AWL

By Praveen Paramasivam

Nov 4 (Reuters) - India's AWL Agri Business AWLA.NS plans to boost its higher-margin packaged foods segment to cut reliance on its volatile edible oil business, aiming to increase the category's share of total volume to 30% within five years, a top executive told Reuters.

Peers such as Marico MRCO.NS, owner of the Saffola brand, are making similar moves by adding products like oats, muesli and soya nuggets to meet rising demand for branded staples.

"Food remains a high focus for us because ... food has a better margin profile as compared to edible oil," Shrikant Kanhere, newly appointed managing director and CEO of the company, formerly called Adani Wilmar, said in an interview late on Monday.

Government data showed that oils and fats inflation averaged 18%–21% in the September quarter, the highest among food and beverage categories, as edible oil prices stayed elevated for a year.

Kanhere, who took over as managing director and CEO from Angshu Mallick on Tuesday, said foods currently make up about a fifth of AWL Agri Business' total volume and are expected to rise to 30% within five years.

The Fortune brand owner expects revenue to grow 10% in the second half of the fiscal year, driven by wider product availability.

The company, which directly reaches 900,000 retail outlets, aims to expand that to 1 million by next year.

Still, the projection marks a sharp slowdown from about 35% growth a year earlier, when surging edible oil prices boosted sales. In the September quarter , high prices again hurt volumes as consumers shifted to cheaper alternatives.

(Reporting by Praveen Paramasivam in Chennai; Editing by Nivedita Bhattacharjee)

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Sept 2 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• GERMAN FEDERAL CARTEL OFFICE APPROVES LENCE DEAL

Source text: ID:nBSE7pvTFt

Further company coverage: AWLA.NS

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July 22 (Reuters) -

• SHAJAEATAN INVESTMENT FZCO ACQUIRES 8.52% STAKE IN AWL AGRI BUSINESS - EXCHANGE FILING

Source text: ID:nBSE9bRYdS

Further company coverage: AWLA.NS

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July 15 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• NORMALIZATION OF PALM OIL PRICES IS LIKELY TO SUPPORT VOLUME GROWTH IN THE COMING QUARTERS

• REDUCTION IN DUTY ON CRUDE EDIBLE OILS TO POSITIVELY IMPACT DOMESTIC REFINERS

Source text: ID:nNSE2zthL9

Further company coverage: AWLA.NS

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July 3 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• QUARTERLY UPDATE ON BUSINESS FOR Q1

• 4% YOY DECLINE IN OVERALL VOLUMES IN Q1

• Q1 REVENUE RISES 21% YOY DRIVEN BY HIGHER EDIBLE OIL REALIZATIONS

• Q1 FOOD & FMCG SEGMENT REVENUE DECLINES 2% YOY

• Q1 EDIBLE OILS VOLUME DECLINES 2% YOY DUE TO PALM OIL SALES PRESSURE

• Q1 BRANDED EXPORTS VOLUME GROWS 22% YOY, REVENUE SURPASSES 3 BILLION RUPEES

• QUICK COMMERCE SALES GROW 75% YOY IN Q1

Source text: ID:nNSE7FfGB4

Further company coverage: AWLA.NS

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April 28 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• AWL AGRI BUSINESS MARCH-QUARTER CONSOL NET PROFIT 1.9 BILLION RUPEES

• AWL AGRI BUSINESS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 182.3 BILLION RUPEES

Source text: [ID:]

Further company coverage: AWLA.NS

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April 16 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• ACQUIRES 80% OF G.D. FOODS MANUFACTURING

• TO ACQUIRE REMAINING 20% OF G.D. FOODS BY FY 2028-29

Source text: ID:nBSE4xSV1q

Further company coverage: AWLA.NS

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April 3 (Reuters) - AWL Agri Business Ltd ADAW.NS:

• AWL AGRI BUSINESS LTD - RECORDS 7% YOY VOLUME GROWTH IN Q4

• AWL AGRI BUSINESS LTD- RECORDED A ROBUST 7% YOY VOLUME GROWTH IN Q4

• AWL AGRI BUSINESS LTD - REVENUE INCREASES 36% YOY IN Q4

• AWL AGRI BUSINESS LTD- WITNESSED BETTER GROWTH IN RURAL TOWNS COMPARED TO URBAN MARKETS

• AWL AGRI BUSINESS LTD- THERE HAS BEEN A DECLINE IN INDUSTRY ESSENTIALS BUSINESS

• AWL AGRI BUSINESS LTD - IN Q4, EDIBLE OIL VOLUME GREW BY 6% YOY

• AWL AGRI BUSINESS LTD - IN Q4, THE FOOD & FMCG SEGMENT DELIVERED 11% YOY REVENUE GROWTH

• AWL AGRI- QUICK COMMERCE SALES VOLUME BEST QUARTER IN TWO YEARS WITH 100%+ YOY INCREASE IN Q4

Source text: ID:nBSE9HFBrr

Further company coverage: ADAW.NS

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March 4 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - EXECUTES SPA TO ACQUIRE G.D. FOODS

• ADANI WILMAR LTD - FIRST TRANCHE VALUED AT 6.03 BILLION RUPEES FOR 80% SHARE

Source text: ID:nBSE80zXt1

Further company coverage: ADAW.NS

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Feb 25 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - GETS TAX ORDER WITH PENALTY OF 1.9 MILLION RUPEES

Source text: ID:nBSE5dWSHN

Further company coverage: ADAW.NS

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Feb 6 (Reuters) - Solid demand in rural areas, as well as higher prices of staples including edible oil and wheat flour, helped the consumer goods sector report a 10.6% sales growth in the December quarter, market researcher NielsenIQ said on Thursday.

India's rural areas - which account for just over a third of consumer goods sales - have proven a bright spot for an industry struggling with an inflation-led spending slowdown in large cities.

"Rural markets (continued) to lead the charge, outpacing urban consumption (during the December quarter)," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said in a statement.

Sales volume jumped 9.9% in rural areas in the December quarter, up from 5.7% in the previous quarter - double the 5% increase in urban centers, NielsenIQ said. But it added urban pockets also improved from the September quarter's 2.6% growth.

Rural areas have outperformed urban locations for the last four quarters, benefiting from income support schemes rolled out by several Indian states, while slowing salary increases in cities have squeezed consumer spending.

In the October-December quarter, overall volume rose by 7.1% - the highest in over a year - driven by demand for laundry products and edible oil, even as prices rose by 3.3%, according to NielsenIQ.

Dabur India DABU.NS and Hindustan Unilever HLL.NS reported a higher December-quarter profit on recovering rural demand.

However, large consumer goods makers, with topline exceeding 50 billion rupees ($571.2 million) are also facing stiff competition from smaller rivals, whose sales increased roughly twice as fast during the festive quarter, NielsenIQ said.

Consumer goods makers have also raised product prices to counter price increases in commodities such as copra and cocoa, with cooking oil maker Adani Wilmar ADAW.NS and Hindustan Unilever warning of further hikes.

Indians also preferred smaller product packs during the quarter, NielsenIQ said, echoing comments from Hindustan Unilever.

($1 = 87.5400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

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Feb 5 (Reuters) - Adani Wilmar ADAW.NS is expecting an around 10% growth in sales volume next fiscal year, CEO Angshu Mallick told Reuters on Wednesday, counting on demand from 10-minute grocery delivery apps and a tax cut-led revival in urban consumer spending.

(Reporting by Praveen Paramasivam; Editing by Sonia Cheema)

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Jan 31 (Reuters) - Indian consumer goods maker Marico MRCO.NS reported a smaller-than-expected quarterly profit on Friday, as higher raw material costs and marketing spends overshadowed price increases-led growth.

Rising prices of raw materials including copra and vegetable oil weighed on the Parachute coconut oil maker's profits, while the company also faces intense competition and continues to spend heavily on marketing and advertising.

Marico's expenses rose 17.7% to 23.18 billion rupees ($267.54 million) during the third quarter ended Dec. 31.

Consolidated net profit stood at 3.99 billion rupees ($46.05 million), compared to 3.83 billion rupees a year earlier. Analysts, on average, were expecting a profit of 4.02 billion rupees, according to data compiled by LSEG.

Revenue, however, came in at 27.94 billion rupees, up 15.4% from a year earlier, supported by improving demand in rural areas and product price increases.

Marico said it would raise prices of its products further to make up for an expected "firmness" in commodity prices, noting copra prices, up 38% this financial year, were ahead of its forecasts.

It also said its revenue would increase in the double-digit percentage range in the medium term by increasing its market share across its portfolio of brands.

Meanwhile, Dove soap maker and industry bellwether Hindustan Unilever HLL.NS reported below-expectation results last week and forecast margin pressures ahead.

($1 = 86.6400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Shailesh Kuber)

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Jan 27 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR Q3 CONSOL NET PROFIT 4.11 BILLION RUPEES

• ADANI WILMAR Q3 CONSOL REVENUE FROM OPERATIONS 168.59 BILLION RUPEES

• ADANI WILMAR LTD - Q3 UNDERLYING VOLUME GROWTH OF 5% YOY

Source text: [ID:]

Further company coverage: ADAW.NS

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Jan 23 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• COMMENCEMENT OF OPERATIONS AT ITS FOOD PROCESSING PLANT IN GOHANA

Source text: [ID:]

Further company coverage: ADAW.NS

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Jan 14 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• PROMOTER GROUP SHAREHOLDING REDUCED TO 74.36%

• NOW COMPLIANT WITH 25% MINIMUM PUBLIC SHAREHOLDING

Source text: ID:nNSE2YCxzd

Further company coverage: ADAW.NS

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Jan 10 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION

• ADANI WILMAR - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION OF ADDITIONAL 1.51% STAKE

Source text: ID:nNSEbnF3MZ

Further company coverage: ADAW.NS

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Jan 9 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI COMMODITIES LLP TO SELL UP TO 13.50% STAKE

• ADANI COMMODITIES LLP TO SELL UP TO 175.5 MILLION SHARES

• SALE REPRESENTS 13.50% OF TOTAL ISSUED EQUITY SHARE CAPITAL

Further company coverage: ADAW.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 6 (Reuters Breakingviews) - Gautam Adani is starting to move forward. The flagship firm of the Indian tycoon's infrastructure group laid out plans last week to exit a quarter century-old joint venture with Singaporean edible oil giant Wilmar International. The agreement offers clear benefits to the industrialist. It also hammers home the price he is paying for successive crises.

Adani Enterprises ADEL.NS will sell a 31% stake in Adani Wilmar ADAW.NS, the maker of India's largest cooking oil brand, to its partner for roughly $1.4 billion or less. That will leave the $15 billion Singaporean group with 75% of the Mumbai-listed company in a growing market for commodities Wilmar deals in, including rice, wheat flour and sugar.

There’s a caveat, though. Wilmar has bought itself a year to buy those shares and locked in a discount. Though the agreed ceiling price is only 7% less than the last close, Adani Wilmar was among the tycoon's stocks worst-hit in a short seller campaign in early 2023 and the shares of the company remain some 40% lower than before the attack.

That also buys time for the joint venture to look for new strategic partners. The regulator requires Adani Wilmar to raise its minimum public shareholding to at least 25% by February, up from 12% currently, and so Adani Enterprises will sell its remaining 13% stake to other investors.

The larger agreement with Wilmar helps because it offers prospective minority owners visibility on the ownership structure and valuation at a time when the Indian group's patriarch is facing U.S. charges of bribery, accusations he denies. Wilmar too will only increase its own stake in the venture once the freefloat hurdle is resolved.

Ultimately, Adani Enterprises' exit makes sense and will reinforce confidence in its ability to keep investing in its core infrastructure assets including renewable energy; lenders behind the wider group's $30 billion gross debt are still digesting the implications of the U.S. legal problems. These did not prompt Adani's decision to call time on the joint venture but it almost certainly cost it a better deal.

Follow @ShritamaBose on X

CONTEXT NEWS

India's Adani Enterprises said on Dec. 30 that it will exit its consumer goods joint venture with Singapore's Wilmar International in a two-part transaction.

Adani Enterprises will transfer a 31% stake in Adani Wilmar to its partner at a price not exceeding 305 rupees per share, the edible oil maker joint venture said in a stock exchange filing.

Singapore's Wilmar said its purchase of the stake will take place through call and put options exercisable only after twelve months from the date of the agreement. However, it added, the parties agreed to explore options to expedite the transaction once Adani Wilmar meets an unrelated regulatory requirement to increase its public shareholding.

To fulfil this obligation, Adani Enterprises and related entities first plan to sell their remaining 13% stake in Adani Wilmar to external shareholders.

(Editing by Una Galani and Aditya Srivastav)

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Dec 31 (Reuters) - India's Adani Wilmar ADAW.NS fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.

The group will sell a 31% stake in Adani Wilmar to its joint venture partner, Singapore's Wilmar International WLIL.SI, at a maximum of 305 rupees per share, which is a 7.2% discount to the stock's closing price on Monday.

Adani Wilmar's shares dropped 6.4% to 307.10 rupees in early trading.

The Adani group will sell the remaining 13% stake in the edible oil maker in the open market, it said.

(Reporting by Ashna Teresa Britto; Editing by Savio D'Souza)

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Dec 30 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - AEL TO EXIT ADANI WILMAR JV SIGNS AGREEMENT WITH WILMAR INTERNATIONAL

• ADANI ENTERPRISES LTD - AEL WILL SELL 13% IN ADANI WILMAR LTD TO ACHIEVE MINIMUM PUBLIC SHAREHOLDING

• ADANI ENTERPRISES LTD - AEL WOULD COMPLETELY EXIT ITS 44% HOLDING IN ADANI WILMAR

• ADANI ENTERPRISES - PROCEEDS FROM SALE WILL BE UTILIZED FOR TURBOCHARGING GROWTH IN CORE INFRASTRUCTURE PLATFORMS

• ADANI ENTERPRISES- WILMAR INTERNATIONAL AGREED TO ACQUIRE ABOUT 31% HELD BY AEL IN ADANI WILMAR

Source text: ID:nBSE3lbTX9

Further company coverage: ADEL.NS

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Dec 6 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - NAMES SHRIKANT KANHERE AS DEPUTY CEO

• ADANI WILMAR LTD - SHRIKANT KANHERE TO CONTINUE AS CFO

Source text: ID:nBSE2Df0YH

Further company coverage: ADAW.NS

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Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.

Adani Group did not immediately respond to Reuters inquiry, seeking comments.

(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)

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NEW DELHI, Dec 2 (Reuters) - Both houses of Indian parliament were suspended on Monday after disruptions by opposition groups demanding a discussion on bribery allegations against the Adani Group and communal tensions in a northern town.

Parliament was similarly adjourned for all of last week as opposition parties, led by the main opposition Congress, demanded a discussion on the indictment of Adani chair Gautam Adani by U.S. authorities.

(Reporting by Sakshi Dayal; Editing by YP Rajesh)

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NEW DELHI, Nov 29 (Reuters) - The lower house of India's parliament was suspended temporarily on Friday for a fourth day in a row this week following disruptions as opposition lawmakers sought a discussion on the allegations against Adani Group.

U.S. authorities last week accused Group Chairman Gautam Adani and seven others from the company of being part of a $265 million scheme to bribe Indian officials, and of misleading U.S. investors while raising funds there.

The ports-to-power conglomerate has termed the allegations "baseless" and said it would seek "all possible legal recourse".

(Reporting by Sakshi Dayal; Editing by Kim Coghill)

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Adds quotes, background

NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.

"We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister" on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.

Many of India's opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.

Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.

While the government has not made any comment on the indictment, Modi's BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.

"Let him defend himself," BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.

(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)

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Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces

BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Here is what you need to know.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.

The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.

Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.

In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)

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Nov 26 (Reuters) -

• ADANI WILMAR SAID TO DEFER STAKE SALE AMID US BRIBERY CHARGES - BLOOMBERG NEWS

Source text: [https://tinyurl.com/2vnw72f3]

Further company coverage: ADAW.NS

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Updates with moves by Bangladesh and US government bodies, CFO statement

BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.

Here is what you need to know about the U.S. indictment.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.

The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.

Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.

Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)

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Nov 22 (Reuters) - S&P Global Ratings lowered its outlook on three Adani Group entities to negative from stable on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.

Adani and seven other people, including his nephew Sagar, were indicted on Thursday for fraud by U.S. prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Adani Group has said the accusations levelled by U.S. federal prosecutors, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are "baseless and denied" and that it will seek "all possible legal recourse."

The U.S. indictment could affect investor confidence in other Adani Group entities, as the founder sits on the boards of other companies within the group, potentially impairing their access to funding and increasing their funding costs, S&P said in a note.

"The group will need regular access to both equity and debt markets given its large growth plans, in addition to its regular refinancing. We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group, and could set group limits on their exposure," S&P said.

Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment.

(Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)

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