ADANIENT

June 4 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• AIRPORTS SECURES USD 750 MN GLOBAL FINANCING

• PROCEEDS TO REFINANCE USD 400 MILLION DEBT AND GROWTH CAPEX

• FINANCING LED BY FIRST ABU DHABI BANK, BARCLAYS, STANDARD CHARTERED

• NAVI MUMBAI AIRPORT TO ADD 20 MILLION PASSENGERS IN FIRST PHASE

Source text: ID:nBSE5LKfwv

Further company coverage: ADEL.NS

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June 2 (Reuters) - ADANI GROUP SPOKESPERSON:

• WALL STREET JOURNAL’S STORY ALLEGING LINKS BETWEEN ADANI ENTITIES AND IRANIAN LPG IS 'BASELESS'

• CATEGORICALLY DENIES ANY DELIBERATE ENGAGEMENT IN SANCTIONS EVASION OR TRADE INVOLVING IRANIAN-ORIGIN LPG

• NOT AWARE OF ANY INVESTIGATION BY U.S. AUTHORITIES ON TRADE INVOLVING IRANIAN-ORIGIN LPG

• BY POLICY, ADANI GROUP DOES NOT HANDLE ANY CARGO FROM IRAN AT ANY OF OUR PORTS

Further company coverage: ADEL.NS

(([email protected];))

May 30 (Reuters) -

• ADANI, EMAAR SAID TO CEASE TALKS ON INDIAN REAL ESTATE UNIT SALE- BLOOMBERG NEWS

Source text: https://tinyurl.com/2rux9bc8

Further company coverage: ADEL.NS

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Updates with details throughout

By Dharamraj Dhutia

MUMBAI, May 28 (Reuters) - Adani Ports and Special Economic Zone APSE.NS, India's largest private port operator, plans a return to the domestic bond market after a 17-month hiatus in what could be its largest-ever rupee denominated debt issue, three merchant bankers said on Wednesday.

The company is set to raise as much as 50 billion rupees ($583.57 million) through the sale of bonds maturing in 15 years and has invited bids from bankers and investors on Thursday, the bankers, who did not want to be named because they are not authorised to speak to media said.

The Adani group did not immediately respond to a Reuters email seeking comments.

If realised, this would not only be the largest bond issue by the company but also the longest in terms of tenor, as the company had raised funds through up to 10-year bonds in the past.

It would also be the first time since early 2024 that the company will tap local bond market for funds. In January 2024, it had raised 2.50 billion rupees each through five-year and 10-year bonds at 8.70% and 8.80% coupons respectively.

The company is likely to offer a coupon of around 7.75% the bankers added, requesting anonymity as they are not authorised to speak to the media.

On May 22, the company's board approved raising up to 60 billion rupees through bond sales.

The notes are rated AAA by Crisil, Icra and Care.

The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off.

The group has repeatedly denied wrongdoing, and its shares have since recovered.

In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. The company has denied wrongdoing, and said the allegations are baseless.

($1 = 85.6800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee and Savio D'Souza)

(([email protected];))

May 23 (Reuters) - Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop green energy projects and infrastructure in India's Northeast, chairman Gautam Adani said on Friday.

"Our focus will span green energy — including smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics...," Adani said at an industry event in New Delhi.

Earlier this year, he had announced that his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.

($1 = 85.6880 Indian rupees)

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

(([email protected]; X: @MukherjeeHritam;))

By Jayshree P Upadhyay

MUMBAI, May 19 (Reuters) - India's markets regulator has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.

The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off. The group has repeatedly denied wrongdoing, and its shares have since recovered.

Indian regulations require that at least 25% of the shares of listed companies be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.

The two Mauritius-based Elara funds - Elara India Opportunities Fund and Vespera Fund - had been asked since 2023 to provide "granular disclosures" of all their shareholders since they had "concentrated positions" in the Adani Group, according to a SEBI document dated March 28, which was reviewed by Reuters.

"To date, this has not been provided by these FPIs (foreign portfolio investors) to SEBI ... They have also not provided any reasons," the document said, adding that such delays had "impeded the investigation into the Adani Group's compliance with minimum public shareholding norms."

India's Elara Capital and SEBI did not respond to Reuters queries. The Adani Group also did not respond.

The SEBI document noted that Elara funds did not make disclosures about their acquisitions of certain Adani stocks exceeding 5% - as was required by Indian regulations. It did not specify the exact shareholding in question.

Even though the funds are Mauritius based, they are registered with SEBI as FPIs, bringing them under compliance norms and scrutiny of the Indian regulator.

The two funds have applied to SEBI to settle the matter without admitting guilt and by paying a monetary fine, said two sources with direct knowledge of the matter, who declined to be named as the investigation is confidential.

It was not clear what penalties could they face eventually.

In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. Adani denies wrongdoing, and says the allegations are baseless.

At least two other offshore investors in Adani stocks - Mauritius-based Lotus Investment and LTS Investment - also did not supply information on Adani holdings when asked by SEBI, the two sources added.

P.R. Ramesh, a lawyer who represent Lotus and LTS in India, did not respond to repeated requests for comment.

(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

May 15 (Reuters) -

• ADANI AIRPORT HOLDINGS - OUR ASSOCIATION WITH DRAGONPASS HAS BEEN TERMINATED WITH IMMEDIATE EFFECT

• ADANI AIRPORT HOLDINGS-DRAGONPASS CUSTOMERS TO NO LONGER HAVE ACCESS TO LOUNGES AT ADANI-MANAGED AIRPORTS

Further company coverage: ADEL.NS

(([email protected];;))

By Neha Arora

NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.

India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.

But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.

The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.

"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."

The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.

"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.

The trade associations and India's mines ministry did not immediately respond to requests for comment.

DEMAND SURGE

Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.

India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter

But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.

Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.

There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.

(Reporting by Neha Arora; Editing by Rachna Uppal)

(([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];))

By Jayshree P Upadhyay

MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.

Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ADNA.NS 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.

The matter has not been previously reported.

In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".

Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.

The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".

Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.

Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.

The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."

"The information in question was already generally available in the public domain," the statement said.

SEBI did not respond to Reuters requests for comment.

Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.

Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.

SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.

Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.

(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

May 1 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship company of the Adani Group, reported a drop in fourth-quarter profit on Thursday, hurt by weaker performance at its coal trading division.

The company's consolidated profit before exceptional items and tax declined to 13.13 billion rupees ($155.15 million) in the January-to-March quarter, from 13.22 billion rupees a year ago.

($1 = 84.6270 Indian rupees)

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

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

April 22 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• AIRTEL TO ACQUIRE 400 MHZ SPECTRUM IN 26 GHZ BAND FROM ADANI DATA NETWORKS

Source text: [ID:]

Further company coverage: BHAX.NS

(([email protected];;))

April 21 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI TO GROW DATA CENTER INVESTMENT BY $10 BILLION ON AI DEMAND - BLOOMBERG NEWS

Source text: https://tinyurl.com/3t2cp97n

Further company coverage: ADEL.NS

(([email protected];))

By Sarita Chaganti Singh

NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.

The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.

A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.

India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.

"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.

"A liability cap will allay the major concern of the suppliers of nuclear reactors."

The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.

New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.

Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.

Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.

Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.

Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.

LAW GREW OUT OF BHOPAL DISASTER

India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.

Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.

The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.

It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.

The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.

India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.

Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.

($1 = 85.6320 Indian rupees)

(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)

(([email protected];))

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

By Shritama Bose

MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.

It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.

Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.

That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A; that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.

The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.

All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.

Follow @ShritamaBose on X

CONTEXT NEWS

BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.

(Editing by Una Galani and Aditya Srivastav)

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

Adds context on copper prices, copper demand

SANTIAGO, Chile, April 10 (Reuters) - India's Adani Enterprises Ltd ADEL.NS is preparing to start a major smelter in India in the next four weeks that will refine copper concentrate, the company's head of metals, Felipe Williams, said on Thursday.

"In the next four weeks, we're starting the largest metallurgical complex of copper and other metals in the world," he said at a conference hosted by the International Copper Association in Santiago, the Chilean capital.

The smelting that will begin in the coming weeks at the facility, known as Kutch Copper, is part of a first phase, and the company has environmental approvals to increase capacity, he said.

The smelter's commissioning started a month ago, with the production of the first anodes, Williams said.

Copper demand in India is expected to leap in the coming years as the world's fastest-growing major economy aims to meet the needs of its industries and the energy transition.

The smelter is coming online at a time when Asian smelters are running in losses due to a tight copper supply that has led to negative treatment and refining charges, known as TC/RCs.

TC/RCs, a key revenue source for smelters, are a gauge of availability for copper concentrates used in the production of refined copper.

"The challenges are big, because today the TC/RCs are negative numbers," Williams said. "We would have loved to start our business in a completely different environment, but we need to face reality, this is a long-term opportunity."

Copper and other base metals prices rebounded sharply on Thursday after U.S. President Donald Trump's administration paused for 90 days a series of tariffs on various countries.

Benchmark three-month copper CMCU3 on the London Metal Exchange (LME), which had been volatile, gained 3.8% to $8,939 per metric ton by 1615 GMT.

(Reporting by Daina Beth Solomon and Divya Rajagopal; Editing by Leslie Adler and Franklin Paul)

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-- Source link: https://tinyurl.com/yrdsee2r

-- Note: Reuters has not verified this story and does not vouch for its accuracy

((Bengaluru newsroom, [email protected]))

April 2 (Reuters) - Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday it would supply copper concentrates to India's Adani Group's $1.2 billion smelter, the world's biggest single-location plant of its type.

The supply will begin this year, said Codelco, whose chairman, Maximo Pacheco, met Adani Group chairman Gautam Adani at the conglomerate's headquarters in Ahmedabad in the western state of Gujarat.

Kutch Copper, as the smelter is formally known, is also located in Gujarat and its executives had told Reuters it would source concentrates from Chile and other countries.

The smelter began operations a year ago and last month entered into a joint venture to make wires and cables.

India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.

Currently, only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper HCPR.NS produce copper in the country.

Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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

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

By Shritama Bose

MUMBAI, April 1(Reuters Breakingviews) - Prime Minister Narendra Modi spoke of his mission to "Make India Great Again" when he met Donald Trump in February, leaning on the U.S. president's motto to "Make America Great Again". For both leaders, the vision counts on spurring domestic manufacturing. But India's mission is faltering. Modi may want to copy some of Trump's aggression to put that right.

Modi first articulated his Make in India vision to turn the country into a manufacturing hub a decade ago. The government may now let its $23 billion flagship scheme to achieve that goal lapse, Reuters reported last week, citing four unnamed government officials. The production-linked incentive scheme, launched in 2020, offered cash payouts to firms in 14 sectors meeting specified output targets. The goal was three-fold: increase local production, cut imports and create jobs. Five years on, its track record looks patchy.

While success in churning out smartphones led by Apple's AAPL.O iPhone helped raise the country's share of global exports to 2.4% in 2022 from 0.1% in 2017, the PLI failed in most other sectors. Even corporate giants including $200 billion Reliance Industries RELI.NS and Adani Enterprises ADEL.NS were unable to meet targets. The government withheld some payouts. Ultimately Vietnam and Mexico gained more from the China-plus-one opportunity. Manufacturing's share of India's GDP stood at 13% in 2023, well behind the PLI's original 25% target.

Small pivots are afoot: a new subsidy for making electronics components announced on Friday set a target for jobs and capital investment in addition to turnover. Trump may also force some changes required. To preempt U.S. tariffs, India removed levies on inputs for electric vehicle batteries, among other things, for example.

Modi's top economic adviser in January identified the government "getting out of the way" as the key to cutting the cost of doing business. A uniform set of labour laws, speedier land supply, and power connections for new factories would help. To achieve that, Modi will have to persuade the country's 28 provinces to agree on adopting common terms for business.

The Indian leader withdrew proposed legislation on acquiring land in his first term but he can push the issue again and make progress if he can marshal the will with which he introduced a single tax code and a real estate law in 2017. There will be a political cost but it may be a small price to pay to avoid the wrath of swathes of unemployed people.

Follow @ShritamaBose on X

CONTEXT NEWS

India will offer subsidies worth $2.7 billion to boost electronics components manufacturing. The plan, announced in a statement on March 28, will aim to add nearly 92,000 direct jobs.

Prime Minister Narendra Modi's government has decided to let lapse a $23 billion program to incentivise domestic manufacturing, four years after it launched, Reuters reported on March 24, citing four unnamed government officials.

(Editing by Una Galani and Ujjaini Dutta)

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

March 28 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI AIRPORT HOLDINGS - CFO RAKESH TIWARY RESIGNS

Source text: ID:nBSE7nhJc5

Further company coverage: ADEL.NS

(([email protected];))

March 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD- INCORPORATION OF ADANI NEW INDUSTRIES ONE

• ADANI ENTERPRISES- UNIT TO CARRY TRADING OF COMPONENTS LINKED TO SOLAR AND WIND MANUFACTURING

Source text: ID:nBSE6TGb5y

Further company coverage: ADEL.NS

(([email protected];;))

March 20 (Reuters) -

• ADANI, EMAAR SAID TO BE DISCUSSING DEAL STRUCTURE FOR $1.4 BILLION INDIA UNIT- BLOOMBERG NEWS

Source: https://tinyurl.com/y5uup38j

(([email protected];))

March 19 (Reuters) -

• ADANI GROUP: INVESTING 20 BILLION RUPEES TO ESTABLISH INSTITUTION AND FINISHING SCHOOL AT MUNDRA

Further company coverage: ADEL.NS

(([email protected];))

By Sarita Chaganti Singh and Arpan Chaturvedi

NEW DELHI, March 13 (Reuters) - The Indian government has asked a local court to deliver a summons issued by the U.S. Securities and Exchange Commission to billionaire Gautam Adani over alleged securities fraud and a $265 million bribery scheme, according to a letter seen by Reuters.

The summons, which was issued under Hague Service Convention that does not allow the serving of legal documents directly to defendants in India, would require Adani or his legal counsel to appear in the case in the United States, Indian lawyers said.

Adani Group has denied the allegations, describing them as "baseless" and vowing to seek "all possible legal recourse".

India's federal ministry of law has asked a district court in Ahmedabad, Gujarat, Adani's home state, to deliver the summons to him, the letter dated February 25 shows.

"The summons seems to be for appearance in a court in New York. If service is effected through the Indian court, the respondents will have to appear," said Arshdeep Khurana, a criminal lawyer in India.

Adani and India's law ministry did not immediately respond to requests for comment.

The summons does not imply an extradition risk for the businessman, who oversees a sprawling conglomerate spanning airport construction to media, another lawyer said.

"Extradition proceedings only come in to the picture if the U.S. court issues warrants of arrest," said Malak Bhatt, founding partner at NM Law Chambers.

Reuters reported on February 18 that the SEC was making efforts to serve its complaint on Gautam Adani and his nephew, Sagar Adani, and was seeking help from India to do so.

Reuters could not determine if the summons against Adani's nephew has also been processed.

India's Prime Minister Narendra Modi last month said he did not discuss the Adani case with U.S. President Donald Trump during his visit to Washington.

(Reporting by Sarita Chaganti Singh and Arpan Chaturvedi; Editing by Kirsten Donovan)

(([email protected];))

COLOMBO, March 11 (Reuters) - Sri Lanka has not changed its stance on doing business with India's Adani Group and welcomes investment opportunities from the conglomerate, the country's cabinet spokesperson said on Tuesday.

Gautam Adani, the chairman of the ports to power business group, and top executives of Adani Green were indicted by U.S. prosecutors last year for their alleged role in a $265 million scheme to bribe Indian officials to secure solar power deals.

Adani and the executives have denied any wrongdoing.

Sri Lanka, however, had said it was "unconcerned" by the group's dealings with other countries.

"But Sri Lanka remains firm on negotiating purchasing costs of power generated from the wind power projects," the cabinet spokesperson said, referring to the two proposed wind power projects Adani has withdrawn from.

(Reporting by Uditha Jayasinghe, writing by Sakshi Dayal; Editing by YP Rajesh)

(([email protected];))

March 9 (Reuters) - Fitch:

• FITCH AFFIRMS ADANI ENERGY AT 'BBB-'; OFF RATING WATCH NEGATIVE; OUTLOOK NEGATIVE

• FITCH - RISKS ASSOCIATED WITH ADANI ENERGY'S LIQUIDITY AND FUNDING REQUIREMENTS HAVE MODERATED

• FITCH- OUTLOOK ON ADANI ENERGY IS NEGATIVE TO REFLECT VIEW OF PENDING PROCEEDINGS AND OUTCOME OF US INVESTIGATIONS

• FITCH - ADANI GROUP DEMONSTRATED ADEQUATE FUNDING ACCESS SINCE US INDICTMENT OF CERTAIN BOARD MEMBERS OF ADANI GREEN ENERGY LIMITED

Source text: ID:nFIT9TKtKD

Further company coverage: ADAI.NS

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- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

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March 1 (Reuters) -

• ADANI REVIVES US INVESTMENT PLANS AS TRUMP MOVES FUEL HOPES - FT

• ADANI HAS REACTIVATED POTENTIAL PLANS TO FUND PROJECTS IN US SECTORS SUCH AS NUCLEAR POWER AND UTILITIES AS WELL AS AN EAST COAST PORT - FT

Source text: tinyurl.com/mryezjy8

Further company coverage: ADEL.NS

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Feb 21 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI PORTS MD: ADANI GROUP TO INVEST 55 BILLION RUPEES TO EXPAND THE TRIVANDRUM INTERNATIONAL AIRPORT

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Further company coverage: ADEL.NS

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Adds Modi comment, details; paragraphs 4,6-8

NEW DELHI, Feb 18 (Reuters) - The U.S. Securities and Exchange Commission has asked Indian authorities for help in its investigation of Adani Group founder Gautam Adani and his nephew over alleged securities fraud and a $265-million bribery scheme, a court filing showed on Tuesday.

The regulator told a New York district court it was making efforts to serve its complaint on the founder and his nephew, Sagar Adani, and was seeking help from India's law ministry to do so.

Neither individual is in U.S. custody, and both are now in India.

"The SEC has requested assistance ... under the Hague service convention," it said in the court filing.

Adani Group and India's law ministry did not immediately respond to a Reuters request for comment.

Last week, Prime Minister Narendra Modi said he did not discuss the Adani case with U.S. President Donald Trump during his visit to Washington, describing it to reporters as an individual issue never discussed by leaders.

India's opposition Congress party has called for Adani's arrest and accused Modi of shielding him or favouring him in deals in the past. Modi's party and Adani have denied the charges.

Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy ADNA.NS, a subsidiary of his Adani Group.

He then misled U.S. investors by providing reassuring information about the company's anti-graft practices, it added.

Adani Group has called the accusations "baseless" and vowed to seek "all possible legal recourse".

In January, Adani Green said it had appointed independent law firms to review the U.S. indictment.

(Reporting by Kanjyik Ghosh and Aditya Kalra; Editing by Lisa Shumaker and Clarence Fernandez)

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