Adani Enterprises

By Vivek Kumar M and Haripriya Suresh

BENGALURU, Oct 1 (Reuters) - Indian companies defied a secondary market slump to raise 2.43 trillion rupees ($25.27 billion) in the first half of fiscal 2027, a record for the period, data showed on Thursday, as domestic investors sought fresh opportunities to deploy capital.

Not only did equity fundraising jump 75% year-on-year in April-September, according to PRIME Database Group, but average listing gains also jumped to 19% from 7%.

In contrast, the benchmark Nifty 50 .NSEI inched up 1.3% in the period.

Pranav Haldea, managing director of PRIME Database Group, cited two reasons for the "unusual" divergence between the primary and secondary markets — a backlog of initial public offerings over the last 2-3 years and strong domestic liquidity.

The half-year had long-awaited IPOs from big-ticket companies, including bourse operator NSE's $2.3 billion issue, India's second-largest on record, the country's largest asset manager SBI Funds Management's SBIA.NS $1.03 billion IPO and hospital chain operator Manipal Health Enterprises' MNIA.NS $960 million offering.

Mainboard IPOs raised a record 942.05 billion rupees across 78 issues, 35% higher than the previous record set in the first half of fiscal 2026, data showed.

In April, India's market regulator granted a one-time extension for IPOs deferred due to weak market sentiment from the Middle East war, whose approvals were lapsing between April and September, adding to the surge.

INVESTMENTS AND DIVESTMENTS

Investors also looked for niche opportunities, with a number of listings coming from sectors thinly represented on Indian bourses, according to Yatin Singh, CEO — investment banking at Emkay Global Financial Services, offering them a way into newer corners of the economy.

Some of these include furniture rental platform Rentomojo RENT.NS, supply chain asset pooling company LEAP India LEAN.NS and Asset Reconstruction Company (India) ASSR.NS, among others.

Meanwhile, the government's spree of divestments from companies such as Life Insurance Corp of India LIFI.NS and Coal India COAL.NS pushed secondary stock offerings fivefold higher to 553.37 billion rupees.

Of this, LIC's 6.5% stake sale alone accounted for about 314 billion rupees.

Qualified institutional placements also jumped 36% to 615.53 billion rupees, led by Gautam Adani-led Adani Enterprises ADEL.NS.

The rush is showing little sign of slowing down. Nearly 250 companies are in the pipeline to raise about 4.65 trillion rupees through IPOs, according to PRIME Database.

This includes Jio Platforms' $3.8 billion IPO, Danish brewer Carlsberg's India business, and hotel aggregator Oyo's parent Prism.

"Things are not going to change dramatically in the second half unless any fundamental aspects, globally or in India, change materially from where we are right now," Singh added.

($1 = 96.1625 Indian rupees)

(Reporting by Vivek Kumar M and Haripriya Suresh in Bengaluru; Editing by Janane Venkatraman)

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By Khushi Malhotra

MUMBAI, Sept 29 (Reuters) - India's Adani Airport Holdings, one of the largest airport operators in the country, has raised 10 billion rupees ($120 million) through the sale of rupee-denominated bonds, three bankers said on Tuesday.

The three-year bonds carry a coupon of 8.96% per annum, payable on a quarterly basis, the sources said. The notes are rated AA- by India Ratings, and the company had invited commitment bids for the issue on Friday.

The proceeds will be used to fund capital expenditure across Adani's airport network and support its broader growth plans, one of the sources added.

The airport operator did not respond to a Reuters email seeking comment. The sources declined to be identified as they were not authorised to speak to the media.

Reuters reported earlier that Adani Airports was among several companies planning rupee bond sales to lock in borrowing costs before the Reserve Bank of India's October 7 monetary policy decision.

Large Indian conglomerates, state-run companies, infrastructure investment trusts and non-bank lenders are raising around 290 billion rupees ($3.02 billion) of short- and long-term bond issuances ahead of the policy review.

Recently, the company raised around $1 billion through marquee private equity investors Alpha Wave Global, Premji Invest, Temasek, and BlackRock-managed funds, valuing the firm at around $18 billion.

(Reporting by Khushi Malhotra; Editing by Nivedita Bhattacharjee)

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Sept 28 (Reuters) - India's market regulator on Monday disposed of proceedings against Adani Group Chairman Gautam Adani and four group companies in a case regarding public-float violations.

The Securities and Exchange Board of India (SEBI) imposed penalties of 2 million rupees ($20,837.13) each on two individuals in the case for wrongful disclosures.

($1 = 95.9825 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Jonathan Ananda)

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Sept 24 (Reuters) - India's Adani Group will invest 1 trillion rupees ($10.43 billion) in West Bengal by 2035, Chairman Gautam Adani said on Thursday, expanding its footprint across sectors ranging from power generation and logistics to hyperscale data centers.

($1 = 95.8850 Indian rupees)

(Reporting by Abhinav Parmar and Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

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By Aditya Kalra

NEW DELHI, Sept 22 (Reuters) - An Indian court has ruled that goods sold at duty-free shops are not immune from domestic laws, dealing a blow to the Adani Group's airport sales of nicotine pouches, which New Delhi calls illegal and regards as drugs.

In a case widely seen as setting a precedent on duty-free sales, Adani in April challenged Indian authorities who said its Mumbai international airport shops illegally stocked and sold nicotine pouches, one of the world's fastest-growing ​nicotine products, which remain ​unapproved in ⁠India.

Billionaire Gautam Adani's group manages eight airports in India and has an ambitious $11 billion expansion plan, including for duty-free shops, to capitalise on the growing demand for air ​travel.

While Indian authorities told the court that stocking nicotine pouches was a "substantive violation" of drug laws and a "serious public health risk", Adani denied any wrongdoing.

Adani argued in court that shops in international departure areas are outside the reach of domestic regulations as they sit beyond India's territorial jurisdiction.

The High Court in Mumbai disagreed in an order issued late Tuesday.

"Such goods would be subject to the law of the land and would be governed by the regulatory regime in force even if the transaction takes place in the DFS (duty free shops), beyond the customs barrier," the order said.

"The domestic regulatory regime will apply in full force to such goods brought into the DFS within the Indian territorial jurisdiction," it added.

Adani Group did not immediately respond to Reuters requests for comment.

In its court submissions, Adani also argued that nicotine pouches are "not a drug" and a "recent innovation", and attract no scrutiny under Indian laws - a position New Delhi disagreed with.

The court said it could not answer that question at this stage and instead said Adani was free to make representations before Indian drug regulators, with supporting material, and the regulator can decide that on its merits.

(Reporting by Aditya Kalra; Editing by Michael Perry)

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

Sept 22 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• INDIA MARKETS REGULATOR: SETTLEMENT ORDER IN MATTER OF ADANI GROUP COMPANIES

• INDIA'S SEBI: INSTANT ADJUDICATION PROCEEDINGS INITIATED AGAINST ADANI GROUP COMPANIES DISPOSED OF

• INDIA'S SEBI: APPROVES SETTLEMENT IN CASE OF 5 ADANI GROUP COMPANIES

• INDIA'S SEBI: ALLOWS SETTLEMENT IN CASE OF DISCLOSURE VIOLATIONS

• INDIA'S SEBI: FIVE ADANI GROUP ENTITIES TO PAY 15.1 MILLION RUPEES IN SETTLEMENT

Further company coverage: ADAG.NS

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Sept 18 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI AIRPORT HOLDINGS: APPROVED ISSUANCE OF NCDS FOR AN AGGREGATE AMOUNT UP TO 10 BILLION RUPEES

Source text: ID:nBSEbsdW76

Further company coverage: ADEL.NS

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Sept 10 (Reuters) - India's market regulator on Thursday settled disclosure violation charges against the CEO and chief financial officer of Adani Ports in a case involving PMC Projects and its units, after the two executives paid 1.37 million rupees ($14,354.57) each without admitting or denying wrongdoing.

• The settlement relates to an investigation into banking transactions and inter-corporate security deposits involving PMC Projects (India) Private Limited, Adani Ports and Special Economic Zone Ltd (APSEZ), and the port operator's subsidiaries.

• Securities and Exchange Board of India (SEBI) said it had sent notices to two key management personnel in 2023 for alleged violations of its rules, which require CEOs and CFOs to certify the accuracy of financial statements and maintain adequate internal controls.

• This case was one of the 24 cases that were being examined by SEBI following allegations by short-seller Hindenburg in January 2023 that the Gautam Adani-led group manipulated its share prices through the use of tax havens. The group has denied these allegations.

• Hindenburg, in its report, had also alleged that PMC Projects was an undisclosed related party and its transactions with listed Adani entities should have faced shareholder scrutiny.

($1 = 95.4400 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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Adani Airport Holdings Limited, a subsidiary of Adani Enterprises, entered binding agreements to raise ₹9,825 crore (about USD 1 billion) of primary equity from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds. The deal valued AAHL at about USD 18 billion before the investment, with the consortium set to hold roughly 5.54% after three tranches, the final one expected by July 2027. The proceeds were earmarked for airport modernisation, expansion toward annual capacity of 200 million passengers, a first-phase 22 million sq ft Airport City development and larger ground-handling and other non-aeronautical businesses. AEL had completed a ₹15,000 crore QIP in July 2026, while its airports platform generated ₹3,724 crore of EBITDA in FY26. The transaction remained subject to customary conditions precedent, including applicable approvals.

Powered by Tijori

Adani Enterprises entered into a shareholders’ agreement with Adani Airport Holdings and identified investors on September 9, 2026. The agreement covered a proposed issue of AAHL equity shares that would give the investors up to a 5.54% stake. The investors named were Alpha Wave III, Premji Invest, Temasek and four BlackRock investment vehicles, while Adani Enterprises held all of AAHL’s equity at the time. AAHL operated the group’s airport business, which had a quarterly run-rate of more than ₹1,000 crore in the first quarter of FY27, while Navi Mumbai airport had opened in October 2025.

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

• ADANI ENTERPRISES LTD - ADANI AIRPORTS TO RAISE $1 BILLION OF PRIMARY EQUITY FROM MARQUEE GLOBAL INVESTORS

• ADANI ENTERPRISES LTD - INVESTMENT IN ADANI AIRPORTS BY ALPHA WAVE GLOBAL, PREMJI INVEST, TEMASEK AND BLACKROCK MANAGED FUNDS

Source text: ID:nBSE1HCKRf

Further company coverage: ADEL.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix typo in ninth paragraph.

By Una Galani

HONG KONG, Sep 3 (Reuters Breakingviews) - Gautam Adani is known as the "man who owns half of India". Now, after surviving a bruising short-seller attack at the start of 2023 and then a U.S. Department of Justice probe, he has his set his sights on expanding his $180 billion infrastructure empire not just at home but overseas, too. How far Asia’s richest man can reach will depend less on capital and more on perceptions of the group and geopolitics. But his biggest opportunities are within India’s borders.

The grand ambitions of the softly spoken 64-year-old industrialist are striking. With a U.S. case centred on bribery allegations against him dropped in August, Adani is embarking on one of the biggest investment drives by an Indian company. It is essentially a bet that the controversy that once threatened his first-generation family business is beginning to fade.

Gautam Adani's investment plans are critical to India's growth. His group of companies intends to spend over 2 trillion rupees ($21 billion) in the year to March. That’s 30% higher than last year's outlay, which was already equivalent to almost one-third of the capital expenditure of non-financial firms in the country's benchmark Nifty 50 Index .NSEI.

Fresh from opening the Vizhinjam port in Kerala – India’s first deep water transshipment port - and launching the Navi Mumbai International Airport, the billionaire is pushing into industries from nuclear power to aerospace. His most audacious project may be the redevelopment of Mumbai's sprawling Dharavi settlement, an undertaking that could transform one of Asia's largest slums into a modern urban district.

Together, the projects reveal how Adani’s group, headquartered in a 600-acre self-developed township known as Adani Shantigram in Ahmedabad, Gujarat, is at the centre of India's next phase of economic development. Crucially, it underscores the vast and growing opportunities available to it within the country as local governments and domestic investors warm up to the group.

Local Indian states from the poorest in Bihar to those in the historically neglected Northeast increasingly want the multi-decade development - and jobs - Adani projects can create. What was once a small agrarian trading town, Gujarat’s Mundra now hosts India's largest commercial port as well as Adani's solar panel and wind turbine factories. Components made there are transported more than 100 kilometres across the state to the desert salt flats of Khavda, near the Pakistan border, where TotalEnergies-backed TTEF.PA Adani Green Energy ADNA.NS is building a 30-gigawatt renewable energy complex that it expects to be the world's largest.

Ordinary Indians are also now more invested in Adani’s success than they were earlier. Domestic mutual funds that avoided his tightly held conglomerate - even before Hindenburg Research accused it of stock manipulation in 2023, allegations the group denies – are buying. Regulatory filing show they own nearly 7% of Adani’s flagship company, Adani Enterprises ADEL.NS, up from 1.19% in December 2022.

In June, Adani went so far as to describe a 250-billion-rupee ($2.6 billion) rights issue by Adani Enterprises, its first in 15 years, as a "referendum on our credibility" and a "mandate to help keep building India". The group did not need the cash as much as it wanted proof that a diverse group of local investors – and not just handpicked global institutions — were prepared to bankroll its next phase of growth.

It reflects how, across the board, perceptions of the tycoon are shifting. Although Gautam Adani remains a target of criticism by India's top political opposition party for his close association with Prime Minister Narendra Modi and rapid expansion under his administration, the view in financial circles has changed. Bankers say the conglomerate is no longer a wager solely on the government's survival. Foreign companies are comfortable with the risks too: Alphabet’s Google GOOGL.O is partnering with Adani to build data centres.

The reason is partly practical. India needs vast amounts of capital to build roads, ports, airports, power grids and industrial infrastructure, but relatively few companies possess the balance sheet, political connections and appetite for regulatory complexity required to execute projects on such a scale. Where other Indian infrastructure conglomerates have stumbled under heavy borrowings, Adani has avoided such difficulties.

Against such vast opportunities at home, Adani's growing overseas ambitions, though often dovetailing with his conglomerate’s broader strategy, appear opportunistic and harder to realise.

On top of the $10 billion the tycoon pledged to invest in the U.S. after Donald Trump was re-elected in November 2024, the same month the DOJ charges were unsealed, Adani has his eye on Associated British Ports as two Canadian pension funds look to exit. A potential deal for a controlling stake could value the UK’s largest port operator at more than $13 billion. The Indian group is also among the bidders for Sicily's Catania airport.

Owning a network of ports would allow Adani to offer its shipping customers end-to-end logistics and help it to gather cargo and trade intelligence that can help it to forecast demand and optimise capacity. It would strengthen its ability to service the India-Middle East-Europe Economic-Corridor, the Western-backed trade route designed as a counterweight to China’s Belt and Road initiative.

Much of Adani's overseas expansion, including ports in Israel, Sri Lanka and Tanzania, already aligns with India's strategic interests. The push abroad is also widely viewed as helping New Delhi project economic influence across key maritime routes; its Australian operations, meanwhile, were built around supplying thermal coal to the Indian market.

A successful acquisition of Associated British Ports would evoke a landmark acquisition by another Asian tycoon. In 1991, Hong Kong's Li Ka-shing bought Britain's Felixstowe port, using it as a springboard to build the global ports empire that CK Hutchison 0001.HK is now trying to sell in a multi-billion-dollar deal to BlackRock BLK.N and Mediterranean Shipping Company. Yet building a big global empire today is difficult, even without the perception issues the tycoon will have to grapple with.

Thirty years ago, infrastructure assets attracted less political scrutiny. Hong Kong was a British colony and Li's investments were viewed through a commercial lens. Governments today regard ports, airports and energy networks as strategic assets, making the identity and reputation of owners and operators far more important. Adani only won final approval for its Australia coal project in 2019 after a decade-long struggle with officials and environmental protesters. And geopolitical considerations are unavoidable: Kenya picked a Chinese firm to upgrade its biggest airport two years after Adani’s U.S. indictment derailed his bid.

To be sure, Adani has reasons to be optimistic about his current UK ambitions. The new trade agreement between Britain and India reflects a broader push for closer economic ties, while Western governments are looking for infrastructure investors to help reduce or remove any need for Chinese capital.

Still, this opportunity comes with greater scrutiny. Adani's challenge is no longer proving he can build at scale or that he can maintain financial discipline; it’s more that he will have to convince foreign governments that he can repeat his infrastructure success in the West, that his past problems won’t come back to haunt him, and that India is a desirable partner. Even if Adani succeeds, his projects back home will dwarf what he achieves abroad.

Follow Una Galani on Linkedin and X.

(Editing by Antony Currie; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on GALANI/ [email protected]))

** Motilal Oswal initiates coverage on Indian integrated infrastructure company Adani Enterprises ADEL.NS at "buy" with TP of 3880 rupees

** ADEL last up 1.2%

** Brokerage says co's EBITDA expected to rise to 299 billion rupees by FY29, from 140 billion rupees in FY26

** Adds, growth to be driven by commissioning of Navi Mumbai Airport, capacity expansion at Adani New Industries, tolling commencement at key road projects

** Says co "uniquely positioned" to benefit from India's next capex cycle due to exposure to sectors including airports, data centers, and new energy

** Adds, co's portfolio moving from capital deployment to value creation as airports, green energy and data centers enter inflection phase, and mature businesses generate cash

** All 3 analysts covering stock rate it "buy" or "strong buy"; median PT is 3744 rupees

(Reporting by Abhirami G in Bengaluru)

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By Jayshree P Upadhyay

MUMBAI, Aug 24 (Reuters) - India's markets regulator rejected applications last week from at least three Mauritius-based funds with investments in the Adani Group to settle cases of regulatory violation involving failure to disclose their shareholder details, two sources with direct knowledge of the matter said.

Thirteen of the Adani Group's 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, prompting a stock selloff. The group has repeatedly denied wrongdoing, and its shares have since recovered.

Indian regulations require that at least 25% of a listed company's shares 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.

Last year, SEBI found two of the 13 offshore funds breached its rules when they failed to disclose their acquisitions of certain Adani stocks exceeding 5% — as was required by Indian regulations — and for impeding investigations.

SEBI last week rejected the applications of at least three more of the investors after they disagreed with the regulator over the monetary fine SEBI sought as part of a settlement, the two sources said. Reuters could not ascertain the names of the funds.

SEBI did not immediately respond to an emailed Reuters request for comment.

As part of the proposed settlement, the regulator sought details of the funds' shareholders, a condition the offshore investors opposed, one of the sources said.

A settlement would have allowed the funds to resolve the proceedings without admitting or denying the regulator's findings. The cases could now proceed through SEBI's enforcement process including disclosure of regulatory findings, licence suspension in India and monetary penalties.

(Reporting by Jayshree P Upadhyay; Editing by Emelia Sithole-Matarise)

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By Bharath Rajeswaran

Aug 13 (Reuters) - Global index provider MSCI said on Thursday it will add four Indian companies to its widely tracked Global Standard index and remove three as part of its August review, underscoring the continuing churn in India's representation within global passive portfolios.

The changes will be implemented after the close of trading on August 31, 2026, and take effect on September 1, MSCI said.

Laurus Labs LAUL.NS, an active pharmaceutical ingredients manufacturer; Lenskart LENS.NS, an omnichannel eyewear retailer; Adani Energy Solutions ADAI.NS, the Adani Group's power transmission and distribution arm, and Groww BILO.NS, a digital investment and broking platform, will enter the index.

They will replace tyre maker Balkrishna Industries BLKI.NS, credit-card issuer SBI Cards SBIC.NS, and building-materials company Astral ASTL.NS. Following the reshuffle, the number of Indian constituents in the key MSCI index will rise to 166 from 165.

India's weightage in the global standard index will also rise to 11.9% from 11.8%, according to Nuvama Alternative and Quantitative Research.

The inclusion is expected to trigger significant buying by exchange-traded funds and other passive investors that replicate MSCI benchmarks.

Nuvama Alternative and Quantitative Research estimates potential inflows of about $598 million for Laurus Labs, $352 million for Lenskart, $310 million for Adani Energy Solutions and $256 million for Groww.

Conversely, Balkrishna Industries, SBI Cards and Astral could see estimated passive outflows of $169 million, $143 million and $138 million, respectively.

The review also recalibrated weights among existing index members. Eternal ETEA.NS is projected to attract the largest incremental passive inflow, at around $674 million, following an increase in its weight. Adani Enterprises ADEL.NS and Adani Ports APSE.NS could receive about $202 million and $77 million, respectively.

Reliance Industries RELI.NS is estimated to face outflows of roughly $523 million, while Jio Financial Services JIOF.NS may see $61 million in outflows.

Separately, MSCI's Small Cap index review added companies including Amagi Media Labs AMAI.NS, Ather Energy ATHR.NS, Clean Max CLEM.NS, E2E Networks EENE.NS, Embassy Developments EMBS.NS, Patanjali Foods PAFO.NS, Rubicon Research RUBI.NS, Sedemac Mechatronics SEDE.NS, Sky Gold and Diamonds SKYG.NS, United Breweries UBBW.NS, Urban Company URBN.NS and WeWork India WEWO.NS, while removing 19 stocks.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

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Adds details from court ruling in paragraphs 4-5, 9, DOJ comment paragraph 7

By Luc Cohen

NEW YORK, Aug 10 (Reuters) - A U.S. judge on Monday dismissed criminal charges against Indian billionaire Gautam Adani, but said the Justice Department’s decision to abandon the fraud and bribery case was concerning.

Brooklyn-based U.S. District Judge Nicholas Garaufis' decision to grant federal prosecutors' rare bid to toss the case came after he inquired into their reasons for doing so, including whether Adani's November 2024 promise to invest $10 billion in the United States was a factor in the decision to drop the charges.

The Justice Department's decision marked the latest instance in which federal prosecutors had sought to drop a high-profile white-collar criminal prosecution during Republican President Donald Trump's second term in the White House.

In dismissing the charges against Adani, Garaufis said he was satisfied that the investment pledge did not factor into the Justice Department's decision, and acknowledged that judges' role in reviewing federal prosecutors' decisions to drop charges was limited.

But he criticized Principal Associate Deputy Attorney General Trent McCotter for collaborating with Adani’s defense lawyers in deciding to dismiss the charges without input from the prosecutors or agents who investigated the case.

“The irregularities in the decision to dismiss the indictment are concerning,” Garaufis wrote. “McCotter appears to have eschewed the professional opinions of innumerable officials from various federal offices and replaced them with his singular judgment.”

A Justice Department spokesperson pointed to a July 4 filing in which McCotter said he decided to drop the charges after meeting with defense lawyers and other Justice Department lawyers and conducting his own research and analysis.

In a statement posted on X, Gautam Adani said, "I welcome the U.S. Court's decision with humility and deep respect for the judicial process."

The judge wrote that his dismissal of the case should not be interpreted as his agreement with the Justice Department's decision to drop the charges or an opinion about the merits of the case. He asked the Justice Department to submit more information to help him decide whether to dismiss charges against additional defendants.

JUSTICE DEPARTMENT SAYS CASE IS PRIMARILY FOREIGN

Adani was charged in 2024 with agreeing to bribe Indian government officials so a subsidiary of his Adani Group could win approval to develop a solar energy plant, then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices. Adani Group has consistently denied wrongdoing.

Adani himself has not appeared in U.S. court to respond to the charges.

In the July 4 court filing, McCotter said the case was primarily foreign, hard to prove and inconsistent with the agency's current priorities.

In a separate resolution to civil charges brought by the U.S. Securities and Exchange Commission, Gautam Adani agreed to pay $6 million and his nephew, Sagar Adani, agreed to pay $12 million.

Adani Enterprises Limited ADEL.NS has separately agreed to pay $275 million to the U.S. Treasury Department to settle alleged violations of Iran sanctions.

JUDGE SAYS IT IS 'UP TO THE PUBLIC'

In the filing, McCotter also denied as false what he called media stories suggesting he sought to dismiss the case in part because of a promise by Adani to invest money in the United States.

In a sworn declaration filed in court on July 15, Adani acknowledged having previously promised to invest $10 billion in the U.S. and said his lawyers told the Justice Department in meetings that the pledge "might be part of a resolution of these matters."

Robert Giuffra, a lawyer for Adani, said in a July 15 court declaration that the defendants had told the Justice Department the Adani Group was "amenable" to following through on Adani's investment pledge as part of a resolution to the case.

Garaufis wrote that he took "no position on the ultimate propriety of Mr. Giuffra's repeat attempts to resolve this bribery case with monetary offers."

"It is up to the public to decide what effect offers of this kind have on the equal administration of justice and the rule of law," the judge wrote.

(Reporting by Luc Cohen in New York; Editing by Jamie Freed and Rosalba O'Brien)

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By Munsif Vengattil and Aditya Kalra

VISAKHAPATNAM, India Aug 6 (Reuters) - Work to build Google's planned Indian data centre hub is in full swing, with a hillside above the site stripped to red earth and terraced into steps, but mounting opposition from environmentalists is creating hurdles for the U.S. tech giant's $15 billion project.

The southern state of Andhra Pradesh, governed by an ally of Prime Minister Narendra Modi who has hailed the project as historic and transformational, has denied allegations that the project was fast-tracked without weighing risks to water supplies and wildlife.

But the growing opposition could become an early test for Google's GOOGL.O biggest-ever India investment, which is facing several legal challenges over its impact on water supplies and proximity to a wildlife sanctuary that is home to leopards and pangolins.

In recent weeks, activists and children have marched in Visakhapatnam city, holding banners saying "We cannot drink DATA" and painting handcuffs on the Google logo, social media posts show.

On Sunday, Reuters attended a public gathering where activists chalked out plans for holding door-to-door awareness campaigns and beach protests in coming days.

"Development should not be at the cost of livelihood of the people," Raja Rama Mohan Roy, founder of non-profit Green Visakha said at the event where he presented statistics on Visakhapatnam's stressed water supply and demand.

The government says the city receives 410 million litres of water a day from its reservoirs and rivers, against a requirement of 480 million. Rationing of water supplies is common in the city with a population of 2.5 million people.

Rapid data centre buildouts are facing pushback around the world for using huge quantities of water to cool servers and of electricity. The potential impact is even more pronounced in a developing nation like India. In the U.S., opponents held 142 protests across 42 states in July raising similar concerns.

STATE DEFENDS, OPEN TO REDRESSAL

The state's top court on Monday asked the government to defend against allegations levelled by activist group Jal Biradari (Water Community), which says the project will strain water availability by putting stress on a nearby reservoir.

The Andhra Pradesh High Court will next hear the public interest litigation on August 24.

The state in its statement to Reuters called activists' concerns about the project incorrect and misleading, but added it is open to feedback.

"Such protests are their democratic right. In case any of these claims are legitimate, government is committed to engage and provide factual clarifications and suitable redressal," it said.

Google in a statement to Reuters said its project will be developed in line with applicable laws and it will implement "advanced air cooling to protect vital local water resources".

Work was well underway when Reuters visited on Monday, earthmovers still working the exposed ground.

The tech giant has partnered with Indian billionaire Gautam Adani’s group which will build the marquee project which is seen creating up to 188,000 jobs. Adani did not respond to queries.

WILDLIFE AND NOISE POLLUTION

The public interest litigation in Andhra Pradesh High Court also raises concerns that heavy construction and noise impact the Kambalakonda Wildlife Sanctuary located just 860 metres away.

Asked about the site's proximity to the sanctuary, the state said it was farther away than the law requires. Google added it will be implementing sound-dampening measures to ensure “we are a quiet, unobtrusive neighbour.”

The project also faces three more cases filed at India's environmental court by the Human Rights Forum, demanding a halt. They argue the state cleared the project without properly assessing the impact of drawing supply from a rural drinking-water scheme, court documents show.

The state added that no water for rural or residential purposes will be used for the upcoming data centres, and the water reservoir nearby will also not be used.

During the Sunday event, Green Visakha said it was concerned about the government’s promise of "guaranteed" water supplies for 20 years to the project as the city already faces shortages.

"Who will be the sufferers? The people," said Roy.

(Reporting by Munsif Vengattil and Aditya Kalra; Editing by Saad Sayeed)

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MILAN, July 31 (Reuters) - Adani Airport Holdings, Vinci Airports SGEF.PA and Royal Schiphol Group are among 10 bidders that have advanced to the second phase of the privatisation of Sicily's Catania airport, the head of Sicilian airport operator SAC said on Friday.

• Those still in the bidding are Corporacion America Airports, Royal Schiphol Group, Mundys, Adani Airport Holdings, Save, 2i Aeroporti, Mag Overseas Investment, Oman Airports Management Company, Macquarie European Infrastructure Fund and Vinci Airports, SAC CEO Nico Torrisi told reporters.

• The groups were admitted to the next stage of the sale after clearing a preliminary selection process.

• SAC, which manages Catania, launched the sale of a stake of at least 51% in the airport in May. Catania is Sicily's main airport and Italy's fifth busiest by passenger traffic.

• SAC is owned by local authorities and chambers of commerce and also operates the smaller Comiso airport in southern Sicily under a concession running until 2049.

• Catania's privatisation began in 2022, when Italian investment bank Mediobanca was appointed as adviser to oversee the process. It could be worth between €500 million and €600 million ($690 million), sources said last year. ($1 = 0.8699 euros)

(Reporting by Elvira Pollina; Editing by Alexander Smith)

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July 30 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Britain's energy regulator Ofgem has proposed a clampdown on the surge in data centre projects across the UK amid mounting concern about how much energy they will drain from the electricity grid.

- Britain's Prime Minister Andy Burnham has said he will "open up North Sea oil" for drilling, according to U.S. President Donald Trump, who said it would make Britain "a really rich country".

The Guardian

- BMW BMWG.DE is planning to cut as many as 8,000 jobs in Germany, according to reports, in the latest sign of Europe's largest carmakers reducing costs under pressure from Chinese rivals.

The Telegraph

- Gautam Adani ADEL.NS is believed to be examining an offer for Associated British Ports (ABP) as two Canadian investors seek to sell their stakes.

Sky News

- The former boss of Balfour Beatty BALF.L, the infrastructure group, has been recruited by the government to join the board of the publicly owned British Steel.

(Compiled by Bengaluru newsroom)

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July 29 (Reuters) -

• ASIA’S RICHEST MAN GAUTAM ADANI WEIGHS BID FOR UK’S TOP PORT OPERATOR - FT

• ADANI WEIGHING AN OFFER FOR ASSOCIATED BRITISH PORTS: FT

Source text: https://tinyurl.com/45uehd3b

Further company coverage: ADEL.NS

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July 24 (Reuters) - Adani Enterprises ADEL.NS said on Friday it is not evaluating any proposal to enter the airline business, denying media reports and market speculation that it planned to launch an airline.

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema)

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Adds graphic, US context and expert comment in paragraph 8,11

By Abhijith Ganapavaram and Aditya Kalra

NEW DELHI, July 23 (Reuters) - Indian billionaire Gautam Adani's group is considering launching a new airline, a move that could potentially reshape competition in a market dominated by IndiGo and Air India, said two sources with direct knowledge of the matter.

The plan signals a change of strategy for the ports-to-cement group which operates eight airports in India, including two in Mumbai, and has an $11 billion expansion strategy, but said earlier it was not looking to enter the airline business.

No final decision has been made and the group is still weighing the idea, given it is considered a risky business where it is difficult to make money, said the first of the two sources, who declined to be identified as they were not authorised to speak to the media.

The Indian government has privately nudged business groups, including Adani, to consider starting an airline due to scrutiny of Air India since its fatal crash in Ahmedabad last year, and market leader IndiGo's operational challenges that caused widespread air traffic disruptions in December, the source said.

"It's a difficult business, but Adani wants to consider it in the national interest," the source added, saying the government had realised that Air India's struggles and the IndiGo crisis meant another major airline was needed.

Shares of Adani's flagship Adani Enterprises ADEL.NS shares were down more than 3% on Thursday. Its internal discussions about an airline are in initial stages and there is no timeline on a decision.

Adani is Asia's second-richest person with a net worth of around $89 billion, but an aviation foray would be one of the boldest bets the billionaire has taken in his marquee career.

High taxes, fierce competition and supply-chain snags have driven Indian airlines Kingfisher, Jet Airways and Go ​First into bankruptcy over the ⁠last 15 years.

While Adani has fast expanded in sectors like ports and airports, he has since 2024 contended with charges in the United States for paying bribes to secure a solar project - though there has been relief recently as the U.S. authorities have decided to drop those charges.

DUOPOLY CONCERNS

India is one of the world's fastest-growing aviation markets, but duopoly concerns have weighed as the nation's largest airline, IndiGo, commands a 65.4% domestic market share and Air India has a 25% share.

India said last year it aims to increase airports to 350-400 by 2047, from 74 in 2014, as air traffic soars and airlines place record plane orders with Boeing BA.N and Airbus AIR.PA.

Adani's foray "has the potential to reshape India’s aviation landscape," said Rajan Mehra, former India head of Qatar Airways, adding that India must also focus on robust regulatory safeguards and ensure there remains a a level playing field for all airlines.

One of the options Adani is considering is buying a stake in an existing airline, said the second source, adding "all options" were on the table.

In December, India warned IndiGo of regulatory action after it cancelled thousands of flights because of a shortage of pilots, stranding passengers and forcing government action to limit a surge in airfares caused by the crisis.

Loss-making Air India has faced a series of audit lapses as it battles intense scrutiny since last year's Dreamliner crash that killed 260 people, while smaller airline SpiceJet is battling a host of financial challenges and salary delays.

Air India is unlisted, but IndiGo INGL.NS shares were down more than 1% in Mumbai trade on Thursday after news of Adani's potentially entry, while SpiceJet SPJT.BO surged 10%.

Adani's youngest son, Jeet Adani, who is a director at Adani Airports, told Reuters in December the group was not interested in the airline business because it has thin margins and the group did not have the "mindset" needed to run a carrier.

"Our comfort and our core competency is in creating hard assets on the ground, long-gestation assets, running them quite efficiently," he said at the time.

Adani has since continued to bet big on aviation infrastructure. Adani Airports has plans to invest more than $2 ​billion to develop airport-linked commercial districts ‌across six locations in the country, it said last month, including hotels, retail centres and office space.

Adani has also approached the government seeking to ​dilute a clause restricting certain airport operators ‌from holding stakes in scheduled airlines, the Economic Times reported earlier on Thursday.

"There are niche examples of airports also owning airlines in markets such as Kyrgyzstan, Thailand and Vietnam ... Other airlines in India would rightfully be concerned about a possible conflict of interest," said independent aviation analyst Brendan Sobie.

Meanwhile, a March ​inspection by health officials of Adani's Mumbai international airport found ​the sale of nicotine pouches at its duty-free shops was against the ⁠law -- a decision that his company is now challenging at Mumbai's High Court, Reuters has reported.

(Reporting by Abhijith Ganapavaram, Aditya Kalra; Editing by Jacqueline Wong, Jamie Freed and Kim Coghill)

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By Sethuraman N R

NEW DELHI, July 22 (Reuters) - India said on Wednesday it has advanced plans for indigenous small modular reactors, and is aiming to bring at least five into operation by 2033 as the country moves towards lower dependency on fossil-based power generation.

The Bhabha Atomic Research Centre is developing a 220-megawatt Bharat Small Modular Reactor, a 55-MW reactor and a high-temperature gas-cooled reactor designed to produce hydrogen.

The Atomic Energy Commission had approved Tarapur in Maharashtra as the site for both the 220 MW and 55 MW projects, an atomic energy department minister Jitendra Singh said in a written reply to the country's parliament.

India, which is keen to expand its use of clean energy, last year opened its nuclear generation sector to domestic and foreign firms in the private sector. It aims to expand nuclear capacity to 100 GW by 2047 from about 8.8 GW at present.

India plans to increase its installed nuclear capacity to about 22 GW by 2031-32, with small reactors expected to play a role in the planned expansion, the minister said.

Small modular reactors are being developed by several countries, including the U.S., Russia and South Korea, and are seen as a viable option for supply of clean energy to industries.

State-run Nuclear Power Corp of India, currently India's sole operator of nuclear plants, aims to have 50 GW of capacity while the country's top coal plant operator NTPC NTPC.NS, also state-run, is aiming for 30 GW of nuclear capacity.

Conglomerates such as Adani Group and several other private companies including Tata Power TTPW.NS and Reliance Industries RELI.NS are looking at investing in the sector.

(Reporting by Sethuraman NR;
Editing by Alison Williams)

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July 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - SUBSIDIARY SIGNED SHARE PURCHASE AGREEMENT WITH FLIGHT SIMULATION SOLUTIONS PRIVATE LIMITED

• ADANI ENTERPRISES LTD - COST OF ACQUISITION REMAINS AT AN ENTERPRISE VALUE OF 8.2 BILLION RUPEES FOR FSTC

• ADANI ENTERPRISES LTD - POST COMPLETION OF ACQUISITION, ADSTL’S STAKE IN FSSPL WILL INCREASE FROM 55.40% TO 100%

Source text: ID:nBSEc9vm92

Further company coverage: ADEL.NS

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July 14 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• NAVI MUMBAI INTERNATIONAL AIRPORT LAUNCHES INTERNATIONAL OPERATIONS WITH AIR INDIA EXPRESS FLIGHT TO ABU DHABI FROM JULY 15 - STATEMENT

Source text: [ID:]

Further company coverage: ADEL.NS

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By Aditya Kalra

NEW DELHI, July 13 (Reuters) - The Indian government has argued the airport sale of nicotine pouches is a "substantive violation" of drug laws and a "serious public health risk", seeking to throw out Adani Group's bid to overturn an official finding that it broke the law by selling the unlicensed products at Mumbai's airport.

Prime Minister Narendra Modi's government has also asserted in court that the airport, one of the country's busiest, is on Indian soil, dismissing Adani's argument that Indian law does not apply to nicotine pouches imported and stored in customs warehouses and sold only to departing international passengers.

"The products enter Indian airspace and Indian territory at the moment of arrival at CSMIA (Mumbai's Chhatrapati Shivaji Maharaj International Airport). The fact that they are stored in a customs-bonded warehouse does not mean they are not physically present in India," the government said in a Mumbai court filing dated July 7, reviewed by Reuters.

The case relates to an Indian drugs department inspection finding in March that duty-free shops at Adani's Mumbai international airport illegally stocked and sold nicotine pouches — defined as a drug in India — without necessary approvals, prompting a court challenge from the company.

Lawyers say Adani's legal fight with Indian authorities could set a precedent on how the country regulates sales of nicotine pouches — one of the world's fastest growing nicotine products — at duty-free international airports.

Adani did not respond to Reuters request for comment on the government's latest submissions. The High Court in Mumbai is due to hear the case on Tuesday.

The characterisation of "the matter as a 'breach of law' is premature and legally unsustainable", Adani told Reuters last week in a statement, adding that its unit Mumbai Travel Retail had "challenged the regulatory interpretation through judicial review."

The filing by India's Central Drugs Standard Control Organisation said the sale of nicotine pouches at Adani's airport was "not merely a procedural non-compliance but ... a substantive violation of" various provisions of Indian drug laws.

Reuters is the first to report the government's arguments against Adani in court.

NICOTINE AN 'ADDICTIVE CHEMICAL'

Billionaire Gautam Adani's group manages eight airports in India and has an ambitious $11 billion expansion plan, including for duty-free shops, to capitalise on the growing demand for air travel.

India has approved some nicotine replacements, including patches and chewing gums, following a registration process. Products such as nicotine pouches, which users insert under their lip to get a nicotine buzz, remain unapproved and illegal.

In its submissions, India cited a 2019 Indian law banning e-cigarettes and vapes, which it said recognised the health risks of unregulated nicotine delivery products. Permitting the airport to sell nicotine pouches would amount to "judicial circumvention of this legislative policy", the government filing said.

Tobacco kills 1.35 million people each year in India, the government says. A government study in June called nicotine pouches "a new and largely unregulated public health concern", with widespread illegal sales and consumption among people aged 18 to 40.

Adani has imported more than $29,000 of Philip Morris' PM.N Zyn pouches and the White Fox brand from Swedish Smokeless Solutions worth $7,700, since August, Reuters has previously reported. Adani argued the pouches were "not a drug" and a "recent innovation", but the government disagreed.

"Nicotine is a psychoactive and addictive chemical," the government's submission said.

Selling nicotine pouches without approval is "exposing persons who purchase such products (as) international passengers, many of them Indian citizens, to products of unverified quality, unestablished safety."

(Reporting by Aditya Kalra; Editing by Kate Mayberry)

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

• ADANI, DIOXYCLE ANNOUNCED LONG-TERM PARTNERSHIP TO DEVELOP LOW-CARBON CHEMICAL PRODUCTION IN INDIA - STATEMENT

• ADANI GROUP: PARTNERSHIP TO PRODUCE FORMIC ACID AND RENEWABLE ELECTRICITY

Further company coverage: ADEL.NS

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Adani Enterprises closed its qualified institutions placement on July 7, 2026, raising roughly ₹15,000 crore by allocating 5,20,29,136 equity shares at an issue price of ₹2,883 apiece. The pricing represents a 5% discount to the floor price of ₹3,034.68 set earlier in the week. The QIP committee approved the closure after receiving applications and funds from eligible institutional buyers, with SBI Capital Markets, Jefferies, ICICI Securities and IIFL Capital Services acting as book-running lead managers. The meeting commenced at 10:00 p.m. and concluded at 10:30 p.m. The final placement document will be made available on the company's website. No further details on the end-use of the proceeds were immediately disclosed.

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July 7 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES - KUTCH COPPER ACHIEVES LME BRAND REGISTRATION FOR 'ADANI COPPER' GRADE-A CATHODES

Source text: ID:nNSEbCtHQf

Further company coverage: ADEL.NS

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By Jana Winter

WASHINGTON, July 4 (Reuters) - The Justice Department said on Saturday it wants to drop charges against Indian billionaire Gautam Adani because the case is primarily foreign, hard to prove and inconsistent with the agency's current priorities.

U.S. District Judge Nicholas Garaufis last month ordered prosecutors to justify their decision to drop their case against Adani, whom Biden-era prosecutors charged with securities fraud and wire fraud related to an alleged bribery scheme. The Justice Department on Saturday responded with a 10-page filing outlining why it sought to dismiss all charges with prejudice against Adani and other defendants.

Prosecutors under the administration of President Joe Biden started a baseless case against Adani with little chance of success, the new filing says.

"The indictment was unsealed in the final days of the prior Administration, apparently as a 'name and shame' designed to levy accusations without any realistic prospect of a trial ever occurring," the court filing says.

U.S. government attorneys should not prosecute a "foreign case" of alleged conduct that involves no criminal organizations and no U.S. companies, and does not affect national security, the Justice Department said.

"The alleged 'payments' in this case were made by Indian nationals, working for Indian companies, to the Indian government, with no U.S. interests implicated in any way," the filing says.

Adani was charged in 2024 with agreeing to bribe Indian government officials so a subsidiary of his Adani Group could win approval to develop a solar energy plant, then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices.

Adani Group, Adani's company, has consistently denied wrongdoing. Adani himself has not appeared in U.S. court to respond ​to the charges.

The decision to ​drop U.S. charges marked the latest instance in which the Justice Department has sought to end a high-profile white-collar criminal prosecution during President Donald Trump's second term.

Legal experts say U.S. judges have little discretion to compel prosecutors to continue with criminal cases they no longer wish to pursue, but the charges remain officially pending until Garaufis orders them dismissed.

(Reporting by Jana Winter; Editing by Sergio Non and Franklin Paul)

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