ADANIPOWER

April 2 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD - LETTER OF AWARD FROM MAHARASHTRA STATE ELECTRICITY DISTRIBUTION CO. LIMITED

• ADANI POWER LTD - RECEIVES LOA FROM MSEDCL FOR 2500 MW RE RTC POWER SUPPLY FOR 25 YEARS

Source text: ID:nBSE5rkhTW

Further company coverage: ADAN.NS

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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

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By Arpan Chaturvedi

NEW DELHI, March 31 (Reuters) - Indian billionaire Anil Agarwal is challenging fellow tycoon Gautam Adani's winning bid for a bankrupt real estate giant in the Supreme Court, intensifying the fight over a $4 billion pool of prized assets that includes the country's only Formula One track.

Agarwal's Vedanta has mounted a legal challenge over a creditor committee's decision to award the assets of Jaiprakash Associates JAIA.NS to Adani, a portfolio that includes homes, power, cement plants and the Buddh International Circuit track near New Delhi.

Vedanta has argued its $1.8 billion bid for the assets was better, but the committee, and an Indian tribunal, decided in Adani's favour by saying its $1.5 billion bid was superior because it had higher upfront payments.

Vedanta is now asking India's top court to pause the acquisition and hear its concerns, Supreme Court listing records seen by Reuters on Tuesday showed.

Vedanta and Adani did not respond to requests for comment.

A win could give a major boost to Adani's real-estate expansion, adding to its other key projects in Mumbai, which include redeveloping one of Asia's largest slums, Dharavi.

TRYING TO RESTART F1 IN INDIA

F1 races have been stalled in India for 13 years due to regulatory and taxation disputes, forcing organisers to discontinue the programme. Adani's son, Karan Adani, said at a public event last month he is "very personally engaged" to bring back F1 to India.

Vedanta's Agarwal on Sunday expressed disappointment about how the Jaiprakash Associates sale process had been handled, writing on X: "We will place the facts in the right way."

Vedanta's business interests stretch across aluminium, power and steel.

($1 = 94.0850 Indian rupees)

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Thomas Derpinghaus)

((Arpan.Chaturvedi@thomsonreuters.com;))

Adds details throughout

March 30 (Reuters) - India's Bharti Airtel-owned BRTI.NS Nxtra Data will raise $1 billion from Alpha Wave Global, Carlyle Global, Anchorage Capital, as well as its parent, in a deal that values the data center firm at about $3.1 billion.

The deal marks the latest in a string of investments that Indian conglomerates Reliance RELI.NS and Adani ADEL.NS have announced in recent months in data infrastructure as they position the country as an emerging hub for AI development.

India has played only a limited role in the global AI boom so far because it lacks large-scale chip manufacturing, making data centers its most viable entry point into the fast-growing infrastructure market.

Private equity firm Alpha Wave will lead the fundraise with a $435 million investment, followed by Bharti Airtel's $290 million commitment. U.S. investment firm Carlyle Global CG.O, an existing investor, will pump in $240 million, while Anchorage Capital will invest $35 million.

Bharti Airtel, India's second-largest mobile carrier by users, said it will retain its controlling stake in Nxtra.

Nxtra will deploy the funds to scale its infrastructure and expand the services it offers.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Tasim Zahid)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

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 Sethuraman N R

NEW DELHI, March 19 (Reuters) - India is weighing the use of an emergency clause that would force coal power plants that run on imported coal to maximise output ahead of the summer season, as the U.S.-Israeli war on Iran has hit gas supplies, three industry sources said.

The country expects peak power demand to touch 270 gigawatts during the summer, India's federal power minister Manohar Lal Khattar said at an industry event on Thursday.

The power ministry did not immediately respond to Reuters' request for comments.

India has power plants built to run on imported coal that could generate nearly 17 gigawatts, located in the coastal areas of the country.

It is expensive to generate power using imported coal compared with cheaper domestic coal. Under the emergency provision, a government‑appointed panel will set the rate at which power will be purchased from the plants, based on the cost of the imported coal.

Tata Power's TTPW.NS 4 GW imported coal-fired plant in Mundra, Gujarat, has not operated for the past six months after the government last year withdrew the emergency clause that compensates companies for generating power using expensive imported coal.

Reuters reported early this month that India will likely lean more on its coal capacity to meet peak power demand this summer as LNG supplies tighten due to the Mideast crisis.

The gas crisis and the absence of 4 GW of coal capacity from Tata Power's coal plant have led the government to explore the option to run all coal plants including the imported coal plants at maximum capacity, the sources said.

Meanwhile, India has invoked emergency provisions, reprioritising natural gas supplies to key sectors such as households and fertiliser plants, leaving gas-based power plants with fewer options.

The gas-based power plants, which are generally idle, are used when the country sees sudden surge in power demand.

The power ministry did not immediately respond to Reuters' request for comments.

(Reporting by Sethuraman NR
Editing by Alexandra Hudson)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

March 15 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER - RECEIVES LOA FROM MSEDCL FOR 1,600 MW LONG-TERM POWER SUPPLY

Source text: [ID:]

Further company coverage: ADAN.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 24 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD- ADANI POWER RECEIVES LOA FOR 558 MW PPA

• ADANI POWER LTD- MOXIE POWER WINS BID WITH 5.91 RUPEES PER UNIT TARIFF

Further company coverage: ADAN.NS

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Feb 12 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD - INCORPORATES SUBSIDIARY ADANI ATOMIC ENERGY LIMITED

• ADANI POWER LTD - UNIT TO GENERATE, DISTRIBUTE ELECTRIC POWER DERIVED FROM NUCLEAR, ATOMIC ENERGY

Source text: ID:nBSE78SNl

Further company coverage: ADAN.NS

((reuters.briefs@thomsonreuters.com;))

By Tora Agarwala

DHAKA, Feb 11 (Reuters) - Millions of Bangladeshi garment workers and their bosses will vote on Thursday for a new government hoping it can save the country's biggest industry, which has suffered six straight months of falling exports due to U.S. tariffs and domestic political and labour unrest.

The garment sector is Bangladesh's economic lifeblood, driving 80% of exports and more than 10% of the economy, and supplies some of the world's global brands.

In a country of 175 million, nearly four million workers, mostly women, keep the garment industry running.

“The industry is in a critical condition, and if steps are not taken now, it can be worse,” said Mohiuddin Rubel, additional managing director of Denim Expert Ltd, which supplies brands including H&M.

Factory owners are calling for long‑term policy stability, a sustainable wage mechanism, a recovery in the banking sector, and competitive energy costs.

Politicians from both major parties, the Bangladesh Nationalist Party and Jamaat‑e‑Islami, have vowed to reduce the economy’s heavy reliance on the sector.

“We cannot depend on one industry forever,” Jamaat said on social media. “Our manifesto expands exports beyond garments into leather, jute, pharmaceuticals and agro‑processing.”

TRUMP TARIFFS 'BIG DISASTER'

Factory owners say exports have slowed because of U.S. tariffs and political instability following the 2024 ouster of long‑time leader Sheikh Hasina.

U.S. President Donald Trump first imposed a 37% tariff on Bangladeshi imports in April 2025, reduced it to 35% in July negotiations and then to 20% from August 1 before agreeing to 19% on Monday under a new trade deal. Bangladesh previously paid roughly 15% duty to access its largest market.

Under the deal, the United States will set up a system allowing a certain volume of Bangladeshi textile and apparel exports to enter duty‑free. The size of the zero‑tariff quota will be linked to how much U.S.-made textile inputs such as cotton and man‑made fibres Bangladesh buys.

Bangladesh currently imports cotton mainly from Brazil, India, Africa and the United States.

Industry leaders say the deal offers some relief and potential opportunities, but its overall impact will depend on pricing, the quota formulae and how the supply chain adjusts.

"The tariff has been a big disaster,” Fazlee Shamim Ehsan, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association, told Reuters before the new deal was announced.

"There is no stability. Some months we get small orders, other months big orders, because the market is so unpredictable.”

Ehsan, who owns three factories, said 2025 was the first year in his 20 years in business that he lost money - "equivalent to two to three years of profits".

"Even during the COVID-19 period, I paid full salaries to my workers and did not incur losses despite production stoppages,” he said.

INSTABILITY WORSENING PAIN

Some factory owners said buyers were pulling orders due to reports of instability in the country, including mob attacks on media houses in December. An unelected interim government has governed Bangladesh since a deadly popular uprising forced Hasina to flee to New Delhi in August 2024.

"This unstable situation has meant that exports have dipped ... it has never been so bad before,” said Md. Shehab Udduza Chowdhury, vice president of the Bangladesh Garment Manufacturers and Exporters Association.

He said the U.S. deal “gives us a little relief, it is a little hope for us".

Bangladesh also saw major labour unrest in 2024 as workers and unions pushed for a 23,000‑taka ($208) minimum monthly wage, up from the 8,300‑taka rate set in 2019 by the Hasina government.

In response, the interim government increased the annual wage increment to 9% from the earlier 5% and shortened the next wage review cycle from five to three years.

Manufacturers say the changes have increased their financial strain and eaten into profits, even as international buyers pressure them to produce faster and cheaper.

Garment bosses said the U.S. deal was badly needed and a democratically-elected government offered hope.

“The 0% reciprocal tariff offer, along with the fact that we will soon have an elected government, means that things could improve for the ready-made garments industry," said Faisal Samad, a BGMEA director and managing director of Surma Garments Ltd that sells to Reebok, Primark and others.

(Reporting by Tora Agarwala in Dhaka; Additional reporting by Ruma Paul; Editing by Krishna N. Das and Michael Perry)

((Krishna.Das@tr.com; https://x.com/krishnadasassam;))

By Aditi Shah and Dhwani Pandya

NEW DELHI, Feb 1 (Reuters) - India said on Sunday foreign companies using data centres built in the country to provide services to global clients will not face any taxes for doing so for more than 20 years, hoping to assuage concerns of possible tax liabilities on the sector.

Scores of data centres have been built in India in recent years, but lawyers told Reuters that foreign companies had been concerned that New Delhi could in future impose taxes on their global income for using a data centre located in the country.

Those concerns were set to rest by Finance Minister Nirmala Sitharaman in her 2026-27 budget speech, where she said India will "provide (a) tax holiday till 2047 to any foreign companies that provide cloud services to their customers globally, by using data centre services from India."

Vaibhav Gupta, partner at tax firm Dhruva Advisors, said: "This announcement helps in bringing clarity to foreign companies and lends stability in (their) tax position in India till 2047," noting foreign companies would no longer need to worry about potential taxes on their global income on the basis they use a data centre in India.

Google GOOGL.O said in October it will invest $15 billion in an AI data centre project in Andhra Pradesh state, while Microsoft MSFT.O and Amazon AMZN.O have poured billions into data centres in India. Indian conglomerates like Adani ADEL.NS and Reliance RELI.NS are also investing.

Amazon, Microsoft and Google did not immediately respond to requests for comment on the government's tax measure.

"Data centres will be a major strength for India through which we can provide new services to the world," IT minister Ashwini Vaishnav told reporters.

(Reporting by Aditi Shah in New Delhi and Dhwani Pandya in Mumbai; Additional reporting by Aditya Kalra in New Delhi, Haripriya Suresh, Sai Ishwar, Abhirami G in Bengaluru; Editing by David Holmes)

((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

.

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)

Jan 29 (Reuters) - India's Adani Power ADAN.NS reported a 18.9% fall in third-quarter profit on Thursday, hurt by lower power demand.

The firm, part of billionaire Gautam Adani-led Adani Group is the country's largest private thermal power producer, and operates an installed capacity of 18,150 megawatts across India.

Adani Power said its consolidated net profit fell to 24.8 billion rupees ($269.8 million) in the quarter ended December 31 from 30.57 billion rupees a year earlier.

Power demand during the quarter took a hit, largely due to extended monsoon showers, which lasted through October, and cooler temperatures, the company said.

India's total power consumption declined during October and November but recovered in December, analysts at Motilal Oswal said.

Adani Power's revenue from operations, entirely from power generation and related activities, declined 8.9% to 124.51 billion rupees.

State-owned rival Bharat Heavy Electricals BHEL.NS also flagged weak power demand during the quarter.

Shares of Adani Power rose 0.9% after the results.

($1 = 91.9375 Indian rupees)

(Reporting by Yagnoseni Das and Abhirami G in Bengaluru; Editing by Eileen Soreng and Mrigank Dhaniwala)

((Yagnoseni.Das@thomsonreuters.com;))

By Sudarshan Varadhan and Ruma Paul

SINGAPORE/DHAKA, Jan 28 (Reuters) - India's Adani Power ADAN.NS is boosting electricity exports to Bangladesh, data from both governments showed, despite worsening bilateral relations and a Bangladesh government-appointed panel calling the supply overpriced.

Exports to Bangladesh from Adani's Godda coal-fired power plant in India's eastern Jharkhand state rose nearly 38% annually to about 2.25 billion kilowatt-hours (kWh) in the three months through December, Indian and Bangladeshi government data showed.

That pushed Indian exports to a record 15.6% of Bangladesh's power mix for the year, up from 12% in 2024, Bangladesh government data showed. Adani began supplying Bangladesh in early 2023.

Electricity trade between the countries is flourishing despite souring diplomatic relations. Both sides have suspended visa services and summoned their envoys over security concerns at diplomatic missions.

BANGLADESH FACING GAS SHORTAGE, PLANS TO BOOST COAL IMPORTS

Power imports are needed to ease shortages, including of natural gas - Bangladesh's main power source - and address an expected 6% to 7% rise in electricity demand in 2026, Bangladesh Power Development Board Chairman Rezaul Karim told Reuters.

Karim said Bangladesh will also boost coal imports to ramp up domestic coal-fired output this year to make up for gas shortages. Coal imports surged 35% to a record 17.34 million metric tons in 2025, data from analytics firm Kpler showed.

Bangladesh is facing gas shortages due to rapidly declining local production and transmission limitations that have impeded use of liquefied natural gas, industry experts say.

The decline in gas-fired generation saw its share of the energy mix plunge to a record-low 42.6% last year, government data showed, after accounting for nearly two-thirds of generation in the decade through 2024.

Adani filled the gap, supplying a record 8.63 billion kWh of electricity to Bangladesh in 2025 and making up 8.2% of all supply, with imports from other Indian companies rising marginally to 7.92 million kWh, Bangladesh power grid data showed.

During the first 27 days of January, Adani accounted for about 10% of all electricity supply.

"Adani electricity is still cheaper than oil-fired electricity. Because of shortages, Bangladesh has to use oil-fired power plants," said Ijaz Hossain, an independent Dhaka-based energy expert.

(Reporting by Sudarshan Varadhan in Singapore and Ruma Paul in Dhaka; Editing by Joe Bavier)

((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))

By Ruma Paul and Sudarshan Varadhan

DHAKA/SINGAPORE, Jan 26 (Reuters) - An Adani Power ADAN.NS coal-fired plant that exports electricity passes on Indian corporate taxes to Bangladesh and charges more than market rates, according to a recent report from a government-appointed committee in Bangladesh.

Adani's Godda plant in India's Jharkhand state priced power at a 39.7% premium over its nearest private-sector competitor and had the steepest cost escalation among electricity import arrangements from India, the National Review Committee (NRC) said in a report dated January 20.

Reuters reviewed the report, which has yet to be made public.

The NRC said the price divergence was an "outcome of specific contractual choices," adding that it had found evidence of "serious anomalies in the procedures through which the contract was awarded."

Adani Power said it could not comment on the review as the committee had neither consulted the company nor provided it with a copy of the report. It also said it was continuing to supply electricity despite large payment dues, adding that other generators had cut back or stopped their supplies.

"We urge Bangladesh government to liquidate our dues at the earliest as this is impacting our operations," the company said in a statement.

The report called for electricity contracts to be reviewed to identify opportunities for "renegotiation of the most fiscally damaging provisions."

The report also said the Adani plant, which supplies more than 10% of Bangladesh's power, used "excessively priced" coal and billed Indian corporate taxes to Bangladesh.

"The price being paid is roughly 50% higher than what it should be," the NRC said, calling it the "most significant statistical outlier" in Bangladesh's cross-border electricity procurement portfolio.

"Standard international practice usually requires independent power plants to bear their own corporate taxes in their home jurisdiction," the NRC report said.

"The Adani power purchase agreement deviates by including Indian corporate tax components in the tariff charged to Bangladesh."

($1 = 121.7000 taka)

(Reporting by Ruma Paul in Dhaka and Sudarshan Varadhan in Singapore; Editing by Thomas Derpinghaus)

((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))

BENGALURU, Jan 23 (Reuters) - India's Adani Green Energy ADNA.NS posted a 99% drop in third‑quarter profit on Friday, as higher finance costs inflated its expenses and offset gains from strong power sales and improved capacity utilisation.

Shares of Adani Group's green arm were down 13.8%.

Group stocks fell 2% to 11% after the U.S. SEC sought court approval to serve summons to Gautam Adani and Sagar Adani by email in a fraud and $265 million bribery case.

For Adani Green, consolidated profit slumped to 50 million rupees ($544,051.88) in the quarter ended December 31, from 4.74 billion rupees a year earlier.

A sharp 27.14% rise in expenses to 29.61 billion rupees and a 35.73% surge in finance costs absorbed most of the company’s topline, even as power sales remained strong.

The company also booked a 1.03 billion rupees from its associates and joint ventures, offering a modest cushion to earnings.

Power consumption in India is expected to rise as the economy expands, requiring an estimated 40% increase in coal‑fired capacity to more than 307 gigawatts by 2035, according to government projections.

The country, which currently meets about a third of its power demand from thermal plants, aims to achieve net‑zero emissions by 2070 and plans to more than double its renewable capacity to 500 gigawatts as part of that effort.

Finance costs for the company include interest on borrowings as well as currency‑related gains and losses on its foreign‑currency loans and the impact of derivative hedges used to manage those exposures.

The renewable energy arm of billionaire Gautam Adani’s group, which operates solar, wind and hybrid assets across India, said revenue from power supply rose 21% to 19.93 billion rupees, helped by 5.6 GW of capacity additions over the past year.

The company said the growth also reflected strong plant performance and the commissioning of new capacity at resource‑rich sites in Khavda, Gujarat, and in Rajasthan.

($1 = 91.9030 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

((Yagnoseni.Das@thomsonreuters.com;))

Updates with more details

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - State Bank of India's mutual fund unit has committed to pick up at least 10% of Adani Power's ADAN.NS nearly $820 million rupee-denominated bond issue, likely to be launched later this week, three merchant bankers said on Wednesday.

The mutual fund, India's biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not authorised to speak to the media.

The planned 75 billion-rupee issue would be the group's largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power is looking to raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note.

SBI MF will buy 4.50 billion rupees and three billion rupees of these papers as the anchor investor, the bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not reply to an email seeking comment.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.5630 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

** Shares of Adani Power ADAN.NS up 0.3% to 144.81 rupees after Antique initiates coverage with "buy" rating and target price 187 rupees, sees multi‑year earnings upcycle

** Brokerage cites 2.3x capacity expansion to 41.9 GW by FY33E, led by 23.72 GW under construction across brownfield and greenfield projects

** Says ADAN has secured ~70% share (12.4 GW of 17.7 GW) in ongoing state thermal power purchase agreement (PPA) awards; 67% of 41.9 GW portfolio already tied under long-term PPAs

** Brokerage expects FY25–32E revenue/EBITDA/PAT CAGRs at 16%/19%/17%; net debt/EBITDA to fall to sub‑1x by FY32E despite 2 trillion rupees ($22 billion) capex funded ~60% via internal accruals

** Stock up 36.7% this year

($1 = 90.8775 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Updates with quote from government source from paragraphs 5-9

By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Dec 12 (Reuters) - India's cabinet has approved sweeping changes to atomic energy laws and fully opened the insurance sector to foreign investors, two government sources said on Friday, key policy moves aimed at attracting billions of dollars in two critical sectors.
India, which plans to expand nuclear power capacity 12-fold by 2047, is relaxing rules to end a decades-old state monopoly and overcome a stringent liability provision to allow private participation and attract foreign technology suppliers.
The changes in the nuclear sector are part of the push to boost nuclear capacity to 100 gigawatts by 2047 as India looks to cut coal dependence and meet climate commitments.
In the insurance sector, the government has proposed removing the cap on foreign ownership of Indian insurance companies, currently set at 74%.

To qualify for 100% foreign direct investment, at least one of a company's chair, managing director or chief executive would have to be an Indian resident, a third government source said.

The government has also dropped an earlier proposal for an unified licence for insurance companies, the source said.

A unified, or composite, licence would have allowed insurers to provide life, general and health insurance under a single entity.

Currently, life insurers cannot sell products such as health insurance, while general insurers can only sell products ranging from health to marine.

The government felt that Indian insurance companies are not yet equipped to have a composite licence regime, the source said.

Both changes to laws are listed for approval in the ongoing winter session of parliament.

(Reporting by Sarita Chaganti Singh and Nikunj Ohri. Writing by Shilpa Jamkhandikar. Editing by YP Rajesh and Mark Potter)

((Aftab.Ahmed@thomsonreuters.com; +91 99109 33884;))

Nov 28 (Reuters) -

• ADANI GROUP CFO: WE WILL RAISE ABOUT 900 BILLION RUPEES IN THE NEXT 12 MONTHS

• ADANI GROUP CFO: WE HAVE TO RAISE 440 BILLION RUPEES MORE THIS FINANCIAL YEAR

Source text: [ID:]

Further company coverage: ADAG.NS

((Reuters.Briefs@thomsonreuters.com;))

By Sethuraman N R

Oct 31 (Reuters) - India's Adani Power ADAN.NS has emerged as the lowest bidder for a 3.2 gigawatt (GW) coal power supply tender floated by the northeastern state of Assam, the company said during a post-earnings call.

The bid has received regulatory approval from the state electricity commission, and Adani Power expects formal communication of the award shortly, it said late on Thursday.

The tender is part of a broader pipeline of over 22 GW of thermal power bids across states including Rajasthan, Uttar Pradesh, Gujarat, and West Bengal, as they seek to secure long-term baseload capacity amid rising demand and intermittent renewable generation.

In August, Adani Power announced investments of about $5 billion in two coal-powered plants. The company aims to expand capacity to 42 GW from 18 GW by fiscal year 2032, with 8.5 GW already tied up under long-term power purchase agreements.

Adani Power said it will invest about 2 trillion rupees in the planned expansion over a period of time, with the first 12 GW on track to be commissioned by fiscal year 2030.

The power firm has pre-ordered all the boilers, turbines and generators for the expansion, with staggered deliveries scheduled over the next 38-75 months, a company executive said.

Separately, Adani Power said its power dues from Bangladesh have narrowed to 15 days of supply, compared to about $900 million in May, and nearly $2 billion early this year.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

Adds details, background

NEW DELHI, Oct 10 (Reuters) - India plans to open up its retail electricity market for private companies nationwide, ending the dominance of state-run distributors in most states, a draft bill by the federal power ministry showed on Friday.

The move will allow private companies such as Adani Enterprises ADEL.NS, Tata Power TTPW.NS, Torrent Power TOPO.NS and CESC CESC.NS to strengthen their presence across the country.

A similar attempt in 2022 faced opposition from state distribution companies.

Only a handful of India’s electricity distribution zones — including the national capital region, Odisha, and industrial states like Maharashtra and Gujarat — are currently privatised as the rules do not specifically provide for it.

A vast majority remain under state control and are burdened with deep financial losses.

New Delhi has been pushing state-run power utilities to reduce losses, clean up their balance sheets and upgrade age-old infrastructure.

Earlier this year, the country's most populous state Uttar Pradesh invited bids to privatise two of its four power distribution companies.

As of June 2025, state power utilities owed power generators about $6.78 billion, creating a severe liquidity crunch for independent power producers, and in turn, stifling credit flows to the sector, Institute for Energy Economics and Financial Analysis said in September.

The power ministry's draft proposal also seeks to open the retail electricity market to multiple private players in the same area, which the existing Electricity Act does not provide for.

(Reporting by Sethuraman NR and Sarita Singh; Editing by Sonia Cheema and Mrigank Dhaniwala)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

By Sethuraman N R and Sudarshan Varadhan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Indian state electricity distributors are signing long-term contracts with coal-fired power generators to meet a projected surge in evening demand, despite the country's efforts to expand clean energy capacity.

Uttar Pradesh, India's most populous state, and eastern Assam state, which recently withdrew incentives for clean energy projects, are looking to sign purchase deals in the next two months for at least 7 gigawatts of coal-fired power, collectively, to be delivered in 2030, bid documents reviewed by Reuters show.

Those bids come after more than 17 GW of coal-fired capacity has come under various stages of contract in the 16 months through July, the largest such pipeline since the Covid pandemic, according to India Ratings & Research.

The procurement rush, fuelled by a projected rise in air-conditioning demand during non-solar hours and the slow build-out of battery storage, is driving new investment and is expected to slow decarbonisation efforts in the world's third-largest greenhouse gas emitter, analysts say.

Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie, said he expects the push will keep India hooked to coal for longer, despite targets to boost renewables.

India plans to increase its coal power capacity by 46% from 210 GW currently to 307 GW by 2035 and targets non-fossil fuel capacity of 500 GW by 2030, nearly double the 251.4 GW now.

"We have revised our projection for coal-fired power generation in India, with the expected peak now occurring in the early 2040s, compared to the late 2030s in our previous outlook," Pradhan said.

HIGHER COSTS

In August, Adani Power ADAN.NS announced investments of about $5 billion in two coal-powered plants.

Torrent Power TOPO.NS, which announced a $2.5 billion coal power project this year, is evaluating plans to build 5–7 GW of capacity over the next decade, said company whole-time director Jigish Mehta.

While the plans may boost coal's share in the power mix above previous projections, solar power is still expected to be preferred during daytime as it is cheaper, analysts say.

"State distribution companies are facing grid instability due to renewable variability and lack of scalable storage," Mehta said.

However, building renewables with storage capacity is cheaper than new coal-fired capacity in India, said Alexander Hogveen Rutter, an India-based independent energy expert.

"New coal power is getting more expensive and the gap will only continue to grow as batteries scale up," he said.

India has auctioned approximately 12.8 GW hours of battery energy storage for development, but only 219 MW hours are operational, according to an August report by the Institute for Energy Economics and Financial Analysis.

States including Madhya Pradesh, Tamil Nadu and Bihar have cited delays in renewable projects while opting for new coal power projects this year, filings show.

"Renewables alone cannot fill the base load gap," said Narendra Bhooshan, a senior official at the Uttar Pradesh Energy Department, told Reuters.

($1 = 88.7250 Indian rupees)

(Reporting by Sethuraman NR;
Additional reporting by Sudarshan Varadhan; Editing by Kim Coghill)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

BENGALURU, Sept 18 (Reuters) - India’s markets regulator on Thursday dismissed allegations of stock manipulation made by U.S. short-seller Hindenburg Research against billionaire Gautam Adani and his group companies, including Adani Ports APSE.NS and Adani Power ADAN.NS .

(Reporting by Nishit Navin; Editing by Tasim Zahid)

((Nishit.Navin@thomsonreuters.com;))

By Florence Tan and Nidhi Verma

SINGAPORE/NEW DELHI, Sept 16 (Reuters) - Sanctioned tanker Spartan has discharged Russian crude oil at India's Mundra port despite a ban by the Adani Group on entry of blacklisted ships at the terminal, ship tracking data from LSEG and Kpler showed on Tuesday.

The Suezmax tanker discharged 1 million barrels of Urals crude at Indian refiner HPCL-Mittal Energy Ltd's (HMEL) Mundra terminal, Kpler data showed.

Spartan, formerly known as SCF Samatlor, has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.

The ship is managed by Dubai-based Nova Shipmanagement and owned by Citrine Marine, Equasis data showed.

HMEL and Nova Shipmanagement did not immediately respond to requests for comment outside office hours. Reuters has not been able to find any contact information for Dubai-based Citrine Marine.

On Monday, another sanctioned vessel carrying Russian oil, Noble Walker, changed course to India's Vadinar port.

The Noble Walker, carrying about 1 million barrels of Russian crude for HMEL, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.

Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports, including Mundra in Western India. Indian refiners HMEL and Indian Oil Corp IOC.NS use the port for oil imports, including from Russia.

(Reporting by Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Jamie Freed)

((Florence.Tan@thomsonreuters.com;))

By Nidhi Verma

NEW DELHI, Sept 15 (Reuters) - Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday.

The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.

The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.

HMEL did not respond to a Reuters email seeking comment. Reuters has not been able to find any contact information for Mancera Shipping which owns Noble Walker, according to LSEG data.

Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports including Mundra in western India. Indian refiners HMEL and Indian Oil Corp IOC.NS use the port for oil imports, including from Russia.

India has become the biggest buyer of seaborne Russian oil after Western sanctions imposed on Moscow for its 2022 invasion of Ukraine.

However, India has been tightening surveillance of vessels and transactions involving Russian supplies.

Russian oil is mostly shipped by a so-called shadow fleet after the United States, EU and Britain imposed a raft of sanctions targeting vessels, traders and companies among others to curb Moscow's oil revenue, its economic lifeline.

Another sanctioned tanker, Spartan, a suezmax carrying 1 million barrels of Russian crude, was anchored near Mundra port on Monday. The vessel was supposed to discharge its crude at the port on Monday, Kpler data showed.

(Reporting by Nidhi Verma. Additional reporting by Beijing bureau. Editing by Florence Tan and Mark Potter)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

Adani Power Ltd ADAN.NS:

• ADANI POWER SIGNS 25-YEAR POWER SUPPLY AGREEMENT WITH BIHAR STATE POWER GENERATION COMPANY

• ADANI POWER TO INVEST $3 BILLION TO DEVELOP 2400 MW COAL-BASED POWER PLANT IN BIHAR

• ADANI POWER AIMS TO FULLY COMMISSION THE PLANT IN 60 MONTHS

Further company coverage: ADAN.NS

** Shares of power generation major Adani Power ADAN.NS gain 2.6% to 650.75 rupees

** Co bagged an order from MP Power Management Company to set up an 800-gigawatt (GW) coal power plant in Madhya Pradesh state

** Cumulative order value from MP Power Management Company to ADAN now stands at 210 billion rupees ($2.38 billion)

** Stock eyes busiest trading session since mid-Jan, volumes at 13.5x the 30-day avg

** Stock up ~23% so far in 2025

($1 = 88.1260 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))