Adani Enterprises
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India considers nicotine pouches a new public health risk
Adani airport faces scrutiny from India drugs, customs officials
Group disputes conclusion that pouch sales are 'breach of law'
Adani group says drug, cosmetics law should not apply to such sales
Adani has mounted court challenge against scrutiny
Updates July 7 story to add July 8 Adani comment in paragraphs 8-9, 15, bullet
By Aditya Kalra
NEW DELHI, July 7 (Reuters) - An Indian investigation found that Mumbai international airport's duty-free shops run by billionaire Gautam Adani's business group breached the law by selling nicotine pouches, which the government considers a public health hazard, according to documents from the investigation.
Adani denies wrongdoing and is asking judges to declare that a law covering drugs and cosmetics does not apply to duty-free shops and nicotine pouches, according to court papers reviewed by Reuters. Lawyers say the case could set a precedent on how India regulates sales at such outlets and a government win could block sales of one of the world's fastest-growing nicotine products in India's airports.
India banned e-cigarettes and approved certain nicotine replacements like patches and chewing gums following a registration process under the Drugs and Cosmetics Act. Nicotine pouches remain illegal and unapproved.
INDIA DEFINES NICOTINE POUCHES AS 'A DRUG'
The Indian government says tobacco kills 1.35 million people each year in India. 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.
After receiving complaints from anti-nicotine group Mothers Against Vaping, India's drug department inspected duty-free shops at Mumbai's international airport in March and found imported nicotine pouches were being sold in the departure zone without the necessary approvals, government documents show.
"Nicotine pouches also fall under the definition of a drug ... a valid registration certificate and import license are mandatory," an assistant drugs controller wrote in an April 2 letter to the airport's customs authority, attaching an "investigation report".
The government asked Mumbai Travel Retail, a joint venture led by Adani with Dubai's Flemingo, to discontinue sales of nicotine pouches and seek approvals, government letters show.
Adani did not respond to Reuters queries ahead of the story’s publication. Late on Wednesday, its spokesperson said in an email that the characterisation of "the matter as a 'breach of law' is premature and legally unsustainable", adding that Mumbai Travel Retail has “challenged the regulatory interpretation through judicial review.”
“International passengers arriving in India may lawfully carry nicotine pouches purchased overseas for personal consumption," the Adani statement said. "Yet the sale of identical products through an international duty-free channel has been treated differently. This apparent inconsistency forms part of the legal challenge."
Flemingo and the Indian health and customs authority did not respond to requests for comment.
Selling a drug without a license could draw a prison term of at least three years and a fine of at least 100,000 rupees ($1,000) or three times the value of the drugs confiscated, whichever is higher.
Reuters is first to report the details of the investigation into Adani sales and its court challenge in Mumbai.
Adani's firm has told authorities the shops in the international departure area conduct business "beyond the customs frontiers of India" and are outside the reach of domestic regulations, its non-public High Court filing shows.
CAN GUNS BE SOLD AT AIRPORT?
Asked about the Adani group's point, Murali Neelakantan, former general counsel at Indian drugmakers Cipla and Glenmark Pharmaceuticals, told Reuters: "If a murder occurs in the store, will Indian police have no powers to arrest? They will have ... Can (the store) sell guns or ammunition? No."
The Adani statement responded: "Firearms are prohibited from duty free retail world over because they pose an inherent threat to aviation safety. Drawing a parallel between firearms and regulated nicotine products has no bearing on the legal issues before the Court."
On June 24, judges in Mumbai's High Court said "no coercive action" should be taken on the existing stock of pouches at Mumbai's duty-free shops, scheduling the case for a July 14 hearing.
Adani runs eight airports in India and is targeting an $11 billion expansion that includes a bet on duty-free offerings. At Mumbai's international airport, it runs more than 30 duty-free shops.
In court, Adani said nicotine pouches "are not a drug" and are a "recent innovation" that was not anticipated by existing tobacco control laws, documents show.
Since August, Adani's firm imported Philip Morris' PM.N Zyn nicotine pouches in various flavours worth more than $29,000, and the White Fox brand from Swedish Smokeless Solutions worth $7,700, customs records showed. Those companies did not respond to Reuters queries.
Philip Morris says Zyn's U.S. sales doubled last year from 2023. The June Indian government study said both Zyn and White Fox were being sold by Indian vendors illegally.
Separately, Flemingo Dutyfree has told the High Court it operates shops at international seaports — including in Mumbai — and fears similar actions as it was "in the process of stocking" nicotine pouches, documents show.
Seeking licenses for nicotine pouches will compel suppliers to withdraw them from the market, making "the duty free industry in India unattractive to passengers," it said.
(Reporting by Aditya Kalra; Additional reporting by Arpan Chaturvedi; Editing by Thomas Derpinghaus and William Mallard)
((Email: [email protected]; X: @adityakalra;))
India considers nicotine pouches a new public health risk
Adani airport faces scrutiny from India drugs, customs officials
Group disputes conclusion that pouch sales are 'breach of law'
Adani group says drug, cosmetics law should not apply to such sales
Adani has mounted court challenge against scrutiny
Updates July 7 story to add July 8 Adani comment in paragraphs 8-9, 15, bullet
By Aditya Kalra
NEW DELHI, July 7 (Reuters) - An Indian investigation found that Mumbai international airport's duty-free shops run by billionaire Gautam Adani's business group breached the law by selling nicotine pouches, which the government considers a public health hazard, according to documents from the investigation.
Adani denies wrongdoing and is asking judges to declare that a law covering drugs and cosmetics does not apply to duty-free shops and nicotine pouches, according to court papers reviewed by Reuters. Lawyers say the case could set a precedent on how India regulates sales at such outlets and a government win could block sales of one of the world's fastest-growing nicotine products in India's airports.
India banned e-cigarettes and approved certain nicotine replacements like patches and chewing gums following a registration process under the Drugs and Cosmetics Act. Nicotine pouches remain illegal and unapproved.
INDIA DEFINES NICOTINE POUCHES AS 'A DRUG'
The Indian government says tobacco kills 1.35 million people each year in India. 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.
After receiving complaints from anti-nicotine group Mothers Against Vaping, India's drug department inspected duty-free shops at Mumbai's international airport in March and found imported nicotine pouches were being sold in the departure zone without the necessary approvals, government documents show.
"Nicotine pouches also fall under the definition of a drug ... a valid registration certificate and import license are mandatory," an assistant drugs controller wrote in an April 2 letter to the airport's customs authority, attaching an "investigation report".
The government asked Mumbai Travel Retail, a joint venture led by Adani with Dubai's Flemingo, to discontinue sales of nicotine pouches and seek approvals, government letters show.
Adani did not respond to Reuters queries ahead of the story’s publication. Late on Wednesday, its spokesperson said in an email that the characterisation of "the matter as a 'breach of law' is premature and legally unsustainable", adding that Mumbai Travel Retail has “challenged the regulatory interpretation through judicial review.”
“International passengers arriving in India may lawfully carry nicotine pouches purchased overseas for personal consumption," the Adani statement said. "Yet the sale of identical products through an international duty-free channel has been treated differently. This apparent inconsistency forms part of the legal challenge."
Flemingo and the Indian health and customs authority did not respond to requests for comment.
Selling a drug without a license could draw a prison term of at least three years and a fine of at least 100,000 rupees ($1,000) or three times the value of the drugs confiscated, whichever is higher.
Reuters is first to report the details of the investigation into Adani sales and its court challenge in Mumbai.
Adani's firm has told authorities the shops in the international departure area conduct business "beyond the customs frontiers of India" and are outside the reach of domestic regulations, its non-public High Court filing shows.
CAN GUNS BE SOLD AT AIRPORT?
Asked about the Adani group's point, Murali Neelakantan, former general counsel at Indian drugmakers Cipla and Glenmark Pharmaceuticals, told Reuters: "If a murder occurs in the store, will Indian police have no powers to arrest? They will have ... Can (the store) sell guns or ammunition? No."
The Adani statement responded: "Firearms are prohibited from duty free retail world over because they pose an inherent threat to aviation safety. Drawing a parallel between firearms and regulated nicotine products has no bearing on the legal issues before the Court."
On June 24, judges in Mumbai's High Court said "no coercive action" should be taken on the existing stock of pouches at Mumbai's duty-free shops, scheduling the case for a July 14 hearing.
Adani runs eight airports in India and is targeting an $11 billion expansion that includes a bet on duty-free offerings. At Mumbai's international airport, it runs more than 30 duty-free shops.
In court, Adani said nicotine pouches "are not a drug" and are a "recent innovation" that was not anticipated by existing tobacco control laws, documents show.
Since August, Adani's firm imported Philip Morris' PM.N Zyn nicotine pouches in various flavours worth more than $29,000, and the White Fox brand from Swedish Smokeless Solutions worth $7,700, customs records showed. Those companies did not respond to Reuters queries.
Philip Morris says Zyn's U.S. sales doubled last year from 2023. The June Indian government study said both Zyn and White Fox were being sold by Indian vendors illegally.
Separately, Flemingo Dutyfree has told the High Court it operates shops at international seaports — including in Mumbai — and fears similar actions as it was "in the process of stocking" nicotine pouches, documents show.
Seeking licenses for nicotine pouches will compel suppliers to withdraw them from the market, making "the duty free industry in India unattractive to passengers," it said.
(Reporting by Aditya Kalra; Additional reporting by Arpan Chaturvedi; Editing by Thomas Derpinghaus and William Mallard)
((Email: [email protected]; X: @adityakalra;))
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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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
(([email protected];))
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
(([email protected];))
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)
(([email protected];))
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)
(([email protected];))
LONDON, July 3 (Reuters) - The London Metal Exchange has approved the Adani Copper brand for delivery against its copper contracts, the exchange said on Friday.
Warrants for the brand can be issued from July 10, although the LME-registered warehouses holding Adani Copper metal must include the brand in their off-warrant stock reports with immediate effect, the LME added.
The brand is produced by Adani Enterprises-owned ADEL.NS Kutch Copper, one of India's largest copper smelters, with annual production capacity of 500,000 metric tons. The company applied for LME registration in August 2025.
According to Adani, this $1.2 billion Kutch Copper facility in the western state of Gujarat is the world's biggest single-location plant of its type, expected to reduce India's reliance on imported copper.
India imported 238,080 tons of refined copper in 2025, down 18% from a year earlier, according to Trade Data Monitor data, with Japan remaining the country's largest supplier.
(Reporting by Polina Devitt; Editing by Louise Heavens)
LONDON, July 3 (Reuters) - The London Metal Exchange has approved the Adani Copper brand for delivery against its copper contracts, the exchange said on Friday.
Warrants for the brand can be issued from July 10, although the LME-registered warehouses holding Adani Copper metal must include the brand in their off-warrant stock reports with immediate effect, the LME added.
The brand is produced by Adani Enterprises-owned ADEL.NS Kutch Copper, one of India's largest copper smelters, with annual production capacity of 500,000 metric tons. The company applied for LME registration in August 2025.
According to Adani, this $1.2 billion Kutch Copper facility in the western state of Gujarat is the world's biggest single-location plant of its type, expected to reduce India's reliance on imported copper.
India imported 238,080 tons of refined copper in 2025, down 18% from a year earlier, according to Trade Data Monitor data, with Japan remaining the country's largest supplier.
(Reporting by Polina Devitt; Editing by Louise Heavens)
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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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 Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - APPROVED FLOOR PRICE OF 3,034.68 RUPEES PER EQUITY SHARE FOR QIP ISSUE
Source text: ID:nBSE6KTbCF
Further company coverage: ADEL.NS
(([email protected];))
July 2 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - APPROVED FLOOR PRICE OF 3,034.68 RUPEES PER EQUITY SHARE FOR QIP ISSUE
Source text: ID:nBSE6KTbCF
Further company coverage: ADEL.NS
(([email protected];))
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)
(([email protected]; +1 646 540 2347))
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)
(([email protected]; +1 646 540 2347))
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)
(([email protected];))
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)
(([email protected];))
Justice Department said in May it would no longer pursue the prosecution
Judge's approval required to formally drop the charges
Read Adani's lawyers' letter to judge: https://tmsnrt.rs/4uPHITv
By Luc Cohen
NEW YORK, June 24 (Reuters) - Lawyers for Gautam Adani on Wednesday urged a U.S. judge to formally dismiss criminal charges against the Indian billionaire, after the Justice Department said last month it would no longer pursue the prosecution.
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 plant, and then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices.
In a letter to Brooklyn-based U.S. District Judge Nicholas Garaufis, Adani's lawyer, Robert Giuffra, wrote that the case should be dismissed because it was beyond the reach of U.S. law and because the prosecutors would not be able to prove the alleged bribery in India.
Adani Group has consistently denied wrongdoing.
Garaufis must sign off on the dismissal of the case.
Giuffra wrote that the Justice Department's decision to drop the indictment came after "months of detailed and extensive communications and meetings with counsel" for Adani and his co-defendants.
Giuffra also urged Garaufis to formally dismiss civil charges brought by the U.S. Securities and Exchange Commission after the regulator reached a settlement in which Adani would pay $6 million and his nephew, Sagar Adani, would pay $12 million.
Adani Enterprises Limited ADEL.NS has separately agreed to pay the U.S. Treasury Department $275 million to settle alleged violations of Iran sanctions.
(Reporting by Luc Cohen in New York; Editing by Matthew Lewis)
(([email protected]; +1 646 540 2347))
Justice Department said in May it would no longer pursue the prosecution
Judge's approval required to formally drop the charges
Read Adani's lawyers' letter to judge: https://tmsnrt.rs/4uPHITv
By Luc Cohen
NEW YORK, June 24 (Reuters) - Lawyers for Gautam Adani on Wednesday urged a U.S. judge to formally dismiss criminal charges against the Indian billionaire, after the Justice Department said last month it would no longer pursue the prosecution.
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 plant, and then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices.
In a letter to Brooklyn-based U.S. District Judge Nicholas Garaufis, Adani's lawyer, Robert Giuffra, wrote that the case should be dismissed because it was beyond the reach of U.S. law and because the prosecutors would not be able to prove the alleged bribery in India.
Adani Group has consistently denied wrongdoing.
Garaufis must sign off on the dismissal of the case.
Giuffra wrote that the Justice Department's decision to drop the indictment came after "months of detailed and extensive communications and meetings with counsel" for Adani and his co-defendants.
Giuffra also urged Garaufis to formally dismiss civil charges brought by the U.S. Securities and Exchange Commission after the regulator reached a settlement in which Adani would pay $6 million and his nephew, Sagar Adani, would pay $12 million.
Adani Enterprises Limited ADEL.NS has separately agreed to pay the U.S. Treasury Department $275 million to settle alleged violations of Iran sanctions.
(Reporting by Luc Cohen in New York; Editing by Matthew Lewis)
(([email protected]; +1 646 540 2347))
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
(([email protected];;))
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
(([email protected];;))
To restart exchange-based share buybacks from August 1
Move expected to cut costs and speed up buybacks
Regulator also tightens conduct rules for officials
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)
(([email protected]; +91 9558725583;))
To restart exchange-based share buybacks from August 1
Move expected to cut costs and speed up buybacks
Regulator also tightens conduct rules for officials
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)
(([email protected]; +91 9558725583;))
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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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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- Adani Group, Jabil plan a strategic alliance to build a vertically integrated AI data center infrastructure manufacturing platform in India.
- Platform targets multi-GW capacity for high-density, liquid-cooled AI racks to supply global hyperscalers, colocation operators, enterprise customers.
- Scope also includes power, cooling, electrical equipment manufacturing to offer a single-source, design-to-deployment hardware supply.
- Companies are drafting definitive operating frameworks, formal documentation to accelerate execution of the manufacturing roadmap.
- Project targets a global market opportunity above USD 3 trillion over seven years, tied to AI compute investment.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Jabil Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 202606150800BIZWIRE_USPR_____20260615_BW935221) on June 15, 2026, and is solely responsible for the information contained therein.
- Adani Group, Jabil plan a strategic alliance to build a vertically integrated AI data center infrastructure manufacturing platform in India.
- Platform targets multi-GW capacity for high-density, liquid-cooled AI racks to supply global hyperscalers, colocation operators, enterprise customers.
- Scope also includes power, cooling, electrical equipment manufacturing to offer a single-source, design-to-deployment hardware supply.
- Companies are drafting definitive operating frameworks, formal documentation to accelerate execution of the manufacturing roadmap.
- Project targets a global market opportunity above USD 3 trillion over seven years, tied to AI compute investment.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Jabil Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 202606150800BIZWIRE_USPR_____20260615_BW935221) on June 15, 2026, and is solely responsible for the information contained therein.
MUMBAI, June 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance group has won a bid to redevelop a 101.4 acre slum in western Mumbai, marking its entry into a sector where rival Adani Group is already redeveloping one of Asia's biggest slums, Dharavi.
A consortium led by Reliance 4IR Realty Private Ltd won the bid for the Juhu Galli slum cluster in Andheri, the Mumbai-based Slum Rehabilitation Authority said late on Wednesday. The project is expected to deliver more than 28,000 rehabilitation homes for eligible people currently living in Juhu Galli, it said.
The tender also attracted bids from metals giant JSW Group and conglomerate Shapoorji Pallonji Group.
Slum redevelopment in Mumbai has historically been handled by mid-sized developers under the Slum Rehabilitation Authority, with projects often delayed by fragmented landholdings and the need to secure consent from residents. However, policy changes by Maharashtra state, which is governed by Prime Minister Narendra Modi's Bhartiya Janata Party, party in the past few years have attracted large conglomerates to the sector.
The state announced a new slum cluster redevelopment framework in November 2025, which offers developers large contiguous land of at least 50 acres that does not require the consent of residents of the settlements to redevelop.
The state also offers developers additional development rights and higher building limits that allow them to build more saleable space once the slum redevelopments are completed.
To safeguard the interest of Juhu Galli residents, Reliance is required to pay the Slum Rehabilitation Authority 7 billion rupees ($73 million) over the next two years to cover temporary rents for the residents. It must also deposit a further one year of temporary rent costs and a performance guarantee of 1 billion rupees ($10 million), the authority said, without giving more details.
"The successful bidding process demonstrates the growing interest of India’s leading corporate houses in partnering with the government to address Mumbai’s housing challenges through large-scale redevelopment initiatives," the Slum Rehabilitation Authority said in a statement.
Adani Group won the contract to convert the Dharavi slum in Mumbai in 2023, but the project to convert the settlement housing 1 million people into a modern city hub, has been fraught with legal issues and protests by residents.
(Reporting by Dhwani Pandya; Editing by Susan Fenton)
(([email protected];))
MUMBAI, June 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance group has won a bid to redevelop a 101.4 acre slum in western Mumbai, marking its entry into a sector where rival Adani Group is already redeveloping one of Asia's biggest slums, Dharavi.
A consortium led by Reliance 4IR Realty Private Ltd won the bid for the Juhu Galli slum cluster in Andheri, the Mumbai-based Slum Rehabilitation Authority said late on Wednesday. The project is expected to deliver more than 28,000 rehabilitation homes for eligible people currently living in Juhu Galli, it said.
The tender also attracted bids from metals giant JSW Group and conglomerate Shapoorji Pallonji Group.
Slum redevelopment in Mumbai has historically been handled by mid-sized developers under the Slum Rehabilitation Authority, with projects often delayed by fragmented landholdings and the need to secure consent from residents. However, policy changes by Maharashtra state, which is governed by Prime Minister Narendra Modi's Bhartiya Janata Party, party in the past few years have attracted large conglomerates to the sector.
The state announced a new slum cluster redevelopment framework in November 2025, which offers developers large contiguous land of at least 50 acres that does not require the consent of residents of the settlements to redevelop.
The state also offers developers additional development rights and higher building limits that allow them to build more saleable space once the slum redevelopments are completed.
To safeguard the interest of Juhu Galli residents, Reliance is required to pay the Slum Rehabilitation Authority 7 billion rupees ($73 million) over the next two years to cover temporary rents for the residents. It must also deposit a further one year of temporary rent costs and a performance guarantee of 1 billion rupees ($10 million), the authority said, without giving more details.
"The successful bidding process demonstrates the growing interest of India’s leading corporate houses in partnering with the government to address Mumbai’s housing challenges through large-scale redevelopment initiatives," the Slum Rehabilitation Authority said in a statement.
Adani Group won the contract to convert the Dharavi slum in Mumbai in 2023, but the project to convert the settlement housing 1 million people into a modern city hub, has been fraught with legal issues and protests by residents.
(Reporting by Dhwani Pandya; Editing by Susan Fenton)
(([email protected];))
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
(([email protected];))
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
(([email protected];))
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
(([email protected];))
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
(([email protected];))
June 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:
GQG PARTNERS EMERGING MARKETS EQUITY FUND SELLS 16.4 MILLION SHARES IN ADANI ENTERPRISES VIA BLOCK DEAL - NSE DATA
Further company coverage: ADEL.NS
(([email protected];))
June 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:
GQG PARTNERS EMERGING MARKETS EQUITY FUND SELLS 16.4 MILLION SHARES IN ADANI ENTERPRISES VIA BLOCK DEAL - NSE DATA
Further company coverage: ADEL.NS
(([email protected];))
** Shares of Adani Enterprises ADEL.NS on track to be top Nifty gainer for May; rising 23% to 2,960 rupees
** Set for ninth straight weekly gains, longest winning streak since September 2022
** Nifty 50 .NSEI index gains 0.24% over the week
** Adani Group's flagship co extends rally after Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, removing a major legal overhang
** Removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects, says Deven Choksey, managing director at DRChoksey FinServ
** Jefferies ("Buy"; PT: 2,800 rupees) highlighted co's March-qtr EBITDA was stronger YoY driven by its airports, copper and new industries business
** Shares of key Adani group stocks rise between 8.9% and 24.3% during May
** YTD, ADEL up 31.2% vs Nifty 50 down 9%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of Adani Enterprises ADEL.NS on track to be top Nifty gainer for May; rising 23% to 2,960 rupees
** Set for ninth straight weekly gains, longest winning streak since September 2022
** Nifty 50 .NSEI index gains 0.24% over the week
** Adani Group's flagship co extends rally after Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, removing a major legal overhang
** Removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects, says Deven Choksey, managing director at DRChoksey FinServ
** Jefferies ("Buy"; PT: 2,800 rupees) highlighted co's March-qtr EBITDA was stronger YoY driven by its airports, copper and new industries business
** Shares of key Adani group stocks rise between 8.9% and 24.3% during May
** YTD, ADEL up 31.2% vs Nifty 50 down 9%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
May 21 (Reuters) -
CAPITAL GROUP BUILDS $2 BILLION ADANI BET IN PIVOT FROM RELIANCE - BLOOMBERG NEWS
Source text: https://tinyurl.com/ynsdr6a9
Further company coverage: ADEL.NS
(([email protected];))
May 21 (Reuters) -
CAPITAL GROUP BUILDS $2 BILLION ADANI BET IN PIVOT FROM RELIANCE - BLOOMBERG NEWS
Source text: https://tinyurl.com/ynsdr6a9
Further company coverage: ADEL.NS
(([email protected];))
Adds Adani companies share prices from paragraph 3, adds Indian regulatory investigation from paragraph 22
Prosecutors alleged Adani paid bribes for solar project; Adani denies allegations
Adani and nephew settle related SEC civil fraud case for $18 million, deny wrongdoing
Adani's lawyers had argued U.S. lacked jurisdiction and evidence
By Dan Rosenzweig-Ziff and Andrew Goudsward
May 15 (Reuters) - The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter.
Adani on Thursday resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval.
Adani Group did not respond to a request for comment from Reuters on the report of the criminal charges being dropped. It has previously called the allegations "baseless."
Shares of Adani Group companies pared early gains and were mixed on Friday in Indian trading. Adani Enterprises ADEL.NS, the flagship of the group, rose as much as 3.2% in pre-open deals before trimming those gains to 0.8% in morning trade.
Adani Green Energy ADNA.NS fell 0.08%, Adani Energy Solutions ADAI.NS dropped 1.26%. Adani Ports and Special Economic Zone Limited rose 1.64%.
The possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that Adani could not make its investment while the case was proceeding, one of the sources said.
Adani had publicly promised to invest the $10 billion and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election.
Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Giuffra made a similar argument in court filings in the parallel SEC case last month.
Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently.
The Justice Department did not immediately respond to a request for comment.
It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden.
Federal prosecutors had charged Adani in November 2024 over an alleged scheme in which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said. The Adani Group has consistently denied any wrongdoing.
RELATED CIVIL FRAUD CASE RESOLVED
Adani also faced a related SEC civil fraud lawsuit, which the securities regulator settled on Thursday subject to court approval, court records showed. Sagar Adani, his nephew, was also facing the SEC civil claims.
Adani and his nephew would pay civil penalties of $18 million, though neither would admit or deny any wrongdoing, the court records showed.
Adani Green Energy ADNA.NS said in a statement the two men and the SEC had filed with a New York court for the entry of a final judgement, which was now being awaited.
The Adanis' lawyers last month said their clients disputed there was any credible evidence supporting the bribery scheme alleged by the SEC. They also called the SEC claims "impermissibly extraterritorial," and said the bonds were never traded on a U.S. exchange.
While the dropping of charges in the U.S. would remove a major overhang from the Adani Group, Indian regulators are yet to close or rule on at least nine allegations that Adani Group and its offshore funds broke securities regulations, according to two sources with direct knowledge of the matter. The sources spoke on condition of anonymity as they were not permitted to speak to media.
The Securities and Exchange Board of India (SEBI) declined to comment.
Last year, SEBI dismissed three allegations against Adani and senior executives accused of stock manipulation , insider trading and not disclosing related party transactions. The claims had been made by U.S. short-seller Hindenburg Research .
(Additonal reporting by Luc Cohen in New York, Jayshree P Upadhyay, Dhwani Pandya, Surabhi Misra and Anusha Shah; writing by Scott Murdoch. Editing by Andy Sullivan, Lincoln Feast and John Mair.)
(([email protected];))
Adds Adani companies share prices from paragraph 3, adds Indian regulatory investigation from paragraph 22
Prosecutors alleged Adani paid bribes for solar project; Adani denies allegations
Adani and nephew settle related SEC civil fraud case for $18 million, deny wrongdoing
Adani's lawyers had argued U.S. lacked jurisdiction and evidence
By Dan Rosenzweig-Ziff and Andrew Goudsward
May 15 (Reuters) - The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter.
Adani on Thursday resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval.
Adani Group did not respond to a request for comment from Reuters on the report of the criminal charges being dropped. It has previously called the allegations "baseless."
Shares of Adani Group companies pared early gains and were mixed on Friday in Indian trading. Adani Enterprises ADEL.NS, the flagship of the group, rose as much as 3.2% in pre-open deals before trimming those gains to 0.8% in morning trade.
Adani Green Energy ADNA.NS fell 0.08%, Adani Energy Solutions ADAI.NS dropped 1.26%. Adani Ports and Special Economic Zone Limited rose 1.64%.
The possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that Adani could not make its investment while the case was proceeding, one of the sources said.
Adani had publicly promised to invest the $10 billion and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election.
Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Giuffra made a similar argument in court filings in the parallel SEC case last month.
Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently.
The Justice Department did not immediately respond to a request for comment.
It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden.
Federal prosecutors had charged Adani in November 2024 over an alleged scheme in which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.
Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said. The Adani Group has consistently denied any wrongdoing.
RELATED CIVIL FRAUD CASE RESOLVED
Adani also faced a related SEC civil fraud lawsuit, which the securities regulator settled on Thursday subject to court approval, court records showed. Sagar Adani, his nephew, was also facing the SEC civil claims.
Adani and his nephew would pay civil penalties of $18 million, though neither would admit or deny any wrongdoing, the court records showed.
Adani Green Energy ADNA.NS said in a statement the two men and the SEC had filed with a New York court for the entry of a final judgement, which was now being awaited.
The Adanis' lawyers last month said their clients disputed there was any credible evidence supporting the bribery scheme alleged by the SEC. They also called the SEC claims "impermissibly extraterritorial," and said the bonds were never traded on a U.S. exchange.
While the dropping of charges in the U.S. would remove a major overhang from the Adani Group, Indian regulators are yet to close or rule on at least nine allegations that Adani Group and its offshore funds broke securities regulations, according to two sources with direct knowledge of the matter. The sources spoke on condition of anonymity as they were not permitted to speak to media.
The Securities and Exchange Board of India (SEBI) declined to comment.
Last year, SEBI dismissed three allegations against Adani and senior executives accused of stock manipulation , insider trading and not disclosing related party transactions. The claims had been made by U.S. short-seller Hindenburg Research .
(Additonal reporting by Luc Cohen in New York, Jayshree P Upadhyay, Dhwani Pandya, Surabhi Misra and Anusha Shah; writing by Scott Murdoch. Editing by Andy Sullivan, Lincoln Feast and John Mair.)
(([email protected];))
May 14 (Reuters) - Adani Enterprises Ltd ADEL.NS:
GQG PARTNERS EMERGING MARKETS EQUITY FUND SELLS 5.9 MILLION SHARES IN ADANI ENTERPRISES VIA BLOCK DEAL ON NSE, SBI MF BUYS STAKE - EXCHANGE DATA
Further company coverage: ADEL.NS
(([email protected];;))
May 14 (Reuters) - Adani Enterprises Ltd ADEL.NS:
GQG PARTNERS EMERGING MARKETS EQUITY FUND SELLS 5.9 MILLION SHARES IN ADANI ENTERPRISES VIA BLOCK DEAL ON NSE, SBI MF BUYS STAKE - EXCHANGE DATA
Further company coverage: ADEL.NS
(([email protected];;))
May 13 (Reuters) - Uber CEO:
UBER CEO: SETTING UP CO'S FIRST DATA CENTER IN INDIA WITH ADANI GROUP; TO BE READY LATER THIS YEAR - X POST
Source text: https://x.com/dkhos/status/2054467647509577987
Further company coverage: ADEL.NS
(([email protected];))
May 13 (Reuters) - Uber CEO:
UBER CEO: SETTING UP CO'S FIRST DATA CENTER IN INDIA WITH ADANI GROUP; TO BE READY LATER THIS YEAR - X POST
Source text: https://x.com/dkhos/status/2054467647509577987
Further company coverage: ADEL.NS
(([email protected];))
May 7 (Reuters) - Indian bike maker Royal Enfield plans to invest about 22 billion rupees ($232.24 million) to set up a manufacturing plant in the southern state of Andhra Pradesh, it said on Thursday.
The Eicher Motors EICH.NS unit will establish the facility in two phases, with the first phase expected to be completed by 2029, and the second slated for 2032.
The plant will add around 900,000 units to its current annual capacity of around 1.46 million units, as of end-February.
Andhra Pradesh has drawn investments from Alphabet's GOOGL.O Google, Reliance Industries RELI.NS and Adani Group ADEL.NS, among others.
Royal Enfield's project is expected to generate roughly 5,000 direct and indirect jobs.
The investment marks the bike maker's first major manufacturing expansion outside Tamil Nadu state, the firm said.
($1 = 94.7300 Indian rupees)
(Reporting by Bipasha Dey in Bengaluru; Editing by Sonia Cheema)
May 7 (Reuters) - Indian bike maker Royal Enfield plans to invest about 22 billion rupees ($232.24 million) to set up a manufacturing plant in the southern state of Andhra Pradesh, it said on Thursday.
The Eicher Motors EICH.NS unit will establish the facility in two phases, with the first phase expected to be completed by 2029, and the second slated for 2032.
The plant will add around 900,000 units to its current annual capacity of around 1.46 million units, as of end-February.
Andhra Pradesh has drawn investments from Alphabet's GOOGL.O Google, Reliance Industries RELI.NS and Adani Group ADEL.NS, among others.
Royal Enfield's project is expected to generate roughly 5,000 direct and indirect jobs.
The investment marks the bike maker's first major manufacturing expansion outside Tamil Nadu state, the firm said.
($1 = 94.7300 Indian rupees)
(Reporting by Bipasha Dey in Bengaluru; Editing by Sonia Cheema)
Firms are setting up treasury operations in India's GIFT City
GIFT City allows access to cheaper funding
GIFT City allows lower taxes on remitting dividends, excess cash
By Jayshree P Upadhyay and Jaspreet Kalra
MUMBAI, May 5 (Reuters) - Gautam Adani's eponymous firm, telecom operator Bharti Airtel BRTI.NS, U.S.-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources.
They are set to join ArcelorMittal MT.LU, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings.
The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased.
Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media.
Corporate treasury operations have traditionally been housed in places like Singapore and the Netherlands. Global treasury centres are hubs where multinational firms manage cash, funding, liquidity, foreign exchange and financial risks.
Access to cheaper funding, lower taxes on remitting dividends and excess cash to overseas units, along with being able to hold assets in dollars as the rupee weakens, are prompting firms to set up treasury centres in GIFT City, the three sources said. By onshoring this activity to GIFT City, India hopes to retain control and oversight of global financial flows associated with its companies.
"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, a senior partner at PricewaterhouseCoopers.
Responding to a Reuters query, a spokesperson for Germany-based ZF Friedrichshafen said in an email it is exploring a GIFT City set-up and has yet to apply for a license.
Email queries to the other companies mentioned in this article did not yield any responses.
The names of firms planning to set up operations in GIFT City have not been previously reported.
Dipesh Shah, an executive director at the International Financial Services Centre Authority, a GIFT City regulator, said "the rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital." He declined to comment on individual companies setting up treasury operations at the tax hub.
REGULATORY PUSH
Activity has picked up sharply since January, with seven companies securing regulatory licences and another 17 at different stages of approval, sources said.
Much of the recent surge is attributable to regulatory changes from April 2025, according to two of the sources.
"The interest from foreign multinational companies has been beyond our expectations," said a senior regulatory official at GIFT City who requested anonymity as they are not authorised to talk to the media.
A key change that was made allows banks to pay interest on current account balances - a practice not allowed by the Reserve Bank of India for onshore lenders, the sources said. Just one foreign bank has started this so far, two of the three sources said.
ArcelorMittal - an early entrant - plans to undertake cash pooling activities for its India entities via GIFT City, according to the sources, similar to what it does via its treasury centre in Paris through an entity called ArcelorMittal Treasury.
(Reporting by Jayshree P Upadhyay and Jaspreet Kalra in Mumbai; Editing by Ira Dugal in Mumbai and Thomas Derpinghaus)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Firms are setting up treasury operations in India's GIFT City
GIFT City allows access to cheaper funding
GIFT City allows lower taxes on remitting dividends, excess cash
By Jayshree P Upadhyay and Jaspreet Kalra
MUMBAI, May 5 (Reuters) - Gautam Adani's eponymous firm, telecom operator Bharti Airtel BRTI.NS, U.S.-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources.
They are set to join ArcelorMittal MT.LU, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings.
The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased.
Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media.
Corporate treasury operations have traditionally been housed in places like Singapore and the Netherlands. Global treasury centres are hubs where multinational firms manage cash, funding, liquidity, foreign exchange and financial risks.
Access to cheaper funding, lower taxes on remitting dividends and excess cash to overseas units, along with being able to hold assets in dollars as the rupee weakens, are prompting firms to set up treasury centres in GIFT City, the three sources said. By onshoring this activity to GIFT City, India hopes to retain control and oversight of global financial flows associated with its companies.
"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, a senior partner at PricewaterhouseCoopers.
Responding to a Reuters query, a spokesperson for Germany-based ZF Friedrichshafen said in an email it is exploring a GIFT City set-up and has yet to apply for a license.
Email queries to the other companies mentioned in this article did not yield any responses.
The names of firms planning to set up operations in GIFT City have not been previously reported.
Dipesh Shah, an executive director at the International Financial Services Centre Authority, a GIFT City regulator, said "the rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital." He declined to comment on individual companies setting up treasury operations at the tax hub.
REGULATORY PUSH
Activity has picked up sharply since January, with seven companies securing regulatory licences and another 17 at different stages of approval, sources said.
Much of the recent surge is attributable to regulatory changes from April 2025, according to two of the sources.
"The interest from foreign multinational companies has been beyond our expectations," said a senior regulatory official at GIFT City who requested anonymity as they are not authorised to talk to the media.
A key change that was made allows banks to pay interest on current account balances - a practice not allowed by the Reserve Bank of India for onshore lenders, the sources said. Just one foreign bank has started this so far, two of the three sources said.
ArcelorMittal - an early entrant - plans to undertake cash pooling activities for its India entities via GIFT City, according to the sources, similar to what it does via its treasury centre in Paris through an entity called ArcelorMittal Treasury.
(Reporting by Jayshree P Upadhyay and Jaspreet Kalra in Mumbai; Editing by Ira Dugal in Mumbai and Thomas Derpinghaus)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
By Arpan Chaturvedi
May 4 (Reuters) - An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal's Vedanta VDAN.NS to fellow billionaire Gautam Adani's winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.
The win gives a boost to Adani's takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates JAIA.NS that include the country's only Formula One track.
The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.
(Writing by Surbhi Misra in Bengaluru; Editing by Tom Hogue)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
By Arpan Chaturvedi
May 4 (Reuters) - An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal's Vedanta VDAN.NS to fellow billionaire Gautam Adani's winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.
The win gives a boost to Adani's takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates JAIA.NS that include the country's only Formula One track.
The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.
(Writing by Surbhi Misra in Bengaluru; Editing by Tom Hogue)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
May 1 (Reuters) - Indian billionaire Gautam Adani's Adani Group is planning an internal restructuring aimed at speeding up decision-making, as the conglomerate pushes for growth across its businesses, Bloomberg News reported on Friday.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; 8800437922;))
May 1 (Reuters) - Indian billionaire Gautam Adani's Adani Group is planning an internal restructuring aimed at speeding up decision-making, as the conglomerate pushes for growth across its businesses, Bloomberg News reported on Friday.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; 8800437922;))
April 30 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship firm of the billionaire Gautam Adani-led conglomerate, reported a fourth-quarter loss on Thursday.
The company posted a consolidated net loss of 2.21 billion rupees ($23.27 million) in the quarter ended March, from a profit of 38.45 billion rupees a year ago.
In the year-ago quarter, the firm's earnings got a one-time boost of 39.46 billion rupees from sale of its stake in consumer goods venture with Singapore's Wilmar WLIL.SI.
($1 = 94.9588 Indian rupees)
(Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
April 30 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship firm of the billionaire Gautam Adani-led conglomerate, reported a fourth-quarter loss on Thursday.
The company posted a consolidated net loss of 2.21 billion rupees ($23.27 million) in the quarter ended March, from a profit of 38.45 billion rupees a year ago.
In the year-ago quarter, the firm's earnings got a one-time boost of 39.46 billion rupees from sale of its stake in consumer goods venture with Singapore's Wilmar WLIL.SI.
($1 = 94.9588 Indian rupees)
(Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
By Tanvi Mehta
NEW DELHI, April 29 (Reuters) - Indian Prime Minister Narendra Modi opened one of the country's longest expressways on Wednesday, connecting 12 districts over nearly 600 km (370 miles) in the most populous state of Uttar Pradesh.
Here are some details:
The expressway has been built at a cost of 362.30 billion rupees ($3.82 billion) by Adani Enterprises ADEL.NS and IRB Infrastructure Developers IRBI.NS.
The six-lane greenfield corridor, the longest in the northern state, will significantly reduce the time taken to travel from Meerut in the east to Prayagraj in the west, covering 594 km.
Named after the holy Ganga river that flows through the state, the government expects the expressway to be a launchpad for industrial corridors.
The Indian government has significantly increased its spending on infrastructure after the COVID-19 pandemic, with a record 12.2 trillion rupees allotted for spending in this year's budget.
A slew of recent projects connecting major cities have been part of a broader push by the government to enhance agricultural and industrial development and boost tourism in cities and towns.
(Reporting by Tanvi Mehta; Editing by YP Rajesh)
By Tanvi Mehta
NEW DELHI, April 29 (Reuters) - Indian Prime Minister Narendra Modi opened one of the country's longest expressways on Wednesday, connecting 12 districts over nearly 600 km (370 miles) in the most populous state of Uttar Pradesh.
Here are some details:
The expressway has been built at a cost of 362.30 billion rupees ($3.82 billion) by Adani Enterprises ADEL.NS and IRB Infrastructure Developers IRBI.NS.
The six-lane greenfield corridor, the longest in the northern state, will significantly reduce the time taken to travel from Meerut in the east to Prayagraj in the west, covering 594 km.
Named after the holy Ganga river that flows through the state, the government expects the expressway to be a launchpad for industrial corridors.
The Indian government has significantly increased its spending on infrastructure after the COVID-19 pandemic, with a record 12.2 trillion rupees allotted for spending in this year's budget.
A slew of recent projects connecting major cities have been part of a broader push by the government to enhance agricultural and industrial development and boost tourism in cities and towns.
(Reporting by Tanvi Mehta; Editing by YP Rajesh)
** Shares of Adani Enterprises ADEL.NS rise 1.64% to 2,179.50 rupees
** Jefferies says Adani's flagship company set for a broad-based ramp-up across businesses in FY27, despite near-term softness in airport traffic and a delay in the Navi Mumbai airport operation ramp-up
** Expects non-aero revenue and airport monetisation to support growth, with consolidated EBITDA seen rising about 37% y/y
** Brokerage maintains "buy" rating, flagging valuation upside as cash flows improve and capital expenditure moderates but cuts PT to 2,600 rupees from 2,750 rupees
** Kutch Copper in Gujarat has begun a gradual ramp-up amid weak near-term margins, with profitability expected to improve from FY27 as feedstock availability and utilisation rise
** Road projects and mining are also expected to contribute in a phased manner in the next 3-4 years
** YTD, ADEL stock down 3.4%
(Reporting by Urvi Dugar in Bengaluru)
(([email protected]; +91 9558725583;))
** Shares of Adani Enterprises ADEL.NS rise 1.64% to 2,179.50 rupees
** Jefferies says Adani's flagship company set for a broad-based ramp-up across businesses in FY27, despite near-term softness in airport traffic and a delay in the Navi Mumbai airport operation ramp-up
** Expects non-aero revenue and airport monetisation to support growth, with consolidated EBITDA seen rising about 37% y/y
** Brokerage maintains "buy" rating, flagging valuation upside as cash flows improve and capital expenditure moderates but cuts PT to 2,600 rupees from 2,750 rupees
** Kutch Copper in Gujarat has begun a gradual ramp-up amid weak near-term margins, with profitability expected to improve from FY27 as feedstock availability and utilisation rise
** Road projects and mining are also expected to contribute in a phased manner in the next 3-4 years
** YTD, ADEL stock down 3.4%
(Reporting by Urvi Dugar in Bengaluru)
(([email protected]; +91 9558725583;))
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Popular questions
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What does Adani Enterprises do?
Adani Enterprises is in the business of integrated resources management, mining services and other trading activities. The Company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports, roads, copper, digital space and others.
Who are the competitors of Adani Enterprises?
Adani Enterprises major competitors are Coal India, Anmol India, Reetech Internatl., Jainam Ferro Alloys, Nagpur Power & Inds.. Market Cap of Adani Enterprises is ₹4,12,486 Crs. While the median market cap of its peers are ₹191 Crs.
Is Adani Enterprises financially stable compared to its competitors?
Adani Enterprises seems to be less financially stable compared to its competitors. Altman Z score of Adani Enterprises is 2.27 and is ranked 6 out of its 6 competitors.
Does Adani Enterprises pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Adani Enterprises latest dividend payout ratio is 1.8% and 3yr average dividend payout ratio is 2.83%
How has Adani Enterprises allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is Adani Enterprises balance sheet?
Balance sheet of Adani Enterprises is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Adani Enterprises improving?
Yes, profit is increasing. The profit of Adani Enterprises is ₹9,339 Crs for Mar 2026, ₹7,099 Crs for Mar 2025 and ₹3,241 Crs for Mar 2024
Is the debt of Adani Enterprises increasing or decreasing?
The net debt of Adani Enterprises is decreasing. Latest net debt of Adani Enterprises is ₹63,095 Crs as of Mar-26. This is less than Mar-25 when it was ₹64,612 Crs.
Is Adani Enterprises stock expensive?
Adani Enterprises is not expensive. Latest PE of Adani Enterprises is 44.17, while 3 year average PE is 137. Also latest EV/EBITDA of Adani Enterprises is 34.84 while 3yr average is 40.64.
Has the share price of Adani Enterprises grown faster than its competition?
Adani Enterprises has given lower returns compared to its competitors. Adani Enterprises has grown at ~9.25% over the last 3yrs while peers have grown at a median rate of 24.82%
Is the promoter bullish about Adani Enterprises?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 74.67% and last quarter promoter holding is 73.97%.
Are mutual funds buying/selling Adani Enterprises?
The mutual fund holding of Adani Enterprises is decreasing. The current mutual fund holding in Adani Enterprises is 2.71% while previous quarter holding is 2.78%.