ATGL

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By Jonathan Stempel

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

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

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

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

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

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

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

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

(Reporting by Jonathan Stempel; Editing by Hugh Lawson)

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) - India's Adani Total Gas ADAG.NS on Thursday reported its first quarterly profit increase in five quarters, as higher compressed natural gas (CNG) sales helped offset elevated gas procurement costs.

The company, a joint venture of Adani Group and French oil major TotalEnergies SE TTEF.PA, said its consolidated net profit rose about 11.4% to 1.59 billion rupees ($17.4 million) in the three months ended December 31.

On a standalone basis, CNG volumes, which account for more than half of total sales, grew 17% in the latest quarter, driven by network expansion, the company said. It added 18 new CNG stations, taking the total to 680.

In the piped natural gas (PNG) segment, sales volume grew 3% to 89 million standard cubic meters, the company said.

Revenue from operations rose 17% to 16.39 billion rupees, while total expenses rose 18.1% to 14.37 billion rupees, as natural gas costs rose about 18%.

In April 2025, the Indian government cut back supplies of subsidised natural gas to city gas distributors, including Adani Total Gas, after domestic output declined.

India's natural gas production dropped for the 18th straight month, falling 4.4% year-on-year in December.

Adani Total Gas shares closed 3.8% higher before the results were announced.

($1 = 91.5930 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Tasim Zahid)

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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

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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)

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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)

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Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.

Adani Group did not immediately respond to Reuters inquiry, seeking comments.

(Reporting by Anuran Sadhu 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];))

NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.

(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)

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Adds details on ratings agency cuts, Andhra Pradesh plans in paragraphs 4-6

Nov 27 (Reuters) - Some nations and investors have either scrapped deals or halted investments in the Adani Group, after the United States indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company, Adani Green Energy.

Adani Group has denied all the accusations as "baseless", but its 10 listed entities have lost about $33 billion in market value since the indictment, with Adani Green the hardest hit, losing about $9.7 billion in market value.

Here are key details of the conglomerate's stalled deals and other fallout:

** Ratings agency Moody's cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable,' citing the U.S. indictment of Chairman Gautam Adani and others could weaken the group's access to funding and increase its capital costs.

Meanwhile, Fitch earlier put some Adani Group bonds on watch for a possible downgrade, also citing the U.S. indictment.

** India's Andhra Pradesh state is likely to suspend a power purchase deal linked to Adani Group due to the U.S. indictment, two state government sources told Reuters. The southern state will also ask the federal government and the Solar Energy Corporation of India (SECI), which awards power supply contracts to companies like Adani, to investigate the charges.

** French oil major TotalEnergies TTEF.PA will not make any more investments in the Adani Group. Total has a 20% stake in Adani Green Energy ADNA.NS, putting its financial exposure in Adani firms at between $4 billion and $5 billion, Bernstein Research estimates.

** The U.S. International Development Finance Corp is reviewing the impact of the indictment against Gautam Adani on the agency's plan to lend $550 million for a port development project in Sri Lanka partly owned by Adani Group. Last November, the agency said it would provide financing for the port terminal project in the key city of Colombo.

** Sri Lanka is studying the accusations against Adani Group and will consider all aspects of its projects in the island nation. The government is taking the concerns seriously but has made no final decision yet.

** Kenya has canceled a procurement process of more than $2 billion that was expected to give control of its main airport to the Adani Group. The deal was to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal. Kenya also scrapped a separate 30-year, $736-million public-private partnership, signed by Adani Energy Solutions ADAI.NS with its energy ministry in October.

** Bangladesh has set up a committee to investigate its power generation contracts signed during the tenure of former prime minister Sheikh Hasina, one of them with Adani Power ADAN.NS.

(Reporting by Kashish Tandon in Bengaluru and Aditi Shah in New Delhi; Editing by Clarence Fernandez and Louise Heavens)

(([email protected]; 8800437922;))

Nov 26 (Reuters) - Some nations and investors have either scrapped deals or halted investments in the Adani Group, after the United States indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company, Adani Green Energy.

Adani Group has denied all the accusations as "baseless", but its 10 listed entities have lost about $33 billion in market value since the indictment, with Adani Green the hardest hit, losing about $9.7 billion in market value.

Here are key details of the conglomerate's stalled deals:

** French oil major TotalEnergies TTEF.PA will not make any more investments in the Adani Group, saying that it was not informed of the U.S. bribery charges against Gautam Adani.

Total has a 20% stake in Adani Green Energy ADNA.NS, putting its financial exposure in Adani firms at between $4 billion and $5 billion, Bernstein Research estimates.

Shares of Adani Green Energy plunged more than 11% after TotalEnergies' statement, while those of Adani Total Gas ADAG.NS, in which Total holds 37.4%, closed down 1.4%.

** The U.S. International Development Finance Corp is reviewing the impact of the indictment against Gautam Adani on the agency's plan to lend $550 million for a port development project in Sri Lanka partly owned by Adani Group.

Last November, the agency said it would provide financing for the port terminal project in the key city of Colombo.

** Sri Lanka is studying the accusations against Adani Group and will consider all aspects of its projects in the island nation. The government is taking the concerns seriously but has made no final decision yet.

** Kenya has canceled a procurement process of more than $2 billion that was expected to give control of its main airport to the Adani Group. The deal was to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease.

Kenya also scrapped a separate 30-year, $736-million public-private partnership, signed by Adani Energy Solutions ADAI.NS with its energy ministry in October.

** Bangladesh has set up a committee to investigate its power generation contracts signed during the tenure of former prime minister Sheikh Hasina, one of them with Adani Power ADAN.NS. The committee has urged the interim government to hire a global legal firm to ensure thorough and transparent vetting of the deals.

** India's southern state of Andhra Pradesh state is weighing the possibility of canceling a power supply contract linked to the Adani Group, a top official told Reuters, after the U.S. bribery indictments.

The indictment report said bribes of more than $265 million were paid to Indian government officials to obtain solar power-supply contracts in several states, with Andhra Pradesh receiving most of the money, about $228 million.

(Reporting by Kashish Tandon in Bengaluru; Editing by Clarence Fernandez)

(([email protected]; 8800437922;))

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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Nov 22 (Reuters) - S&P Global Ratings lowered its outlook on three Adani Group entities to negative from stable on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.

Adani and seven other people, including his nephew Sagar, were indicted on Thursday for fraud by U.S. prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Adani Group has said the accusations levelled by U.S. federal prosecutors, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are "baseless and denied" and that it will seek "all possible legal recourse."

The U.S. indictment could affect investor confidence in other Adani Group entities, as the founder sits on the boards of other companies within the group, potentially impairing their access to funding and increasing their funding costs, S&P said in a note.

"The group will need regular access to both equity and debt markets given its large growth plans, in addition to its regular refinancing. 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," S&P said.

Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment.

(Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)

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By Krishna N. Das and Munsif Vengattil

NEW DELHI, Nov 21 (Reuters) - Indian billionaire Gautam Adani, indicted in New York over a $265 million bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.

Asia's second-richest person, who narrowly escaped death in 2008 as one of many people stuck inside Mumbai's Taj Mahal Palace Hotel when gunmen went on a killing spree, faces a U.S. arrest warrant and criminal penalties over the fraud and bribery charges.

Adani's businesses, ranging from power and ports to sugar and soybeans, lost more than $150 billion in combined market value last year after U.S.-based short seller Hindenburg Research accused his eponymous group of using offshore tax havens improperly. The group, which recouped some of the losses and now has a combined valuation of $141 billion, denied all of the allegations.

Before shares in Adani Group companies tanked last year, the 62-year-old high school dropout had briefly become the world's wealthiest person after Tesla TSLA.O CEO Elon Musk. Adani is now the 25th richest person with a net worth of about $57.6 billion, according to Forbes.

While the group's coal and power projects and other deals have been questioned in countries such as Australia and Bangladesh, Indian opposition leaders have regularly used Adani to hit out at the government of Prime Minister Narendra Modi, alleging favouritism, including in giving Adani the contract to redevelop a massive slum in Mumbai.

Both sides have rejected the charges.

U.S. authorities said on Wednesday that Adani and seven other defendants had agreed to pay the bribes to Indian government officials to obtain supply contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project. Adani Group has not responded to Reuters' requests for comment on the charges.

Born on June 24, 1962 in Ahmedabad city in the western state of Gujarat - also Modi's home state - Adani dropped out of school at age 16 after completing the 10th grade.

He set up Adani Group in 1988, beginning with commodities trading. He came from a middle-class textile family to build his riches, unlike many other billionaires who inherit their wealth.

Married to dentist Priti Adani, he has two sons, Karan and Jeet, both of whom are involved in the company businesses, like many others in the family.

According to one person with direct knowledge of his dealings, he has a "very hands-on" style of running his empire, which he said he aims to pass on to the next generation in the family when he turns 70.

In interviews with local and foreign media, Adani has called himself a shy person and credited the rise of his popularity in part to the political attacks he has faced.

He has been quick to praise politicians too.

Soon after Donald Trump's victory in the U.S. election, Adani said on X that the U.S. president-elect was "the embodiment of unbreakable tenacity, unshakeable grit, relentless determination and the courage to stay true to his beliefs".

Congratulating Trump, Adani said last week his group would invest $10 billion in U.S. energy and infrastructure projects, without providing details other than the investment aimed to create 15,000 jobs.

(Reporting by Krishna N. Das and Munsif Vengattil; Editing by Jamie Freed)

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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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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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** Shares of Adani Total Gas Ltd ADAG.NS up 5.6% at 833 rupees

** The city gas distributor said it secured $375 mln financing from global lenders to expand network

** ADAG trims YTD losses to 16%, while rivals including Gujarat Gas GGAS.NS and Mahanagar Gas MGAS.NS are up between 28% and 58% this year

(Reporting by Nandan Mandayam in Bengaluru)

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Adds context on Indian market in paragraphs 5-6, clarifies context in paragraphs 7-8

By America Hernandez

PARIS, Sept 3 (Reuters) - TotalEnergies will form a joint venture with India's Adani Green Energy Ltd in a deal which will see the French oil giant contribute an equity investment of $444 million, it said on Tuesday.

The two companies had formed a joint venture in September 2023 worth $300 million which gave Total "direct access to ownership of assets" contributed by Adani Green — namely 1.05 gigawatts (GW) of wind and solar farms in India, where the bulk of energy requirements are still met by coal.

The new agreement, into which Total pays more money, will see each side hold 50% of another portfolio of 1.15 GW of solar electricity installations, both operational and under construction, Adani Green said in a statement.

The electricity will be sold on the wholesale market and through power purchase agreements signed with the federal government agency, Solar Energy Corporation of India, which TotalEnergies said in a statement would allow it to capitalise on the liberalisation of India's power market.

TotalEnergies has described India as a key market to develop both its natural gas and renewable energy businesses.

Searing heatwaves and an uptick in economic activity have resulted in India's electricity generation growing at an average of about 8% annually following the pandemic year of 2020/21, outpacing power demand growth in every major global economy.

Total pressed pause on further involvement with Adani early last year, after allegations of improper dealings and use of tax havens published by U.S. short seller Hindenburg Research wiped about $150 billion in value off the shares of parent Adani Group.

But TotalEnergies CEO Patrick Pouyanne has defended his company's investments with Adani — it also has a 37.4% stake in Adani Total Gas and a 19.75% share of Adani Green Energy — saying they were still worth more after the share price drop than when Total first bought in.

The French major, which makes most of its money producing and selling oil and gas, hopes to have 45 GW of renewable energy capacity by 2030.

Shares of Adani Green closed 5.9% higher on Monday.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mark Porter, Sharon Singleton and David Evans)

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BENGALURU, Aug 12 (Reuters) - Shares of Adani Group companies fell on Monday after U.S. short-seller Hindenburg Research alleged the head of India's market regulator previously held investments in offshore funds also used by the group.

Billionaire Gautam Adani's flagship company Adani Enterprises ADEL.NS fell nearly 5%, while Adani Ports APSE.NS, Adani Total Gas ADAG.NS, Adani Green ADNA.NS, Adani Power ADAN.NS, Adani Wilmar ADAW.NS and Adani Energy Solutions ADAI.NS fell between 3% and 8%.

Citing whistleblower documents, Hindenburg said on Saturday that Securities and Exchange Board of India (SEBI) Chair Madhabi Puri Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani.

A personal statement from Buch on Sunday said all disclosure requirements had been followed diligently and that investments in the fund referred to in the Hindenburg report were made in 2015 in a private capacity, two years before she joined the SEBI.

Adani Group on Sunday rejected the allegations and said its overseas holding structure was fully transparent.

"Under Buch, the market regulator has taken a lot of measures to protect retail investor sentiment. But allegations that came over the weekend have shaken market confidence, which can have an impact on retail investor sentiment," said Anita Gandhi, founder and head of institutional business at Arihant Capital Markets.

In January 2023 Hindenburg released a report alleging improper use of tax havens and stock manipulation by Adani Group, which led to a stock rout. Adani Group has denied all of the allegations and shares have partially recovered. The allegations led to a SEBI inquiry, which is still underway.

(Reporting by Sethuraman NR and Hritam Mukherjee in Bengaluru; Editing by Jamie Freed)

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