ADANIENT

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

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** 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)

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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

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Adds Adani companies share prices from paragraph 3, adds Indian regulatory investigation from paragraph 22

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.)

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May 14 (Reuters) -

• US AUTHORITIES MOVING TO END FRAUD CASES AGAINST GAUTAM ADANI- BLOOMBERG NEWS

• US JUSTICE DEPARTMENT MAY ANNOUNCE THAT THEY’RE DROPPING CHARGES AGAINST GAUTAM ADANI AS SOON AS THIS WEEK - BLOOMBERG NEWS

Source text: https://tinyurl.com/y5ssubzn

Further company coverage: ADEL.NS

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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

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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)

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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_ |;))

Recasts paragraph 1, changes sourcing and headline, adds details, comment and context from paragraph 2 onwards

May 1 (Reuters) - Indian billionaire Gautam Adani's group said on Friday that it plans an internal restructuring aimed at speeding up decision-making, as the ports-to-power conglomerate pushes for growth across its businesses.

The move by Adani Group comes as investment activity picks up across India, Asia's third-biggest economy, powered by heavy infrastructure spending and a revival in private capital expenditure.

Under the plans, the company will introduce a three-layer organisational structure with fewer decision-makers.

"The strategy is anchored in three pillars and supported by strong liquidity and access to capital, enabling accelerated capex deployment and faster project execution," the group said.

This is the conglomerate's second restructuring since 2015, when it spun off its ports and power businesses into separately listed companies: Adani Ports APSE.NS and Adani Power ADAN.NS.

The group will also streamline its contractor base, focusing on fewer, larger partners to improve coordination and execution speed, while providing them with easier access to financing, Adani said.

On Thursday, the group's flagship firm Adani Enterprises ADEL.NS reported its first quarterly loss in 17 quarters, as it grappled with higher depreciation related to a newly operational airport near Mumbai and a copper plant in the western state of Gujarat, along with a surge in expenses.

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

(([email protected]; 8800437922;))

April 30 (Reuters) -

• ADANI ENTERPRISES Q4 CONSOL REVENUE FROM OPERATIONS 324.39 BILLION RUPEES

• ADANI ENTERPRISES - DIVIDEND 1.3 RUPEES PER SHARE

• ADANI ENTERPRISES - APPROVES FUND RAISE OF UP TO 150 BILLION RUPEES

• ADANI ENTERPRISES - FUND RAISING VIA QIP, OTHER MODES

• ADANI ENTERPRISES Q4 CONSOL NET LOSS 2.21 BILLION RUPEES

  
  

Further company coverage: ADEL.NS

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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)

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** 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;))

April 13 (Reuters) -

• US PROTESTS ADANI’S PUSH TO MOVE CARGO CARRIERS TO NEW AIRPORT - BLOOMBERG NEWS

Source text: https://tinyurl.com/4tv5b3me

Further company coverage: ADEL.NS

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NEW YORK, April 7 (Reuters) - Gautam Adani, one of India's richest people, will ask a judge to dismiss the U.S. Securities and Exchange Commission's civil fraud case against him, his lawyers said on Tuesday.

In a filing in the Brooklyn, New York federal court, Adani's lawyers said the SEC's claims were "impermissibly extraterritorial," and no statements challenged by the regulator were actionable. Adani and his nephew Sagar Adani, who is also a defendant, also disputed there was any credible evidence supporting the bribery scheme that the SEC alleged.

(Reporting by Jonathan Stempel in New York)

(([email protected] ; +1 646 223 6317; Reuters Messaging: [email protected] /))

By Arpan Chaturvedi

NEW DELHI, April 6 (Reuters) - India’s top court on Monday rejected billionaire Anil Agarwal-led Vedanta's plea to pause the acquisition by Adani group of a bankrupt real estate giant, which includes a $4 billion pool of prized assets including India's only Formula One track.

Agarwal's Vedanta is fighting in courts against the decision of a lenders' panel to give the assets of bankrupt Jaiprakash Associates to fellow tycoon Gautam Adani's group, setting up a battle between billionaires for assets including homes, power, cement plants and the Buddh International Circuit track near New Delhi.

Vedanta's challenge in the Supreme Court was declined as the judges said a lower tribunal was fit to hear the concerns of the group, and the top court does not need to interfere in the proceedings.

Vedanta argues that its $1.8 billion bid was better, but the lenders' panel decided in Adani's favour as its $1.5 billion bid had higher upfront payments.

The acquisition could boost Adani group's real estate plans, which include its other key projects in Mumbai, including the redevelopment of one of Asia's largest slums, Dharavi.

Adani's son, Karan Adani, said at a public event last month that he is "very personally engaged" with bringing F1 back to India after a 13-year absence.

(Reporting by Arpan Chaturvedi
Editing by Keith Weir)

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April 1 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AAHL, BLINKIT LAUNCH INDIA’S FIRST IN-TERMINAL QUICK COMMERCE SERVICE AT MUMBAI AIRPORT- STATEMENT

Source text: [ID:]

Further company coverage: ABUJ.NS

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By Arpan Chaturvedi

NEW DELHI, March 31 (Reuters) - Indian billionaire Anil Agarwal is challenging fellow tycoon Gautam Adani's winning bid for a bankrupt real estate giant in the Supreme Court, intensifying the fight over a $4 billion pool of prized assets that includes the country's only Formula One track.

Agarwal's Vedanta has mounted a legal challenge over a creditor committee's decision to award the assets of Jaiprakash Associates JAIA.NS to Adani, a portfolio that includes homes, power, cement plants and the Buddh International Circuit track near New Delhi.

Vedanta has argued its $1.8 billion bid for the assets was better, but the committee, and an Indian tribunal, decided in Adani's favour by saying its $1.5 billion bid was superior because it had higher upfront payments.

Vedanta is now asking India's top court to pause the acquisition and hear its concerns, Supreme Court listing records seen by Reuters on Tuesday showed.

Vedanta and Adani did not respond to requests for comment.

A win could give a major boost to Adani's real-estate expansion, adding to its other key projects in Mumbai, which include redeveloping one of Asia's largest slums, Dharavi.

TRYING TO RESTART F1 IN INDIA

F1 races have been stalled in India for 13 years due to regulatory and taxation disputes, forcing organisers to discontinue the programme. Adani's son, Karan Adani, said at a public event last month he is "very personally engaged" to bring back F1 to India.

Vedanta's Agarwal on Sunday expressed disappointment about how the Jaiprakash Associates sale process had been handled, writing on X: "We will place the facts in the right way."

Vedanta's business interests stretch across aluminium, power and steel.

($1 = 94.0850 Indian rupees)

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Thomas Derpinghaus)

(([email protected];))

By Aditi Shah

NEW DELHI, March 20 (Reuters) - Tesla TSLA.O is preparing to enter India's industrial energy storage market, according to a job ad on its website, pitting it against companies controlled by Mukesh Ambani and Gautam Adani as they deepen investment in the sector as the grid shifts to cleaner power.

The new business will also mark Tesla's expansion in India beyond just electric cars, which it started selling in August.

The company already operates a Megapack business in the U.S. and other markets, supplying large-scale energy storage systems for industrial and utility users.

Tesla's new plan was revealed in a job ad on its website, which said it is looking to hire a business development lead in India to "develop and execute a comprehensive market expansion strategy for industrial energy storage solutions".

The candidate will shape its entry into India for "utility-scale energy storage", it added, without elaborating.

Reuters is first to report Tesla's plan. The company did not respond to a request for comment.

Ambani's Reliance RS.N and Adani's group ADEL.NS also have ambitious plans for India's energy storage sector.

India has set a target to reach 500 gigawatts (GW) of non-fossil fuel energy capacity by 2030 from more than 262 GW at the end of 2025. It needs devices that can store energy during off-peak hours, stabilise the grid and reduce carbon emissions.

The government is encouraging companies to invest in storage systems by providing fiscal incentives and is also working on a national roadmap to enable firms to meet the targets.

(Reporting by Aditi Shah, editing by Aditya Kalra and Louise Heavens)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

March 19 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES - CONVERSION OF 137.5 MILLION PARTLY PAID-UP SHARES INTO FULLY PAID-UP SHARES

Source text: ID:nBSE9QQVBg

Further company coverage: ADEL.NS

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March 18 (Reuters) -

• ADANI GROUP: MUNDRA PORT WELCOMED THE INDIAN-FLAGGED VESSELS SHIVALIK, CARRYING 46,000 MT OF LPG, AND JAG LAADKI, CARRYING 80,886 MT OF CRUDE OIL

Source text: https://tinyurl.com/hkzz9yex

Further company coverage: ADEL.NS

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March 16 (Reuters) -

• INDIGO AND ADANI AIRPORTS PARTNER TO OFFER INDIGO BLUCHIPS ON DUTY-FREE SHOPPING - STATEMENT

Source text: [Full Story]

Further company coverage: ADEL.NS

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March 11 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• COMPLETION OF ACQUISITION OF DEFENCE UNIT FROM PUNJ LLOYD LTD BY UNIT

Source text: ID:nBSE4Kj7wN

Further company coverage: ADEL.NS

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By Gabriel Araujo

SAO PAULO, March 9 (Reuters) - Brazilian planemaker Embraer EMBJ3.SA could roll out E175-E1 regional jets from a potential production line in India as early as 2028, but the plan hinges on orders for at least 200 aircraft, CEO Francisco Gomes Neto told Reuters on Friday.

Earlier this year, Embraer and India's Adani Group had announced a memorandum of understanding to establish a final assembly line for the Brazilian firm's first-generation jetliners in India.

Such a move would mark a significant win for the Indian government, which has urged planemakers to build jets locally, and a geographic shift for Embraer, which currently produces commercial jets only in Brazil.

"Of course, we will not start a significant investment without orders. That's the first point, we need the orders. And what we're saying is this: to set up an assembly line, we need at least 200 aircraft to be produced there," Gomes Neto said.

If orders are secured by the end of 2026, the company would be able to start delivering planes in 2028, he added.

"It's roughly 24 months, which we believe is enough to begin making it happen. They know that, it's clear to us," the CEO said.

Gomes Neto said Embraer has identified at least 1,800 Indian routes that could be operated by E1s – jets that seat up to 88 people and are essential to U.S. regional aviation but have lacked demand elsewhere in recent years.

The executive noted that a plant in India would help Embraer boost production while filling its hybrid line in Brazil with orders for the newer E2 family, which has seen strong global demand.

Embraer, which initially targeted reaching 100 commercial aircraft deliveries in a single year in 2028, now sees scope to hit the milestone in 2027, the CEO said.

SAUDI ARABIA NO LONGER A C-390 HOTSPOT

In addition to commercial aircraft, Embraer has also partnered in India with Mahindra on the C-390 military cargo jet, calling the country a "strategic market" for its defense unit.

Saudi Arabia, the European Union, and the United States also earned that label in 2024, but Gomes Neto said prospects have now dimmed for an order from the Middle Eastern country.

"It continues to be a business front, but it's not in the hotspot for us right now," he said, adding that Embraer is instead focusing on India and the United States.

Embraer had hoped to replace Saudi Arabia's aging fleet of Lockheed Martin's C-130. In 2023, when President Luiz Inacio Lula da Silva visited the country, it signed a deal with SAMI, which has the backing of Saudi public wealth fund PIF, to explore a potential C-390 assembly line there.

"We have a good product there, but I believe they had the vision of having a larger aircraft," Gomes Neto said. "It's still on our radar, but no longer in the hotspot."

(Reporting by Gabriel Araujo
Editing by Nick Zieminski)

(([email protected]; +55 11 5047-3352;))

March 2 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• KCL HAS DIVESTED ITS ENTIRE 50% STAKE IN PRANEETHA ECOCABLES

Source text: ID:nBSE1WBgwy

Further company coverage: ADEL.NS

(([email protected];;))

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

• ADANI ENTERPRISES LTD - ADSTL EXECUTED AN AGREEMENT ON MARCH 1 WITH PUNJ LLOYD AVIATION TO ACQUIRE 14.2% STAKE IN AIR WORKS

Source text: ID:nBSE7jbwtG

Further company coverage: ADEL.NS

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The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

By Shritama Bose and Ujjaini Dutta

NEW DELHI, Feb 23 (Reuters Breakingviews) - The dissonance surrounding India's artificial intelligence dreams came alive at the AI Impact Summit. The five-day confab in New Delhi last week hosted global A-listers from OpenAI CEO Sam Altman to Alphabet's GOOGL.O Sundar Pichai and attracted investment pledges of over $250 billion, including from Reliance Industries RELI.NS and the Adani Group. But the euphoria barely concealed the country's simmering anxieties around the fast-moving technology.

The 500,000 visitors at the shindig focusing on "bridging the global AI divide" included delegates from 118 countries and swarms of college students attending sessions on everything from the creator economy to AI in agriculture and defence. On Saturday, 88 nations and international groupings endorsed the Delhi Declaration, which commits to democratising AI resources.

Yet even as crowds during the week cheered India’s homegrown government-backed answer to OpenAI and DeepSeek, Sarvam AI’s demonstrations of its "extremely frugal" large language models for Indic languages underscored the steep challenge facing most countries seeking to preserve AI sovereignty. Without powerful domestic alternatives, attendees warned, India risks becoming a digital colony of the United States and China.

Also lacking was substantial discussion on job losses from AI. India already struggles to create the 8 million roles it needs each year to absorb new entrants into the workforce. Its vast IT software services industry and role as the world's back office places it at the sharp end of disruption. V Anantha Nageswaran, India's chief economic advisor, at least hinted at the scale of the looming challenge, calling it "a stress test of our state capacity" - a remark that resonates in a country known for weak policy implementation.

The summit also failed to build consensus on who should shoulder the gargantuan task of reskilling a workforce whose future already fuels frequent primetime television debates. Prime Minister Narendra Modi said reskilling must become a mass movement. In private, executives cast it as the government’s problem. Past precedent suggests India Inc will ultimately be forced to share the burden.

The lack of urgency perhaps stems from knowledge that multi-year contracts with global firms will buy outsourcers like Tata Consultancy Services TCS.NS, among India's largest employers, a few years to adapt. In time AI might create more jobs than it destroys, as Reliance's Chair Mukesh Ambani vowed to prove. But that's cold comfort for the swelling ranks of Indian workers caught up in the churn. For now, India has missed a chance to set the agenda for the Global South on this important topic. Hubris was poor cover.

Follow Shritama Bose on LinkedIn and X.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

The AI Impact Summit 2026 was held at New Delhi from February 16 to 20. The summit attracted 500,000 visitors, 20 heads of government and delegates from 118 countries, India's Ministry of Electronics and Information Technology said on February 20.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the authors, Reuters customers can click on BOSE/ [email protected] and DUTTA/ [email protected]))

Rewrites with details of AI investments

By Chandini Monnappa, Surbhi Misra and Urvi Dugar

BENGALURU, Feb 19 (Reuters) - India's biggest conglomerates are stepping up a push into AI and data infrastructure, with Reliance RELI.NS committing about $110 billion and Adani ADEL.NS pledging $100 billion to position the nation as an emerging hub for AI development.

While the sum is modest against the more than $630 billion U.S. tech giants are expected to spend this year, India is offering tax breaks for foreign firms operating from domestic data centres, along with measures to lure more AI talent.

"Our resolve is clear: make intelligence as ubiquitous as connectivity," said billionaire Mukesh Ambani, the chairman of Reliance, arguing that cheaper computing will spur innovation.

His company wants to bring to AI the same playbook it used to disrupt the telecom market in 2016 by slashing data prices and expanding access.

News of the plans come as top executives gathered in New Delhi for a major summit, amid rising investment from Google GOOGL.O, Amazon AMZN.O, Meta Platforms META.O and Microsoft MSFT.O in India's AI and cloud ecosystem.

Reliance and Adani benefit from renewable‑powered data centres, as their own energy assets cut reliance on costly grid power. Putting facilities next to power plants cuts transmission losses and shields them from rising electricity prices.

"With their backward integration, renewable‑powered data centres are simply the cheapest option for them in the long run," said Ambareesh Baliga, an independent market analyst.

BETTING ON DATA CENTRES

India has played only a limited role in the global AI boom so far, as it lacks large‑scale chip manufacturing, making data centres its most viable entry point into the fast‑growing infrastructure market.

Reliance unit Jio is developing multi‑gigawatt, AI‑ready data centres, including a facility in the western city of Jamnagar that is expected to add more than 120 megawatts of capacity in the second half of this year.

Separately, Adani Enterprises said on Tuesday it planned to invest $100 billion by 2035 to build data centres that are AI‑enabled and renewable‑powered.

Reliance seeks to build a fully integrated AI stack in India, but execution and monetisation remain key risks, said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.

($1=91.0870 Indian rupees)

(Reporting by Chandini Monnappa, Surbhi Misra and Urvi Dugar in Bengaluru; Editing by Himani Sarkar, Christopher Cushing, Dhanya Skariachan)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Feb 18 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• ADANI ENTERPRISES - FEDEX TO DEVELOP FULLY AUTOMATED AIR CARGO HUB AT NAVI MUMBAI AIRPORT WITH LONG-TERM INVESTMENT OF OVER 25 BILLION RUPEES

Source text: [ID:]

Further company coverage: ABUJ.NS

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