current account balances - a practice not allowed by the Reserve Bank of India for onshore lenders, the sources said. Just one foreign bank has started this so far, two of the three sources said.
ArcelorMittal - an early entrant - plans to undertake cash pooling activities for its India entities via GIFT City, according to the sources, similar to what it does via its treasury centre in Paris through an entity called ArcelorMittal Treasury.
(Reporting by Jayshree P Upadhyay and Jaspreet Kalra in Mumbai; Editing by Ira Dugal in Mumbai and Thomas Derpinghaus)
((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters Messaging: Twitter: @jaysh88))
India appeals tribunal dismisses Vedanta plea against Adani's Jaiprakash bid, lawyer says
By Arpan Chaturvedi
May 4 (Reuters) - An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal's Vedanta VDAN.NS to fellow billionaire Gautam Adani's winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.
The win gives a boost to Adani's takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates JAIA.NS that include the country's only Formula One track.
The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.
(Writing by Surbhi Misra in Bengaluru; Editing by Tom Hogue)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
By Arpan Chaturvedi
May 4 (Reuters) - An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal's Vedanta VDAN.NS to fellow billionaire Gautam Adani's winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.
The win gives a boost to Adani's takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates JAIA.NS that include the country's only Formula One track.
The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.
(Writing by Surbhi Misra in Bengaluru; Editing by Tom Hogue)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Adani Group Announces Three-Layer Organisational Structure To Speed Up Decision-Making And Improve Execution Efficiency - Statement
May 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI GROUP ANNOUNCES THREE-LAYER ORGANISATIONAL STRUCTURE TO SPEED UP DECISION-MAKING AND IMPROVE EXECUTION EFFICIENCY - STATEMENT
ADANI GROUP ON RESTRUCTURING: GROUP TO WORK WITH FEWER, LARGER CONTRACTORS TO IMPROVE COORDINATION AND EXECUTION SPEED
Source text: [ID:]
Further company coverage: ADEL.NS
May 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI GROUP ANNOUNCES THREE-LAYER ORGANISATIONAL STRUCTURE TO SPEED UP DECISION-MAKING AND IMPROVE EXECUTION EFFICIENCY - STATEMENT
ADANI GROUP ON RESTRUCTURING: GROUP TO WORK WITH FEWER, LARGER CONTRACTORS TO IMPROVE COORDINATION AND EXECUTION SPEED
Source text: [ID:]
Further company coverage: ADEL.NS
India's Adani flagship posts first quarterly loss in 17 quarters
Rewrites, adds comments from earnings call in paragraph 7, adds details in paragraphs 4-8
By Anuran Sadhu
April 30 (Reuters) - India's Adani Enterprises ADEL.NS reported its first quarterly loss in 17 quarters on Thursday, hurt by higher depreciation related to a newly operational airport near Mumbai and a copper plant in the western state of Gujarat, along with a surge in expenses.
The flagship firm of billionaire Gautam Adani-led conglomerate posted a consolidated net loss of 2.21 billion rupees ($23.27 million) in the quarter ended March.
"The fourth-quarter results were affected by depreciation on recently commissioned assets of Navi Mumbai and copper plant," the company said in its exchange filing.
While the Navi Mumbai airport started operations in December last year, the 500,000 tonne per annum copper plant was commissioned in March, 2024, resulting in an increase in depreciation charges.
Total expenses jumped over 23% to 324.58 billion rupees, driven largely by a surge in raw material costs. The cost of materials consumed rose over three-fold to 118.28 billion rupees.
The cost of materials consumed reflects raw materials and consumables used in the company's diversified business portfolio, ranging from coal trading and mining to new energy business and infrastructure development.
Adani's commercial mining segment's loss widened to 11.28 billion rupees from a loss of 2.84 billion rupees a year earlier, primarily due to mining operation "constraints" at its thermal coal Carmichael mine in Australia, a company executive said on an earnings conference call.
The firm's new energy business, which comprises solar manufacturing and wind turbine businesses and accounts for about 17% of the revenue, declined 4.2% to 9.52 billion rupees.
EBITDA, a measure for operating profit, rose 3% on-year to 44.79 billion rupees, while revenue from operations rose 20.3% to 324.39 billion rupees.
Adani had posted a profit of 38.45 billion rupees a year ago, boosted by a one-time gain of 39.46 billion rupees from the sale of its stake in a joint venture with Singapore's Wilmar WLIL.SI.
($1 = 94.9588 Indian rupees)
(Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Shailesh Kuber)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Rewrites, adds comments from earnings call in paragraph 7, adds details in paragraphs 4-8
By Anuran Sadhu
April 30 (Reuters) - India's Adani Enterprises ADEL.NS reported its first quarterly loss in 17 quarters on Thursday, hurt by higher depreciation related to a newly operational airport near Mumbai and a copper plant in the western state of Gujarat, along with a surge in expenses.
The flagship firm of billionaire Gautam Adani-led conglomerate posted a consolidated net loss of 2.21 billion rupees ($23.27 million) in the quarter ended March.
"The fourth-quarter results were affected by depreciation on recently commissioned assets of Navi Mumbai and copper plant," the company said in its exchange filing.
While the Navi Mumbai airport started operations in December last year, the 500,000 tonne per annum copper plant was commissioned in March, 2024, resulting in an increase in depreciation charges.
Total expenses jumped over 23% to 324.58 billion rupees, driven largely by a surge in raw material costs. The cost of materials consumed rose over three-fold to 118.28 billion rupees.
The cost of materials consumed reflects raw materials and consumables used in the company's diversified business portfolio, ranging from coal trading and mining to new energy business and infrastructure development.
Adani's commercial mining segment's loss widened to 11.28 billion rupees from a loss of 2.84 billion rupees a year earlier, primarily due to mining operation "constraints" at its thermal coal Carmichael mine in Australia, a company executive said on an earnings conference call.
The firm's new energy business, which comprises solar manufacturing and wind turbine businesses and accounts for about 17% of the revenue, declined 4.2% to 9.52 billion rupees.
EBITDA, a measure for operating profit, rose 3% on-year to 44.79 billion rupees, while revenue from operations rose 20.3% to 324.39 billion rupees.
Adani had posted a profit of 38.45 billion rupees a year ago, boosted by a one-time gain of 39.46 billion rupees from the sale of its stake in a joint venture with Singapore's Wilmar WLIL.SI.
($1 = 94.9588 Indian rupees)
(Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala and Shailesh Kuber)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
India opens $4 billion expressway spanning 600 km in most populous state
By Tanvi Mehta
NEW DELHI, April 29 (Reuters) - Indian Prime Minister Narendra Modi opened one of the country's longest expressways on Wednesday, connecting 12 districts over nearly 600 km (370 miles) in the most populous state of Uttar Pradesh.
Here are some details:
The expressway has been built at a cost of 362.30 billion rupees ($3.82 billion) by Adani Enterprises ADEL.NS and IRB Infrastructure Developers IRBI.NS.
The six-lane greenfield corridor, the longest in the northern state, will significantly reduce the time taken to travel from Meerut in the east to Prayagraj in the west, covering 594 km.
Named after the holy Ganga river that flows through the state, the government expects the expressway to be a launchpad for industrial corridors.
The Indian government has significantly increased its spending on infrastructure after the COVID-19 pandemic, with a record 12.2 trillion rupees allotted for spending in this year's budget.
A slew of recent projects connecting major cities have been part of a broader push by the government to enhance agricultural and industrial development and boost tourism in cities and towns.
(Reporting by Tanvi Mehta; Editing by YP Rajesh)
By Tanvi Mehta
NEW DELHI, April 29 (Reuters) - Indian Prime Minister Narendra Modi opened one of the country's longest expressways on Wednesday, connecting 12 districts over nearly 600 km (370 miles) in the most populous state of Uttar Pradesh.
Here are some details:
The expressway has been built at a cost of 362.30 billion rupees ($3.82 billion) by Adani Enterprises ADEL.NS and IRB Infrastructure Developers IRBI.NS.
The six-lane greenfield corridor, the longest in the northern state, will significantly reduce the time taken to travel from Meerut in the east to Prayagraj in the west, covering 594 km.
Named after the holy Ganga river that flows through the state, the government expects the expressway to be a launchpad for industrial corridors.
The Indian government has significantly increased its spending on infrastructure after the COVID-19 pandemic, with a record 12.2 trillion rupees allotted for spending in this year's budget.
A slew of recent projects connecting major cities have been part of a broader push by the government to enhance agricultural and industrial development and boost tourism in cities and towns.
(Reporting by Tanvi Mehta; Editing by YP Rajesh)
India's Adani Enterprises rises as Jefferies projects broad-based FY27 ramp-up
** Shares of Adani Enterprises ADEL.NS rise 1.64% to 2,179.50 rupees
** Jefferies says Adani's flagship company set for a broad-based ramp-up across businesses in FY27, despite near-term softness in airport traffic and a delay in the Navi Mumbai airport operation ramp-up
** Expects non-aero revenue and airport monetisation to support growth, with consolidated EBITDA seen rising about 37% y/y
** Brokerage maintains "buy" rating, flagging valuation upside as cash flows improve and capital expenditure moderates but cuts PT to 2,600 rupees from 2,750 rupees
** Kutch Copper in Gujarat has begun a gradual ramp-up amid weak near-term margins, with profitability expected to improve from FY27 as feedstock availability and utilisation rise
** Road projects and mining are also expected to contribute in a phased manner in the next 3-4 years
** YTD, ADEL stock down 3.4%
(Reporting by Urvi Dugar in Bengaluru)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
** Shares of Adani Enterprises ADEL.NS rise 1.64% to 2,179.50 rupees
** Jefferies says Adani's flagship company set for a broad-based ramp-up across businesses in FY27, despite near-term softness in airport traffic and a delay in the Navi Mumbai airport operation ramp-up
** Expects non-aero revenue and airport monetisation to support growth, with consolidated EBITDA seen rising about 37% y/y
** Brokerage maintains "buy" rating, flagging valuation upside as cash flows improve and capital expenditure moderates but cuts PT to 2,600 rupees from 2,750 rupees
** Kutch Copper in Gujarat has begun a gradual ramp-up amid weak near-term margins, with profitability expected to improve from FY27 as feedstock availability and utilisation rise
** Road projects and mining are also expected to contribute in a phased manner in the next 3-4 years
** YTD, ADEL stock down 3.4%
(Reporting by Urvi Dugar in Bengaluru)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Us Protests Adani’s Push To Move Cargo Carriers To New Airport - Bloomberg News
April 13 (Reuters) -
US PROTESTS ADANI’S PUSH TO MOVE CARGO CARRIERS TO NEW AIRPORT - BLOOMBERG NEWS
Source text: https://tinyurl.com/4tv5b3me
Further company coverage: ADEL.NS
April 13 (Reuters) -
US PROTESTS ADANI’S PUSH TO MOVE CARGO CARRIERS TO NEW AIRPORT - BLOOMBERG NEWS
Source text: https://tinyurl.com/4tv5b3me
Further company coverage: ADEL.NS
Gautam Adani will seek to dismiss US SEC fraud case
NEW YORK, April 7 (Reuters) - Gautam Adani, one of India's richest people, will ask a judge to dismiss the U.S. Securities and Exchange Commission's civil fraud case against him, his lawyers said on Tuesday.
In a filing in the Brooklyn, New York federal court, Adani's lawyers said the SEC's claims were "impermissibly extraterritorial," and no statements challenged by the regulator were actionable. Adani and his nephew Sagar Adani, who is also a defendant, also disputed there was any credible evidence supporting the bribery scheme that the SEC alleged.
(Reporting by Jonathan Stempel in New York)
((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))
NEW YORK, April 7 (Reuters) - Gautam Adani, one of India's richest people, will ask a judge to dismiss the U.S. Securities and Exchange Commission's civil fraud case against him, his lawyers said on Tuesday.
In a filing in the Brooklyn, New York federal court, Adani's lawyers said the SEC's claims were "impermissibly extraterritorial," and no statements challenged by the regulator were actionable. Adani and his nephew Sagar Adani, who is also a defendant, also disputed there was any credible evidence supporting the bribery scheme that the SEC alleged.
(Reporting by Jonathan Stempel in New York)
((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))
India court turns down request to pause Adani’s real estate, F1 track deal
By Arpan Chaturvedi
NEW DELHI, April 6 (Reuters) - India’s top court on Monday rejected billionaire Anil Agarwal-led Vedanta's plea to pause the acquisition by Adani group of a bankrupt real estate giant, which includes a $4 billion pool of prized assets including India's only Formula One track.
Agarwal's Vedanta is fighting in courts against the decision of a lenders' panel to give the assets of bankrupt Jaiprakash Associates to fellow tycoon Gautam Adani's group, setting up a battle between billionaires for assets including homes, power, cement plants and the Buddh International Circuit track near New Delhi.
Vedanta's challenge in the Supreme Court was declined as the judges said a lower tribunal was fit to hear the concerns of the group, and the top court does not need to interfere in the proceedings.
Vedanta argues that its $1.8 billion bid was better, but the lenders' panel decided in Adani's favour as its $1.5 billion bid had higher upfront payments.
The acquisition could boost Adani group's real estate plans, which include its other key projects in Mumbai, including the redevelopment of one of Asia's largest slums, Dharavi.
Adani's son, Karan Adani, said at a public event last month that he is "very personally engaged" with bringing F1 back to India after a 13-year absence.
(Reporting by Arpan Chaturvedi
Editing by Keith Weir)
By Arpan Chaturvedi
NEW DELHI, April 6 (Reuters) - India’s top court on Monday rejected billionaire Anil Agarwal-led Vedanta's plea to pause the acquisition by Adani group of a bankrupt real estate giant, which includes a $4 billion pool of prized assets including India's only Formula One track.
Agarwal's Vedanta is fighting in courts against the decision of a lenders' panel to give the assets of bankrupt Jaiprakash Associates to fellow tycoon Gautam Adani's group, setting up a battle between billionaires for assets including homes, power, cement plants and the Buddh International Circuit track near New Delhi.
Vedanta's challenge in the Supreme Court was declined as the judges said a lower tribunal was fit to hear the concerns of the group, and the top court does not need to interfere in the proceedings.
Vedanta argues that its $1.8 billion bid was better, but the lenders' panel decided in Adani's favour as its $1.5 billion bid had higher upfront payments.
The acquisition could boost Adani group's real estate plans, which include its other key projects in Mumbai, including the redevelopment of one of Asia's largest slums, Dharavi.
Adani's son, Karan Adani, said at a public event last month that he is "very personally engaged" with bringing F1 back to India after a 13-year absence.
(Reporting by Arpan Chaturvedi
Editing by Keith Weir)
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 Enterprises Forms Unit Named Adani Metals And Minerals FZCO In UAE
March 31 (Reuters) - Adani Enterprises Ltd ADEL.NS:
INCORPORATED A WHOLLY OWNED SUBSIDIARY NAMELY "ADANI METALS AND MINERALS FZCO" IN UAE
Source text: ID:nBSE5wCw8V
Further company coverage: ADEL.NS
March 31 (Reuters) - Adani Enterprises Ltd ADEL.NS:
INCORPORATED A WHOLLY OWNED SUBSIDIARY NAMELY "ADANI METALS AND MINERALS FZCO" IN UAE
Source text: ID:nBSE5wCw8V
Further company coverage: ADEL.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 Enterprises Says Conversion Of 137.5 Million Partly Paid-Up Shares Into Fully Paid-Up Shares
March 19 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES - CONVERSION OF 137.5 MILLION PARTLY PAID-UP SHARES INTO FULLY PAID-UP SHARES
Source text: ID:nBSE9QQVBg
Further company coverage: ADEL.NS
March 19 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES - CONVERSION OF 137.5 MILLION PARTLY PAID-UP SHARES INTO FULLY PAID-UP SHARES
Source text: ID:nBSE9QQVBg
Further company coverage: ADEL.NS
Adani Group Says Mundra Port Welcomed The Indian-Flagged Vessels Shivalik, Carrying 46,000 MT Of Lpg, And Jag Laadki, Carrying 80,886 MT Of Crude Oil
March 18 (Reuters) -
ADANI GROUP: MUNDRA PORT WELCOMED THE INDIAN-FLAGGED VESSELS SHIVALIK, CARRYING 46,000 MT OF LPG, AND JAG LAADKI, CARRYING 80,886 MT OF CRUDE OIL
Source text: https://tinyurl.com/hkzz9yex
Further company coverage: ADEL.NS
March 18 (Reuters) -
ADANI GROUP: MUNDRA PORT WELCOMED THE INDIAN-FLAGGED VESSELS SHIVALIK, CARRYING 46,000 MT OF LPG, AND JAG LAADKI, CARRYING 80,886 MT OF CRUDE OIL
Source text: https://tinyurl.com/hkzz9yex
Further company coverage: ADEL.NS
Adani Enterprises Ltd Says Intimation Regarding Sanction Of Composite Scheme Of Arrangement By NCLT Ahmedabad Branch
March 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD- NTIMATION REGARDING SANCTION OF COMPOSITE SCHEME OF ARRANGEMENT BY NCLT AHMEDABAD BRANCH
ADANI ENTERPRISES LTD - SCHEME AMONG AGETL, AEBPL, ADANI ENTERPRISES, ATL, ANIL
Source text: ID:nBSE7cyPnY
Further company coverage: ADEL.NS
March 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD- NTIMATION REGARDING SANCTION OF COMPOSITE SCHEME OF ARRANGEMENT BY NCLT AHMEDABAD BRANCH
ADANI ENTERPRISES LTD - SCHEME AMONG AGETL, AEBPL, ADANI ENTERPRISES, ATL, ANIL
Source text: ID:nBSE7cyPnY
Further company coverage: ADEL.NS
Adani Enterprises Says Acquisition Of Defence Unit From Punj Lloyd By Unit Completed
March 11 (Reuters) - Adani Enterprises Ltd ADEL.NS:
COMPLETION OF ACQUISITION OF DEFENCE UNIT FROM PUNJ LLOYD LTD BY UNIT
Source text: ID:nBSE4Kj7wN
Further company coverage: ADEL.NS
March 11 (Reuters) - Adani Enterprises Ltd ADEL.NS:
COMPLETION OF ACQUISITION OF DEFENCE UNIT FROM PUNJ LLOYD LTD BY UNIT
Source text: ID:nBSE4Kj7wN
Further company coverage: ADEL.NS
Adani Enterprises Incorporates Subsidiary Corr Tollways
March 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
INCORPORATED SUBSIDIARY CORR TOLLWAYS
Source text: ID:nBSE42nK5z
Further company coverage: ADEL.NS
March 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
INCORPORATED SUBSIDIARY CORR TOLLWAYS
Source text: ID:nBSE42nK5z
Further company coverage: ADEL.NS
Adani Enterprises Says KCL Has Divested Its Entire 50% Stake In Praneetha Ecocables
March 2 (Reuters) - Adani Enterprises Ltd ADEL.NS:
KCL HAS DIVESTED ITS ENTIRE 50% STAKE IN PRANEETHA ECOCABLES
Source text: ID:nBSE1WBgwy
Further company coverage: ADEL.NS
March 2 (Reuters) - Adani Enterprises Ltd ADEL.NS:
KCL HAS DIVESTED ITS ENTIRE 50% STAKE IN PRANEETHA ECOCABLES
Source text: ID:nBSE1WBgwy
Further company coverage: ADEL.NS
Adani Enterprises Says ADSTL Executed An Agreement On March 1 With Punj Lloyd Aviation To Acquire 14.2% Stake In Air Works
March 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ADSTL EXECUTED AN AGREEMENT ON MARCH 1 WITH PUNJ LLOYD AVIATION TO ACQUIRE 14.2% STAKE IN AIR WORKS
Source text: ID:nBSE7jbwtG
Further company coverage: ADEL.NS
March 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ADSTL EXECUTED AN AGREEMENT ON MARCH 1 WITH PUNJ LLOYD AVIATION TO ACQUIRE 14.2% STAKE IN AIR WORKS
Source text: ID:nBSE7jbwtG
Further company coverage: ADEL.NS
FedEx Invests ₹2,500 Crore in Fully Automated Air Cargo Hub at Navi Mumbai Airport
FedEx Corporation has begun construction of a fully automated air cargo hub at Navi Mumbai International Airport, committing a ₹2,500 crore long-term investment. The planned 300,000-square-foot facility, developed with Adani Airport Holdings, will serve as a regional consolidation and redistribution hub and is expected to create more than 6,000 direct and indirect jobs while boosting cargo processing speed and reliability for trade routes linking India with Southeast Asia, the Middle East, Europe and the United States.
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. FedEx Corporation published the original content used to generate this news brief on February 24, 2026, and is solely responsible for the information contained therein.
FedEx Corporation has begun construction of a fully automated air cargo hub at Navi Mumbai International Airport, committing a ₹2,500 crore long-term investment. The planned 300,000-square-foot facility, developed with Adani Airport Holdings, will serve as a regional consolidation and redistribution hub and is expected to create more than 6,000 direct and indirect jobs while boosting cargo processing speed and reliability for trade routes linking India with Southeast Asia, the Middle East, Europe and the United States.
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. FedEx Corporation published the original content used to generate this news brief on February 24, 2026, and is solely responsible for the information contained therein.
BREAKINGVIEWS-India's summit captures AI hubris and angst
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
By Shritama Bose and Ujjaini Dutta
NEW DELHI, Feb 23 (Reuters Breakingviews) - The dissonance surrounding India's artificial intelligence dreams came alive at the AI Impact Summit. The five-day confab in New Delhi last week hosted global A-listers from OpenAI CEO Sam Altman to Alphabet's GOOGL.O Sundar Pichai and attracted investment pledges of over $250 billion, including from Reliance Industries RELI.NS and the Adani Group. But the euphoria barely concealed the country's simmering anxieties around the fast-moving technology.
The 500,000 visitors at the shindig focusing on "bridging the global AI divide" included delegates from 118 countries and swarms of college students attending sessions on everything from the creator economy to AI in agriculture and defence. On Saturday, 88 nations and international groupings endorsed the Delhi Declaration, which commits to democratising AI resources.
Yet even as crowds during the week cheered India’s homegrown government-backed answer to OpenAI and DeepSeek, Sarvam AI’s demonstrations of its "extremely frugal" large language models for Indic languages underscored the steep challenge facing most countries seeking to preserve AI sovereignty. Without powerful domestic alternatives, attendees warned, India risks becoming a digital colony of the United States and China.
Also lacking was substantial discussion on job losses from AI. India already struggles to create the 8 million roles it needs each year to absorb new entrants into the workforce. Its vast IT software services industry and role as the world's back office places it at the sharp end of disruption. V Anantha Nageswaran, India's chief economic advisor, at least hinted at the scale of the looming challenge, calling it "a stress test of our state capacity" - a remark that resonates in a country known for weak policy implementation.
The summit also failed to build consensus on who should shoulder the gargantuan task of reskilling a workforce whose future already fuels frequent primetime television debates. Prime Minister Narendra Modi said reskilling must become a mass movement. In private, executives cast it as the government’s problem. Past precedent suggests India Inc will ultimately be forced to share the burden.
The lack of urgency perhaps stems from knowledge that multi-year contracts with global firms will buy outsourcers like Tata Consultancy Services TCS.NS, among India's largest employers, a few years to adapt. In time AI might create more jobs than it destroys, as Reliance's Chair Mukesh Ambani vowed to prove. But that's cold comfort for the swelling ranks of Indian workers caught up in the churn. For now, India has missed a chance to set the agenda for the Global South on this important topic. Hubris was poor cover.
Follow Shritama Bose on LinkedIn and X.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
The AI Impact Summit 2026 was held at New Delhi from February 16 to 20. The summit attracted 500,000 visitors, 20 heads of government and delegates from 118 countries, India's Ministry of Electronics and Information Technology said on February 20.
Spending pledges prioritise AI infrastructure https://www.reuters.com/graphics/BRV-BRV/lbvgyrlkqvq/chart.png
Openings for tech jobs in India are slowing https://www.reuters.com/graphics/BRV-BRV/zdpxgyqojvx/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the authors, Reuters customers can click on BOSE/ shritama.bose@thomsonreuters.com and DUTTA/ ujjaini.dutta@thomsonreuters.com))
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
By Shritama Bose and Ujjaini Dutta
NEW DELHI, Feb 23 (Reuters Breakingviews) - The dissonance surrounding India's artificial intelligence dreams came alive at the AI Impact Summit. The five-day confab in New Delhi last week hosted global A-listers from OpenAI CEO Sam Altman to Alphabet's GOOGL.O Sundar Pichai and attracted investment pledges of over $250 billion, including from Reliance Industries RELI.NS and the Adani Group. But the euphoria barely concealed the country's simmering anxieties around the fast-moving technology.
The 500,000 visitors at the shindig focusing on "bridging the global AI divide" included delegates from 118 countries and swarms of college students attending sessions on everything from the creator economy to AI in agriculture and defence. On Saturday, 88 nations and international groupings endorsed the Delhi Declaration, which commits to democratising AI resources.
Yet even as crowds during the week cheered India’s homegrown government-backed answer to OpenAI and DeepSeek, Sarvam AI’s demonstrations of its "extremely frugal" large language models for Indic languages underscored the steep challenge facing most countries seeking to preserve AI sovereignty. Without powerful domestic alternatives, attendees warned, India risks becoming a digital colony of the United States and China.
Also lacking was substantial discussion on job losses from AI. India already struggles to create the 8 million roles it needs each year to absorb new entrants into the workforce. Its vast IT software services industry and role as the world's back office places it at the sharp end of disruption. V Anantha Nageswaran, India's chief economic advisor, at least hinted at the scale of the looming challenge, calling it "a stress test of our state capacity" - a remark that resonates in a country known for weak policy implementation.
The summit also failed to build consensus on who should shoulder the gargantuan task of reskilling a workforce whose future already fuels frequent primetime television debates. Prime Minister Narendra Modi said reskilling must become a mass movement. In private, executives cast it as the government’s problem. Past precedent suggests India Inc will ultimately be forced to share the burden.
The lack of urgency perhaps stems from knowledge that multi-year contracts with global firms will buy outsourcers like Tata Consultancy Services TCS.NS, among India's largest employers, a few years to adapt. In time AI might create more jobs than it destroys, as Reliance's Chair Mukesh Ambani vowed to prove. But that's cold comfort for the swelling ranks of Indian workers caught up in the churn. For now, India has missed a chance to set the agenda for the Global South on this important topic. Hubris was poor cover.
Follow Shritama Bose on LinkedIn and X.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
The AI Impact Summit 2026 was held at New Delhi from February 16 to 20. The summit attracted 500,000 visitors, 20 heads of government and delegates from 118 countries, India's Ministry of Electronics and Information Technology said on February 20.
Spending pledges prioritise AI infrastructure https://www.reuters.com/graphics/BRV-BRV/lbvgyrlkqvq/chart.png
Openings for tech jobs in India are slowing https://www.reuters.com/graphics/BRV-BRV/zdpxgyqojvx/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the authors, Reuters customers can click on BOSE/ shritama.bose@thomsonreuters.com and DUTTA/ ujjaini.dutta@thomsonreuters.com))
UPDATE 8-Bill Gates pulls out of India AI summit amid Epstein scrutiny
Recasts lead, adds Gates Foundation comment in paragraphs 6, detail in 7, Sam Altman quote in paragraph 14
Gates' absence follows cancellation by Nvidia's Huang
Modi inaugurates summit alongside French President Macron
Summit faces criticism for poor management
Event attracts over $200 billion in AI investments
Modi's AI unity pose turns awkward for Altman and Anthropic's Amodei
By Aditya Soni, Munsif Vengattil and Aditya Kalra
NEW DELHI, Feb 19 (Reuters) - Bill Gates pulled out of India's AI Impact Summit hours before his scheduled keynote on Thursday, as scrutiny over his ties to late financier and sex offender Jeffrey Epstein intensified following the release of U.S. Justice Department emails.
The abrupt withdrawal of Microsoft's co-founder dealt a fresh blow to a flagship event already marred by organisational lapses, a robot row and complaints of traffic chaos.
The six-day event still notched more than $200 billion in investment pledges for AI infrastructure in India, including a $110 billion plan announced by Reliance Industries RELI.NS on Thursday. India's Tata Group also signed a partnership deal with OpenAI.
Gates' cancellation follows the release of emails last month by the DOJ that included communication between late financier and convicted sex offender Epstein and the Gates Foundation's staff.
The foundation said the billionaire will not deliver his address "to ensure the focus remains on the AI Summit's key priorities". Only days ago, the foundation had dismissed rumours of his absence and insisted he was on track to attend.
The foundation's chief strategy officer and Africa and India chief Ankur Vora spoke instead of Gates.
A representative for the philanthropic organisation, started by Gates and his then-wife in 2000, did not respond to a Reuters query on whether the withdrawal was linked to scrutiny over the Epstein files.
Gates has said the relationship was confined to philanthropy-related discussions and that it was a mistake for him to meet the sex offender.
He was among the top tech leaders due to attend the event among the likes of Google GOOGL.O CEO Sundar Pichai, OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei.
Gates' absence followed another high-profile cancellation by Nvidia's NVDA.O Jensen Huang earlier on Saturday, which added to a difficult opening for a summit billed as the first major AI forum in the Global South, where India has sought to position itself as a leading voice in worldwide AI governance.
MODI ADDRESS, AI COMMITMENTS
In his keynote address, Indian Prime Minister Narendra Modi called for maintaining children's safety on AI platforms as he addressed the gathering on Thursday, alongside French President Emmanuel Macron.
"We must be even more vigilant about children's safety. Just as a school syllabus is curated, the AI space should also be child- and family-guided," Modi said, after standing on stage with top AI executives and posing for photographs with their arms raised in a show of strength.
The photoshoot produced an awkward moment when Altman and Amodei, chiefs of rival AI firms OpenAI and Anthropic, stood side by side on stage but did not hold hands although the other executives did.
The symbolic unity pose was to declare the formal launch of the New Delhi Frontier AI Commitments, a set of voluntary principles adopted by leading AI companies at the summit to advance inclusive, responsible development of frontier AI models.
"One hundred million people in India now use ChatGPT each week," Altman told the gathering.
Despite the investment successes, India's first major AI summit has been marred by organisational lapses that have left attendees shocked and angry over what they described as a lack of planning by the Indian government.
CHAOS AND TRAFFIC SNARLS
The summit exhibition halls were shut to the public on Thursday in a surprise move that led to more anger among participating companies that had put up stalls and pavilions. The venue compound was largely deserted after three days of large crowds at the event.
Indian university Galgotias was asked to vacate its stall after a staff member presented a commercially available robotic dog made in China as its own creation, sparking a public uproar.
Police repeatedly shut roads to give preference to VIP movement at the summit, creating chaos in the city of 20 million people. The Indian government has apologised for inconvenience caused to attendees in the initial days.
Opposition parties attacked the government and the prime minister for poorly managing the global summit.
"The whole summit is, sorry was, meant for researchers, founders, builders who are grinding in the field every day. Instead we get treated like we don't matter, blocked for hours so some minister or official can pass through," Jay Gala, a Microsoft researcher, said on social media website X.
(Reporting by Munsif Vengattil, Aditya Soni, Aditya Kalra in New Delhi; Additional reporting by Sakshi Dayal, and Abhirami G; Editing by Kim Coghill, Muralikumar Anantharaman, Raju Gopalakrishnan and Christian Schmollinger)
Recasts lead, adds Gates Foundation comment in paragraphs 6, detail in 7, Sam Altman quote in paragraph 14
Gates' absence follows cancellation by Nvidia's Huang
Modi inaugurates summit alongside French President Macron
Summit faces criticism for poor management
Event attracts over $200 billion in AI investments
Modi's AI unity pose turns awkward for Altman and Anthropic's Amodei
By Aditya Soni, Munsif Vengattil and Aditya Kalra
NEW DELHI, Feb 19 (Reuters) - Bill Gates pulled out of India's AI Impact Summit hours before his scheduled keynote on Thursday, as scrutiny over his ties to late financier and sex offender Jeffrey Epstein intensified following the release of U.S. Justice Department emails.
The abrupt withdrawal of Microsoft's co-founder dealt a fresh blow to a flagship event already marred by organisational lapses, a robot row and complaints of traffic chaos.
The six-day event still notched more than $200 billion in investment pledges for AI infrastructure in India, including a $110 billion plan announced by Reliance Industries RELI.NS on Thursday. India's Tata Group also signed a partnership deal with OpenAI.
Gates' cancellation follows the release of emails last month by the DOJ that included communication between late financier and convicted sex offender Epstein and the Gates Foundation's staff.
The foundation said the billionaire will not deliver his address "to ensure the focus remains on the AI Summit's key priorities". Only days ago, the foundation had dismissed rumours of his absence and insisted he was on track to attend.
The foundation's chief strategy officer and Africa and India chief Ankur Vora spoke instead of Gates.
A representative for the philanthropic organisation, started by Gates and his then-wife in 2000, did not respond to a Reuters query on whether the withdrawal was linked to scrutiny over the Epstein files.
Gates has said the relationship was confined to philanthropy-related discussions and that it was a mistake for him to meet the sex offender.
He was among the top tech leaders due to attend the event among the likes of Google GOOGL.O CEO Sundar Pichai, OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei.
Gates' absence followed another high-profile cancellation by Nvidia's NVDA.O Jensen Huang earlier on Saturday, which added to a difficult opening for a summit billed as the first major AI forum in the Global South, where India has sought to position itself as a leading voice in worldwide AI governance.
MODI ADDRESS, AI COMMITMENTS
In his keynote address, Indian Prime Minister Narendra Modi called for maintaining children's safety on AI platforms as he addressed the gathering on Thursday, alongside French President Emmanuel Macron.
"We must be even more vigilant about children's safety. Just as a school syllabus is curated, the AI space should also be child- and family-guided," Modi said, after standing on stage with top AI executives and posing for photographs with their arms raised in a show of strength.
The photoshoot produced an awkward moment when Altman and Amodei, chiefs of rival AI firms OpenAI and Anthropic, stood side by side on stage but did not hold hands although the other executives did.
The symbolic unity pose was to declare the formal launch of the New Delhi Frontier AI Commitments, a set of voluntary principles adopted by leading AI companies at the summit to advance inclusive, responsible development of frontier AI models.
"One hundred million people in India now use ChatGPT each week," Altman told the gathering.
Despite the investment successes, India's first major AI summit has been marred by organisational lapses that have left attendees shocked and angry over what they described as a lack of planning by the Indian government.
CHAOS AND TRAFFIC SNARLS
The summit exhibition halls were shut to the public on Thursday in a surprise move that led to more anger among participating companies that had put up stalls and pavilions. The venue compound was largely deserted after three days of large crowds at the event.
Indian university Galgotias was asked to vacate its stall after a staff member presented a commercially available robotic dog made in China as its own creation, sparking a public uproar.
Police repeatedly shut roads to give preference to VIP movement at the summit, creating chaos in the city of 20 million people. The Indian government has apologised for inconvenience caused to attendees in the initial days.
Opposition parties attacked the government and the prime minister for poorly managing the global summit.
"The whole summit is, sorry was, meant for researchers, founders, builders who are grinding in the field every day. Instead we get treated like we don't matter, blocked for hours so some minister or official can pass through," Jay Gala, a Microsoft researcher, said on social media website X.
(Reporting by Munsif Vengattil, Aditya Soni, Aditya Kalra in New Delhi; Additional reporting by Sakshi Dayal, and Abhirami G; Editing by Kim Coghill, Muralikumar Anantharaman, Raju Gopalakrishnan and Christian Schmollinger)
Adani Enterprises - Fedex To Develop Fully Automated Air Cargo Hub At Navi Mumbai Airport With Long-Term Investment Of Over 25 Billion Rupees
Feb 18 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI ENTERPRISES - FEDEX TO DEVELOP FULLY AUTOMATED AIR CARGO HUB AT NAVI MUMBAI AIRPORT WITH LONG-TERM INVESTMENT OF OVER 25 BILLION RUPEES
Source text: [ID:]
Further company coverage: ABUJ.NS
Feb 18 (Reuters) - Ambuja Cements Ltd ABUJ.NS:
ADANI ENTERPRISES - FEDEX TO DEVELOP FULLY AUTOMATED AIR CARGO HUB AT NAVI MUMBAI AIRPORT WITH LONG-TERM INVESTMENT OF OVER 25 BILLION RUPEES
Source text: [ID:]
Further company coverage: ABUJ.NS
Adani Enterprises Acquisition Of 49% Shareholding Of Sree Vishwa Varadhi Private Limited By Adani Road Transport
Feb 17 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ACQUISITION OF 49% SHAREHOLDING OF SREE VISHWA VARADHI PRIVATE LIMITED BY ADANI ROAD TRANSPORT
Source text: ID:nnAZN4SH482
Further company coverage: ADEL.NS
Feb 17 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ACQUISITION OF 49% SHAREHOLDING OF SREE VISHWA VARADHI PRIVATE LIMITED BY ADANI ROAD TRANSPORT
Source text: ID:nnAZN4SH482
Further company coverage: ADEL.NS
Adani Enterprises Incorporates Unit By Adaniconnex
Feb 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATION OF A WHOLLY OWNED STEP-DOWN SUBSIDIARY BY ADANICONNEX
Source text: ID:nBSE7Y5Qv9
Further company coverage: ADEL.NS
Feb 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATION OF A WHOLLY OWNED STEP-DOWN SUBSIDIARY BY ADANICONNEX
Source text: ID:nBSE7Y5Qv9
Further company coverage: ADEL.NS
Adani Enterprises Incorporation Of Navi Mumbai Power Distribution By JV Adaniconnex
Feb 13 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATION OF A UNIT NAVI MUMBAI POWER DISTRIBUTION BY JV ADANICONNEX
Source text: ID:nBSE3Y0Cb2
Further company coverage: ADEL.NS
Feb 13 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATION OF A UNIT NAVI MUMBAI POWER DISTRIBUTION BY JV ADANICONNEX
Source text: ID:nBSE3Y0Cb2
Further company coverage: ADEL.NS
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What does Adani Enterprises do?
Adani Enterprises is in the business of integrated resources management, mining services and other trading activities. The Company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports, roads, copper, digital space and others.
Who are the competitors of Adani Enterprises?
Adani Enterprises major competitors are Coal India, Anmol India, Reetech Internation, Jainam Ferro Alloys, Nagpur Power & Inds.. Market Cap of Adani Enterprises is ₹3,56,046 Crs. While the median market cap of its peers are ₹179 Crs.
Is Adani Enterprises financially stable compared to its competitors?
Adani Enterprises seems to be less financially stable compared to its competitors. Altman Z score of Adani Enterprises is 2.32 and is ranked 6 out of its 6 competitors.
Does Adani Enterprises 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 Enterprises latest dividend payout ratio is 2.11% and 3yr average dividend payout ratio is 4.07%
How has Adani Enterprises allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress
How strong is Adani Enterprises balance sheet?
Balance sheet of Adani Enterprises is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Adani Enterprises improving?
Yes, profit is increasing. The profit of Adani Enterprises is ₹9,694 Crs for TTM, ₹7,099 Crs for Mar 2025 and ₹3,241 Crs for Mar 2024.
Is the debt of Adani Enterprises increasing or decreasing?
Yes, The net debt of Adani Enterprises is increasing. Latest net debt of Adani Enterprises is ₹74,893 Crs as of Mar-26. This is greater than Mar-25 when it was ₹64,958 Crs.
Is Adani Enterprises stock expensive?
Adani Enterprises is not expensive. Latest PE of Adani Enterprises is 37.57, while 3 year average PE is 141. Also latest EV/EBITDA of Adani Enterprises is 30.44 while 3yr average is 41.54.
Has the share price of Adani Enterprises grown faster than its competition?
Adani Enterprises has given lower returns compared to its competitors. Adani Enterprises has grown at ~10.38% over the last 3yrs while peers have grown at a median rate of 24.82%
Is the promoter bullish about Adani Enterprises?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 74.67% and last quarter promoter holding is 73.97%.
Are mutual funds buying/selling Adani Enterprises?
The mutual fund holding of Adani Enterprises is decreasing. The current mutual fund holding in Adani Enterprises is 2.71% while previous quarter holding is 2.78%.