Adani Enterprises

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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Aug 13 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• UNITS BUY PATH HIGHWAY LLP

• DEAL FOR 913.4 MILLION RUPEES

Source text:

Further company coverage: ADEL.NS

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Aug 10 (Reuters) -

• ADANI CHAIRMAN GAUTAM ADANI ON U.S. JUDGE DISMISSING CRIMINAL CASE: WELCOME U.S. COURT’S DECISION

Source text: https://x.com/gautam_adani/status/2086908913493115248?s=20

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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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Adds comment from the company and other details

July 29 (Reuters) - India's Adani Enterprises ADEL.NS posted another quarterly loss on Wednesday, due to a one-time charge from a settlement agreement with the U.S. Treasury's Office of Foreign Assets Control over an investigation involving shipping of Iranian gas.

The flagship firm of the billionaire Gautam Adani-led conglomerate posted a consolidated net loss of 11.60 billion rupees ($121.3 million) in the quarter ended June 30, with the one-time charge amounting to 26.44 billion rupees.

Adani Enterprises' profit before exceptional items and tax dropped about 12% to 12.95 billion rupees due to a multifold surge in cost of materials consumed.

Total expenses climbed about 54% to 322.52 billion rupees, as the cost of materials consumed surged to 142.55 billion rupees from 33.93 billion rupees a year ago.

First quarter results were "impacted due to higher operating cost on account of increased fuel prices due to global volatility," the company said in an exchange filing.

Average global Brent crude oil prices LCOc1 were about 45% higher than in the year-ago quarter due to the Middle East conflict.

Additionally, a 59.8% rise in interest and other finance cost and employee benefits that were 13.6% higher contributed to the surge in expenses.

Adani's net loss widened to 4.36% from 0.50% the previous quarter, when it had reported its first loss in 17 quarters.

The company's revenue from operations rose about 50% to 329.24 billion rupees, helped by a multifold revenue jump in its copper business due to capacity ramp-up.

However, revenue from Adani Enterprises' mainstay coal trading segment dropped 7%, and its new energy business, which comprises solar manufacturing and wind turbine businesses, fell 2%.

Its booming airport business posted an over 35% rise in quarterly revenue.

($1 = 95.6050 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

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Updates paragraph 1; adds paragraph 4; changes to "Adani Enterprises" from "Adani" in the headline

July 24 (Reuters) - Adani Enterprises ADEL.NS, part of Indian billionaire Gautam Adani's Adani Group, said on Friday it was not evaluating any proposal to enter the airline business.

Reuters reported on Thursday that the Adani Group was considering launching a new airline, citing two sources with direct knowledge of the matter.

The group was mulling options and no final decision had been taken, the sources said.

Adani Enterprises is the flagship company of the Adani Group, which operates several other businesses spanning ports, airports, energy, mining, cement and media.

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

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July 23 (Reuters) - India's Adani Group has approached the government seeking to dilute a clause that prevents airport operators from holding stakes in airlines, a move that would enable the conglomerate to launch its own airline, the Economic Times reported on Thursday, citing government officials and company executives.

Reuters could not immediately verify the report.

(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)

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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:]

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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) - India's Adani Enterprises ADEL.NS and French clean-technology firm Dioxycle said on Thursday they have formed a long-term partnership to develop and scale low-carbon chemical production in India, marking the Adani Group's entry into the sector.

Here are some key details:

• The collaboration will initially focus on a pilot plant producing formic acid using renewable energy and captured carbon dioxide, with plans to expand to commercial-scale manufacturing.

• Adani Enterprises and Dioxycle will also explore the production of other emissions-reducing chemicals used across a range of industries, the companies said in a statement.

• Formic acid and its derivatives are widely used across industries including textiles, agriculture and
  manufacturing.

• The partnership aims to demonstrate how captured carbon emissions can be converted into valuable products using clean energy.

(Reporting by Mridula Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

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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 ADEL.NS said late Tuesday it raised 150 billion rupees ($1.58 billion) from its upsized share sale to institutional investors.

The flagship company of the Adani Group said it has allocated 52 million shares at 2,883 rupees apiece, a discount of 5% to the floor price of 3,034.68 rupees.

Adani Enterprises plans to use the proceeds to fund capital expenditure, including building a polyvinyl chloride plant and paying concession fees for a road project.

($1 = 94.9600 Indian rupees)

(Reporting by Chris Thomas in Mexico City; Editing by Maju Samuel)

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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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July 3 (Reuters) -

• ADANI ENTERPRISES RAISES QIP ISSUE SIZE TO 150 BILLION RUPEES FROM 100 BILLION RUPEES - NSE WEBSITE

Further company coverage: ADEL.NS

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Adani Enterprises and International Resources Holding (IRH), an IHC Group company, signed a memorandum of understanding with the Odisha government on Wednesday to develop an integrated greenfield aluminium project with an investment of USD 11.5 billion, or roughly ₹1.08 lakh crore. The 50:50 joint venture plans to build a 4 million metric tonnes per annum alumina refinery, a 2 million metric tonnes per annum aluminium smelter, a 4,000-megawatt captive power plant, and a downstream manufacturing park. The project will be executed in two phases with investments of ₹66,000 crore in the first phase and ₹44,000 crore in the second. The partners expect the project to generate around 53,500 jobs, including 35,000 during construction, and position Odisha as a global aluminium hub. The signing took place in the presence of Odisha chief minister Mohan Charan Majhi and was attended by Karan Adani, managing director of Adani Ports, and Syed Basar Shueb, CEO of IHC. The MoU is preliminary and the joint venture will now advance land acquisition, statutory approvals, and infrastructure planning.

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July 2 (Reuters) -

• ADANI FLAGSHIP SEEKS $1 BILLION VIA SHARE PLACEMENT, TERMS SHOW - BLOOMBERG NEWS

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

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NEW YORK, June 26 (Reuters) - A U.S. judge on Friday ordered the Justice Department to justify its decision to drop criminal charges against Indian billionaire Gautam Adani, declining to rule immediately on Adani's lawyers' request earlier in the week to formally dismiss the case.

(Reporting by Luc Cohen in New York)

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BENGALURU, June 25 (Reuters) - India's Adani Airports will invest more than 200 billion rupees ($2.12 billion) to develop airport-linked commercial districts across six locations in the country, the Adani Group firm said on Thursday.

• The developments will span more than 655 acres across airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati.

• Adani Airports currently manages eight airports across India, according to its website.

• Nearly 70% of the planned investment will be concentrated in Mumbai and Navi Mumbai, reflecting the region's position as India's leading commercial and financial hub.

• Airport cities will include hotels, retail centres, office space and entertainment venues integrated with airport infrastructure.

• The company said the developments were inspired by airport-city models in Singapore, Dubai, Amsterdam and Seoul

• The company has already signed agreements with IHG Hotels & Resorts for five hotels for the project, and is in talks with partners across food and beverage, and entertainment segments.

($1 = 94.3950 Indian rupees)

(Reporting by Nishit Navin; Editing by Jonathan Ananda and Maju Samuel)

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June 24 (Reuters) - Indian conglomerate Adani Group aims to expand its nuclear power capacity to 10 gigawatts by 2035, its chairman, Gautam Adani, said on Wednesday, as the group looks to expand its presence in clean energy.

Shares of Adani Enterprises ADEL.NS, the group's flagship firm, rose 2% during the annual general meeting.

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

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June 23 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI MUNDRA AIRPORT - PARTNERS STAR AIR TO CONNECT KUTCH TO EIGHT CITIES INCLUDING MUMBAI, BENGALURU

Source text: [ID:]

Further company coverage: ADEL.NS

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Rewrites with details and background

By Jayshree P Upadhyay and Urvi Dugar

MUMBAI, June 19 (Reuters) - India's markets regulator on Friday approved the reintroduction of share buybacks via stock exchanges from August 1, capping the duration at 66 working days and allowing trades in the regular market without a dedicated buyback window.

The changes are expected to streamline buybacks by cutting costs and procedural hurdles, enabling faster execution and greater flexibility for companies, potentially boosting their appeal as a capital allocation tool.

The Securities and Exchange Board of India (SEBI) also approved safeguards, including locking in promoter shares during buybacks and barring transactions that would breach the minimum 25% public float requirement.

It retained a rule requiring firms to deploy at least 40% of the buyback amount in the first half of the offer period.

Separately, SEBI Chairman Tuhin Kant Pandey said the regulator will release a fresh study in July on derivatives trading and the impact of regulatory measures.

SEBI APPROVES ADDITIONAL MEASURES

SEBI approved further measures, including the voluntary adoption of a stricter code of conduct for senior officials at the regulator, requiring them to liquidate or freeze equity holdings and refrain from trading while in office.

The move follows conflict-of-interest allegations by the now-closed Hindenburg Research against former SEBI chief Madhabi Puri Buch over links to the Adani group. Both parties have denied the allegations.

SEBI also approved changes to boost municipal bonds, including allowing refinancing and investor incentives to revive a market used to fund urban projects.

It approved a review of rules that enable small companies to raise capital via equity markets, where they face fewer requirements than larger firms.

SEBI also eased securitisation norms to deepen credit markets and expand funding avenues by making it easier for central bank-regulated entities to sell loan-backed securities.

Securitisation involves pooling illiquid assets and repackaging them into tradable, interest-bearing securities, allowing lenders to free up capital to issue more loans while offering investors new income opportunities.

(Reporting by Jayshree P Upadhyay in Mumbai and Urvi Dugar in Bengaluru. Writing by Abinaya V in Bengaluru. Editing by Janane Venkatraman and Mark Potter)

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Adani Enterprises and Jabil have announced an intent to form a strategic alliance to build a vertically integrated AI data center infrastructure manufacturing platform in India, the companies said on Monday. The non-binding agreement targets multi-gigawatt-scale manufacturing capacity for high-density AI racks, servers, and cooling systems to serve global hyperscalers and enterprise data centers. Adani Group chairman Gautam Adani said the partnership would ensure India becomes a creator and exporter of AI hardware rather than a consumer. Jabil CEO Mike Dastoor cited India's skilled workforce and supportive business environment as key attractions. The alliance addresses a global market opportunity estimated at over USD 3 trillion through 2033. Adani is already committed to investing USD 100 billion to build 5 GW of green-energy-powered data centers by 2035. The companies are now working on definitive operational frameworks and formal documentation.

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June 15 (Reuters) - Electronics manufacturer Jabil JBL.N and India's Adani Enterprises ADEL.NS on Monday announced a partnership to build an integrated AI and data center infrastructure manufacturing platform in the country.

• The platform will serve the infrastructure needs of global hyperscalers, co-location facilities and enterprise data centers, directly addressing the "explosive" local and global demand for AI-ready data center hardware, the companies said.

• Jabil and Adani added they were working on operational frameworks and formal documentation for the partnership, but did not disclose any financial details.

• India's digital infrastructure will see over $50 billion in planned spending across data center, cloud and AI ecosystems, they said.

• The move aligns with Adani's plans to spend $100 billion on renewable-powered AI-ready data centers by 2035.

• Jabil, which counts Apple as one of its customers, raised its annual forecast in February, betting on strong demand for infrastructure services from AI data centers.

(Reporting by Abhirami G in Bengaluru; Editing by Abinaya V and Jonathan Ananda)

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By Neha Arora and Sarita Chaganti Singh

NEW DELHI, June 10 (Reuters) - Indian industrial groups Reliance, Vedanta and Adani have shown interest in developing facilities to process Andhra Pradesh state's significant reserves of increasingly important rare-earth minerals, according to two sources with knowledge of the matter.

With New Delhi seeking to cut India's dependence on China for rare earths, the three companies are among about 10 who have expressed interest in setting up rare earth facilities in the southern state, one of the sources said.

The sources declined to be identified as they were not authorised to speak to the media.

Andhra Pradesh holds 211 million metric tons of beach sand mineral resources, including rare earths, across 16 identified coastal deposits, according to a draft document. India has 482.6 million tons of rare earth ore resources, according to the Geological Survey of India.

RARE EARTH AMBITIONS

The interest comes as New Delhi steps up efforts to build domestic rare earth mining, processing and magnet manufacturing capacity, while Andhra Pradesh aims to attract 500 billion rupees ($5.2 billion) in rare earth and titanium investments over the next decade.

The plans were set out in a draft government document.

The Andhra Pradesh government, Reliance Industries Ltd RELI.NS, Vedanta Ltd VDAN.NS and Adani Enterprises Ltd ADEL.NS did not respond to Reuters emails seeking comment.

Andhra Pradesh was among four states identified in February's federal budget for the development of rare earth "corridors" covering mining, processing and magnet production.

The initiative followed New Delhi's approval in November of a 73 billion rupee programme to support rare earth magnet manufacturing.

Rare earth elements are essential for permanent magnets used in applications such as electric vehicle motors. While India holds substantial rare earth reserves, it lacks industrial-scale facilities capable of processing the minerals to high purity levels.

CAPITAL INCENTIVES AND OTHER MEASURES

Andhra Pradesh plans to issue tenders for rare earth facilities after securing cabinet approval for its rare earth corridor policy, which is expected within a month, the sources said.

The state also plans to offer capital-linked incentives and additional benefits for projects with investments of 10 billion rupees or more, the sources said.

Andhra Pradesh has been courting large-scale investments, attracting companies including Google and ArcelorMittal Nippon Steel, and aims to secure $1 trillion in investment commitments by 2029, a state minister told Reuters last November.

(Reporting by Neha Arora and Sarita Chaganti Singh; Editing by Mayank Bhardwaj and David Holmes)

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June 10 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - COMPLETION OF ACQUISITION OF 100% OF EQUITY SHARE CAPITAL OF PORTUS VENTURES BY ADANI AIRPORT CITY

Source text: ID:nBSE8lCC8p

Further company coverage: ADEL.NS

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June 8 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES- ACQUISITION OF 100% STAKE PORTUS VENTURES BY ADANI AIRPORT CITY

Source text: ID:nBSE6Jy2kc

Further company coverage: ADEL.NS

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