ATGL

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)

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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)

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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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Jan 27 (Reuters) - India's Adani Total Gas ADAG.NS reported a 20% fall in third-quarter profit on Monday, hurt by higher gas purchase costs following lower supply from the government.

The Adani group company's consolidated profit fell 20% to 1.42 billion rupees ($16.4 million) in the three months ended Dec. 31, from a year ago.

The government had cut cheaper gas supplies to city gas distributors like Adani Total Gas in October and November, citing lower output, but later restored in January.

The company had to bridge the shortfall with costlier purchases of natural gas to ensure an uninterrupted supply of compressed natural gas (CNG) to end consumers, Adani Total Gas said in a statement.

The cost of procuring natural gas surged 20% year-on-year, Adani Total Gas said.

The gas distributor's CNG sales, which account for over half of its total sales volume, rose 19% during the quarter, while sales volume at the piped natural gas (PNG) segment increased 8%.

Revenue rose 12.6% to 14.01 billion rupees driven by higher sales volume.

The increase in natural gas supplies from the government from January should have a positive impact in the fourth quarter, the company said.

This is the first quarterly results since the company's JV partner TotalEnergies SE TTEF.PA paused new investments into the Adani group of companies after a U.S. federal indictment against chairman Gautam Adani and others. The group has denied the charges and called them "baseless."

Shares of Adani Total Gas fell 3% after the results and have lost about 16% in January so far.

($1 = 86.3900 Indian rupees)

(Reporting by Sethuraman NR; Editing by Eileen Soreng)

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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

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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)

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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)

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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)

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

By Rishika Sadam and Siddhi Nayak

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FALLOUT

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

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

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

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

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

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

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

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

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

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

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

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

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

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Rewrites to focus on renewable targets, adding CEO quotes, detail on joint projects, value of TotalEnergies stakes, context

By Ron Bousso, Marwa Rashad and America Hernandez

LONDON/PARIS, Nov 26 - TotalEnergies TTEF.PA can still meet its renewable energy targets without developing any new business with India's Adani Green Energy Limited, the French group's CEO told Reuters, shrugging off the impact of a crisis at its Indian partner.

Patrick Pouyanne's comments on the sidelines of an energy conference come after the United States indicted Adani Green Energy's chairman, executive director, former CEO, and five others over an alleged $265 million bribery scheme.

TotalEnergies said on Monday it would pause financial contributions to its Adani Group investments until there was more clarity over the case.

The French group is one of a few oil majors continuing to expand in renewable energy, and the rapidly growing Indian solar market has made up a significant share of its expansion to date.

TotalEnergies and Adani Green Energy have 3.8 gigawatts (GW) of jointly held wind and solar projects under construction or in development - which TotalEnergies has already paid into, and which are expected to continue.

"We didn't say we will exit: we will not put new financing in any new scheme," Pouyanne said on the sidelines of the Energy Intelligence Forum on Tuesday.

TotalEnergies has paid a total of $3.24 billion for its 19.75% stake in Adani Green Energy and three renewable joint ventures.

Unfinished projects with Adani are included in TotalEnergies' current green growth targets to add 11 GW of new renewables by the end of next year and reach 100 GW of gross installed capacity by 2030, up from 24 GW currently.

TotalEnergies has relied heavily on buying Indian wind and solar assets to quickly grow its green portfolio, overtaking European oil and gas peers. Adani-linked stakes account for nearly 25% of its currently operating renewable assets.

Pouyanne said the pause on future projects with Adani did not jeopardise TotalEnergies' ability to continue that growth.

"We have other options in our portfolio," said the CEO.

Excluding India, TotalEnergies has 5.6 GW of renewables under construction globally and 53.6 GW under development, mostly in North America and Europe, according to company statements.

The firm, which has a seat on Adani Green Energy's board, said on Monday it had not been aware of the U.S. investigation before last week's indictment, and that TotalEnergies legally purchased the solar stakes after performing due diligence.

(Reporting by Ron Bousso and Marwa Rashad in London, America Hernandez in Paris, Sethuraman N R in Bengaluru. Editing by David Goodman and Mark Potter)

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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)

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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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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add hyperlink in paragraph one, adds stock symbol in paragraph two.

By Yawen Chen

LONDON, Nov 22 (Reuters Breakingviews) - Patrick Pouyanné is used to coping with tricky circumstances in emerging markets. The TotalEnergies TTEF.PA CEO was one of the few western bosses to attend Saudi Arabia’s Future Investment Initiative in 2018 in the immediate aftermath of Jamal Khashoggi’s murder by Saudi agents. And he took his time to pull out of Russia after its war with Ukraine. Even so his company’s close relations with Indian billionaire Gautam Adani, who is facing U.S. bribery charges, still constitute a challenge.

The French energy giant’s Adani connection goes back to 2018, when the two companies developed a liquefied natural gas (LNG) business together. Pouyanné now holds a 37% stake in Adani Total Gas ADAG.NS, plus a 20% in Adani Green Energy ADNA.NS, which at 11 gigawatts (GW) of solar and wind capacity is the biggest renewable player in the country. In September, Total doubled down with Adani Green via a separate solar joint venture.

Awkwardly, Adani Green is now at the centre of U.S. corruption charges. U.S. prosecutors allege that Gautam Adani and others agreed to pay $265 million in bribes to Indian government officials between 2020 and 2024, in order to secure solar-power contracts for Adani Green at above-market rates. Their interest is that Adani Green raised $175 million from U.S. investors via a 2021 bond offering. Adani denies the charges.

Total investors’ relatively sanguine share price reaction may reflect that they see this is as different from the company’s 2018 experiences in Iran. Back then, the threat of U.S. secondary sanctions obliged Total to back out of a key gas project in the Islamic Republic. Adani’s bribery charges seem a different sort of challenge, and Total itself hasn’t been accused of anything. Pouyanné will be keen to ride out the storm, as he did when Adani was the subject of a short-seller attack last year.

Still, the long arm of U.S. law represents a cloud that will hang over Total’s Indian plans. Bernstein analysts flag the risk that Total receives questions about its due diligence before becoming involved with Adani. They also point out that while Total’s Indian investments represent only 3% of its total capital employed, the country contributes 6 GW, or about 25% of Total's operational renewables portfolio. Adani Green’s 50 GW target for renewable power capacity by 2030 dovetails with Total’s own ambitious capacity goal of 100 GW by the same date.

After it unveiled new partnerships with Adani Green in 2023, Total flagged the risk of profitability losses, costs in relation to potential litigation and the risk of damage to its reputation "if the Company did not choose high-quality partners or failed to manage its partnerships in an optimum way". The risk is its relatively high 10% return on capital employed from its greener power projects receives a hit. Rather than a wholesale Iran-style rethink, that may be the main consequence of Pouyanne’s latest emerging market headache.

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CONTEXT NEWS

U.S. prosecutors on Nov. 20 charged Gautam Adani, chair of Indian conglomerate Adani Group, of committing securities and wire fraud between 2020 and 2024. They allege that Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay $265 million in bribes to Indian government officials to win solar-power contracts that were expected to generate around $2 billion in profit over 20 years for one of the chair's companies, Adani Green Energy.

Gautam and Sagar Adani have also been charged in relation to the alleged scheme by the U.S. Securities and Exchange Commission. The regulator accuses them of engaging in the fraud while raising $175 million from U.S. investors as part of a $750 million bond offering by Adani Green Energy in September 2021.

"The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of Gautam and Sagar Adani's conduct," the SEC said.

The SEC's complaint against Gautam and Sagar Adani seeks permanent injunctions, civil penalties, and officer and director bars. The Adani Group said the allegations against directors of Adani Green Energy were baseless and denied them.

TotalEnergies and Adani Green Energy entered into an agreement in September to create a new equally owned joint venture, with a solar portfolio of over 1 gigawatt (GW) in Khavda in Gujarat. TotalEnergies said the JV will support the company in becoming a global renewable leader as it targets 50 GW of renewable power capacity by 2030.

TotalEnergies holds a 20% stake in Adani Green Energy, which already operates over 11 GW of solar and wind capacity in India.

(Editing by George Hay and Streisand Neto)

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Nov 21 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• NO ALLEGATIONS AGAINST CO IN US INDICTMENTS

Source text: ID:nBSE3CKTtX

Further company coverage: ADAG.NS

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

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

Source text: ID:nBSE73SbCs

Further company coverage: ADAG.NS

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Oct 24 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS Q2 CONSOL NET PROFIT 1.86 BILLION RUPEES

• ADANI TOTAL GAS Q2 CONSOL REVENUE FROM OPERATIONS 13.18 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ADAG.NS

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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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Updates with latest allegations from Hindenburg, regulator's response

NEW DELHI/MUMBAI, Aug 12 (Reuters) - An 18-month battle between Hindenburg Research and India's Adani Group has taken a fresh turn with the U.S. based short-seller alleging over the weekend that the chief of the country's market regulator has a conflict of interest in the matter.

The Securities and Exchange Board of India (SEBI) has been investigating the group after Hindenburg Research's report in January last year set off an over $150 billion selloff in the conglomerate's stocks despite the company's denials of wrongdoing. The stocks have since recovered partially.

Here are some facts about billionaire Gautam Adani, his group and Hindenburg's allegations.

WHO ARE ADANI AND HINDENBURG?

Gautam Adani built his empire after starting out as a commodities trader. India's Prime Minister Narendra Modi is from the same state as Adani, Gujarat, and their relationship has long come under scrutiny by Modi's opponents.

Before Hindenburg's report, Adani, a school drop-out, rose to become Asia's richest person, with businesses across ports, power generation, airports, mining, renewables, media and cement.

Hindenburg Research was founded in 2017 by Nathan Anderson. It is a forensic financial research firm which analyses equity, credit and derivatives. It has a track-record of finding corporate wrongdoings and placing bets against the companies.

WHAT DID HINDENBURG AND ADANI SAY?

Hindenburg disclosed last year it held short positions in Adani companies through U.S.-traded bonds and non-India-traded derivatives. It released a report that alleged Adani improperly used tax havens and flagged concerns about high debt levels at the company.

The Adani group called the report baseless and termed the allegations "unsubstantiated speculations".

WHAT HAPPENED AT ADANI AFTER HINDENBURG REPORT?

Hindenburg's report sparked a $150 billion meltdown in shares of Adani's publicly listed companies last year. Although the shares are still roughly $35 billion down from levels before the Hindenburg report, they have staged a smart recovery.

That's partially because the ports-to-power conglomerate welcomed investors like Abu Dhabi conglomerate International Holding IHC.AD and investment firm GQG to shore up confidence by diluting some of the family's tight shareholding.

In July, Adani Energy Solutions became the first group company to return to the equity capital market, raising $1 billion. The group's flagship Adani Enterprises is also considering raising funds, Reuters reported earlier this month.

WHAT IS HINDENBURG's LATEST ALLEGATION?

In a report published on Saturday, Hindenburg alleged that Madhabi Puri Buch, the chaiperson of SEBI, and her husband previously held investments in offshore funds also used by the Adani Group.

It says the Bermuda-based Global Opportunities Fund, which the Financial Times said was used by entities connected to Adani Group to trade in the shares of group companies, had sub-funds. Citing whistleblower documents, Hindenburg alleges Buch and her husband invested in one of these sub-funds in 2015 and exited in 2018.

Hindenburg is trying to link this investment to what it argues is the slow pace of action against the Adani Group and offshore funds used by it.

"We find it unsurprising that SEBI was reluctant to follow a trail that may have led to its own chairperson," the short-seller said in its report.

Adani Group's 10 listed firms lost a combined $11 billion in market capitalisation on Monday compared to Friday's close.

HOW DID BUCH AND SEBI RESPOND?

In two separate statements issued, Buch said the investments were made in a personal capacity before she took over as chief of SEBI and that all necessary disclosures had been made.

The fund in which Buch invested, IPE-Plus Fund 1, issued a separate statement saying it had not invested in any shares of the Adani Group.

A formal statement from the spokesperson of the regulator reiterated Buch's position and asked investors to remain calm and exercise due diligence before reacting to reports such as that by Hindenburg.

Updating on the status of the investigation into the Adani Group, the regulator said that it had concluded its probe into 23 out of 24 matters. Six Adani Group companies have disclosed to stock exchanges that they have received show cause notices from the regulator. A show cause notice signals an intention by to take disciplinary action if satisfactory explanations are not provided.

A show cause notice has also been issued to Hindenburg for violating Indian rules, which was made public by the short-seller in July.

(Writing by Bansari Mayur Kamdar and Ira Dugal; Editing by Aditya Kalra and Raju Gopalakrishnan)

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BENGALURU, July 29 (Reuters) - Diary of India economic, corporate events on July 29

ECONOMIC, CORPORATE .BSE500 EVENTS:

** NTS - 'No Time Scheduled', AMC - 'After Market Close'.

(Compiled by Bengaluru Newsroom)

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Recasts throughout with CFO comments on regulatory notices

By Sumit Khanna and Chris Thomas

AHMEDABAD, India, June 25 - The finance chief of the Adani Group conglomerate on Tuesday deemed some of the Indian market regulator notices received by group firms citing alleged regulatory lapses as "trivial" in nature.

Led by billionaire Gautam Adani, the group has faced regulatory challenges in India since a report by short seller Hindenburg Research in January 2023. It accused group firms of improper use of tax havens and stock manipulation which sparked a $150 billion meltdown in the market value of group firms.

The Adani Group denied any wrongdoing.

Then last month, flagship firm Adani Enterprises ADEL.NS and other group companies disclosed they had received notices from the Securities and Exchange Board of India (SEBI) about alleged violations including non-compliance with certain provisions for listed companies.

"Some (notices) are trivial," Chief Financial Officer Jugeshinder Singh told a media briefing in Ahmedabad on Tuesday.

He referred to one such query he himself received relating to his share trading history in relation to the time that GQG Partners invested in the group last year.

"I don't even have a demat account. They were very surprised to find out that I don't have a demat account," he said, referring to a trading account.

"So that ends there. So they were these kinds of procedural things. They have to do something, they couldn't find anything."

GQG and SEBI did not respond to Reuters' requests for immediate comment.

Adani since the Hindenburg report has attracted investment from investors including GQG and Abu Dhabi conglomerate International Holding IHC.AD.

Group companies said the notices they received were related to disclosure rules and related party transactions, but they have not provided detail regarding the alleged violations or the parties involved.

Adani Enterprises said the notices had no "material consequential effect" for relevant financial statements and there was "no material non-compliance of applicable laws and regulations".

INFRASTRUCTURE
Also on Tuesday, Singh said the group would increase spending in fiscal year 2025 by 85%, to 1.3 trillion rupees ($15.6 billion), as it prepares to capitalise on an expected boom in infrastructure development.

Adani Green Energy, the renewable energy arm of the group, will spend 340 billion rupees to add 6 gigawatts of capacity, Singh told reporters.

Adani is also aiming to nearly double its cement making capacity to 140 million tons (MT) capacity by 2028 from 79 MT, he said.

On Monday, the owner of Adani Group told investors it is "well positioned" to capitalise on opportunities in India's booming infrastructure sector.

(Additional reporting by Nandan Mandayam, Aditya Kalra; editing by Jason Neely)

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By Sethuraman N R

BENGALURU, June 3 (Reuters) - Shares of three Adani Group companies hit record highs Monday amid a broad-based rally in the infrastructure-focussed Indian conglomerate after exit polls predicted a third straight term for Prime Minister Narendra Modi's government.

The 10-company conglomerate, led by billionaire Gautam Adani, has invested billions of dollars in mining, ports, trading, electricity and gas among other sectors to benefit from the Modi government's emphasis on infrastructure development.

On the day, shares of Adani Ports APSE.NS jumped as much as 12.8% to a record high, while Adani Power ADAN.NS surged nearly 18% and Ambuja Cements ABUJ.NS rose about 7% to also hit all-time highs.

Shares of Adani Enterprises ADEL.NS, the group's flagship firm advanced nearly 10%, while renewable energy company Adani Green ADNA.NS climbed by 14% to their highest since January 2023.

"If the current government is going to continue for a third term, the growth in infrastructure will be a big focus. Many Adani Group companies are heavily into infrastructure and hence, we are seeing action in these stocks," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 .NSEI index, which also rallied to a record high as the exit polls ensured political continuity.

The index has nearly doubled since 2019, when Modi was elected for a second term. The Adani Group stocks have, however, sky-rocketed between 300% and 4,500% in that period. The broader infrastructure .NIFTYINFR and energy .NIFTYENR indexes have just over doubled in value.

Citi analysts said they expect stocks exposed to the infrastructure and logistics sector, including Adani Ports, to do well in the medium term.

Among other Adani group companies, there were 5% to 9% gains in Adani Energy Solutions ADAI.NS, Adani Total Gas ADAG.NS and consumer goods company Adani Wilmar ADAW.NS, as well as news broadcaster NDTV NTDV.NS cement maker ACC ACC.NS.

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

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May 30 (Reuters) - Adani Total Pvt Ltd, a joint venture between India's Adani Group and France's TotalEnergies TTEF.PA, is considering building more plants in India to import liquefied natural gas (LNG) to meet the growing demand for the cleaner fuel, the company's top boss said on Thursday.

The company has a plan to double the capacity of its 5 million metric tonnes-per-year Dhamra LNG terminal in Eastern India, CEO Satinder Pal Singh said, adding that the terminal is operating at about 52% capacity.

He expects Dhamra LNG plant to operate at full capacity by 2026 or 2027.

(Reporting by Nidhi Verma, writing by Varun Hebbalalu)

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Adds graphic, updates levels

By VarunVyas Hebbalalu

BENGALURU, May 24 (Reuters) - Shares of Adani Enterprises ADEL.NS on Friday bounced back to levels last seen in January 2023, before a report by U.S. short-seller Hindenburg Research triggered a sell-off in billionaire Gautam Adani's ports-to-power conglomerate.

Shares of the Adani group's flagship company rose as much as 2.1% to 3,457.85 rupees. The stock had closed at 3,442 rupees on Jan. 24, 2023, the session before Hindenburg in a report accused the group of stock manipulation and improper use of tax havens.

The group, which refuted the allegations, suffered a loss of as much as $150 billion in combined market value, as the short-seller's report roiled investor confidence and resulted in intense regulatory scrutiny.

Adani Enterprises' stock plunged about 70% to a two-year low within just seven days after the report.

Although the market value of the main stocks, including Ambuja Cement ABUJ.NS, ACC ACC.NS, and NDTV NDTV.NS are still down about $22.35 billion from pre-Hindenburg levels, the shares have staged a smart recovery.

That's partially due to investments from Abu Dhabi-based International Holding IHC.AD and U.S. boutique investment firm GQG Partners GQG.AX, which helped Adani shore up confidence by diluting some of the family's tight shareholding.

Moreover, surges that followed a court-appointed panel saying in May that India's markets watchdog "drew a blank" and India's top court saying no further scrutiny was needed in January, also bolstered support for Adani Enterprises' stock.

Friday's climb follows the previous session's 8% rise after reports that the Adani group flagship could be included in the S&P BSE Sensex index .BSESN.

It is on track to have risen in nine out of ten straight sessions, if the day's gains hold.

Adani Enterprises is the fourth of the seven group companies to have returned to pre-Hindenburg levels.

Adani Ports APSE.NS, Adani Total Gas ADAG.NS, and Adani Power ADAN.NS have already surpassed levels seen before the report.

However, Adani Energy Solutions ADAI.NS, Adani Wilmar ADAW.NS and Adani Green Energy ADNA.NS are still below their pre-Hindenburg close.

Adani Enterprises, which along with Adani Ports is part of India's benchmark Nifty 50 .NSEI index, was last up 0.5%.

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Eileen Soreng)

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May 6 (Reuters) - Adani Total Gas Ltd ADAG.NS:

• ADANI TOTAL GAS LTD - DHAMRA LNG IS NOT A PART OF COMPANY’ CORPORATE STRUCTURE

• ADANI TOTAL GAS- CLARIFICATION WITH REGARD TO MEDIA REPORT “ADANI'S DHAMRA LNG IN TALKS TO BORROW $600 MILLION FOR GAS UNIT"

Source text for Eikon: ID:nBSE6kX19W

Further company coverage: ADAG.NS

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Updates headline, lead and adds information on Adani Green getting notice from SEBI

By Jayshree P Upadhyay

MUMBAI, May 3 (Reuters) - India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises ADEL.NS, the group said in stock exchange filings.

The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied.

Adani Enterprises said on Thursday that the Securities and Exchange Board of India (SEBI) had sent it two notices in the January-March quarter of this year, saying it had not complied with provisions for listed companies and had violated disclosure rules on some related-party transactions.

The company did not give details of the alleged violations or the parties involved.

However, it said that management believed the notices had no "material consequential effect" for relevant financial statements and there was "no material non-compliance of applicable laws and regulations".

Adani Green Energy ADNA.NS, Adani Power ADAN.NS, Adani Total Gas ADAG.NS, Adani Energy Solutions ADAI.NS, Adani Wilmar ADAW.NS, and Adani Ports APSE.NS have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week.

Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period. Such actions are based on the seriousness of the allegations. Reuters could not ascertain the seriousness of the allegations.

A spokesperson for the Adani group did not immediately respond to requests for comment.

Shares of Adani Green and Adani Energy were up 0.9% and 0.7%, respectively on Friday, while the other companies' shares were down between 0.1% and 2%.

Adani Power said the notices it had received stated that some third-party transactions had not been reported in the relevant years' financial statements or annual reports, and the requisite review and approvals of such transactions had not been sought.

Adani Wilmar, Adani Total and Adani Green said their SEBI notices concerned the validity of a so-called peer review certificate of their auditor for a previous financial year.

Auditors for Adani Ports, Adani Power and Adani Enterprises have also issued a so-called qualified opinion because of the SEBI investigations.

Pending the outcome of the investigations, the auditors said they were unable to comment on the possible consequential effect on any periods presented in the financial statements and whether the company had complied with applicable laws and regulations.

(Reporting by Jayshree P Upadhyay; Additional reporting by Sethuraman N R in Bangalore; Editing by Clarence Fernandez and Susan Fenton)

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** Shares of Adani Total Gas ADAG.NS up 2.6% to 953.15 rupees

** Stock on track for best day since April 1 if trend holds

** Co posted 72% surge YoY in Q4 profit on Wednesday

** Stock is 75.5% below closing level on Jan. 24, 2023 before short-seller Hindenburg's report

** Among seven main Adani Group stocks, Adani Power ADAN.NS, Adani Ports APSE.NS, and Adani Green Energy ADNA.NS have surpassed pre-Hindenburg levels, rest are lower

** YTD, ADAG down 3.5%

(Reporting by Varun Vyas in Bengaluru)

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BENGALURU, April 30 (Reuters) - India's Adani Total Gas ADAG.NS reported a 72% surge in fourth-quarter profit on Tuesday, helped by strong demand in its compressed natural gas (CNG) segment.

Consolidated profit rose to 1.68 billion rupees ($20.14 million) in the three months ended March 31 from 979.1 million rupees a year earlier, marking a fifth straight rise in quarterly profit for the Adani group company.

The piped gas distributor's CNG sales volume, which accounts for over half of its total sales volume, rose 23% during the quarter, buoyed by the addition of 170 new stations across the country during the financial year.

However, a drop in gas prices during the quarter capped the firm's revenue growth to 5.1% at 12.58 billion rupees.

Its revenue had risen by more than 12% during the same period last year, driven by higher volumes and an increase in sales price.

The company is also looking at building new business opportunities in areas of compressed biogas, EV charging infrastructure and LNG for trucking and mining, CEO Suresh P Manglani said in a statement.

Shares of Adani Total Gas closed 1.1% higher ahead of results.

Other Adani group companies like Adani Energy Solutions ADAI.NS, Adani Power ADAN.NS, Adani Ports APSE.NS, Adani Enterprises ADEL.NS are set to report results this week.

($1 = 83.4214 Indian rupees)

(Reporting by Manvi Pant and Ashna Teresa Britto in Bengaluru; Editing by Sohini Goswami)

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April 22 (Reuters) -

• INDIA MARKET REGULATOR FINDS ADANI OFFSHORE FUNDS IN-VIOLATION OF SHAREHOLDING DISCLOSURES, BREACH OF INVESTMENT LIMITS - SOURCES

• SEBI SENT NOTICES TO DOZEN OFFSHORE FUNDS - SOURCES

• EIGHT OFFSHORE FUNDS HAVE SOUGHT TO SETTLE CHARGES VIA PENALTIES WITHOUT ADMISSION OF GUILT- SOURCES

Further company coverage: ADAG.NS

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