AWL

Sept 2 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• GERMAN FEDERAL CARTEL OFFICE APPROVES LENCE DEAL

Source text: ID:nBSE7pvTFt

Further company coverage: AWLA.NS

(([email protected];;))

July 22 (Reuters) -

• SHAJAEATAN INVESTMENT FZCO ACQUIRES 8.52% STAKE IN AWL AGRI BUSINESS - EXCHANGE FILING

Source text: ID:nBSE9bRYdS

Further company coverage: AWLA.NS

(([email protected];;))

July 15 (Reuters) - India's AWL Agri Business AWLA.NS, previously known as Adani Wilmar, reported a nearly 25% fall in quarterly profit on Tuesday, as higher prices of branded palm oil led consumers to opt for cheaper alternatives.

Indian consumers operating on tight budgets due to slow wage growth have been increasingly shunning large brands in response to price increases.

The consumer goods maker, which makes the Fortune brand of cooking oil, reported a consolidated net profit of 2.36 billion rupees ($27.51 million) for the first quarter ended June 30, according to a regulatory filing.

Sales volumes in its mainstay edible oil business, which accounted for four-fifths of its topline during the quarter, dropped 4% on slow palm oil sales, even as higher prices helped push revenue higher.

Volumes in the segment "remained under pressure, largely due to sluggish palm oil sales driven by its relatively higher prices," AWL Agri Business said in a statement, adding it lost market share during the quarter.

Overall revenue rose 21% to 170.59 billion rupees.

AWL's food business, which sells staples such as rice and pulses, posted a 5% fall in volumes, excluding a one-off impact, as wheat flour sales struggled to maintain margins due to soft demand, stiff local competition and higher prices.

Shares fell 2.2% after the results.

Rival Marico MRCO.NS, which sells the Saffola brand of cooking oil, is yet to report results. It said in an update earlier this month that first-quarter revenue would grow in the low-20s percentage range on improving rural demand.

($1 = 85.7870 Indian rupees)

(Reporting by Praveen Paramasivam; Editing by Janane Venkatraman)

(([email protected];))

July 3 (Reuters) - India's AWL Agri Business AWLA.NS, formerly known as Adani Wilmar, clocked a 23% growth in first-quarter standalone revenue, the consumer goods firm said in a provisional update on Thursday, as higher edible oil prices more than offset muted consumer demand.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; Mobile: +91 9591011727;))

April 28 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• AWL AGRI BUSINESS MARCH-QUARTER CONSOL NET PROFIT 1.9 BILLION RUPEES

• AWL AGRI BUSINESS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 182.3 BILLION RUPEES

Source text: [ID:]

Further company coverage: AWLA.NS

(([email protected];))

April 16 (Reuters) - AWL Agri Business Ltd AWLA.NS:

• ACQUIRES 80% OF G.D. FOODS MANUFACTURING

• TO ACQUIRE REMAINING 20% OF G.D. FOODS BY FY 2028-29

Source text: ID:nBSE4xSV1q

Further company coverage: AWLA.NS

(([email protected];;))

April 3 (Reuters) - AWL Agri Business Ltd ADAW.NS:

• AWL AGRI BUSINESS LTD - RECORDS 7% YOY VOLUME GROWTH IN Q4

• AWL AGRI BUSINESS LTD- RECORDED A ROBUST 7% YOY VOLUME GROWTH IN Q4

• AWL AGRI BUSINESS LTD - REVENUE INCREASES 36% YOY IN Q4

• AWL AGRI BUSINESS LTD- WITNESSED BETTER GROWTH IN RURAL TOWNS COMPARED TO URBAN MARKETS

• AWL AGRI BUSINESS LTD- THERE HAS BEEN A DECLINE IN INDUSTRY ESSENTIALS BUSINESS

• AWL AGRI BUSINESS LTD - IN Q4, EDIBLE OIL VOLUME GREW BY 6% YOY

• AWL AGRI BUSINESS LTD - IN Q4, THE FOOD & FMCG SEGMENT DELIVERED 11% YOY REVENUE GROWTH

• AWL AGRI- QUICK COMMERCE SALES VOLUME BEST QUARTER IN TWO YEARS WITH 100%+ YOY INCREASE IN Q4

Source text: ID:nBSE9HFBrr

Further company coverage: ADAW.NS

(([email protected];))

March 4 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - EXECUTES SPA TO ACQUIRE G.D. FOODS

• ADANI WILMAR LTD - FIRST TRANCHE VALUED AT 6.03 BILLION RUPEES FOR 80% SHARE

Source text: ID:nBSE80zXt1

Further company coverage: ADAW.NS

(([email protected];;))

Feb 25 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - GETS TAX ORDER WITH PENALTY OF 1.9 MILLION RUPEES

Source text: ID:nBSE5dWSHN

Further company coverage: ADAW.NS

(([email protected];;))

Feb 6 (Reuters) - Solid demand in rural areas, as well as higher prices of staples including edible oil and wheat flour, helped the consumer goods sector report a 10.6% sales growth in the December quarter, market researcher NielsenIQ said on Thursday.

India's rural areas - which account for just over a third of consumer goods sales - have proven a bright spot for an industry struggling with an inflation-led spending slowdown in large cities.

"Rural markets (continued) to lead the charge, outpacing urban consumption (during the December quarter)," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said in a statement.

Sales volume jumped 9.9% in rural areas in the December quarter, up from 5.7% in the previous quarter - double the 5% increase in urban centers, NielsenIQ said. But it added urban pockets also improved from the September quarter's 2.6% growth.

Rural areas have outperformed urban locations for the last four quarters, benefiting from income support schemes rolled out by several Indian states, while slowing salary increases in cities have squeezed consumer spending.

In the October-December quarter, overall volume rose by 7.1% - the highest in over a year - driven by demand for laundry products and edible oil, even as prices rose by 3.3%, according to NielsenIQ.

Dabur India DABU.NS and Hindustan Unilever HLL.NS reported a higher December-quarter profit on recovering rural demand.

However, large consumer goods makers, with topline exceeding 50 billion rupees ($571.2 million) are also facing stiff competition from smaller rivals, whose sales increased roughly twice as fast during the festive quarter, NielsenIQ said.

Consumer goods makers have also raised product prices to counter price increases in commodities such as copra and cocoa, with cooking oil maker Adani Wilmar ADAW.NS and Hindustan Unilever warning of further hikes.

Indians also preferred smaller product packs during the quarter, NielsenIQ said, echoing comments from Hindustan Unilever.

($1 = 87.5400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

(([email protected]; +91 867-525-3569;))

Adds details on sales in paragraphs 6-7, Adani group exit in paragraphs 8-10

By Praveen Paramasivam

Feb 5 (Reuters) - Consumer goods firm Adani Wilmar ADAW.NS expects its sales volumes to grow around 10% next fiscal year, CEO Angshu Mallick said on Wednesday, counting on demand from 10-minute grocery delivery apps and a tax cut-led revival in urban spending.

Top executives in sectors including consumer goods and automobiles expect India's plans to cut personal income tax rates to put more disposable income in the hands of the people and eventually boost consumption.

"Whenever consumers have excess money, we have found they first go and buy good food," Mallick told Reuters, adding Adani Wilmar's food business would grow over 20% for the financial year ending March 2026.

For the third quarter, the company, which makes 'Kohinoor' rice, reported a 5% rise in sales volumes, with the edible oil business - its biggest - growing by 4%.

Edible oil sales, including its 'Fortune' cooking oil, will grow at least 6% next year, helping the broader group return to growth of about 10%, Mallick said.

The growth, he expects, will be led by demand from delivery apps, including Zomato-owned ZOMT.NS Blinkit and Zepto, which are expanding to smaller cities.

Adani Wilmar plans to launch higher-priced products and bundled offers on these apps, which Mallick said may bring in more revenue in the next six months as compared to traditional platforms, including Amazon and Flipkart.

In December, the Adani group said it would exit its consumer goods joint venture with Singapore's Wilmar International WLIL.SI in a $2 billion deal.

Mallick said the new name of Adani Wilmar, post a shareholder vote, would be AWL Agri Business Ltd, even as he said the firm's strategy would not change post the deal close, the date for which has not been disclosed.

He said Adani Wilmar will continue to focus on expanding its presence in branded foods, including the basmati rice and wheat flour segments, as nearly four-fifths of sales come from unbranded products.

(Reporting by Praveen Paramasivam; Editing by Sonia Cheema)

(([email protected]; +91 867-525-3569;))

Jan 31 (Reuters) - Indian consumer goods maker Marico MRCO.NS reported a smaller-than-expected quarterly profit on Friday, as higher raw material costs and marketing spends overshadowed price increases-led growth.

Rising prices of raw materials including copra and vegetable oil weighed on the Parachute coconut oil maker's profits, while the company also faces intense competition and continues to spend heavily on marketing and advertising.

Marico's expenses rose 17.7% to 23.18 billion rupees ($267.54 million) during the third quarter ended Dec. 31.

Consolidated net profit stood at 3.99 billion rupees ($46.05 million), compared to 3.83 billion rupees a year earlier. Analysts, on average, were expecting a profit of 4.02 billion rupees, according to data compiled by LSEG.

Revenue, however, came in at 27.94 billion rupees, up 15.4% from a year earlier, supported by improving demand in rural areas and product price increases.

Marico said it would raise prices of its products further to make up for an expected "firmness" in commodity prices, noting copra prices, up 38% this financial year, were ahead of its forecasts.

It also said its revenue would increase in the double-digit percentage range in the medium term by increasing its market share across its portfolio of brands.

Meanwhile, Dove soap maker and industry bellwether Hindustan Unilever HLL.NS reported below-expectation results last week and forecast margin pressures ahead.

($1 = 86.6400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Shailesh Kuber)

(([email protected]; +91 867-525-3569;))

Jan 27 (Reuters) - India's Adani Wilmar ADAW.NS reported a two-fold surge in third-quarter profit on Monday, buoyed by higher demand in its core edible oils segment.

The consumer goods company, which makes the Fortune brand of cooking oil, reported a consolidated net profit of 4.11 billion rupees ($47.56 million) for the quarter ended Dec. 31 from 2.01 billion rupees a year ago.

Shares rose 3% after the results.

Revenue from its core edible oils segment - which accounted for over 79% of total revenue - grew 38% during the quarter, driven by increased demand for sunflower and mustard oils.

The company said it recorded in 5% growth in volumes in the quarter.

Cooking oil has largely resisted the broader slowdown in branded consumer goods due to its essential nature, despite brands increasing prices in recent months to offset rising ingredient costs, as per analysts.

Expenses rose 30% due to a sharp rise in underlying commodity prices, driven by a hike in customs duty in mid-September.

Adani Wilmar's foods unit, which includes products such as soya chunks and basmati rice, recorded a 22% revenue growth, driven by increased demand from general trade and e-commerce channels, according to its quarterly update.

It reported a 31% increase in total revenue, hitting 168.59 billion rupees.

In late December, the Adani Group announced its exit from the consumer goods unit - which it owned in a joint venture with Singapore's Wilmar International WLIL.SI - selling its entire stake to its Singaporean partner and through the open market.

Rival Marico MRCO.NS said in its update it anticipated third-quarter revenue growth in the mid-teen percentage range, supported by improving rural consumption and stronger demand for its Parachute and Saffola oil brands.

($1 = 86.4250 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Janane Venkatraman)

(([email protected];))

Jan 23 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• COMMENCEMENT OF OPERATIONS AT ITS FOOD PROCESSING PLANT IN GOHANA

Source text: [ID:]

Further company coverage: ADAW.NS

(([email protected];;))

Jan 14 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• PROMOTER GROUP SHAREHOLDING REDUCED TO 74.36%

• NOW COMPLIANT WITH 25% MINIMUM PUBLIC SHAREHOLDING

Source text: ID:nNSE2YCxzd

Further company coverage: ADAW.NS

(([email protected];;))

Jan 10 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION

• ADANI WILMAR - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION OF ADDITIONAL 1.51% STAKE

Source text: ID:nNSEbnF3MZ

Further company coverage: ADAW.NS

(([email protected];;))

Jan 9 (Reuters) - India's Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar ADAW.NS to the public, as the conglomerate looks to comply with minimum public shareholding rules amid plans to exit the consumer goods company.

Adani, which holds a nearly 44% stake in the joint venture with Singapore's Wilmar International WLIL.SI, will sell up to 13.5% to the public in an offer for sale beginning Jan. 10, with an option to sell an additional 6.5%.

The group has set a floor price of 275 rupees per share, a near 15% discount to Thursday's closing price of 323.45 rupees on the National Stock Exchange.

Adani said in December it would exit Adani Wilmar in a $2 billion deal as it sharpens its focus on its infrastructure business.

According to the deal announced last month, Wilmar International would acquire a maximum of 31.06% stake in Adani Wilmar from Adani Group, while Adani would sell about 13% in the consumer goods venture to comply with minimum public shareholding requirements.

Indian regulations require listed companies to ensure that at least 25% of their shares are held by the public. Adani Wilmar has a public shareholding of about 12%, according to exchange data.

(Reporting by Chris Thomas and Manvi Pant in Bengaluru; editing by Jason Neely)

(([email protected];))

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

By Shritama Bose

MUMBAI, Jan 6 (Reuters Breakingviews) - Gautam Adani is starting to move forward. The flagship firm of the Indian tycoon's infrastructure group laid out plans last week to exit a quarter century-old joint venture with Singaporean edible oil giant Wilmar International. The agreement offers clear benefits to the industrialist. It also hammers home the price he is paying for successive crises.

Adani Enterprises ADEL.NS will sell a 31% stake in Adani Wilmar ADAW.NS, the maker of India's largest cooking oil brand, to its partner for roughly $1.4 billion or less. That will leave the $15 billion Singaporean group with 75% of the Mumbai-listed company in a growing market for commodities Wilmar deals in, including rice, wheat flour and sugar.

There’s a caveat, though. Wilmar has bought itself a year to buy those shares and locked in a discount. Though the agreed ceiling price is only 7% less than the last close, Adani Wilmar was among the tycoon's stocks worst-hit in a short seller campaign in early 2023 and the shares of the company remain some 40% lower than before the attack.

That also buys time for the joint venture to look for new strategic partners. The regulator requires Adani Wilmar to raise its minimum public shareholding to at least 25% by February, up from 12% currently, and so Adani Enterprises will sell its remaining 13% stake to other investors.

The larger agreement with Wilmar helps because it offers prospective minority owners visibility on the ownership structure and valuation at a time when the Indian group's patriarch is facing U.S. charges of bribery, accusations he denies. Wilmar too will only increase its own stake in the venture once the freefloat hurdle is resolved.

Ultimately, Adani Enterprises' exit makes sense and will reinforce confidence in its ability to keep investing in its core infrastructure assets including renewable energy; lenders behind the wider group's $30 billion gross debt are still digesting the implications of the U.S. legal problems. These did not prompt Adani's decision to call time on the joint venture but it almost certainly cost it a better deal.

Follow @ShritamaBose on X

CONTEXT NEWS

India's Adani Enterprises said on Dec. 30 that it will exit its consumer goods joint venture with Singapore's Wilmar International in a two-part transaction.

Adani Enterprises will transfer a 31% stake in Adani Wilmar to its partner at a price not exceeding 305 rupees per share, the edible oil maker joint venture said in a stock exchange filing.

Singapore's Wilmar said its purchase of the stake will take place through call and put options exercisable only after twelve months from the date of the agreement. However, it added, the parties agreed to explore options to expedite the transaction once Adani Wilmar meets an unrelated regulatory requirement to increase its public shareholding.

To fulfil this obligation, Adani Enterprises and related entities first plan to sell their remaining 13% stake in Adani Wilmar to external shareholders.

(Editing by Una Galani and Aditya Srivastav)

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

Dec 31 (Reuters) - India's Adani Wilmar ADAW.NS fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.

The group will sell a 31% stake in Adani Wilmar to its joint venture partner, Singapore's Wilmar International WLIL.SI, at a maximum of 305 rupees per share, which is a 7.2% discount to the stock's closing price on Monday.

Adani Wilmar's shares dropped 6.4% to 307.10 rupees in early trading.

The Adani group will sell the remaining 13% stake in the edible oil maker in the open market, it said.

(Reporting by Ashna Teresa Britto; Editing by Savio D'Souza)

(([email protected];))

Dec 30 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - AEL TO EXIT ADANI WILMAR JV SIGNS AGREEMENT WITH WILMAR INTERNATIONAL

• ADANI ENTERPRISES LTD - AEL WILL SELL 13% IN ADANI WILMAR LTD TO ACHIEVE MINIMUM PUBLIC SHAREHOLDING

• ADANI ENTERPRISES LTD - AEL WOULD COMPLETELY EXIT ITS 44% HOLDING IN ADANI WILMAR

• ADANI ENTERPRISES - PROCEEDS FROM SALE WILL BE UTILIZED FOR TURBOCHARGING GROWTH IN CORE INFRASTRUCTURE PLATFORMS

• ADANI ENTERPRISES- WILMAR INTERNATIONAL AGREED TO ACQUIRE ABOUT 31% HELD BY AEL IN ADANI WILMAR

Source text: ID:nBSE3lbTX9

Further company coverage: ADEL.NS

(([email protected];))

Dec 6 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - NAMES SHRIKANT KANHERE AS DEPUTY CEO

• ADANI WILMAR LTD - SHRIKANT KANHERE TO CONTINUE AS CFO

Source text: ID:nBSE2Df0YH

Further company coverage: ADAW.NS

(([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];))

Nov 28 (Reuters) - Indian billionaire Gautam Adani oversees a sprawling conglomerate with activities spanning construction of airports to supply of electricity and the sale of cooking oil.

U.S. authorities have accused Adani, his nephew and executive director 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 power supply contracts, and misleading U.S. investors during fund raises there.

The group has called the allegations baseless.

Here are key details of the Adani Group's businesses:

** Energy: It mines thermal coal and produces power through its utilities firm Adani Power ADAN.NS, which is transmitted via Adani Energy Solutions ADAI.NS.

The renewable energy arm of the ports-to-power conglomerate is Adani Green Energy ADNA.NS, which is at the center of the U.S. indictment. It focuses on solar, wind and hybrid power generation and has a presence in a dozen Indian states.

Adani Total Gas ADAG.NS, which distributes piped natural gas, is run in a partnership with TotalEnergies TTEF.PA.

** Airports: Since entering the space in 2019, the group runs airports in cities from Mumbai, the commercial capital, to the tourist city of Jaipur and southern Thiruvananthapuram, through its flagship firm, Adani Enterprises ADEL.NS.

The flagship also has a presence in roadways, real estate and infrastructure.

** Edible oils and food: The group's joint venture with Singapore's Wilmar International WLIL.SI makes edible oils and packaged food items such as fragrant basmati rice, wheat flour and sugar under the Adani Wilmar ADAW.NS banner.

** Port operations: Adani Ports APSE.NS, India's top private operator by volume, manages 13 domestic ports, including the country's busiest private port, Mundra in the western state of Gujarat.

Outside India, Adani Ports owns a stake of 70% in Israel's port of Haifa and 51% in Sri Lanka's Colombo port.

** Cement: The group entered the industry in 2022, inking its biggest-ever deal in the space by acquiring Holcim AG's HOLN.S stake in Ambuja Cements ABUJ.NS and ACC ACC.NS. It has been on an acquisition spree since in its bid to topple India's top cement maker, UltraTech Cement ULTC.NS.

** Media: Adani entered India's media industry by acquiring a majority stake in Quintillion Business Media, a financial news digital media platform, in 2022. Afterwards, it strengthened its hold in the space by striking deals with news broadcaster NDTV NDTV.NS in 2022 and news agency IANS in 2023.

It also builds and runs data centres nationwide.

** Defence and aerospace: One of the few private players in a state-dominated weapons sector, the group supplies domestically made weapons to Indian forces. In 2018, it signed a supply deal with Israel's Elbit Systems.

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

(([email protected]; 8800437922;))

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)

(([email protected];))

Recasts, adds Moody's in paragraph 5, Andhra Pradesh in paragraph 3, Adani-Wilmar stake in paragraphs 15-16

By Uditha Jayasinghe, Scott Murdoch and Chris Thomas

Nov 26 (Reuters) - Adani Group's troubles deepened on Tuesday as two more credit rating agencies cut their outlook for the Indian conglomerate, whose billionaire founder Gautam Adani has been charged by U.S. authorities over an alleged $265 million bribery scheme.

The U.S. indictments' widening fallout comes after S&P on Friday put Adani Ports, Adani Green Energy ADNA.NS and Adani Electricity on a downgrade warning and as partners reviewed individual projects involving the group.

India's Andhra Pradesh is likely to suspend a power purchase deal linked to the group, two state government sources said, in what would be the first such move by an Indian state government after the U.S. charges over solar power-supply contracts.

Most of the alleged bribes were paid to a government official to get Andhra Pradesh's state electricity distribution companies to agree to purchase power, the U.S. indictment said.

The allegations are having a knock-on impact across the Adani empire as Moody's Ratings lowered its outlook for seven Adani firms, including Adani Ports and Adani Green, to negative from stable, saying the U.S. indictments will likely weaken the group's access to funding and increase its capital costs.

Ratings agency Fitch earlier put some Adani Group bonds on watch for a possible downgrade, also citing the U.S. indictment, while Sri Lanka said it was reviewing any potential fallout for the Indian group's projects in the neighbouring island nation.

A U.S. agency that agreed to lend more than $550 million to a Sri Lankan port development said on Sunday it was reviewing the impact of the bribery accusations against Adani, his nephew Sagar Adani and six others over the alleged scheme to bribe Indian officials to secure power supply deals.

The Adani Group has denied the allegations, as well as those made in a parallel civil case by the U.S. Securities and Exchange Commission, but news of the indictment has wiped $34 billion off the value of shares in 10 companies owned by the Indian giant.

Adani stocks deepened losses on Tuesday, with Adani Green ADNA.NS the hardest hit, closing 7.3% lower.

Fitch said in a statement it had placed Adani Energy Solutions Ltd ADAI.NS, Adani Electricity Mumbai and some of Adani Ports and Special Economic Zone APSE.NS rupee and dollar bonds on "watch negative", signalling a heightened probability of a downgrade that could affect the price of Adani debt.

Adani Ports, India's largest private ports operator, owns 51% of a new container terminal project expected to begin operations next year in Sri Lanka's city of Colombo.

Sri Lanka's finance and foreign ministries were reviewing the allegations, cabinet spokesperson Nalinda Jayatissa told reporters on Tuesday, adding that the government would take a decision once the ministries had compiled their reports.

Fitch also downgraded its ratings on four Adani subsidiary senior unsecured dollar bonds from stable to negative, saying it will monitor for any impact on the group's financial position and watch for "any material deterioration" in its funding, including rolling over credit lines, accessing new facilities and potentially a rise in the cost of its debt.

BUSINESS IMPACT

Adani Green responded on Tuesday to TotalEnergies TTEF.PA saying it would halt investments in Adani firms, saying there was no new financial commitment under discussion and that the French oil major's decision would not have any material impact on the company's operations or its growth plans.

Meanwhile, Adani Enterprises ADEL.NS, Adani's flagship firm, and Singapore-based Wilmar International WLIL.SI, will delay a proposed sale of at least 12% in their Adani Wilmar Indian food joint venture, Bloomberg News reported.

Adani and Wilmar did not immediately respond to a request for comment. Shares in the joint venture closed 2.3% lower.

One of Adani Group's main backers, Australia-listed investment firm GQG Partners GQG.AX said in a memo to clients which was seen by Reuters that it not see the indictments having a material impact on Adani businesses.

Except for Adani Green, the group does not need to raise capital at this point, it added, although if Adani did need more funding, the indictment would limit its access to foreign capital.

Any negative actions by the Indian government could have meaningful implication for Adani, it added, though it believed the government would maintain support for Gautam Adani.

GQG bought shares worth $1.87 billion in four Adani group companies last year, shortly after a short-seller's critical report sparked a stock rout.

GQG did not reply to a request for comment.

Adani dollar bonds steadied on Tuesday and prices rose slightly, after three days of heavy falls.

Prices on some of the more liquid Adani Ports debt maturing between 2027 USY00130VS35=TE and 2041 US00652MAJ18=TE were up between half a cent and 1.5 cents on the dollar. They have fallen about 8 to 12 cents since news of the indictment.

(Reporting by Scott Murdoch, Praveen Menon in Sydney and Tom Westbrook in Singapore; Additional reporting by Chris Thomas and Angela Christy in Bengaluru, Isla Binnie and Anton Bridge; Editing by Clarence Fernandez, Sumeet Chatterjee and Alexander Smith)

(([email protected];))

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)

(([email protected];))

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)

(([email protected]; +918447554364;))

By Kashish Tandon, Hritam Mukherjee

Nov 21 (Reuters) - U.S. prosecutors have charged Indian billionaire Gautam Adani, founder of a conglomerate named after him, and seven others in an alleged bribery and fraud scheme related to a renewable energy project in India.

The authorities said Adani and the other defendants agreed to pay about $265 million in bribes to Indian officials to obtain contracts. The Adani Group denied the charges as baseless and that it would seek "all possible legal recourse".

Here are key details of the people charged by the U.S. authorities:

** Gautam Adani, 62, is Asia's wealthiest person after countryman Mukesh Ambani with a net worth of $57.8 billion, according to Forbes. He set up the Adani Group in 1988, beginning with commodities trading.

He and his nephew Sagar are accused of orchestrating the scheme to secure a solar energy project in India and misleading the company's investors during a $750 million bond offering, which raised about $175 million from U.S. investors.

** Sagar Adani is credited with building the solar and wind portfolio of Adani Green Energy ADNA.NS and currently oversees its "organization building as well as all strategic and financial matters", according to its website. He is an executive director of Adani Green.

** Vneet Jaain has been the managing director of Adani Green Energy since 2020. Before that, he headed other Adani group firms such as Adani Power ADAN.NS and Adani Infrastructure, according to his LinkedIn profile.

** Ranjit Gupta, between 2019 and 2022, was the chief executive officer of energy firm Azure Power Global, whose stock was traded on the New York Stock Exchange until November 2023.

U.S. authorities allege that Gupta conspired with Gautam Adani, Sagar Adani and Vneet Jaain to pay bribes to Indian government officials for Adani Green and Azure Power to secure a solar energy project in India.

Azure Power did not immediately respond to Reuters' request for comment.

Gupta, currently CEO of energy firm Ocior Energy, did not immediately respond to a request for comment. Ocior Energy did not immediately respond to a separate Reuters request for comment.

** Cyril Cabanes, who U.S. court documents said was a citizen of Australia and France who resided in Singapore, was the managing director of infrastructure overseeing Asia Pacific and Middle East regions at Caisse de dépôt et placement du Québec (CDPQ), a Canadian investment firm, between 2016 and 2023.

The indictment document said that an unnamed unit of CDPQ is the top stakeholder of Azure Power.

Cabanes, his then-CDPQ colleagues Saurabh Agarwal and Deepak Malhotra, and Rupesh Agarwal are accused of joining the conspiracy between 2021 and 2022.

Cabanes did not immediately respond to Reuters' request for comment.

** Saurabh Agarwal worked with a company associated CDPQ from May 2017 until July 2023, when he reported to Cabanes.

CDPQ on Thursday said it was aware of the charges against its former employees. "Those employees were all terminated in 2023 and CDPQ is cooperating with the U.S. authorities," it said.

Reuters could not immediately reach Agarwal for comment.

** Deepak Malhotra was Director of infrastructure, South Asia, at CDPQ when he joined the board of Azure Power in 2019. He resigned from the board in 2023, along with Cabanes.

Reuters could not immediately reach Malhotra for comment.

** Rupesh Agarwal is currently a co-chair at Indian industry lobby group FICCI Renewable Energy CEO Council. From July 2022 to August 2022, the period mentioned in the indictment document, he was the Chief Strategy and Commercial Officer at Azure.

Reuters could not immediately reach Agarwal for comment.

(Reporting by Kashish Tandon, Hritam Mukherjee and Sethuraman NR in Bengaluru; Editing by Toby Chopra)

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