Adani Group looks to dethrone UltraTech Cement: The Adani Group is actively considering the acquisition of multiple cement companies, including Penna Cement, Saurashtra Cement, the cement business of Jaiprakash Associates, and Vadraj Cement owned by ABG Shipyard. This move aligns with the expected surge in demand for cement due to the government’s infrastructure development plans … Read more
Adani Defence and Aerospace has signed a cooperation agreement with UAE-based EDGE Group, one of the world’s leading advanced technology and defence groups. As per an official joint press release issued on Tuesday, the agreement aims to establish a platform leveraging the defence and aerospace capabilities of both companies to bring together their respective products … Read more
The Supreme Court of India has received a fresh plea that questions the integrity of the existing expert committee looking into the Hindenburg report on Adani Group accusing it of stock manipulation. The plea sought that the apex court formulate a new panel comprising individuals with unblemished integrity and no conflicts of interest in the … Read more
The Securities and Exchange Board of India (SEBI) on Monday sought a 15-day extension in Supreme Court to conclude the investigation and submit the status report in its probe into Hindenburg report against Adani group. On Monday, the shares of Adani group companies slid 3% to 5% after Deloitte resigned as auditor of Adani Ports, … Read more
The Securities and Exchange Board of India (SEBI) clarified in the Supreme Court on July 10 that “challenges” presented by it before the six-member Justice A.M. Sapre expert committee in the Hindenburg-Adani allegations case did not emanate from the repeal of the “opaque structure” provisions from the Foreign Portfolio Investors (FPI) Regulations in 2019. The … Read more
The Supreme Court on Wednesday asked Sebi to submit by August 14 the status of probe into Hindenburg’s allegations of stock price manipulations against Adani group companies but refused to convert the court proceedings into a roving inquiry, including investigations into the alleged role the LIC, which had invested a substantial amount in Adani companies. … Read more
In a new report, the firm alleges Icahn Enterprises has used “inflated” asset valuations. The short seller has also targeted Adani Group and payments company Block this year. The shorter seller that took on Asia’s richest man is targeting the business empire run by another billionaire: Carl Icahn. Hindenburg Research, which earlier this year released … Read more
Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said. The group’s flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem … Read more
In August, as India’s Adani group neared the completion of its $10.5 billion purchase of two cement businesses, the conglomerate and its banks put out some particularly complicated filings. On page 21 of an 85-page document, was a diagram of seven unlisted firms registered in the British Virgin Islands, Mauritius and Dubai. They were interlinked … Read more