ADANIPOWER

Feb 24 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD- ADANI POWER RECEIVES LOA FOR 558 MW PPA

• ADANI POWER LTD- MOXIE POWER WINS BID WITH 5.91 RUPEES PER UNIT TARIFF

Further company coverage: ADAN.NS

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Feb 12 (Reuters) - India's Adani Power ADAN.NS said on Thursday it has formed an atomic energy-focussed unit, becoming one of the first privately-held utilities to disclose publicly their interest in the newly-opened nuclear sector.

Adani Atomic Energy Ltd, will generate, transmit and distribute electric power derived from nuclear energy sources, the company said, without giving other details.

The move comes as India opens its nuclear power sector to greater private participation to meet rising electricity demand and curb carbon emissions, with the government targeting a sharp increase in capacity over the coming decades as part of its clean energy push.

So far, state-run Nuclear Power Corporation of India owns and operates the country's fleet of nuclear power plants that have a total capacity of 8.8 gigawatts.

Tata Power's TTPW.NS CEO said last week on a post-earnings call that the company was evaluating three sites for nuclear projects.

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

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By Tora Agarwala

DHAKA, Feb 11 (Reuters) - Millions of Bangladeshi garment workers and their bosses will vote on Thursday for a new government hoping it can save the country's biggest industry, which has suffered six straight months of falling exports due to U.S. tariffs and domestic political and labour unrest.

The garment sector is Bangladesh's economic lifeblood, driving 80% of exports and more than 10% of the economy, and supplies some of the world's global brands.

In a country of 175 million, nearly four million workers, mostly women, keep the garment industry running.

“The industry is in a critical condition, and if steps are not taken now, it can be worse,” said Mohiuddin Rubel, additional managing director of Denim Expert Ltd, which supplies brands including H&M.

Factory owners are calling for long‑term policy stability, a sustainable wage mechanism, a recovery in the banking sector, and competitive energy costs.

Politicians from both major parties, the Bangladesh Nationalist Party and Jamaat‑e‑Islami, have vowed to reduce the economy’s heavy reliance on the sector.

“We cannot depend on one industry forever,” Jamaat said on social media. “Our manifesto expands exports beyond garments into leather, jute, pharmaceuticals and agro‑processing.”

TRUMP TARIFFS 'BIG DISASTER'

Factory owners say exports have slowed because of U.S. tariffs and political instability following the 2024 ouster of long‑time leader Sheikh Hasina.

U.S. President Donald Trump first imposed a 37% tariff on Bangladeshi imports in April 2025, reduced it to 35% in July negotiations and then to 20% from August 1 before agreeing to 19% on Monday under a new trade deal. Bangladesh previously paid roughly 15% duty to access its largest market.

Under the deal, the United States will set up a system allowing a certain volume of Bangladeshi textile and apparel exports to enter duty‑free. The size of the zero‑tariff quota will be linked to how much U.S.-made textile inputs such as cotton and man‑made fibres Bangladesh buys.

Bangladesh currently imports cotton mainly from Brazil, India, Africa and the United States.

Industry leaders say the deal offers some relief and potential opportunities, but its overall impact will depend on pricing, the quota formulae and how the supply chain adjusts.

"The tariff has been a big disaster,” Fazlee Shamim Ehsan, vice president of the Bangladesh Knitwear Manufacturers and Exporters Association, told Reuters before the new deal was announced.

"There is no stability. Some months we get small orders, other months big orders, because the market is so unpredictable.”

Ehsan, who owns three factories, said 2025 was the first year in his 20 years in business that he lost money - "equivalent to two to three years of profits".

"Even during the COVID-19 period, I paid full salaries to my workers and did not incur losses despite production stoppages,” he said.

INSTABILITY WORSENING PAIN

Some factory owners said buyers were pulling orders due to reports of instability in the country, including mob attacks on media houses in December. An unelected interim government has governed Bangladesh since a deadly popular uprising forced Hasina to flee to New Delhi in August 2024.

"This unstable situation has meant that exports have dipped ... it has never been so bad before,” said Md. Shehab Udduza Chowdhury, vice president of the Bangladesh Garment Manufacturers and Exporters Association.

He said the U.S. deal “gives us a little relief, it is a little hope for us".

Bangladesh also saw major labour unrest in 2024 as workers and unions pushed for a 23,000‑taka ($208) minimum monthly wage, up from the 8,300‑taka rate set in 2019 by the Hasina government.

In response, the interim government increased the annual wage increment to 9% from the earlier 5% and shortened the next wage review cycle from five to three years.

Manufacturers say the changes have increased their financial strain and eaten into profits, even as international buyers pressure them to produce faster and cheaper.

Garment bosses said the U.S. deal was badly needed and a democratically-elected government offered hope.

“The 0% reciprocal tariff offer, along with the fact that we will soon have an elected government, means that things could improve for the ready-made garments industry," said Faisal Samad, a BGMEA director and managing director of Surma Garments Ltd that sells to Reebok, Primark and others.

(Reporting by Tora Agarwala in Dhaka; Additional reporting by Ruma Paul; Editing by Krishna N. Das and Michael Perry)

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By Aditi Shah and Dhwani Pandya

NEW DELHI, Feb 1 (Reuters) - India said on Sunday foreign companies using data centres built in the country to provide services to global clients will not face any taxes for doing so for more than 20 years, hoping to assuage concerns of possible tax liabilities on the sector.

Scores of data centres have been built in India in recent years, but lawyers told Reuters that foreign companies had been concerned that New Delhi could in future impose taxes on their global income for using a data centre located in the country.

Those concerns were set to rest by Finance Minister Nirmala Sitharaman in her 2026-27 budget speech, where she said India will "provide (a) tax holiday till 2047 to any foreign companies that provide cloud services to their customers globally, by using data centre services from India."

Vaibhav Gupta, partner at tax firm Dhruva Advisors, said: "This announcement helps in bringing clarity to foreign companies and lends stability in (their) tax position in India till 2047," noting foreign companies would no longer need to worry about potential taxes on their global income on the basis they use a data centre in India.

Google GOOGL.O said in October it will invest $15 billion in an AI data centre project in Andhra Pradesh state, while Microsoft MSFT.O and Amazon AMZN.O have poured billions into data centres in India. Indian conglomerates like Adani ADEL.NS and Reliance RELI.NS are also investing.

Amazon, Microsoft and Google did not immediately respond to requests for comment on the government's tax measure.

"Data centres will be a major strength for India through which we can provide new services to the world," IT minister Ashwini Vaishnav told reporters.

(Reporting by Aditi Shah in New Delhi and Dhwani Pandya in Mumbai; Additional reporting by Aditya Kalra in New Delhi, Haripriya Suresh, Sai Ishwar, Abhirami G in Bengaluru; Editing by David Holmes)

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By Jonathan Stempel

NEW YORK, Jan 30 (Reuters) - The U.S. Securities and Exchange Commission has arranged to serve Gautam Adani with a civil fraud lawsuit, allowing the regulator's case against India's second-richest person to proceed.

In a Friday filing in the Brooklyn, New York federal court, the SEC and U.S.-based lawyers for Adani and his nephew Sagar Adani said the lawyers agreed to accept the SEC's legal papers, eliminating the need for U.S. District Judge Nicholas Garaufis to rule on how the defendants should be served.

If the judge approves the resolution, the Adanis will have 90 days to respond to the SEC's complaint, which could include requests for a dismissal.

Robert Giuffra, a lawyer for Gautam Adani, declined to comment. Sean Hecker, a lawyer for Sagar Adani, also declined to comment.

The SEC charged the Adanis in November 2024 with violating U.S. securities law by orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy ADNA.NS, where both are executives and directors.

Both defendants are in India, and the SEC had reported difficulty in serving them with legal papers.

U.S. prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. There have been no public developments in that case for more than a year. The SEC's case had been stalled for most of that time.

Gautam Adani, 63, founded and chairs the conglomerate Adani Group. He is worth about $59 billion according to Forbes magazine.

(Reporting by Jonathan Stempel; Editing by Hugh Lawson)

Jan 29 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER Q3 CONSOL NET PROFIT 24.8 BILLION RUPEES

• ADANI POWER Q3 CONSOL REVENUE FROM OPERATIONS 124.51 BILLION RUPEES

Further company coverage: ADAN.NS

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By Sudarshan Varadhan and Ruma Paul

SINGAPORE/DHAKA, Jan 28 (Reuters) - India's Adani Power ADAN.NS is boosting electricity exports to Bangladesh, data from both governments showed, despite worsening bilateral relations and a Bangladesh government-appointed panel calling the supply overpriced.

Exports to Bangladesh from Adani's Godda coal-fired power plant in India's eastern Jharkhand state rose nearly 38% annually to about 2.25 billion kilowatt-hours (kWh) in the three months through December, Indian and Bangladeshi government data showed.

That pushed Indian exports to a record 15.6% of Bangladesh's power mix for the year, up from 12% in 2024, Bangladesh government data showed. Adani began supplying Bangladesh in early 2023.

Electricity trade between the countries is flourishing despite souring diplomatic relations. Both sides have suspended visa services and summoned their envoys over security concerns at diplomatic missions.

BANGLADESH FACING GAS SHORTAGE, PLANS TO BOOST COAL IMPORTS

Power imports are needed to ease shortages, including of natural gas - Bangladesh's main power source - and address an expected 6% to 7% rise in electricity demand in 2026, Bangladesh Power Development Board Chairman Rezaul Karim told Reuters.

Karim said Bangladesh will also boost coal imports to ramp up domestic coal-fired output this year to make up for gas shortages. Coal imports surged 35% to a record 17.34 million metric tons in 2025, data from analytics firm Kpler showed.

Bangladesh is facing gas shortages due to rapidly declining local production and transmission limitations that have impeded use of liquefied natural gas, industry experts say.

The decline in gas-fired generation saw its share of the energy mix plunge to a record-low 42.6% last year, government data showed, after accounting for nearly two-thirds of generation in the decade through 2024.

Adani filled the gap, supplying a record 8.63 billion kWh of electricity to Bangladesh in 2025 and making up 8.2% of all supply, with imports from other Indian companies rising marginally to 7.92 million kWh, Bangladesh power grid data showed.

During the first 27 days of January, Adani accounted for about 10% of all electricity supply.

"Adani electricity is still cheaper than oil-fired electricity. Because of shortages, Bangladesh has to use oil-fired power plants," said Ijaz Hossain, an independent Dhaka-based energy expert.

(Reporting by Sudarshan Varadhan in Singapore and Ruma Paul in Dhaka; Editing by Joe Bavier)

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By Ruma Paul and Sudarshan Varadhan

DHAKA/SINGAPORE, Jan 26 (Reuters) - An Adani Power ADAN.NS coal-fired plant that exports electricity passes on Indian corporate taxes to Bangladesh and charges more than market rates, according to a recent report from a government-appointed committee in Bangladesh.

Adani's Godda plant in India's Jharkhand state priced power at a 39.7% premium over its nearest private-sector competitor and had the steepest cost escalation among electricity import arrangements from India, the National Review Committee (NRC) said in a report dated January 20.

Reuters reviewed the report, which has yet to be made public.

The NRC said the price divergence was an "outcome of specific contractual choices," adding that it had found evidence of "serious anomalies in the procedures through which the contract was awarded."

Adani Power said it could not comment on the review as the committee had neither consulted the company nor provided it with a copy of the report. It also said it was continuing to supply electricity despite large payment dues, adding that other generators had cut back or stopped their supplies.

"We urge Bangladesh government to liquidate our dues at the earliest as this is impacting our operations," the company said in a statement.

The report called for electricity contracts to be reviewed to identify opportunities for "renegotiation of the most fiscally damaging provisions."

The report also said the Adani plant, which supplies more than 10% of Bangladesh's power, used "excessively priced" coal and billed Indian corporate taxes to Bangladesh.

"The price being paid is roughly 50% higher than what it should be," the NRC said, calling it the "most significant statistical outlier" in Bangladesh's cross-border electricity procurement portfolio.

"Standard international practice usually requires independent power plants to bear their own corporate taxes in their home jurisdiction," the NRC report said.

"The Adani power purchase agreement deviates by including Indian corporate tax components in the tariff charged to Bangladesh."

($1 = 121.7000 taka)

(Reporting by Ruma Paul in Dhaka and Sudarshan Varadhan in Singapore; Editing by Thomas Derpinghaus)

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BENGALURU, Jan 23 (Reuters) - India's Adani Green Energy ADNA.NS posted a 99% drop in third‑quarter profit on Friday, as higher finance costs inflated its expenses and offset gains from strong power sales and improved capacity utilisation.

Shares of Adani Group's green arm were down 13.8%.

Group stocks fell 2% to 11% after the U.S. SEC sought court approval to serve summons to Gautam Adani and Sagar Adani by email in a fraud and $265 million bribery case.

For Adani Green, consolidated profit slumped to 50 million rupees ($544,051.88) in the quarter ended December 31, from 4.74 billion rupees a year earlier.

A sharp 27.14% rise in expenses to 29.61 billion rupees and a 35.73% surge in finance costs absorbed most of the company’s topline, even as power sales remained strong.

The company also booked a 1.03 billion rupees from its associates and joint ventures, offering a modest cushion to earnings.

Power consumption in India is expected to rise as the economy expands, requiring an estimated 40% increase in coal‑fired capacity to more than 307 gigawatts by 2035, according to government projections.

The country, which currently meets about a third of its power demand from thermal plants, aims to achieve net‑zero emissions by 2070 and plans to more than double its renewable capacity to 500 gigawatts as part of that effort.

Finance costs for the company include interest on borrowings as well as currency‑related gains and losses on its foreign‑currency loans and the impact of derivative hedges used to manage those exposures.

The renewable energy arm of billionaire Gautam Adani’s group, which operates solar, wind and hybrid assets across India, said revenue from power supply rose 21% to 19.93 billion rupees, helped by 5.6 GW of capacity additions over the past year.

The company said the growth also reflected strong plant performance and the commissioning of new capacity at resource‑rich sites in Khavda, Gujarat, and in Rajasthan.

($1 = 91.9030 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

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Updates with more details

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - State Bank of India's mutual fund unit has committed to pick up at least 10% of Adani Power's ADAN.NS nearly $820 million rupee-denominated bond issue, likely to be launched later this week, three merchant bankers said on Wednesday.

The mutual fund, India's biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not authorised to speak to the media.

The planned 75 billion-rupee issue would be the group's largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power is looking to raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note.

SBI MF will buy 4.50 billion rupees and three billion rupees of these papers as the anchor investor, the bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not reply to an email seeking comment.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.5630 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

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** Shares of Adani Power ADAN.NS up 0.3% to 144.81 rupees after Antique initiates coverage with "buy" rating and target price 187 rupees, sees multi‑year earnings upcycle

** Brokerage cites 2.3x capacity expansion to 41.9 GW by FY33E, led by 23.72 GW under construction across brownfield and greenfield projects

** Says ADAN has secured ~70% share (12.4 GW of 17.7 GW) in ongoing state thermal power purchase agreement (PPA) awards; 67% of 41.9 GW portfolio already tied under long-term PPAs

** Brokerage expects FY25–32E revenue/EBITDA/PAT CAGRs at 16%/19%/17%; net debt/EBITDA to fall to sub‑1x by FY32E despite 2 trillion rupees ($22 billion) capex funded ~60% via internal accruals

** Stock up 36.7% this year

($1 = 90.8775 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

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Updates with quote from government source from paragraphs 5-9

By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Dec 12 (Reuters) - India's cabinet has approved sweeping changes to atomic energy laws and fully opened the insurance sector to foreign investors, two government sources said on Friday, key policy moves aimed at attracting billions of dollars in two critical sectors.
India, which plans to expand nuclear power capacity 12-fold by 2047, is relaxing rules to end a decades-old state monopoly and overcome a stringent liability provision to allow private participation and attract foreign technology suppliers.
The changes in the nuclear sector are part of the push to boost nuclear capacity to 100 gigawatts by 2047 as India looks to cut coal dependence and meet climate commitments.
In the insurance sector, the government has proposed removing the cap on foreign ownership of Indian insurance companies, currently set at 74%.

To qualify for 100% foreign direct investment, at least one of a company's chair, managing director or chief executive would have to be an Indian resident, a third government source said.

The government has also dropped an earlier proposal for an unified licence for insurance companies, the source said.

A unified, or composite, licence would have allowed insurers to provide life, general and health insurance under a single entity.

Currently, life insurers cannot sell products such as health insurance, while general insurers can only sell products ranging from health to marine.

The government felt that Indian insurance companies are not yet equipped to have a composite licence regime, the source said.

Both changes to laws are listed for approval in the ongoing winter session of parliament.

(Reporting by Sarita Chaganti Singh and Nikunj Ohri. Writing by Shilpa Jamkhandikar. Editing by YP Rajesh and Mark Potter)

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Nov 28 (Reuters) -

• ADANI GROUP CFO: WE ARE NOT RAISING ANY EXTRA FUNDS FOR ACQUISITION OF JAIPRAKASH ASSOCIATES ASSETS

Source text: [ID:]

Further company coverage: ADAG.NS

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By Sethuraman N R

Oct 31 (Reuters) - India's Adani Power ADAN.NS has emerged as the lowest bidder for a 3.2 gigawatt (GW) coal power supply tender floated by the northeastern state of Assam, the company said during a post-earnings call.

The bid has received regulatory approval from the state electricity commission, and Adani Power expects formal communication of the award shortly, it said late on Thursday.

The tender is part of a broader pipeline of over 22 GW of thermal power bids across states including Rajasthan, Uttar Pradesh, Gujarat, and West Bengal, as they seek to secure long-term baseload capacity amid rising demand and intermittent renewable generation.

In August, Adani Power announced investments of about $5 billion in two coal-powered plants. The company aims to expand capacity to 42 GW from 18 GW by fiscal year 2032, with 8.5 GW already tied up under long-term power purchase agreements.

Adani Power said it will invest about 2 trillion rupees in the planned expansion over a period of time, with the first 12 GW on track to be commissioned by fiscal year 2030.

The power firm has pre-ordered all the boilers, turbines and generators for the expansion, with staggered deliveries scheduled over the next 38-75 months, a company executive said.

Separately, Adani Power said its power dues from Bangladesh have narrowed to 15 days of supply, compared to about $900 million in May, and nearly $2 billion early this year.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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Adds details, background

NEW DELHI, Oct 10 (Reuters) - India plans to open up its retail electricity market for private companies nationwide, ending the dominance of state-run distributors in most states, a draft bill by the federal power ministry showed on Friday.

The move will allow private companies such as Adani Enterprises ADEL.NS, Tata Power TTPW.NS, Torrent Power TOPO.NS and CESC CESC.NS to strengthen their presence across the country.

A similar attempt in 2022 faced opposition from state distribution companies.

Only a handful of India’s electricity distribution zones — including the national capital region, Odisha, and industrial states like Maharashtra and Gujarat — are currently privatised as the rules do not specifically provide for it.

A vast majority remain under state control and are burdened with deep financial losses.

New Delhi has been pushing state-run power utilities to reduce losses, clean up their balance sheets and upgrade age-old infrastructure.

Earlier this year, the country's most populous state Uttar Pradesh invited bids to privatise two of its four power distribution companies.

As of June 2025, state power utilities owed power generators about $6.78 billion, creating a severe liquidity crunch for independent power producers, and in turn, stifling credit flows to the sector, Institute for Energy Economics and Financial Analysis said in September.

The power ministry's draft proposal also seeks to open the retail electricity market to multiple private players in the same area, which the existing Electricity Act does not provide for.

(Reporting by Sethuraman NR and Sarita Singh; Editing by Sonia Cheema and Mrigank Dhaniwala)

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By Sethuraman N R and Sudarshan Varadhan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Indian state electricity distributors are signing long-term contracts with coal-fired power generators to meet a projected surge in evening demand, despite the country's efforts to expand clean energy capacity.

Uttar Pradesh, India's most populous state, and eastern Assam state, which recently withdrew incentives for clean energy projects, are looking to sign purchase deals in the next two months for at least 7 gigawatts of coal-fired power, collectively, to be delivered in 2030, bid documents reviewed by Reuters show.

Those bids come after more than 17 GW of coal-fired capacity has come under various stages of contract in the 16 months through July, the largest such pipeline since the Covid pandemic, according to India Ratings & Research.

The procurement rush, fuelled by a projected rise in air-conditioning demand during non-solar hours and the slow build-out of battery storage, is driving new investment and is expected to slow decarbonisation efforts in the world's third-largest greenhouse gas emitter, analysts say.

Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie, said he expects the push will keep India hooked to coal for longer, despite targets to boost renewables.

India plans to increase its coal power capacity by 46% from 210 GW currently to 307 GW by 2035 and targets non-fossil fuel capacity of 500 GW by 2030, nearly double the 251.4 GW now.

"We have revised our projection for coal-fired power generation in India, with the expected peak now occurring in the early 2040s, compared to the late 2030s in our previous outlook," Pradhan said.

HIGHER COSTS

In August, Adani Power ADAN.NS announced investments of about $5 billion in two coal-powered plants.

Torrent Power TOPO.NS, which announced a $2.5 billion coal power project this year, is evaluating plans to build 5–7 GW of capacity over the next decade, said company whole-time director Jigish Mehta.

While the plans may boost coal's share in the power mix above previous projections, solar power is still expected to be preferred during daytime as it is cheaper, analysts say.

"State distribution companies are facing grid instability due to renewable variability and lack of scalable storage," Mehta said.

However, building renewables with storage capacity is cheaper than new coal-fired capacity in India, said Alexander Hogveen Rutter, an India-based independent energy expert.

"New coal power is getting more expensive and the gap will only continue to grow as batteries scale up," he said.

India has auctioned approximately 12.8 GW hours of battery energy storage for development, but only 219 MW hours are operational, according to an August report by the Institute for Energy Economics and Financial Analysis.

States including Madhya Pradesh, Tamil Nadu and Bihar have cited delays in renewable projects while opting for new coal power projects this year, filings show.

"Renewables alone cannot fill the base load gap," said Narendra Bhooshan, a senior official at the Uttar Pradesh Energy Department, told Reuters.

($1 = 88.7250 Indian rupees)

(Reporting by Sethuraman NR;
Additional reporting by Sudarshan Varadhan; Editing by Kim Coghill)

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By Jayshree P Upadhyay

MUMBAI, Sept 19 (Reuters) - India's market regulator is still looking into more than a dozen allegations that Adani Group and its offshore funds broke securities regulations, two sources with direct knowledge of the investigations said on Friday.

They spoke a day after the Securities and Exchange Board of India (SEBI) dismissed two allegations - one of stock manipulation, the other non-disclosure of related party transactions - made two years ago against Adani by U.S. short-seller Hindenburg Research.

The conglomerate owned by billionaire Gautam Adani - which includes infrastructure giants Adani Ports (APSE.NS) and Adani Power (ADAN.NS) as well as his flagship Adani Enterprises - has regularly dismissed all the allegations by Hindenburg as baseless.

It hailed the dismissals on Thursday but did not immediately respond on Friday to emailed questions about the report of continuing investigations.

SEBI's communications department also did not immediately respond to requests for comment.

The regulator began investigating Adani Group companies in 2023 after now-defunct Hindenburg accused them in a report of improper use of tax havens and stock price manipulation. The accusations initially led to a $150-billion sell-off of the group's stocks.

The stocks have since recovered and shares of all nine listed group companies rose on Friday in reaction to the regulator's dismissals a day earlier. Gains were led by Adani Power's 12.7% jump. Adani Enterprises was up 6%.

One of the sources told Reuters on Friday that some of the investigations into allegations against the Adani group had been closed and no further action would be taken.

But "there are at least over a dozen cases still pending for final orders," the source said, referring to decisions on whether to dismiss the allegations or impose monetary penalties.

Those cases included allegations that Adani Enterprises, Adani Ports, Adani Energy ADAI.NS and Adani Power had wrongfully categorised certain shareholders as public, the sources said.

Those four companies reported in their financial statements in July and August that the watchdog was looking into the wrongful categorisation allegations.

Reuters reported in April that around 30 Adani group entities have applied to settle some of these regulatory charges.

(Reporting by Jayshree P Upadhyay in Mumbai and additional reporting by Urvi Dugar in Bengaluru; Editing by Andrew Heavens)

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Sept 18 (Reuters) -

• INDIA'S SEBI- FINAL ORDER IN MATTER OF HINDENBURG ALLEGATIONS AGAINST ADANI GROUP WITH RESPECT TO TRANSACTIONS WITH ADICORP ENTERPRISES

• SEBI: DISPOSE OF THE INSTANT PROCEEDINGS AGAINST ADANI GROUP WITHOUT ANY DIRECTION

• SEBI: DISPOSE OF THE INSTANT PROCEEDINGS AGAINST ADANI PORTS, ADANI POWER, ADICORP ENTERPRISES, GAUTAM ADANI, RAJESH ADANI

• SEBI: ALLEGATIONS OF NON-DISCLOSURE, TAKING SHAREHOLDER NOD FOR FINANCIAL TRANSACTIONS PERTAINING TO ADANI POWER, ADANI PORTS COULD NOT BE ESTABLISHED

Further company coverage: ADEL.NS

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By Florence Tan and Nidhi Verma

SINGAPORE/NEW DELHI, Sept 16 (Reuters) - Sanctioned tanker Spartan has discharged Russian crude oil at India's Mundra port despite a ban by the Adani Group on entry of blacklisted ships at the terminal, ship tracking data from LSEG and Kpler showed on Tuesday.

The Suezmax tanker discharged 1 million barrels of Urals crude at Indian refiner HPCL-Mittal Energy Ltd's (HMEL) Mundra terminal, Kpler data showed.

Spartan, formerly known as SCF Samatlor, has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.

The ship is managed by Dubai-based Nova Shipmanagement and owned by Citrine Marine, Equasis data showed.

HMEL and Nova Shipmanagement did not immediately respond to requests for comment outside office hours. Reuters has not been able to find any contact information for Dubai-based Citrine Marine.

On Monday, another sanctioned vessel carrying Russian oil, Noble Walker, changed course to India's Vadinar port.

The Noble Walker, carrying about 1 million barrels of Russian crude for HMEL, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.

Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports, including Mundra in Western India. Indian refiners HMEL and Indian Oil Corp IOC.NS use the port for oil imports, including from Russia.

(Reporting by Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Jamie Freed)

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By Nidhi Verma

NEW DELHI, Sept 15 (Reuters) - Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday.

The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.

The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.

HMEL did not respond to a Reuters email seeking comment. Reuters has not been able to find any contact information for Mancera Shipping which owns Noble Walker, according to LSEG data.

Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports including Mundra in western India. Indian refiners HMEL and Indian Oil Corp IOC.NS use the port for oil imports, including from Russia.

India has become the biggest buyer of seaborne Russian oil after Western sanctions imposed on Moscow for its 2022 invasion of Ukraine.

However, India has been tightening surveillance of vessels and transactions involving Russian supplies.

Russian oil is mostly shipped by a so-called shadow fleet after the United States, EU and Britain imposed a raft of sanctions targeting vessels, traders and companies among others to curb Moscow's oil revenue, its economic lifeline.

Another sanctioned tanker, Spartan, a suezmax carrying 1 million barrels of Russian crude, was anchored near Mundra port on Monday. The vessel was supposed to discharge its crude at the port on Monday, Kpler data showed.

(Reporting by Nidhi Verma. Additional reporting by Beijing bureau. Editing by Florence Tan and Mark Potter)

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Adani Power Ltd ADAN.NS:

• ADANI POWER SIGNS 25-YEAR POWER SUPPLY AGREEMENT WITH BIHAR STATE POWER GENERATION COMPANY

• ADANI POWER TO INVEST $3 BILLION TO DEVELOP 2400 MW COAL-BASED POWER PLANT IN BIHAR

• ADANI POWER AIMS TO FULLY COMMISSION THE PLANT IN 60 MONTHS

Further company coverage: ADAN.NS

** Shares of power generation major Adani Power ADAN.NS gain 2.6% to 650.75 rupees

** Co bagged an order from MP Power Management Company to set up an 800-gigawatt (GW) coal power plant in Madhya Pradesh state

** Cumulative order value from MP Power Management Company to ADAN now stands at 210 billion rupees ($2.38 billion)

** Stock eyes busiest trading session since mid-Jan, volumes at 13.5x the 30-day avg

** Stock up ~23% so far in 2025

($1 = 88.1260 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Sept 6 (Reuters) - Adani Power Ltd ADAN.NS:

• INDIA'S ADANI POWER SIGNS AGREEMENT WITH BHUTAN'S DRUK GREEN POWER CORP TO SET UP 570 MW WANGCHHU HYDROELECTRIC PROJECT- STATEMENT

Source text: [ID:]

Further company coverage: ADAN.NS

(Reporting by Nidhi Verma)

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By Sudarshan Varadhan and Sethuraman N R

SINGAPORE/NEW DELHI, Sept 4 (Reuters) - Coal prices in India will fall after revisions to taxes on the fuel that generates nearly 75% of the country's electricity, industry officials and analysts said, as a higher consumption tax is offset by the removal of a carbon levy.

That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal prices.

India's finance minister hiked consumption levies on coal to 18% from 5% on Wednesday. However, buyers no longer have to pay a flat carbon tax of 400 Indian rupees ($4.57) a metric ton, known as a cess.

"We anticipate an increase in demand for locally mined coal as the elimination of the cess makes it cheaper despite the higher consumption tax," said Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie.

Prices of power plant-grade fuel sold by Coal India COAL.NS, which produces three-quarters of Indian output, will now be 8.1%-19.8% cheaper for utilities and 5.6%-16.7% cheaper for other users such as smelters, according to Reuters calculations based on Coal India and Wood Mackenzie data.

The calculations tallied with estimates provided by the Coal Consumers Association of India to Reuters.

India is the world's second largest coal importer behind China, but imports are expected to fall as the price of grades typically shipped in from top supplier Indonesia will be 3.5% higher after the tax change, Pradhan said.

The lower effective taxes on coal are expected to help generators burning the fossil fuel to cut costs by 0.12 rupees per kilowatt hour, said Vikram V, analyst at Moody's ICRA unit.

That compares with ICRA's estimates of a 0.10 rupee per kWh decline in generation costs for solar power developers following a cut in tax rates on panels to 5% from 12%.

Coal India and the federal ministries for finance, power and coal did not respond to requests for comment.

The move will also benefit power producers and help revive plunging sales by state-run Coal India, which has grappled with tepid power demand and a rise in renewable power generation.

Ashok Khurana, vice chairman at India's Association of Power Producers, said the decision would help reduce generating costs.

"However its impact on consumer tariffs would depend on distribution companies," he added.

The move could result in lower tariffs if distribution companies pass on reduced procurement costs to consumers.

If the costs are not passed on, it could help improve the finances of debt-laden, state government-owned distribution companies, Khurana said.

($1 = 87.5060 Indian rupees)

(Additional reporting by Nikunj Ohri in New Delhi; Editing by Jan Harvey)

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Sept 2 (Reuters) - Adani Power Ltd ADAN.NS:

• RECEIVES APPROVAL FOR DHIRAULI MINE OPERATIONS

• PEAK PRODUCTION AT 6.5 MTPA, 5 MTPA OPEN CAST BY FY27

• DHIRAULI BLOCK TO SUPPLY TO 1,200 MW MAHAN POWER PLANT

Source text: ID:nBSE3krMGg

Further company coverage: ADAN.NS

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** Shares of Adani Power ADAN.NS rise 2% to 613 rupees

** Thermal power co receives letter of award for 800 MW thermal power plant project from MP Power Management Company

** Project to be set up in Anuppur, Madhya Pradesh state; investment pegged at 105 bln rupees ($1.20 bln)

** Stock up 15.5% YTD

($1 = 87.5060 Indian rupees)

(Reporting by Rudra Pratap Singh in Bengaluru)

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NEW DELHI, Aug 30 (Reuters) - Adani Power ADAN.NS and Torrent Power TOPO.NS have bagged orders to cumulatively set up 2,400 megawatt (MW) coal power plants from the Indian central state of Madhya Pradesh, the two companies said in separate statements.

MP Power Management Company has awarded a contract to Torrent Power to supply 1,600 MW from a new coal-based power plant that would require an investment of 220 billion rupees ($2.51 billion), according to a statement by the company.

Adani Power would supply power in the central Indian state from a new 800 MW thermal power plant with an investment of 105 billion rupees ($1.20 billion), its fourth major power supply order in the last 12 months, the company said in a separate statement.

Prime Minister Narendra Modi's government aims to lift coal-based power capacity by 80 GW to more than 290 GW by 2032, an increase of over one-third, to ensure reliable, round-the-clock supply.

($1 = 87.5060 Indian rupees)

(Reporting by Nikunj Ohri
Editing by Gareth Jones)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Aug 29 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD - RECEIVES LOA FOR 25-YEAR ELECTRICITY PROCUREMENT

• ADANI POWER LTD - TO INVEST $3 BILLION IN PLANT AND INFRASTRUCTURE

• ADANI POWER - CO TO SET UP 2,400 MW GREENFIELD ULTRA SUPER CRITICAL PLANT AT PIRPAINTI

Source text: ID:nBSE3Mtp63

Further company coverage: ADAN.NS

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Aug 11 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T SECURES ULTRA-MEGA CONTRACT FROM ADANI POWER

• LARSEN & TOUBRO GOT ORDER WORTH OVER 150 BILLION RUPEES

• LARSEN AND TOUBRO - CONTRACT FOR 6,400MW THERMAL POWER FOR CARBONLITE SOLUTIONS BUSINESS

Further company coverage: LART.NS

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