Adani Power

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 an 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.

Tobacco kills 1.35 million people each year in India and 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."

Mumbai Travel Retail, a joint venture led by Adani with Dubai's Flemingo, was asked to discontinue sales of nicotine pouches and seek approvals, government letters show.

Adani declined to comment. 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 ($1,049), 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.

CAN GUNS BE SOLD AT AIRPORT?

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 regulatory reach of domestic regulations, its non-public High Court filing shows.

"If a murder occurs in the store, will Indian police have no powers to arrest? They will have ... Can they sell guns or ammunition? No," said Murali Neelakantan, who was previously general counsel at Indian drugmakers Cipla and Glenmark Pharmaceuticals.

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.

POUCHES A "RECENT INNOVATION"

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. The companies did not respond to Reuters queries.

Philip Morris says Zyn's U.S. sales in 2025 doubled 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)

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May 21 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD- ENTERS SHARE PURCHASE AGREEMENT FOR ACQUISITION OF 24% SHARES OF JAIPRAKASH POWER VENTURES LIMITED, HELD BY JAL

• ADANI POWER LTD- ENTERS BUSINESS TRANSFER AGREEMENT FOR ACQUISITION OF 180 MW THERMAL POWER PLANT OF JAL LOCATED IN CHURK AND OTHER RELATED ASSETS

• ADANI POWER LTD- COST OF ACQUISITION FOR SPA OF 24% OF SHAREHOLDING OF JPVL IS 29.93 BILLION RUPEES

• ADANI POWER LTD- COST OF ACQUISITION FOR 180 MW THERMAL POWER PLANT OF JAL LOCATED IN CHURK IS 12 BILLION RUPEES

Source text: ID:nnAZN4SXJGP

Further company coverage: ADAN.NS

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Adds dropped word 'president' in paragraph 10

By Neha Arora

NEW DELHI, May 19 (Reuters) - India's top copper producers, including Adani, Vedanta and Hindalco, are opposing plans to make copper wire made by secondary refiners acceptable under government quality standards, saying products made from scrap pose safety risks.

The dispute has triggered a months-long standoff between large primary producers and smaller refiners over fire-refined high conductivity (FRHC) copper rods, which are mainly used in electrical applications such as transformers, power cables and wires.

Large producers argue that copper rods from smaller refiners, which mostly use scrap as raw material, should not be under the same standards because the products may not consistently meet the purity levels required for electrical applications.

"Indian fire (secondary) refiners may not have the requisite technology and hence are incapable of manufacturing the FRHC grade consistently," the large producers said, according to the minutes of a March 23 meeting of the Bureau of Indian Standards (BIS) that was reviewed by Reuters.

The state-run BIS oversees product quality standards in India.

"Many of the manufacturers are not refining and just re-melting scrap to make substandard product," the minutes said of the views expressed by the Indian Primary Copper Association (IPCPA).

The IPCPA's partners include Adani ADEL.NS, Vedanta VDAN.NS, Hindalco HALC.NS and Hindustan Copper HCPR.NS.

In the minutes, secondary producers defended their production method, saying fire refining is used to control the chemical composition of copper and meets conductivity requirements used internationally for cable manufacturing.

The BIS did not respond to requests from Reuters for comment.

IPCPA President Rohit Pathak said the industry body was seeking separate standards for FRHC copper because "fire refining which uses copper scrap as the primary input, cannot remove impurities to achieve 99.99% purity required for electrical applications."

"Lower purity will increase overheating and fire risks. A separate standard will help ensure safe usage," Pathak, who is also CEO of Hindalco's copper business, told Reuters in a statement.

India's total demand for copper rods in the fiscal year to end-March 2025 was estimated at 1.2 million metric tons, of which imports accounted for 0.1 million tons, while FRHC copper rod production stood at 0.4 million tons, according to industry estimates.

Imports are mainly sourced from the United Arab Emirates, although supplies have been disrupted this year by the Middle East conflict.

As a result of the dispute, about 400,000 tons of copper wire rod is currently being traded outside the quality control regime, an industry source said.

(Reporting by Neha Arora; editing by Mayank Bhardwaj and Raju Gopalakrishnan)

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May 15 (Reuters) - Shares of India's Adani group companies rose between 0.5% and 3.5% on Friday, after media reports that the U.S. Justice Department was close to dropping criminal fraud charges against billionaire Gautam Adani.

Adani on Thursday also resolved a related civil fraud lawsuit brought by the U.S. Securities and Exchange Commission, over an alleged scheme to bribe Indian government officials, subject to court approval.

Shares of the group's flagship, Adani Enterprises ADEL.NS, rose as much as 3.2% in pre-open trade but came off to trade 1.6% higher at 2,756 rupees.

(Reporting by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)

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May 13 (Reuters) -

• ADANI POWER SEEKS 80 BILLION RUPEES IN DEBT TO FUND EXPANSION - BLOOMBERG NEWS

Source text: https://tinyurl.com/mr2n479p

Further company coverage: ADAN.NS

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May 12 (Reuters) - Adani Power Ltd ADAN.NS:

• INDIA ANTITRUST AGENCY: APPROVES ACQUISITION OF 100% STAKE OF GVK ENERGY BY ADANI POWER

Source text: [ID:]

Further company coverage: ADAN.NS

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Repeats to additional subscribers, no changes to text

By Sarita Chaganti Singh

NEW DELHI, May 11 (Reuters) - India plans to reduce the size of exclusion zones around nuclear plants to free up significant amounts of land for reactor expansions, three officials familiar with the matter said, in a move to attract private investment that is likely to face backlash from opposition parties and the public.

At present, all nuclear reactors in India have a minimum buffer of about 1 km (0.62 miles) around reactors where no habitation or economic activity is allowed, a provision meant to keep radiation risks at a distance.

India's atomic energy regulator and the Department of Atomic Energy have approved an "in principle" plan to reduce these buffers, the three officials said. They requested anonymity because they are not authorised to speak to the media.

The changes are likely to be included in final rules that are due to be published in the next couple of months after the country opened its nuclear generation sector to private and foreign players last year. India aims to expand nuclear capacity to 100 gigawatts by 2047 from about 8 gigawatts at present as part of its clean energy strategy.

The in-principle agreement between the Atomic Energy Regulatory Board and the Department of Atomic Energy to reduce the exclusion zones around nuclear plants to free up land for expansion as well as the size of the cuts have not been previously reported. The proposal was not part of a bill that was approved by parliament and it is expected to be set out in detailed rules that have yet to be released.

India's Department of Atomic Energy, its Atomic Energy Regulatory Board and the Prime Minister's Office did not respond to queries from Reuters.

The revisions to the buffer zones would cut the land needs by half for large reactors and by nearly two-thirds for small units, potentially allowing two to three times more capacity on the sites, according to an internal presentation reviewed by Reuters.

With smaller exclusion zones, a 10-reactor nuclear complex with 700 megawatts of capacity each could be set up within less than 700 hectares, the presentation showed. India's existing nuclear plants typically use around 1,000 hectares of land.

Small modular reactors could also be placed in industrial zones for captive use, two of the officials said. And cutting exclusion zones would also allow existing plants to add new reactors more easily using shared infrastructure, the presentation said.

The change is aimed at easing land constraints, a key hurdle, as the private sector - including Tata Power TTPW.NS, Adani Power ADAN.NS and Reliance Industries RELI.NS - looks to invest in the sector.

The three officials said the exclusion zones are being reduced because of safer reactor technologies, in line with global norms followed by countries like the U.S. and France that do not fix exclusion distances.

Strict siting rules - including distance from human settlements and safety risks - along with lengthy land acquisition processes, often exceeding four to five years, make identifying new sites difficult.

The decision on exclusion zones, however, risks a backlash in a country where nuclear power has faced public opposition despite no major accident record.

For much of the public, nuclear power in India is closely associated with radiation risks and the exclusion zones serve as a measurable assurance that risk is kept at a distance.

Some Indian lawmakers, while debating the opening of the nuclear sector in parliament in December, said the reforms prioritised private investment over safety and flagged risks including radiation and nuclear waste. Opposition leaders said the legal amendments risked weakening nuclear safety safeguards by diluting liability protections, easing reactor siting rules and expanding private participation without stronger independent oversight.

The bill was cleared by parliament despite the safety concerns raised by opposition lawmakers during the debate.

"The reduction is a meaningful shift that has been under discussion for nearly 18 months," said R. Srikanth, the engineering dean at the National Institute of Advanced Studies, a research institute. "Data from existing plants show that radiation levels around them are significantly lower than natural background levels in parts of coastal Kerala and Tamil Nadu."

"Unfortunately, good news of the Indian nuclear power has been kept hidden from the public," he said. "We need to overcome this all-pervasive sense of secrecy around civilian nuclear power plants."

(Reporting by Sarita Chaganti Singh; Editing by Thomas Derpinghaus)

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** Brokerage Jefferies raises price target for India's Adani Power ADAN.NS to 255 rupees from 185 rupees after Q4 results

** New PT represents a 14.9% upside to the stock's last close

** ADAN up 3.1% to 228.50 rupees in morning trading on Monday

** Brokerage says it expects co's contracted thermal power tariffs to move higher

** Says, Adani Power's capacity is expected to rise from 18.2 GW in FY26 to at least 31 GW by 2030, with management targeting 42 GW by 2032

** The company's Q4 profit jumped 52.3% to 40.17 billion rupees helped by one-time tax gain

** Adani Power trades at a forward 12-month PE of 31.76, compared to industry median of 16.72

** YTD, stock up 57.8% vs a 7.3% decline in the Nifty 50 Index .NSEI

(Reporting by Abhinav Parmar in Bengaluru)

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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)

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

• RE-APPOINTS ANIL SARDANA AS MANAGING DIRECTOR FOR 1 YEAR EFFECTIVE JULY 11, 2026

• Q4 CONSOL NET PROFIT 40.17 BILLION RUPEES

• Q4 CONSOL REVENUE FROM OPERATIONS 142.23 BILLION RUPEES

Source text: ID:nBSE3yx1jr

Further company coverage: ADAN.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)

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

• ADANI POWER LTD - LETTER OF AWARD FROM MAHARASHTRA STATE ELECTRICITY DISTRIBUTION CO. LIMITED

• ADANI POWER LTD - RECEIVES LOA FROM MSEDCL FOR 2500 MW RE RTC POWER SUPPLY FOR 25 YEARS

Source text: ID:nBSE5rkhTW

Further company coverage: ADAN.NS

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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:]

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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)

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Adds details throughout

March 30 (Reuters) - India's Bharti Airtel-owned BRTI.NS Nxtra Data will raise $1 billion from Alpha Wave Global, Carlyle Global, Anchorage Capital, as well as its parent, in a deal that values the data center firm at about $3.1 billion.

The deal marks the latest in a string of investments that Indian conglomerates Reliance RELI.NS and Adani ADEL.NS have announced in recent months in data infrastructure as they position the country as an emerging hub for AI development.

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

Private equity firm Alpha Wave will lead the fundraise with a $435 million investment, followed by Bharti Airtel's $290 million commitment. U.S. investment firm Carlyle Global CG.O, an existing investor, will pump in $240 million, while Anchorage Capital will invest $35 million.

Bharti Airtel, India's second-largest mobile carrier by users, said it will retain its controlling stake in Nxtra.

Nxtra will deploy the funds to scale its infrastructure and expand the services it offers.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Tasim Zahid)

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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)

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By Sethuraman N R

NEW DELHI, March 19 (Reuters) - India is weighing the use of an emergency clause that would force coal power plants that run on imported coal to maximise output ahead of the summer season, as the U.S.-Israeli war on Iran has hit gas supplies, three industry sources said.

The country expects peak power demand to touch 270 gigawatts during the summer, India's federal power minister Manohar Lal Khattar said at an industry event on Thursday.

The power ministry did not immediately respond to Reuters' request for comments.

India has power plants built to run on imported coal that could generate nearly 17 gigawatts, located in the coastal areas of the country.

It is expensive to generate power using imported coal compared with cheaper domestic coal. Under the emergency provision, a government‑appointed panel will set the rate at which power will be purchased from the plants, based on the cost of the imported coal.

Tata Power's TTPW.NS 4 GW imported coal-fired plant in Mundra, Gujarat, has not operated for the past six months after the government last year withdrew the emergency clause that compensates companies for generating power using expensive imported coal.

Reuters reported early this month that India will likely lean more on its coal capacity to meet peak power demand this summer as LNG supplies tighten due to the Mideast crisis.

The gas crisis and the absence of 4 GW of coal capacity from Tata Power's coal plant have led the government to explore the option to run all coal plants including the imported coal plants at maximum capacity, the sources said.

Meanwhile, India has invoked emergency provisions, reprioritising natural gas supplies to key sectors such as households and fertiliser plants, leaving gas-based power plants with fewer options.

The gas-based power plants, which are generally idle, are used when the country sees sudden surge in power demand.

The power ministry did not immediately respond to Reuters' request for comments.

(Reporting by Sethuraman NR
Editing by Alexandra Hudson)

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March 15 (Reuters) - Adani Power Ltd ADAN.NS:

• ADANI POWER - RECEIVES LOA FROM MSEDCL FOR 1,600 MW LONG-TERM POWER SUPPLY

Source text: [ID:]

Further company coverage: ADAN.NS

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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) - Adani Power Ltd ADAN.NS:

• ADANI POWER LTD - INCORPORATES SUBSIDIARY ADANI ATOMIC ENERGY LIMITED

• ADANI POWER LTD - UNIT TO GENERATE, DISTRIBUTE ELECTRIC POWER DERIVED FROM NUCLEAR, ATOMIC ENERGY

Source text: ID:nBSE78SNl

Further company coverage: ADAN.NS

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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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Jan 30 (Reuters) - National Power Thermal Corp (NTPC) NTPC.NS, India's top power producer, reported a rise in third-quarter profit on Friday, driven mainly by lower fuel costs.

The company's consolidated net profit rose 8.4% to 54.89 billion rupees ($596.97 million) in the quarter ended December 31.

Fuel costs, which account for roughly 60% of NTPC's overall operating expenses, fell 7.2% to 227.76 billion rupees. The company primarily purchases and uses coal for power generation.

However, the state-owned company's total expenses rose 2.7% to 395.33 billion rupees in the quarter.

Power generation in the third quarter remained nearly flat year-on-year as weak output in October and November was offset by a sharp rebound in December, driven by higher use of heating appliances amid colder-than-normal winter conditions, according to analysts at Elara Capital.

India's electricity generation declined 6.9% and 1.5% in October and November, respectively, before rising 5.6% in December.

Revenue from operations rose about 2% to 458.46 billion rupees.

Rivals Adani Power ADAN.NS and Torrent Power TOPO.NS are yet to report third-quarter results.

($1 = 91.9480 Indian rupees)

(Reporting by Anuran Sadhu and Komal Salecha in Bengaluru)

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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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