ADANIENT

By Jayshree P Upadhyay

MUMBAI, Sept 23 (Reuters) - An external panel set up by India's market regulator will recommend that its chairman and senior officials disclose their assets publicly to preempt concerns related to conflict of interest, two sources with direct knowledge of the matter said.

The panel's recommendations, if accepted, would bring SEBI in line with global practices.

The panel was set up after previous Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, faced allegations of conflict of interest from the now-shuttered Hindenburg Research.

Hindenburg alleged that Buch previously held investments in offshore funds connected to Adani Group, which added to conflict when the regulator investigated the group. Buch and the Adani group denied the charge.

In the U.S., Securities and Exchange Commission officials publicly file their assets, liabilities and transactions annually.

SEBI'S LEADERSHIP TO BE URGED TO DISCLOSE ASSETS, SHARES

The SEBI chairman and full-time members - the second rung of leadership - will be asked to disclose assets and shares held before joining the regulator, one of the source said.

The recommendations will be submitted to the regulator next month and will become law if accepted by its board, the sources added.

An emailed query sent to SEBI was not answered immediately, and neither was a request for comment to the vice chairman of the external committee.

SEBI policy prevents senior SEBI officers from holding any other office for profit or accepting any other professional fees. While disclosure of equity holdings and big transactions is mandated, they are kept confidential.

The panel will recommend that stricter norms applicable to its over 1,000 employees should be applied to the regulator's board as well, the first source said.

A STANDARD PROCESS FOR DISCLOSURE, RECUSALS

The employee regulations include restrictions on SEBI officers and immediate family members holding direct equity exposure or trading in futures or options. They must also disclose personal assets and liabilities to senior officers.

The current code of conduct does not prevent SEBI leadership from holding shares but bars trading if in possession of price sensitive information.

The panel will recommend a standard process for disclosures, recusals and investments, the source said.

The chairman and board members typically recuse themselves from cases where there is a conflict, but the policy is not clearly defined.

(Reporting by Jayshree P Upadhyay, additional reporting by Gopika Gopakumar in Mumbai; Editing by Bernadette Baum)

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** Shares of Adani Enterprises ADEL.NS rise 3.4% to 2,609.4 rupees apiece

** Flagship Adani group firm is the top Nifty 50 .NSEI gainer by percentage; NSEI down 0.1% on the day

** Jefferies reiterates "buy" with price target of 3,000 rupees, a 25% implied upside over the last close

** Says ADEL management is hopeful that new tariffs across its airports will aid rise in EBITDA

** ADEL has received higher tariffs for six airports, excluding Mumbai, which suggest aero yield per pax increasing 1.5x-2.5x by FY2027-28 - Jefferies

** ADEL shares rose 5.1% on Friday after India's markets regulator dismissed stock manipulation allegations made in a report by Hindenburg

** Gains trim 2025 losses to 0.2%; Nifty is up 7% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

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Sept 19 (Reuters) -

• INDIA’S MARKET REGULATOR IS STILL INVESTIGATING SOME ACCUSATIONS LEVELED BY HINDENBURG RESEARCH AGAINST THE ADANI GROUP-BLOOMBERG NEWS

Source text: https://tinyurl.com/5cvaakjw

Further company coverage: ADEL.NS

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Sept 18 (Reuters) -

• ADANI: SEBI HAS REAFFIRMED WHAT WE HAVE ALWAYS MAINTAINED, THAT THE HINDENBURG CLAIMS WERE BASELESS - POST ON X

Source text: [https://tinyurl.com/bdde9hsn]

Further company coverage: ADEL.NS

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By Krishna N. Das and Uditha Jayasinghe

COLOMBO, Sept 17 (Reuters) - India's Adani Group and its partners are set to double the capacity of a $840 million container terminal in Colombo months ahead of schedule, despite relinquishing $553 million in U.S. funding, an executive at partner firm John Keells Holdings JKH.CM told Reuters.

The deepwater Colombo West International Terminal, located next to a facility run by China Merchants Port Holdings 0144.HK, underscores Sri Lanka's geopolitical significance in the tug-of-war for Indian Ocean influence between New Delhi and Beijing.

Adani opened the first phase of the fully automated terminal in April, making it operational. The second and final phase is underway and expected to be completed by late 2026, three to four months ahead of the February 2027 deadline, said Zafir Hashim, head of transportation at John Keells.

The accelerated timeline, which has not been previously reported, was unexpected in the wake of Sri Lanka's deep financial crisis that brought foreign investment in the country to a virtual standstill.

Once the final phase is complete, the terminal will have the capacity to handle 3.2 million containers annually, Hashim said, boosting the overall throughput of the port in Colombo.

The largest chunk of business flowing through the terminal originates in India.

In December, Adani withdrew its funding request from the U.S. International Development Finance Corp, opting to finance the project through internal accruals and a capital management plan.

The move came after U.S. authorities accused Adani Group Chairman Gautam Adani and others of involvement in a bribery scheme - allegations the group has dismissed as baseless.

"Working with Adani, we really haven't seen anything to worry about," Hashim said at his office in a heritage building in the heart of Colombo.

"And until something is proven, we are partners and there is nothing for us to sort of comment on. They have been a very good partner to work with."

Adani Ports and Special Economic Zone APSE.NS holds a 51% stake in the terminal, John Keells owns 34%, and the Sri Lanka Ports Authority holds the remainder.

Sri Lanka is also exploring further investments from Adani in renewable energy, Energy Minister Kumara Jayakody told Reuters, despite some disagreements earlier this year.

An Adani spokesperson did not respond to a request for comment.

In February, Adani withdrew from two proposed wind power projects worth $1 billion after the newly elected government of President Anura Kumara Dissanayake sought to renegotiate the power purchase rate.

The projects, approved under the previous administration without competitive bidding, faced scrutiny over environmental and transparency concerns.

"Adani pulled out because the government felt the tariff that was offered by them or asked by them was excessive and the government was ready to negotiate," said Arjuna Herath, chair of Sri Lanka’s Board of Investment.

"But Adani was of the view that they could not accept a lower tariff than what they proposed."

Jayakody said Adani later purchased bid documents for two smaller wind projects totalling 100 MW but ultimately did not bid. Still, it was a sign of their renewed interest, he said.

"We have no issues with Adani just because they pulled out," Herath said. "Adani is doing very well in the West Terminal project, and we are very happy."

(Reporting by Krishna N. Das and Uditha Jayasinghe in Colombo; Editing by Saad Sayeed)

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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)

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Sept 12 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - TO ACQUIRE 100% STAKE IN DPJTOT

• ADANI ENTERPRISES - COST OF ACQUISITION WOULD BE AT ENTERPRISE VALUE NOT EXCEEDING 13.42 BILLION RUPEES

• ADANI ENTERPRISES - ADANI ROAD TRANSPORT TO BUY D P JAIN TOT TOLL ROADS

Source text: ID:nnAZN4I7KBZ

Further company coverage: ADEL.NS

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Adds latest prices

By Scott DiSavino

NEW YORK, Sept 11 (Reuters) - Oil prices slid on Thursday, settling about 2% lower as concerns over possible softening of U.S. demand and broad oversupply offset threats to output from the conflict in the Middle East and the war in Ukraine.

Brent crude futures LCOc1 fell $1.12, or 1.7%, to settle at $66.37 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.30, or 2.0%, to settle at $62.37.

The International Energy Agency said in its monthly report that world oil supply will rise more rapidly than expected this year due to planned output increases by OPEC+, the Organization of the Petroleum Exporting Countries and allies like Russia.

"Oil prices are falling today in response to bearish IEA headlines, which suggest massive oversupply on the oil market next year," said Carsten Fritsch, an analyst at Commerzbank.

On Sunday, OPEC+ agreed to raise production from October. But in another report, however, OPEC kept non-OPEC supply and demand forecasts for the year unchanged, citing steady demand.

The market was torn between a perceived supply shortage due to a rise in tensions in the Middle East and Ukraine and actual oversupply from higher OPEC+ production and swelling stocks, said Tamas Varga, an analyst at PVM Oil Associates.

OPEC leader Saudi Arabia's crude oil exports to China are set to surge, several trade sources told Reuters on Thursday, with state-controlled energy firm Aramco shipping about 1.65 million barrels per day in October, up sharply from 1.43 million bpd allocated in September.

The market is also questioning how long China could continue to absorb barrels and keep Organization for Economic Co-operation and Development (OECD) inventories low, said Giovanni Staunovo, an analyst at UBS, adding that investors were also watching for further sanctions affecting Russian oil.

In Russia, the world's second-biggest producer of crude behind the U.S. in 2024, revenue from crude and oil products sales declined in August to one of the lowest levels seen since the start of the conflict in Ukraine, the IEA said.

U.S. Energy Secretary Chris Wright and European Commissioner for Energy and Housing Dan Jorgensen discussed efforts to restrict Russian energy trade during talks in Brussels, with Jorgensen saying the European Union's planned deadlines were ambitious but there is a need to speed the process.

In India, meanwhile, the largest private port operator, Adani Group has banned entry at its ports of tankers sanctioned by Western countries, three sources said and documents show. The move could hit Russian oil supplies for two Indian refiners.

INTEREST RATES AND INFLATION

U.S. consumer prices in August increased by the most in seven months, fueled by higher housing and food costs. A surge in first-time applications for unemployment aid last week kept feeding expectations that the Federal Reserve will cut interest rates next Wednesday, which could boost economic growth and demand for oil.

The European Central Bank left interest rates unchanged on Thursday, as expected, but offered no clues about its next move. Investors continue to bet the EU economy will need more support next year, yet traders curbed their bets on another ECB rate cut this cycle. Another move is now seen as a coin toss.

(Reporting by Scott DiSavino in New York, Seher Dareen in London and Katya Golubkova in Tokyo; Additional reporting by Ahmad Ghaddar in London; Editing by David Goodman, Louise Heavens, Paul Simao and David Gregorio)

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Aug 26 (Reuters) -

• INDIA COMPETITION REGULATOR: APPROVES ACQUISITION OF JAIPRAKASH ASSOCIATES BY ADANI GROUP ENTITIES

Further company coverage: ADEL.NS

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Aug 20 (Reuters) -

• ADANI UNITS RAISE $275 MILLION OFFSHORE DEBT FROM GLOBAL LENDERS- BLOOMBERG NEWS

Source text: https://tinyurl.com/bddshh3m

Further company coverage: ADEL.NS

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Adani Power Ltd ADAN.NS:

• SRI LANKA ENERGY MINISTER: WILL CALL FOR FRESH INTERNATIONAL TENDERS FOR LAND ALLOCATED FOR EARLIER ADANI PROJECT

Source text: [ID:]

Further company coverage: ADAN.NS

LONDON, Aug 13 (Reuters) - A major new copper smelter in India owned by Adani Enterprises Ltd ADEL.NS has applied to become a listed copper-producing brand with the London Metal Exchange, the LME said in a notice on Wednesday.

The copper smelter, which has an annual production capacity of 500,000 metric tons, is coming online at a time of shrinking smelting margins due to new smelter capacity in China and slower-than-expected growth of copper concentrate supply.

According to Adani, the $1.2 billion Kutch Copper facility in the western state of Gujarat is the world's biggest single-location plant of its type.

It is expected to begin smelting in May, Adani's head of metals, Felipe Williams, said in April. Chilean copper mining giant Codelco also said in April it would begin supplying copper concentrates to the smelter for refining this year.

For India, the smelter is expected to reduce the country's reliance on imported copper. According to the Trade Data Monitor, India imported refined copper worth $2.8 billion last year, mainly from Japan, Tanzania and Mozambique.

Copper listed for storage in LME-registered warehouses can be delivered against copper futures traded on the exchange when their contracts expire. For market players, LME-listed copper is easier to finance than non-registered brands.

(Reporting by Polina Devitt;
Editing by Paul Simao)

(([email protected]; Reuters Messaging: [email protected]/))

Aug 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - INCORPORATES ADANI CYBERSECURITY SERVICES LIMITED

Source text: ID:nBSEdBDCc

Further company coverage: ADEL.NS

(([email protected];;))

Aug 4 (Reuters) -

• ADANI SEEKS BATTERY TIEUP WITH CHINA’S BYD IN RENEWABLES PUSH - BLOOMBERG NEWS

Source text: https://tinyurl.com/3cpsz77c

(([email protected];))

Adds details from paragraph 2 onwards

July 31 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship company of the Adani Group, reported a decline in first-quarter profit on Thursday as a drop in coal-fired power demand weighed on its mainstay coal trading division, sending its shares down 4%.

The company's consolidated net profit stood at 7.34 billion rupees (about $84 million) in the quarter ended June 30, down from 14.55 billion rupees a year ago.

Revenue from operations fell 14% to 219.61 billion rupees, hurt by a 27% decline in its coal trading unit.

The ports-to-power conglomerate's coal trading business is its biggest segment, contributing to 36% of its overall revenue. It saw continued weakness in the reporting quarter as India registered lower coal-fired electricity demand.

India's overall power output also declined amid a milder summer, earlier-than-expected monsoon and slowing economic activity, leading to a decline in coal demand.

The conglomerate has been expanding its new energy business, which includes solar manufacturing and wind turbines. However, the segment registered an 11% dip in revenue, during the quarter.

The clean energy segment's pre-tax profit dropped about 34% to 9.82 billion rupees, while the coal trading division logged a 45% decline 4.85 billion rupees.

Shares of the company fell as much as 3.8% to 2,436.6 rupees post results. They grew 13% in the April-June period.

($1 = 87.6075 Indian rupees)

(Reporting by Manvi Pant; Editing by Sonia Cheema)

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By Sudarshan Varadhan, Fransiska Nangoy and Hongmei Li

SINGAPORE/JAKARTA, July 30 (Reuters) - Indonesia's coal producers are trapped between the rock of falling exports and a hard place of peaking demand from the nickel smelters that had been driving the fuel's consumption domestically, creating a growth conundrum for the companies.

Coal is Indonesia's biggest export earner, making $30.49 billion in 2024, and plunging revenues from the sector would have disproportionately bad effects on the country's commodity-dependent economy, Southeast Asia's biggest.

With lower profit margins leading to dropping share prices, coal's woes point to a future of workforce cuts, slowing output and fewer contributions to government coffers at a time when President Prabowo Subianto is starting up ambitious spending plans.

Electricity-hungry smelters, most of which process nickel, have been the fastest growing demand source for Indonesian coal.

However, that demand will peak at 84.2 million tons by 2026 and fall to 78.6 million tons in 2027, according to the Indonesian Coal Miners Association (ICMA), because of nickel industry overcapacity and the potential implementation of stricter emissions regulations.

At the same time, Indonesian coal exports through June this year are down 12.6% from a year earlier by volume, data from Kpler showed, with government data showing the value of exports through May down 19.1%.

Exports to China, the country's biggest coal buyer, fell by 30% from a year earlier in June, Chinese government data showed, as it relies on more domestic output and takes advantage of low prices to import higher quality coal from elsewhere.

"Indonesian coal miners are taking steps to diversify their business to hedge against a steeply falling demand for low- to mid-grade coal," said Manish Gupta, senior analyst for Asia thermal coal research at Wood Mackenzie.

"We don't expect the growth in captive (plant) addition from nickel smelting to continue going forward," he said, using the industry jargon for power plants connected to nickel smelting sites, known as captive plants.

Indonesia's expanding nickel smelting industry had propelled a three-fold increase in Indonesia's captive coal-fired capacity to 16.6 gigawatts (GW) in 2024, from 5.5 GW in 2019, according to the coal plant tracker from Global Energy Monitor.

But as nickel prices have fallen due to increasing overcapacity and lower stainless steel imports by China, Indonesian smelters have idled some facilities.

In June, smelting inactivity at Indonesian nickel pig iron operations was 9% higher than a year earlier, the highest in two years, mainly as the country's biggest nickel producer Tsingshan Holdings likely halted output at its joint venture plants at Morowali Industrial Park, data from geospatial analytics firm Earth-i showed.

H. Kristiono, the deputy chairman of the ICMA, which includes Adaro AADI.JK, Bayan BYAN.JK and Bukit Asam PTBA.JK as well as foreign traders Adani Global and Trafigura, still expects the smelter industry's coal-fired power capacity to grow despite the underutilisation, although at a slower rate than previously estimated and still doubling by the end of the decade.

Coal will remain the dominant power fuel source for the nickel sector because of challenges to switching to other sources, little progress connecting sites to the national grid and Indonesia's resistance to stricter regulations.

About 6 GW of capacity, or 46% of all coal-fired power plants under construction in Indonesia, are planned for Central Sulawesi and North Maluku provinces, where nickel processing is concentrated, according to the Global Coal Monitor.

COMPANIES SQUEEZED

Overall though, the combination of lower exports and slower captive power demand growth is pressuring Indonesia's coal producers who are also being squeezed by higher government payments and rising fuel costs.

Profit margins at major miner Bayan has fallen for three years and state-owned Bukit Asam's first quarter margins fell below the annual averages for every year since 2010, LSEG data showed, due to increased royalty payments and rising machinery costs.

Shares of Indonesia's top five coal miners by output are down 1% to 18% this year, underperforming broader market .JKSE growth of nearly 7%. Adaro is down 18%, while Golden Energy Mines GEMS.JK and Bukit Asam have lost more than a tenth of their value since the beginning of this year.

The companies did not respond to requests seeking comment.

In April, Indonesia announced new royalty rates for coal, nickel and other minerals to support Prabowo's higher spending. While some big coal miners saw their effective royalty rate drop, others faced a 1 percentage point increase from April.

In 2024, royalties made up 16% of the average coal producer's cost structure, the highest among major Indonesian commodities, according to Australia-based Energy Shift Institute.

Jakarta is also considering export duties on coal shipments for certain price levels to boost state coffers, at a time when miners already face higher fuel costs due to the removal of biodiesel subsidies.

Some coal miners looking to weather the downturn are exploring diversification options, but progress has been slow, analysts say. Bukit Asam, for example, said in May it is considering a $3.1 billion investment in a plant to convert coal to synthetic natural gas.

"Producers are eyeing a mix of downstream options, renewables opportunities, or investments in alternate commodities," Wood Mackenzie's Gupta said.

(Reporting by Sudarshan Varadhan, Hongmei Li and Fransiska Nangoy, additional reporting by Ashitha Shivaprasad; Editing by Christian Schmollinger)

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July 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES TO JOIN HANDS WITH METTUBE FOR COPPER TUBES BUSINESS

• ADANI ENTERPRISES IS DIVESTING 50% OF ITS KUTCH COPPER TUBES LTD. SUBSIDIARY TO METTUBE

• WILL ACQUIRE A 50% STAKE IN METTUBE COPPER INDIA

• ADANI ENTERPRISES WILL INVEST 50% IN METTUBE COPPER INDIA

Source text: [ID:]

Further company coverage: ADEL.NS

(([email protected];;))

Rewrites throughout, adds background, shares

July 17 (Reuters) - India's Adani Group will exit its consumer goods joint venture with Wilmar WLIL.SI in a $1.3 billion deal, giving control to the Singaporean firm, it said on Thursday.

The sale was announced in December and comes amid Adani's plans to bolster its infrastructure business.

As part of the deal, Adani Commodities, a unit of Adani Enterprises ADEL.NS, will sell a 30.42% stake in the JV, AWL Agri Business AWLA.NS. Wilmar-owned Lence will buy up to a 20% stake and rest will be sold to a set of "pre-identified investors," Adani Enterprises said.

Wilmar, through Lence, will hold an up to 63.94% stake in AWL Agri after the sale is completed.

Lence will buy the 20% stake for around $832 million, at 275 rupees a share, a 4.8% premium to AWL Agri's closing price on Wednesday. Wilmar will recognise a gain of $1.23 billion from the deal, it said in an exchange filing.

AWL Agri shares closed up 6.7% on the day after rising as much as 8.1% earlier in the session.

($1 = 86.0510 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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July 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - ANNOUNCES EARLY CLOSURE OF DEBENTURE ISSUANCE

Source text: ID:nBSEGpQ3

Further company coverage: ADEL.NS

(([email protected];;))

July 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• UNIT COMPLETED ACQUISITION OF 85.1% STAKE IN AIR WORKS INDIA (ENGINEERING)

Source text: ID:nBSE1XPR1G

Further company coverage: ADEL.NS

(([email protected];;))

MUMBAI, June 30 (Reuters) - Indian billionaire Gautam Adani's flagship company aims to raise 10 billion rupees ($117 million) through the sale of retail bonds, and has filed a draft prospectus for the issue, according to statements on stock exchanges.

This will be the second time within a year that Adani Enterprises ADEL.NS will tap the retail bond market. In September 2024, the company raised 8 billion rupees through a public issue, which was its first such debt sale.

The proposed issue includes a greenshoe option of 5 billion rupees.

Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale.

The tenor, coupon and the launch date have not yet been decided for the bonds that are rated AA- by Icra and Care Ratings.

($1 = 85.4470 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected];))

June 24 (Reuters) - Adani Group Chairman Gautam Adani ADEL.NS:

• ADANI GROUP CHAIRMAN: CAPITAL INVESTMENTS ACROSS BUSINESS IS SET AT $15-$20 BILLION OVER NEXT FIVE YEARS

• ADANI GROUP CHAIRMAN GAUTAM ADANI: OUR COMPLIANCE FRAMEWORK IS NON NEGOTIABLE

• ADANI GROUP CHAIRMAN: GROUP EXPECTS TO HAVE A 100 GW OF POWER GENERATIONAL CAPACITY BY 2030

• ADANI GROUP CHAIRMAN: ON TRACK TO HAVE 10 GW INTEGRATED SOLAR MANUFACTURING FACILITY BY NEXT FY

• ADANI GROUP CHAIRMAN GAUTAM ADANI: NO ONE FROM ADANI GROUP HAS BEEN CHARGED BY US INDICTIONS

• GAUTAM ADANI ADDRESSING SHAREHOLDERS AT ADANI GROUP ANNUAL GENERAL MEETING

(([email protected];))

June 12 (Reuters) - Billionaire Gautam Adani's group is planning to list its Adani Airports unit by 2027, as part of a growth plan that requires investing $100 billion across businesses over the next few years, Bloomberg News reported on Wednesday.

The unit is set to be spun off and listed by March 2027, the report said, citing Adani Group executives who spoke on the condition of anonymity.

Adani Airports operates eight airports across India, including the Navi Mumbai International Airport, located in the outskirts of India's financial hub, which the company expects will be operational soon.

The company also doubled the pace of its capital spending plan and now expects to allocate $100 billion in five to six years instead of spreading it out over a decade as announced before, the report added.

The airport unit secured a $750 million investment last week from a consortium of international banks. Part of the funds will be used to refinance debt of $400 million.

Reuters could not immediately verify the report, and Adani Group did not immediately respond to a request for a comment.

(Reporting by Angela Christy in Bengaluru; Editing by Alan Barona)

(([email protected]))

June 11 (Reuters) -

• ADANI PLANS AIRPORT UNIT IPO BY 2027- BLOOMBERG NEWS

Source text: https://tinyurl.com/feb59wta

Further company coverage: ADEL.NS

(([email protected];))

June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.

An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."

Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.

India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.

The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.

Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.

Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

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June 2 (Reuters) - ADANI GROUP SPOKESPERSON:

• WALL STREET JOURNAL’S STORY ALLEGING LINKS BETWEEN ADANI ENTITIES AND IRANIAN LPG IS 'BASELESS'

• CATEGORICALLY DENIES ANY DELIBERATE ENGAGEMENT IN SANCTIONS EVASION OR TRADE INVOLVING IRANIAN-ORIGIN LPG

• NOT AWARE OF ANY INVESTIGATION BY U.S. AUTHORITIES ON TRADE INVOLVING IRANIAN-ORIGIN LPG

• BY POLICY, ADANI GROUP DOES NOT HANDLE ANY CARGO FROM IRAN AT ANY OF OUR PORTS

Further company coverage: ADEL.NS

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Adds company name in headline

By Aditya Kalra

NEW DELHI, May 30 (Reuters) - The airport in India's financial capital of Mumbai, run by the Adani Group, has triggered a lobbying effort by top carriers IndiGo and Air India after it changed payment rules, citing financial needs and a risk of airline defaults, documents show.

The airport is one of India's busiest at a time when dozens are being added in one of the world's fastest-growing aviation markets. It is the biggest of seven managed by a group led by billionaire Gautam Adani.

Confidential letters seen by Reuters show the intense pushback to the change, which seeks a compulsory cash deposit in a bank as security against charges such as landing and parking fees, instead of a long-standing practice of bank guarantees.

"None of these airlines normally pay on time ... we want to align our cash flow with the airlines' cash flow," said Arun Bansal, the chief executive of Adani Airport Holdings, which has a stake of 74% in the airport.

"They have taken advantage of our niceness," he added, referring to resistance to the new payment system from IndiGo and Air India since the change eight months ago in October.

Airlines often delay payments beyond a due date at month-end but the airport has to pay authorities earlier, creating working capital challenges that can be resolved by using the security deposit when needed, Bansal said.

IndiGo INGL.NS and Air India, which together have a share of 91% of the market in India, did not respond to queries from Reuters.

A source with direct knowledge of the matter said the new policy would require the two airlines to make deposits of about 2 billion rupees ($23 million), taken together.

For Air India, owned by the Tata Group conglomerate, such payments could strain its finances after racking up losses of $521 million last year, in addition to monthly costs of $50 million after Pakistan closed its airspace to Indian airlines.

The Mumbai International Airport Ltd (MIAL), which serviced 53 million passengers last year, also faces financial challenges, after posting losses of $71.11 million on revenues of $461 million last year, disclosures show.

In a December 31 letter to an airlines body, the airport justified the change by pointing out its "deteriorating financial position" and "significant debt obligations".

"The deposits will help MIAL's financial stability and credit rating," it added.

DEFAULT RISK, AIR INDIA PUSH

The change also aimed to protect the airport from risks such as an airline going bankrupt, as carriers Jet Airways, Go First and Kingfisher Airlines have done in the last few years, Bansal said.

The Mumbai airport has the right to cancel the slots of airlines that do not follow the new policy, but does not intend to do so in the interest of passengers, he added.

The International Air Transport Association, representing both Air India and IndiGo, wrote to India's civil aviation ministry in December, calling the change a bid to use airline deposits to fund the airport's need for working capital.

India's civil aviation ministry did not respond to Reuters' queries. The government has a stake of 26% in the Mumbai airport.

In a letter on April 2, the Federation of Indian Airlines told the airport it disagreed with the contention that airline payments were not timely.

Air India has lobbied the Indian government, saying the industry was already facing "immense financial pressure" in an April 15 letter.

"It is highly likely that other airports across the country could adopt similar measures, leading to widespread financial strain," Air India said in the letter, seen by Reuters.

(Reporting by Aditya Kalra; Additional reporting by Aditi Shah and Abhijith Ganapavaram; Editing by Clarence Fernandez)

((Email: [email protected]; X: @adityakalra;))

Updates with details throughout

By Dharamraj Dhutia

MUMBAI, May 28 (Reuters) - Adani Ports and Special Economic Zone APSE.NS, India's largest private port operator, plans a return to the domestic bond market after a 17-month hiatus in what could be its largest-ever rupee denominated debt issue, three merchant bankers said on Wednesday.

The company is set to raise as much as 50 billion rupees ($583.57 million) through the sale of bonds maturing in 15 years and has invited bids from bankers and investors on Thursday, the bankers, who did not want to be named because they are not authorised to speak to media said.

The Adani group did not immediately respond to a Reuters email seeking comments.

If realised, this would not only be the largest bond issue by the company but also the longest in terms of tenor, as the company had raised funds through up to 10-year bonds in the past.

It would also be the first time since early 2024 that the company will tap local bond market for funds. In January 2024, it had raised 2.50 billion rupees each through five-year and 10-year bonds at 8.70% and 8.80% coupons respectively.

The company is likely to offer a coupon of around 7.75% the bankers added, requesting anonymity as they are not authorised to speak to the media.

On May 22, the company's board approved raising up to 60 billion rupees through bond sales.

The notes are rated AAA by Crisil, Icra and Care.

The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off.

The group has repeatedly denied wrongdoing, and its shares have since recovered.

In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. The company has denied wrongdoing, and said the allegations are baseless.

($1 = 85.6800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee and Savio D'Souza)

(([email protected];))

May 23 (Reuters) - Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop green energy projects and infrastructure in India's Northeast, chairman Gautam Adani said on Friday.

"Our focus will span green energy — including smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics...," Adani said at an industry event in New Delhi.

Earlier this year, he had announced that his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.

($1 = 85.6880 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected]; X: @MukherjeeHritam;))

By Jayshree P Upadhyay

MUMBAI, May 19 (Reuters) - India's markets regulator has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.

The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off. The group has repeatedly denied wrongdoing, and its shares have since recovered.

Indian regulations require that at least 25% of the shares of listed companies be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.

The two Mauritius-based Elara funds - Elara India Opportunities Fund and Vespera Fund - had been asked since 2023 to provide "granular disclosures" of all their shareholders since they had "concentrated positions" in the Adani Group, according to a SEBI document dated March 28, which was reviewed by Reuters.

"To date, this has not been provided by these FPIs (foreign portfolio investors) to SEBI ... They have also not provided any reasons," the document said, adding that such delays had "impeded the investigation into the Adani Group's compliance with minimum public shareholding norms."

India's Elara Capital and SEBI did not respond to Reuters queries. The Adani Group also did not respond.

The SEBI document noted that Elara funds did not make disclosures about their acquisitions of certain Adani stocks exceeding 5% - as was required by Indian regulations. It did not specify the exact shareholding in question.

Even though the funds are Mauritius based, they are registered with SEBI as FPIs, bringing them under compliance norms and scrutiny of the Indian regulator.

The two funds have applied to SEBI to settle the matter without admitting guilt and by paying a monetary fine, said two sources with direct knowledge of the matter, who declined to be named as the investigation is confidential.

It was not clear what penalties could they face eventually.

In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. Adani denies wrongdoing, and says the allegations are baseless.

At least two other offshore investors in Adani stocks - Mauritius-based Lotus Investment and LTS Investment - also did not supply information on Adani holdings when asked by SEBI, the two sources added.

P.R. Ramesh, a lawyer who represent Lotus and LTS in India, did not respond to repeated requests for comment.

(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))