ATGL

March 11 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• SUPPLY TO INDUSTRIAL CUSTOMERS IMPACTED BY MIDDLE EAST DEVELOPMENTS

• ASSESSING IMPACT AND TAKING MITIGATION STEPS

• ALLOCATED PRIORITY FOR DOMESTIC PNG AND CNG FOR TRANSPORT

• APPRECIATE GOVT'S PRIORITY FOR GAS SUPPLIES TO DOMESTIC PNG AND CNG CUSTOMERS AND SUPPLY OF PNG TO INDUSTRIAL AND COMMERCIAL CUSTOMERS

Source text: ID:nBSE8gZY6B

Further company coverage: ADAG.NS

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By Neha Arora

NEW DELHI, March 6 (Reuters) - India's Jindal Stainless JIST.NS said on Friday there may be some delays in steel shipments to the Middle East in the near term due to the conflict in the region.

The country's biggest stainless steel producer said the Middle East accounted for a small share of its export market but that the company remained committed to serving the region.

"Given the escalating conditions, there may be some delays in shipment arrivals in the near term, due to extended transit timelines across certain international shipping routes and air spaces," Abhyuday Jindal, managing director of Jindal Stainless, told Reuters.

He said it was premature to comment on any kind of surcharges.

The company was closely monitoring the evolving geopolitical situation and was prepared to ensure minimal disruption to its supply chain and operations, Jindal said.

"One focus area currently is the availability of certain industrial gases and raw materials, such as limestone and dolomite, sourced from the (Middle East)," Jindal added, saying that while the company maintained adequate inventory levels, they were prepared to tap other sourcing options to prevent any impact on production.

Some steel companies are also bracing to pay higher prices for gas.

Reuters reported on Thursday that India's Adani Total Gas ADAG.NS has sharply raised prices for supplies to industrial clients, citing lower availability of gas due to the conflict in the Middle East.

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

(([email protected]; X: neha_5;))

By Neha Arora

NEW DELHI, March 5 (Reuters) - India's Adani Total Gas ADAG.NS (ATGL) has sharply raised prices for supplies to industrial clients citing lower availability of gas due to conflict in the Middle East, according to a customer notice seen by Reuters.

The company is a joint venture of Adani Group and French oil major TotalEnergies SE TTEF.PA.

As a result of the attacks on Iran and Tehran's retaliatory strikes, transit through ⁠the Strait ​of Hormuz between Iran and Oman, which carries around one-fifth ​of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near-halt after some ​vessels in the area were hit.

"Due to recent geo‑political developments impacting LNG supply routes, ATGL has received upstream gas curtailment, leading to operational constraints," the company said.

It raised prices from Tuesday on gas consumed over and above the 40% daily contract quantity to 119 Indian rupees ($1.30) per standard cubic meter, the notice said.

Earlier prices were around 40 rupees per standard cubic meter, a source said.

Adani Total Gas did not immediately respond to a Reuters request for comment.

($1 = 91.6050 Indian rupees)

(Reporting by Neha Arora; Editing by Saad Sayeed)

(([email protected]; X: neha_5;))

.

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)

Adds Adani group statements, paragraphs 11-12

By Urvi Dugar

Jan 23 (Reuters) - India's Adani group firms shed $12.5 billion in market cap on Friday, after a U.S. markets regulator asked a court for help in serving summonses upon founder Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme.

Reuters reported the procedural request from the U.S. Securities and Exchange Commission, in the regulator's civil case against the Adanis, on Thursday after the Indian markets closed.

On Friday, the group's flagship company, Adani Enterprises ADEL.NS, was the top percentage loser on India's benchmark Nifty 50 .NSEI. While the firm's shares fell 10.65% to 1,864.2 rupees, the Nifty declined 0.95% at close.

Group shares settled down between 3.4% and 14.54%.

U.S. authorities in November 2024 accused Adani group executives of being part of a scheme to pay bribes to Indian officials for buying electricity produced by Adani Green Energy ADNA.NS, a unit of the Adani group.

The SEC's civil case against Gautam Adani and his nephew Sagar Adani is separate from the U.S. Department of Justice's criminal indictment against the Adanis and several other defendants. The Justice Department case remains open, court records show.

U.S. law prohibits foreign companies that raise money from American investors from paying bribes overseas to secure business, and it also bars them from soliciting investment on the basis of false or misleading statements.

Serving a summons is often routine, but the SEC said India's government had refused two requests to have its summonses served on the Adanis.

The regulator asked a judge to instead let it serve the summonses on the Adanis' U.S.-based lawyers, and email copies to the Adanis.

U.S. civil procedural rules allow this method of service, the SEC said. "Given defendants’ actual knowledge of this litigation -- demonstrated by public statements, regulatory filings, and retention of U.S. counsel -- email service to their business addresses will provide effective notice," the SEC added.

Adani group has called the allegations "baseless" and said that it would seek "all possible legal recourse" to defend itself. In statements to Indian stock exchanges late on Friday, group firms referred to the same response from November 2024. Adani Green Energy ADNA.NS, Adani Ports APSE.NS, Adani Total Gas ADAG.NS and Adani Enterprises ADEL.NS added that the companies are not party to the proceedings and that no allegations or charges have been made against them.

"Market participants assumed there's nothing pending and that the group has been cleared, so the SEC filing seems (to have come) out of the blue," said Ambareesh Baliga, an independent market analyst.

With no clear timeline for the next steps, Baliga said he expects the issue could linger for at least another fortnight, noting that overall market sentiment was already weak.

(Reporting by Urvi Dugar and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala, Noeleen Walder and Daniel Wallis)

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Jan 22 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• Q3 CONSOL NET PROFIT 1.59 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 16.39 BILLION RUPEES

Source text: ID:nBSE3Cvq3p

Further company coverage: ADAG.NS

(([email protected];;))

Sept 30 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS LTD - PARAG PARIKH RESIGNS AS CFO OF ADANI TOTAL GAS

Source text: ID:nBSEbkw6C7

Further company coverage: ADAG.NS

([email protected])

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix extra spacing in fifth paragraph.

By Shritama Bose

MUMBAI, Sept 19 (Reuters Breakingviews) - Gautam Adani is catching a moment of relief. India's securities regulator cleared the tycoon and units of his $152 billion infrastructure conglomerate of stock manipulation charges raised by a short seller in 2023. However, its fortunes won't improve much so long as U.S. charges hang over the group.

The Securities and Exchange Board of India on Thursday said the transactions involving Adani Enterprises ADEL.NS, Adani Ports APSE.NS and Adani Power ADAN.NS between 2018 and 2023 flagged by Nathan Anderson's now-disbanded firm Hindenburg Research did not violate the rules at the time on related party transactions.

The order closes the loop on a more than two-year-old saga marked by a $150 billion reduction in Adani group companies' market value and muddled by allegations of conflict of interest against former SEBI Chair Madhabi Puri Buch, who left her role in February.

The clean bill of health from the watchdog now led by Tuhin Kanta Pandey hardly changes the group's local standing. Indian mutual funds managing some $850 billion in assets were wary of what they see as the group's opacity and its rapid growth before Hindenburg struck, and remain so: Adani Enterprises stock is about 30% lower than at the start of 2023.

A more potent overhang is the U.S. Justice Department's indictment of the tycoon in a $265 million Indian bribery scheme. The Adani group denies any wrongdoing but the charges have complicated the conglomerate's fundraising prospects. Though BlackRock BLK.N subscribed to bonds an Adani unit issued in April to finance an acquisition, that borrowing came at an increased cost than its past deals.

Non-U.S. banks including Barclays BARC.L and DBS DBSM.SI lent $250 million to Adani's airport and ports units last month, Bloomberg reported citing unnamed people familiar with the transactions. But the U.S. issue stalled Adani's efforts to cut its dependence on Indian banks, which hold 47% of its 2.9 trillion rupees ($32.8 billion) debt. The group has returned to equity markets but only for carefully controlled issuances to institutional investors, not the public.

If anything, its stateside problems are widening. A subsidiary of Adani Enterprises has been named among 43 Indian exporters in a U.S. complaint over dumping of solar exports, a person familiar with the situation told Reuters Breakingviews. Similar investigations into Southeast Asian companies have attracted prohibitively high tariffs.

The resumption of trade talks this week between India and the U.S. may smooth the path for Adani to eventually draw a line under the Justice Department's probe, perhaps through a settlement. Until then, its other victories are superficial.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

The Securities and Exchange Board of India on September 18 dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by U.S. short-seller Hindenburg Research.

The capital markets regulator began investigating the group's flagship Adani Enterprises and its ports and energy units in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. SEBI officials said in the order that the transactions under review, which were carried out between 2018 and 2023, did not qualify as related party transactions under the rules at the time.

(Editing by Una Galani; Production by Aditya Srivastav)

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

July 28 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• Q1 CONSOL NET PROFIT 1.65 BILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 14.98 BILLION RUPEES

Source text: ID:nBSE2VfpzR

Further company coverage: ADAG.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Hudson Lockett

HONG KONG, July 17 (Reuters Breakingviews) - Leave it to an online bazaar to sell a creative financial swap. Chinese e-commerce giant Alibaba 9988.HK just raised $1.5 billion with a zero-coupon bond that can be exchanged for shares in its healthcare subsidiary if the unit’s stock price rises 35% from its pre-announcement close. Other Asian conglomerates will be keen to get in on the market.

Alibaba Health Information Technology 0241.HK, a $9.5 billion digital platform selling pharmaceuticals and medication tracking, has not paid off for investors. Its total return over the past five years has been negative 76%. Despite the terrible performance, its $260 billion parent company found a way to wring some value out of the business.

It’s a clever twist on a popular hedge fund plaything. Convertible bonds, where a company’s borrowing transforms into equity, have been booming worldwide. In Hong Kong, this year’s issuance of some $12 billion exceeds the 2024 tally by 70%, per Dealogic. Some of it includes exchangeable debt like Alibaba’s.

The twist is canny. Alibaba’s investment-grade credit rating provides some downside protection. At the same time, Alibaba Health’s shares, whose price has swung wildly from up 80% at one point this year to less than 30% now, dangle tempting upside from any fresh rally.

As a deal denominated in Hong Kong dollars, it’s also a timely beneficiary of the city's rock-bottom interest rates. The upshot is cheap funding for Alibaba’s artificial intelligence initiatives. Boss Eddie Wu recently unveiled new investments in Thailand, Mexico and South Korea as the company seeks to spend at least $53 billion on machine learning and cloud computing infrastructure by 2028.

Alibaba also structured the bond, due in seven years, so it has the power to keep control of the healthcare division. If the price reaches the designated threshold, the payout can be in shares, cash or a mix to ensure the parent’s stake stays well above 50%.

Hedge funds often seek out volatility and option value for their portfolios, implying that the continent’s other corporate labyrinths could make similar use of exchangeable bonds. IndianOil IOS.NS-Adani Gas ADAG.NS is already lining one up, according to Bloomberg. Alibaba tech rival Tencent 0700.HK seems like another potential candidate. Just as with e-commerce, there’s always something curiously tempting in the financial marketplace.

Follow Hudson Lockett on Bluesky and X.

CONTEXT NEWS

Alibaba raised HK$12 billion ($1.5 billion) on July 4 from the sale of a zero-coupon exchangeable bond due 2032, which can be swapped for shares in listed subsidiary Alibaba Health Information Technology if its stock price rises 35%.

The deal caps more than $6 billion of exchangeable deals in Asia during the first half of 2025 and comes amid a surge of equity-linked debt issuance in Hong Kong of more than $12 billion this year, per Dealogic.

(Editing by Jeffrey Goldfarb; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on LOCKETT/ [email protected]))

June 25 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS LIMITED AND JIO-BP PARTNER TO ENHANCE QUALITY FUEL OFFERINGS

• AND JIO-BP SIGN AGREEMENT TO ENHANCE FUEL RETAIL

• BOTH PARTNERS TO OFFER EACH OTHER'S FUELS ACROSS SELECT OUTLETS

• ATGL OUTLETS TO OFFER JIO-BP LIQUID FUELS

Source text: ID:nBSE4G0lbl

Further company coverage: ADAG.NS

(([email protected];;))

June 23 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• NSE: TO EXCLUDE F&O CONTRACTS ON 8 SECURITIES INCLUDING ADANI TOTAL GAS, JINDAL STAINLESS FROM AUG 29 ON EXPIRY OF EXISTING CONTRACTS

Source text: [https://tinyurl.com/5hdtsnv6]

Further company coverage: ADAG.NS

(([email protected];))

June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.

An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."

Shares in the group's flagship firm Adani Enterprises ADEL.NS opened 2.2% lower, while Adani Ports APSE.NS fell 2.5%. Adani Total Gas ADAG.NS, Adani Power ADAN.NS, Adani Green ADNA.NS and Adani Energy Solutions ADAI.NS were down between 1% and 2%.

India's benchmark Nifty 50 index .NSEI was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers.

The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions.

Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment.

Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9

May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.

In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.

The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.

The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.

The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.

Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.

The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.

Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.

Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.

The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.

(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

(([email protected];))

April 28 (Reuters) - India's Adani Total Gas ADAG.NS, reported a drop in fourth-quarter profit on Monday, as a fall in allocated supply from the government led to higher gas purchase costs.

The company, a joint venture of Adani Group and French oil major TotalEnergies SE TTEF.PA, said its consolidated net profit fell about 8% to 1.55 billion rupees ($18.23 million) in the three months ended March 31.

The Indian government had cut cheaper gas supplies to city gas distributors like Adani Total Gas, citing lower output by producers in the country.

The allocation improved in January, the company had mentioned in its December earnings report. However, that remained lower on a year-on-year basis.

Adani Total Gas' natural gas costs rose 28%, leading to a 21% surge in its total expenses to 12.64 billion rupees.

However, demand for compressed natural gas (CNG) - which is Adani Total's biggest segment - remained higher due to the government's push to make cleaner-burning energy more accessible and cut vehicular pollution.

Its CNG volumes, which account for more-than-half of its total sales, grew 18% in the latest quarter, boosted by the addition of 42 new stations, across the country, on a standalone basis. The company currently operates 647 CNG stations.

Sales volume in its other vertical, piped natural gas (PNG), rose 5% to 87 million standard cubic meters of gas per day.

Its overall revenue from operations increased to 14.53 billion rupees from 12.58 billion rupees a year ago.

($1 = 85.0200 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Leroy Leo)

(([email protected]; +918447554364;))

By Sethuraman N R

NEW DELHI, Feb 13 (Reuters) - India's Adani Total has yet to conduct feasibility studies to double the capacity of its LNG terminal in Dhamra, Chief Executive Surjeet Singh Lamba told Reuters on Thursday, a year after the joint venture announced it was in the early stages of planning a possible expansion.

Lamba said the 5 million tons per annum (mtpa) LNG terminal on India's east coast, in which French energy giant TotalEnergies SE TTEF.PA has a 50% stake alongside the Adani Group, operated at an average utilisation rate of 25% in 2024.

Utilisation has since risen to about 50%, the CEO said. Usage has been low because the terminal has been unable to attract new customers after locking state-run firms Indian Oil Corp IOC.NS, and GAIL (India) Ltd GAIL.NS into 20-year take-or-pay contracts in 2023.

Lamba said the expansion was contingent on demand, and when asked about the potential for growth in LNG demand, he pointed to Prime Minister Narendra Modi's target to more than double the share of natural gas to 15% of India's energy mix by 2030.

"It depends upon the requirement of the users, as in, when we get some business potential," he said.

"Once feasibilty (study) is done, only then we will be able to comment on that (expansion)," Lamba told Reuters on the sidelines of the India Energy Week.

He did not comment on any financing plans.

TotalEnergies said last year it would pause investing in the Adani Group after U.S. prosecutors accused officials from the conglomerate, including its billionaire Chairman Gautam Adani, of corruption.

(Writing by Sudarshan Varadhan;Editing by Elaine Hardcastle)

(([email protected]; +65 91164984;))

Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS- INCREASE IN APM ALLOCATION OF NATURAL GAS TO HAVE POSITIVE IMPACT FOR Q4

Source text: ID:nBSE6sx2xh

Further company coverage: ADAG.NS

Jan 9 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS LTD - ALLOCATION OF APM GAS HAS BEEN REVISED UPWARDS BY 20%

• ADANI TOTAL GAS LTD - APM GAS ALLOCATION REVISED UPWARDS BY 20% EFFECTIVE JAN 16, 2025

Source text: ID:nBSE3KgJrD

Further company coverage: ADAG.NS

(([email protected];;))

Dec 9 (Reuters) - Indian conglomerate Adani Group will invest over 7.5 trillion rupees ($88.53 billion) in various sectors like renewable energy and cement in the northern state of Rajasthan, Karan Adani, managing director of Adani Ports APSE.NSm, said on Monday at an investment summit.

($1 = 84.7200 Indian rupees)

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Adds details, background

Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator seeking to settle a case that accuses them of violating public shareholding regulations at some listed companies, the Economic Times reported on Tuesday.

The Securities and Exchange Board Of India (SEBI) had sent notices to Adani Enterprises ADEL.NS, the group's flagship company, as well as Adani Power ADAN.NS, Adani Ports APSE.NS and Adani Energy ADAI.NS alleging they had wrongfully categorised the shareholding of certain entities.

The groups' breaches of a minimum public shareholding requirement date back to 2020 and the SEBI had sought to recover about 25 billion rupees ($295 million) from the entities, ET said.

Adani Enterprises and one of its directors, Vinay Prakash, as well as an Ambuja Cements ABUJ.NS director, Ameet Desai, have proposed a settlement, ET reported.

Another proposal for a 2.8-million-rupees ($33,035) settlement is from Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor that the SEBI says is linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, ET said.

The report did not have information regarding other settlement applications.

The proposals were submitted last week in response to a show-cause notice issued by the SEBI on Sept. 27 to about 30 Adani Group entities, the newspaper reported.

The entities have contested the charges in response to the notice and the settlement application is only a precautionary measure, ET added, citing a source.

The Adani Group did not immediately respond to a Reuters request for comment.

Last month, U.S. authorities accused Gautam Adani and some top executives in the Adani Group of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and of misleading U.S. investors during fund raises there, charges the group has called "baseless".

($1 = 84.7580 Indian rupees)

(Reporting by Anuran Sadhu and Sethuraman NR in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 8697274436;))

NEW DELHI, Dec 2 (Reuters) - Both houses of Indian parliament were suspended on Monday after disruptions by opposition groups demanding a discussion on bribery allegations against the Adani Group and communal tensions in a northern town.

Parliament was similarly adjourned for all of last week as opposition parties, led by the main opposition Congress, demanded a discussion on the indictment of Adani chair Gautam Adani by U.S. authorities.

(Reporting by Sakshi Dayal; Editing by YP Rajesh)

(([email protected];))

NEW DELHI, Nov 29 (Reuters) - The lower house of India's parliament was suspended temporarily on Friday for a fourth day in a row this week following disruptions as opposition lawmakers sought a discussion on the allegations against Adani Group.

U.S. authorities last week accused Group Chairman Gautam Adani and seven others from the company of being part of a $265 million scheme to bribe Indian officials, and of misleading U.S. investors while raising funds there.

The ports-to-power conglomerate has termed the allegations "baseless" and said it would seek "all possible legal recourse".

(Reporting by Sakshi Dayal; Editing by Kim Coghill)

(([email protected];))

Moves position of 'to India' in paragraph 7, no other changes

By Rishika Sadam and Siddhi Nayak

Nov 28 (Reuters) - Indian banks are reviewing their Adani exposure and whether they need to tighten due diligence, eight bankers said on Thursday, after the group's billionaire founder Gautam Adani was indicted by U.S. authorities over an alleged $265 million bribery scheme.

Adani Group's listed stocks, which at one point saw as much as $34 billion wiped off their market value, meanwhile recovered ground as some partners and investors rallied behind it.

State Bank of India SBI.NS will not stop lending to ongoing Adani projects that are nearing completion, two sources told Reuters, but will exercise caution when disbursing loans to ensure all terms and conditions are being met.

Bank of India BOI.NS, Union Bank UNBK.NS, ICICI Bank ICBK.NS, Canara Bank CNBK.NS, IDBI Bank IDBI.NS and RBL Bank RATB.NS, which have relatively smaller exposures to the Adani Group, are undertaking similar exercises, sources said.

A regulatory source aware of the development said from a banking system perspective that no entity was over-exposed to the Adani group and there was no cause for concern.

Earlier on Thursday, Israel said it wants Adani Group to continue to invest there, adding that the U.S. allegations were not "problematic" from its perspective.

"We wish Adani and all Indian companies continue to invest in Israel," Israel's Ambassador to India Reuven Azar told Reuters in an interview.

The Adani Group holds a 70% stake in Haifa port in northern Israel and is involved in projects with Israeli firms, including manufacturing military drones and commercial semiconductors.

Adani and seven others are accused by U.S. authorities of being part of a scheme to pay bribes to secure Indian power supply contracts. The Adani Group has denied the allegations.

The Indian ports-to-power conglomerate has also received public backing from Abu Dhabi's International Holding IHC.AD, which maintained its outlook on investments in the group.

"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said on Wednesday, adding that it "continues to evaluate relevant information and developments".

IHC, which is one of Adani's key foreign investors, boosted its stake in the group's Adani Enterprises ADEL.NS flagship to more than 5% last year after selling down investments in Adani Green Energy ADNA.NS and Adani Energy Solutions ADAI.NS.

Shares in Adani Green, the company at the centre of the bribery allegations, rose by 10% on Thursday, hitting the cap on gains in a single session for a second consecutive day, with Adani Energy also up the maximum 10%.

The total losses in the value of Adani Group's 10 listed companies have narrowed to $14.5 billion from about $34 billion, the low reached on Tuesday after the U.S. indictments.

FALLOUT

Global investors say worries of a wider spillover from the Adani allegations will hurt sentiment in India, but not the long-term outlook, as they wager one of the world's best-performing markets will get back on track next year.

Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place - for exposure to a growing economy and a huge consumer market.

Indian Prime Minister Narendra Modi's government has not commented on the allegations against the Adani Group and has blocked opposition party demands for a debate on them.

Both houses of India's parliament were suspended temporarily within minutes of opening on Thursday as opposition lawmakers disrupted proceedings for the third day over the issue.

Many opposition parties accuse Modi and his Bharatiya Janata Party (BJP) of favouring Gautam Adani and blocking investigations against him, charges which both have denied.

The Adani Group, which is among India's biggest business empires, has been under scrutiny since January 2023 short seller Hindenburg Research accused it of stock manipulation, which the group has denied, and questioned its high debt levels.

Adani Green said on Wednesday that Adani had been charged by U.S. Securities and Exchange Commission (SEC) for alleged violations of securities law and faced potential fines but had not been charged under the U.S. Foreign Corrupt Practices Act.

The civil action launched by the SEC runs in parallel to U.S. federal prosecutors' indictment against Adani and others.

Repercussions from the indictment have mounted for the Adani Group over the past week, with credit ratings agencies cutting the outlook for some of the listed companies' bonds.

French oil major TotalEnergies TTEF.PA, said on Monday it would not make any more investments in the Adani Group until there was clarity over the allegations and consequences. Total has a 20% stake in Adani Green.

Kenya has scrapped a $2 billion procurement project that was to give Adani control of the country's main airport and it shelved a 30-year, $736-million public-private partnership, signed by Adani Energy with its energy ministry in October.

Closer to home, Sri Lanka said it would investigate all Adani-related projects in the island nation, while Bangladesh is investigating power generation contracts signed under the previous prime minister, one of which was with Adani Power.

(Reporting by Hadeel Al Sayegh in Dubai, Shilpa Jamkhandikar in Mumbai and Nigam Prusty in New Delhi; Writing by Scott Murdoch, Chris Thomas; Editing by Alexander Smith)

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Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces

BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Here is what you need to know.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.

The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.

Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.

In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)

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Ambuja Cements Ltd ABUJ.NS:

• SRI LANKA'S FINANCE MINISTRY AND FOREIGN MINISTRY STUDYING ADANI ALLEGATIONS - CABINET SPOKESPERSON

• SRI LANKA TAKING CONCERNS SERIOUSLY, WILL CONSIDER ALL ASPECTS OF ADANI PROJECTS BUT NO FINAL DECISION MADE YET - CABINET SPOKESPERSON

Source text: [ID:]

Further company coverage: ABUJ.NS

Updates with moves by Bangladesh and US government bodies, CFO statement

BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.

Here is what you need to know about the U.S. indictment.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.

The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.

Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.

Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)

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Adds comment from Standard Chartered and Deutsche Bank in paragraph 17

By Shankar Ramakrishnan, Sumeet Chatterjee, Davide Barbuscia and Sinead Cruise

HONG KONG/NEW YORK, Nov 22 (Reuters) - Some global banks are considering temporarily halting fresh credit to India's Adani Group but staying put with existing loans following U.S. prosecutors' indictment of its billionaire founder Gautam Adani for fraud, sources said.

U.S. prosecutors have charged eight people, including Adani chair Gautam Adani, with agreeing to pay about $265 million in bribes to Indian government officials to obtain contracts and develop India's largest solar power plant project.

The crisis is the second in two years to hit the ports-to-power conglomerate founded by Adani, 62, one of the world's richest people. Adani Group has said the allegations made by the U.S. authorities were "baseless and denied".

Senior executives at two of Adani's global lenders said that they have had multiple calls within their respective banks since the indictment details were announced to discuss exposure to the group and what the impact of the latest development would be on the group's financials.

"We will have to put a pause to fresh lending until we are able to figure how this will play out. I think it will be a while before the bank is able to tap the credit market," said a banker at one of the leading Western banks.

The banker, who is involved in talks related to Adani credit exposure and declined to be named as he was not authorised to speak to the media, said most of the group firms have stable cash flows and are not in "desperate need" to raise capital.

The indictment would, however, cast a cloud over fundraising plans for expansion within India and abroad, as there will be greater creditor scrutiny not just on the indictment outcome but also on the "key man risk" for the group, the banker said.

A senior banker at another Western bank, which is one of the major lenders to the group, said that the bank would also put a temporary freeze on fresh lending and was keeping a close watch on the Indian government's reaction to the indictment.

All the bankers spoke to Reuters for this story on the condition they and their institutions would not be identified due to the sensitivity of the matter and because the internal discussions are confidential.

Indian opposition parties that have long complained that Adani and his conglomerate have been treated favorably by Prime Minister Narendra Modi's government called for an investigation into allegations of wrongdoing.

Modi and Adani, both from the western state of Gujarat, have denied impropriety.

"Our future course of action will largely depend on whether the government will now try to find a way to resolve this or launch its own probe," said the senior banker at a Western bank, adding the infrastructure giant has now become "too-big-to-fail" for India.

A Japanese bank with credit exposure to Adani said in cases like the one involving the Indian conglomerate, lenders tend to pause fresh lending due to reputational risk. The indictment of an individual, however, would generally not break any of its loan covenants, said the bank, which declined to be named.

Adani did not immediately respond to Reuters request for comment.

DEBT MATURITIES

In a statement in April last year, Adani said global banks including Barclays BARC.L, Deutsche Bank DBKGn.DE, Mizuho 8411.T, Mitsubishi UFJ Financial Group 8306.T, SMBC Group 8316.T and Standard Chartered STAN.L reaffirmed confidence in the Adani group after it was hit by a short-seller attack.

Spokespersons for the banks declined to comment.

S&P Global Ratings said in a note on Friday the indictment could affect investor confidence in Adani group entities, thereby potentially impairing their funding access and increasing their funding costs.

"We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group, and could set group limits on their exposure. This may affect the funding of rated entities," it said.

The rating agency, however, added that the rated entities have "no immediate and lumpy" debt maturities.

Some global banks with ties to Adani are parsing through bond and loan documentations to see if it exposed them to a risk of default or created a liability if investors decided to demand their money back, said another banker.

But there was not a lot of legroom in documentation for either investors or the bankers to force the company to pay them back since there was no conviction yet, said lawyers familiar with corporate bond and loan agreements.

Om Pandya, a Houston-based capital markets partner at Clifford Chance, said continued payment of interest by a borrower would also typically undermine any potential argument by creditors looking at clauses in loan or bond documentations to trigger a default.

The most likely liability facing the banks is civil liability from investors introduced to Adani through the banks, said John Joy, managing attorney at FTI Law, a law firm that specializes in Foreign Corrupt Practices Act (FCPA) violations.

"Civil litigation is a lengthy process, and it is possible that during discovery investors could uncover involvement that has not been disclosed by the SEC (Securities and Exchange Commission) or DOJ (Department of Justice)," he said.

Adani has not been arrested yet and U.S. prosecutors would need to ask the Indian government to extradite him under the terms of the countries' extradition treaty. Adani could fight extradition, and it is unclear how long the process might take.

"There's been no conviction ... but if you're a risk officer at a bank with exposure to Adani, maybe you're getting a little bit nervous," said Ed Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle.

(Reporting by Shankar Ramakrishnan and Davide Barbuscia in New York; Sumeet Chatterjee in Hong Kong, Anton Bridge in Tokyo and Sinead Cruise in London; Editing by Sonali Paul)

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Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• ADANI GROUP REACTS TO U.S. INDICTMENT, SAYS FULLY COMPLIANT WITH ALL LAWS - CNBC TV18

• ADANI GROUP RELEASES STATEMENT ON BRIBERY CHARGES; ALEGATIONS ARE BASELESS - CNBC TV18

• ADANI GROUP SAYS ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT - CNBC TV18

Source text: [ID:]

Further company coverage: ABUJ.NS

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Nov 15 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• INTIMATED BY NODAL AGENCY FOR FURTHER REDUCTION IN ALLOCATION OF APM GAS BY 13%

Source text: ID:nBSE73SbCs

Further company coverage: ADAG.NS

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Repeats for wider distribution; no changes to text

Oct 24 (Reuters) - India's Adani Total Gas ADAG.NS posted a bigger profit for the seventh straight quarter on Thursday, aided by higher sales of its compressed natural gas (CNG) amid the government's push for wider use of gas-based vehicles.

The company, part of the ports-to-power Adani conglomerate, said its consolidated profit grew 7.5% to 1.87 billion rupees ($22.24 million) in the three months ended Sept. 30.

The demand for CNG in India is climbing as the government seeks to cut vehicular pollution and make cleaner-burning energy more accessible. It is targeting setting up of 20,000 CNG stations by the end of the decade.

That has helped Adani Total Gas in the past seven quarters.

Its CNG sales volumes, which account for 67% of total sales, jumped 20% in the latest quarter, boosted by the addition of 18 new stations across the country. It has 577 CNG stations now.

Last month, the company secured its maiden financing, worth $375 million, to help expand its distribution network across 13 states.

Sales volume in its piped natural gas (PNG) segment, its second-biggest, rose 9% to 157 million standard cubic meters of gas per day.

Its total revenue from operations increased to 13.18 billion rupees from 11.79 billion rupees a year ago.

($1 = 84.0700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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