Wikipedia

Adani Group

For other uses or companies named Adani, seeAdani (disambiguation).

Adani Group(Hindi:[əd̪aːniː],Gujarati:[əd̪aɳiː]) is an Indianmultinationalconglomerate,headquartered inAhmedabad.Founded byGautam Adaniin 1988 as acommodity tradingbusiness, the Group's businesses includeseaandairportmanagement,electricity generationandtransmission,mining,natural gas,food,weapons,andinfrastructure.[12]It is particularly active in metal commodity exchange. More than 60% of its revenue is derived from coal-related businesses.[13]

Adani Group
Company typeCorporate group
IndustryConglomerate
Founded20 July 1988;36 years ago(1988-07-20)
FounderGautam Adani
Headquarters
Ahmedabad,Gujarat
,
India
Area served
Worldwide
Key people
Gautam Adani(chairman)
Services
RevenueIncrease₹3.09lakhcrore(US$35 billion)[2](2024)
Increase₹41,263 crore(US$4.7 billion)[2](2024)
Number of employees
~36,000 (2024)[1]
Subsidiaries
Websiteadani.com
Footnotes / references
[3][4][5][6][7][8][9][10][11]

Noted for its close association with the rulingBharatiya Janata Party,[14][15]Adani was the largest Indian conglomerate as of 2022 with a US$206 billion market capitalization, surpassingTata Group.[16]It lost more than $104 billion in value afterfraud and market manipulation allegationsby short-seller firmHindenburg Research.[17][18]In May 2024, the Adani Group's market capitalization returned to over $200 billion after theSupreme Courtdirected theSecurities and Exchange Board of India(SEBI) to expedite its investigation.[19]

The Adani Group has also attracted othercontroversiesdue to reports suggestingstock manipulation,accounting irregularities,exportingmilitary dronesto Israel for itswar in Gaza,political corruption,cronyism,tax evasion,environmental damage,andsuing journalists.[20][21][22][23][excessive citations]

History

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Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. With a capital of ₹5lakhs,the company was established as a partnership firm with the flagship company Adani Enterprises, previously Adani Exports.[24] In 1990, the Adani Group developed its own port inMundrato provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc.[25]The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar.[26]

Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largestcoalimporter in India with 11 Mt of coal handling.[25] The company expanded its business in 2008, purchasingBunyuMine in Indonesia which has 180 Mt of coal reserves. In 2009 the firm began generating 330 MW of thermal power. It also built an edible oil refining capacity in India of 2.2 Mt per annum.[25]

In 2010, Adani group with help ofPetronet LNGwill set up a solid cargo port through a Joint Venture company namely Adani Petronet (Dahej) Port Private Ltd., has already commenced its Phase 1 operations from August 2010 at Dahej Port. solid cargo port terminal would have facilities to import/export bulk products like coal, steel and fertilizer. PLL has 26% equity in this JV.[27][28]

The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010.[29]Operations at thePort of Dahejcommenced in 2011 and its capacity subsequently grew to 20 Mt. The company also boughtGalilee Basinmine inAustraliawith 10.4 gigatonnes (Gt) of coal reserves.[30]More than 60 percent of the Adani Group's revenue is derived from coal-related businesses.[13]

In 2011, the Adani group also boughtAbbot Pointport in Australia with 50 Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40 MW. As the firm achieved 3,960 MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.[31]

Adani Power emerged as India's largest private power producer in 2014.[32]Adani Power's total installed capacity then stood at 9,280 MW.[33]On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for₹5,500 crore(equivalent to₹88 billion or US$1.0 billion in 2023).[34]Dhamra Port was a 50:50 joint venture betweenTata SteelandL&T InfrastructureDevelopment Projects, which has been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3 Mt in 2013–14.[35]With the acquisition ofDhamra Port,the group is planning to increase its capacity to over 200 Mt by 2020.[36][37]

Krishnapatnam Portin Andhra Pradesh

In 2015, the Adani Group's Adani Renewable Energy Park signed a pact with theRajasthan Governmentfor a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000 MW.[38]In November 2015, the Adani group began construction at the port inVizhinjam,Kerala.[39]

Adani Aero Defence signed a pact with the Israeli arms manufacturer,Elbit-ISTAR, and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises secured approval from theGovernment of Gujaratto begin work on building a solar power equipment plant. In September,Adani Green Energy(Tamil Nadu), the renewable wing of the Adani Group, began operations inKamuthiinRamanathapuram,Tamil Nadu with a capacity of 648 MW at an estimated cost of₹4,550 crore(equivalent to₹65 billion or US$750 million in 2023).[40]In the same month, the Adani Group inaugurated a 648 MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up.[40]

On 22 December 2017, the Adani Group acquired the power arm ofReliance Infrastructurefor₹18,800 crore(US$2.89 billion).[41]

In October 2019,Frenchoil and gas companyTotalEnergiesbought a 37.4% stake in Adani Gas for₹6,155 crore(US$874.04 million) and obtained joint control of the company.[42]Total also investedUS$510 million in a subsidiary of Adani Green Energy in February 2020.[43]

Jaipur International Airport

In August 2020, Adani Group obtained a majority stake inMumbaiandNavi Mumbaiairports after entering a debt acquisition agreement withGVK Group.[44]Through aconcession agreementwith theAirports Authority of India,Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports.[45]

In May 2021, Adani Green Energy acquired SB Energy, a joint venture ofSoftBank GroupandBharti Enterprises,forUS$3.5 billion.[46]

In May 2022, the Adani Group acquiredAmbuja CementsandACCfor $10.5 billion. The deal will make the Adani Group the second largest cement maker in India.[47]

In May 2022, UAE-based conglomerate International Holding Company (IHC), headed by Syed Basar Shueb, investedUS$2 billion in three Adani Group companies, namely Adani Green Energy, Adani Transmission and Adani Enterprises.[48][49]In June 2022,TotalEnergiesacquired a 25% stake in Adani New Industries, the newly formedgreen hydrogensubsidiary ofAdani Enterprises,forUS$12.5 billion.[50]

Criticism

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Coal mining in Australia

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Main article:Carmichael coal mine
Coal spill atAbbot Point,Australia, afterCyclone Debbiein 2017

The Adani Group launched in 2014, with the support of theAustralianandQueensland Governments,a mining and rail project, theCarmichael coal mine,inQueensland'sGalilee Basin,for $21.5 billion over the life of the project, i.e. 60 years.[51]Its annual capacity would be 10 Mt of thermal coal.[52]

In response to pressure by environmental activists, some international banks refused to finance it.[53]The mine has drawn criticism for its environmental impacts on theGreat Barrier Reef,water usage, andcarbon emissions,[54]leading to a campaign known asStop Adani,which put pressure on theBig Four banksin Australia not to finance the mine.[55][56][57][58]In November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources.[59]

In 2015, the then-head of Adani's Australian mining division came under scrutiny due to his association with a mining pollution incident inZambia,sparking renewed concerns about Adani's suitability to manage the Carmichael coal mine. According to a collaborative report fromEnvironmental Justice Australia,Jeyakumar Janakaraj held significant positions at a mining company that faced criminal charges related to the contamination of theKafue Riverin Zambia. This occurred before he assumed leadership role of Adani's operations in Australia. Specifically, Janakaraj served as the operations director atKonkola Copper Minesin 2010, when the company faced legal charges concerning the discharge of hazardous wastewater into the river.[60]However, the Australian Government characterized Adani's omission of Janakaraj's involvement in the African pollution incident as a "mistake."[61]Although, under section 489 of Australia'sEnvironment Protection and Biodiversity Conservation Act 1999,presenting inaccurate or deceptive information could potentially constitute an offence, the federal government opted not to pursue any legal action against Adani.[62]

TheAustralian Governmenthas been taken to theFederal Court of Australiaby theAustralian Conservation Foundationtwice, once in 2018 and once in March 2020 (still ongoing as of September 2020), relating to its contravention and alleged contravention of theEnvironment Protection and Biodiversity Conservation Act 1999with respect to the impact of the Carmichael mine ongroundwaterand the country'swater resources.[63]In July 2019, the project received its final approvals from the government, and construction of the mine commenced.[64]

In 2020, Adani Mining changed its name to Bravus Mining and Resources.[65]

On 29 December 2021, Bravus announced that the first shipment of high-quality coal from the Carmichael mine had been assembled at theNorth Queensland Export Terminal(NQXT) inBowenready for export as planned.[66]

Cronyism

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Narendra Modiin 2012

Chairman and MD Gautam Adani has been described as being close to formerChief Minister of Gujaratand Indian Prime MinisterNarendra Modiand his rulingBharatiya Janata Party(BJP).[67]This has led to allegations ofcronyismas his firms have won many Indian energy and infrastructure government contracts.[68]In 2012, an Indian government auditor accused Modi of giving low cost fuel from a Gujarat state-run gas company to the Adani group and other companies.[69][70]In Jharkhand, the BJP-led state government made an exception to its energy policy for Adani'sGodda power plant.[13]Both the Adani Group and Modi's government have denied allegations of cronyism.[70]

TheForbes Asianoted that Adani Group has over the years leased almost 7,350 hectares of land from the government for the amount as small as "one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 a square meter". Between 2005 and 2007, Adani group acquired around 1200 hectares of land meant for grazing (gauchar) from the villagers for Adani SEZ. In Kutch, Adani group acquired 930,770 square meters of land from the villagers for 19 cents per square meter for its power plant leading to significant environmental damage. Villagers living in Adani SEZ alleged that the land was signed off by village chiefs without their knowledge.[71][72]Adani group's subsidiary,Adani Ports & SEZcurrently operates 15 ports across all Indian states.[73][74]The Adani group controls seven airports in India, six of which were acquired for 50 years in a bid after an alleged change of rules by the Modi government that had disallowed the group from bidding.[75][76]

Most Adani Group projects outside of India were announced after Narendra Modi's visits to said countries or meetings with their heads of state.[77]In 2021, after a meeting with Modi, Sri Lankan PresidentGotabaya Rajapaksatold an official from the electricity board that Modi had pressured him to transfer a wind energy project to the Adani Group.[77][78]After Modi's visit to Bangladesh, the Bangladeshi government underSheikh Hasinasigned a deal with the Adani Group to import electricity fromJharkhand.The opposition later argued that the deal was signed under pressure from the Modi government. The deal is currently under scrutiny of Bangladesh's interim government.[77][79][78]

Leverage

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The company'scorporate debttotaled $30 billion in 2022.[80]In August 2022, CreditSights, a unit ofFitch Ratings,warned that Adani's recent aggressive expansion had hurt the group'scash flowandcredit metrics.It also stated that a potential "worst-case scenario" could lead the group to end up in adebt trapand a potentialdefault.[81][82]The CreditSights report garnered significant attention for its dire assessment of Adani's "deeplyoverleveraged"book; after outreach by Adani, CreditSights softened its language but kept its main conclusion.[83]

Stock market rigging

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In 2007, theSecurities and Exchange Board of India(SEBI) prohibited multiple Adani companies from engaging in the purchase or sale of securities for a period of two years.[84]This action was taken due to their involvement in a manipulation scheme that occurred between 1999 and 2001 to artificially influence stock prices. This manipulation was carried out through entities overseen byKetan Parekh,the stockbroker who was the main accused in India's biggest stock market scandal.[85]After paying a fine of $140,000, the companies were eventually permitted to recommence their trading activities.[84]

Allegations of bid rigging

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In March 2023, Adani group won a bid for the coal block North West of Madheri, where the only other bidder was Cavill Mining Private Limited, a minimum of two bidders are required for the first time auction of a commercial mine. According to an investigation byScroll.in,Cavill Mining Private Limited is the main promoter of Adicorp Enterprises. Adicorp Enterprises has also been alleged by Hindenburg to have funnelled funds between Adani companies. This has raised concerns ofbid riggingand collusion.[86]Adani group also faced accusations of bid-rigging by theIndian National Congressafter winning a contract to supply 6,600 MW of electricity toMaharashtra.[87][88]

Tax evasion

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On 27 February 2010,Central Bureau of Investigationarrested Rajesh Adani, managing director of Adani Enterprises Ltd., on charges of custom duty evasion amounting to ₹80lakh.[89]

Paranjoy Guha Thakurta,an Indian journalist working for theEconomic and Political Weekly,co-authored an article[90][91]about the Adani Group'stax evasionfollowing whichAdani Powersent a legal notice to theEconomic and Political Weekly.Fearing an expensive lawsuit by one of India's biggest corporate housesEPWthen decided to take down the article,[92]prompting Paranjoy Guha Thakurta's resignation.[93] In August 2017,Indian customsalleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using aDubaishell company to divert the funds.[94]The details of a $235 million diversion were obtained and published byThe Guardian.[95]In 2014, theDirectorate of Revenue Intelligencemapped out a complex money trail fromIndiathroughSouth KoreaandDubai,and eventually to an offshore company inMauritiusallegedly owned byVinod Shantilal Adani,the older brother ofGautam Adani.[96]Same year, DRI forwarded a letter to the then SEBI chairperson,U. K. Sinha,along with a CD containing evidence suggesting the improper diversion of Rs. 2,323 crore.[97]Additionally, they provided two investigative notes, cautioning that the group might be involved in manipulating the stock market through funds allegedly siphoned off using the strategy of overvaluing power equipment imports. However, SEBI did not publicly acknowledge the receipt of this letter and the accompanying evidence from DRI until September 2023, when it was disclosed before theSupreme Court of India.[98]

Between December 2021 and November 2023, Swiss authorities froze a total of $310 million in five different accounts linked to Adani group following investigations into money laundering.[99][100]

Corporate governance issue

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According toBloomberg News,the group has been found to be maintaining dubious business relations with an engineering contracting firm, Howe Engineering Projects.[101]This firm acquired the engineering business of PMC Project in 2016. In the past, PMC Projects, an Adani contractor, was accused of inflating the value of imported power and infrastructure goods by nearly ₹1,500 crore. Howe, now a separate entity, continues to work as an Adani contractor (just like PMC Projects) for major ports and railway lines being built in India.Deloitteraised concerns in May 2023 about payments made by Adani's ports company to Howe, unable to determine whether Howe should be considered a related party.[102]Also, Adani Group had not publicly disclosed these payments until Deloitte highlighted them.[103]

Stock manipulation and accounting fraud allegations

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In January 2023,Hindenburg Researchpublished the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. The report accused Adani of pulling "the largestconin corporate history "[17][104]and "brazen stock manipulation and accounting fraud scheme over the course of decades".[17][105]Hindenburg also disclosed that it was holdingshort positionson Adani Group companies.[106][107][108]Bonds and shares of companies associated with Adani experienced a decline of more than $104 billion in market value after the accusations,[109][110][111]representing approximately half of the market value.[112]Hedge fund managerBill Ackmansaid Hindenburg's Adani Report was "highly credible and extremely well researched."[113][114]Adani denied the fraud allegations as without merit.[115]

On 29 January, Adani released a 413-page response to the Hindenburg report, calling Hindenburg's conduct a "calculated securities fraud"[116]and the report a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India."[117]Hindenburg characterized the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism.[118]On 1 February, Adani cancelled its planned $2.5 billion (Rs 20,000 crore)Follow-on Public Offer(FPO) citing market volatility, and announced that it would return the FPO money to investors.[119]Reserve Bank of Indiasought details from banks on exposure to Adani firms.[120]Citigroup's wealth unit stopped extending margin loans to its clients against securities of Adani Group.[121]Credit SuisseGroup AG stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients.[122][123]S&P Dow Jones Indicesremoved Adani Enterprises from its sustainability index.[124]

Norway's Oil Fund,which had already shed a bulk of its Adani shares pre-Hindenburg report, divested its entire stake following the report.[125][126]

On 19 May, onprima facie,a committee formed by theSupreme Court of Indiacommunicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. This was primarily due to the insufficient information provided in the explanations by theSEBI's investigation.[127][128]Earlier on 29 April, SEBI requested a six-month extension to conclude its investigation, instead of the initially given two months provided on 2 March.[129]However, the Supreme Court granted a three-month extension and directed SEBI to complete the probe by 14 August 2023.[130]

On 24 June 2023, Adani Group's share value took a significant dive, following reports thatUnited States Department of JusticeandU.S. Securities and Exchange Commissionwere investigating the corporation's communications with its U.S.-based investors, spurred by a report from a short seller.[131][132]

On 31 August 2023,Organized Crime and Corruption Reporting Project(OCCRP) put forth allegations asserting that a substantial amount of funds, in the hundreds of millions of dollars, were directed into publicly traded stocks of the Adani Group.[133][134]These investments purportedly occurred by means of investment funds situated in Mauritius, which are characterized as possessing a lack of transparency. These funds were reportedly associated with partners connected to the promoter family.[135]Supporting evidence presented in the report indicates that these entities engaged in protracted activities involving the acquisition and divestiture of Adani stock through offshore mechanisms, thereby concealing their active participation.[136]This covert engagement apparently yielded significant financial gains. Additionally, the documentation suggests that the overseeing investment firm compensated a company belonging to Vinod Adani for advisory services pertinent to their investment pursuits.[137]

In October 2023, theNational Financial Reporting Authorityinitiated an investigation, reaching out to several audit firms involved in examining the financial records of the Adani Group's listed companies.[138][139]The Adani group also reported that the government was probing financial records of Mumbai International Airport and Navi Mumbai International Airport, both operated by the group.[140]

On January 3, 2024, the Supreme Court ordered SEBI to complete its probe within 90 days (3 months),[141]sparked by allegations from short-sellerHindenburg Research.The Court dismissed requests for an SIT orCBIinvestigation and shifted focus to Hindenburg's conduct.[142][143][144]

In March 2024, Seven Adani group firms were issued show cause notices by the SEBI for alleged "violation of related party transactions and non-compliance in listing regulations."[145]

After Hindenburg's allegations of fraud against the Adani group, GQG Partners LLC, an investment firm founded by Rajiv Jain purchased shares worth $4.6 billion in six Adani group subsidiaries. In September 2024, GQG Partners was charged by theSecurities and Exchange Commissionfor hindering whistleblower protections, through its restrictiveNon-disclosure agreementsthat disallowed employees from reporting potential violations.[146]

Shares of the Adani Group fell sharply, with Adani Green Energy dropping 16% on November 20, 2024, after theU.S. Securities and Exchange Commission(SEC) alleged violations, including hindering whistleblower protections. The allegations added to growing concerns over corporate governance within the conglomerate.[147]

Presence in Kenya

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Jomo Kenyatta International Airport

In July 2024, a whistleblower alleged that the Kenya Airports Authority had signed a $1.85 billion deal for the Adani Group to manage theJomo Kenyatta International Airportfor a period of 30 years in abuild–operate–transfermove. The alleged deal was brokered by ALG Global, a Spanish firm, and would be financed majorly by Kenyan taxpayers with full control of the airport granted to Adani Group for the 30 years.[148]Following widespread protests, in September 2024, the Kenyan High Court temporarily suspended the proposal, to allow for judicial review.[149]The whistleblower, Nelson Amenya, fears for his life.[150]

On 16 September 2024, Adani group andAfrica50were given a $1.3 billion concession in a public-private partnership by the Kenyan government to build power transmission lines.[151]On 25 October, Kenyan court suspended $736 million deal between Kenya Electrical Transmission Company and Adani Group's Adani Energy Solutions.[152]

In October 2024, former Prime Minister of Kenya,Raila Odingasaid he was introduced to Adani Group by Narendra Modi who organised a visit by Kenyan delegation to the projects of the company.[153]

In November 2024, Kenya's PresidentWilliam Rutohas canceled two significant deals with India's Adani Group: a lease agreement forJomo Kenyatta International Airport,the country's main international airport, and a contract with theKenya Electricity Transmission Company.This announcement came during Ruto's state of the nation address, just a day after Adani's directors faced charges in a New York court for alleged bribery and fraud. The airport deal, valued at $2.5 billion, involved a 30-year lease ofJKIAand had been approved by the Kenya Airports Authority without public hearings. Experts had advised conducting a public tender for such a significant agreement. The proposal from Adani sought "favorable tax policies" from the Kenyan government, which raised concerns among critics. The deal had sparked significant backlash, leading to anti-government protests and a strike by airport workers. Before the cancellation, President Ruto had dismissed reports about the airport deal as "fake news." Just a week prior, Kenya's transport cabinet secretary defended the Adani Group and the airport agreement in parliament. The cancellation has been welcomed by some Kenyans, including whistleblower Nelson Amenya, who views it as a victory for citizen empowerment and an indication that change is possible in the country.[154]

Arms export to Israel

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In 2018, Adani Defence & Aerospace announced a joint venture withElbit Systems,Israel's primary defence manufacturer, to produce Hermes 900 military drones in India. In February 2024, 20 Hermes 900 drones were supplied to Israel. In April 2024, the Indian government under the BJP abstained from the UN vote calling for an arms embargo on Israel. This decision has been linked to Adani's military exports to Israel.[155][156][157]

Manipulating Wikipedia entries

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AFebruary 2023 articleinThe Signpostsaid that the Adani team has been manipulating Wikipedia entries usingsock puppet accountsto insert promotional material and remove or edit criticism.[158][159][160]

Bribery charges

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In March 2024, the United States expanded its probe into Adani Group, particularly focusing on founderGautam Adani's conduct and potential bribery by his group companies in exchange for favorable treatment regarding an energy project.[161][162]The investigation is being handled by theUnited States Attorney for the Eastern District of New Yorkand theUnited States Department of Justice Criminal Division's fraud unit in Washington.[163]On 20 November 2024, federal prosecutors in New York charged Gautam Adani and his associates with multiple counts of fraud, including bribing Indian government officials with over $250 million to secure solar energy contracts.[164]

On 12 September 2024, the chief manufacturing officer ofAmbuja Cement,a subsidiary of the Adani Group, was arrested over an alleged bribery attempt.[165]

Coal price inflation

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According to an investigation by the Financial Times, Adani group had imported $5 billion worth of coal at more than double the market prices through offshore intermediaries in Singapore, Taiwan and Dubai. A notice by Directorate of Revenue Intelligence also accused five Adani group companies of artificially inflating the value of imported coal from Indonesia by 50% to 100% in order to overcharge power companies.[166]Adani group has also managed to block the release of documents to Indian government agencies for investigation in Singapore.[167]

A May 2024 investigation by OCCRP andFinancial Timesindicated that Adani Group fraudulently inflated the price of coal that it supplied to domestic utility companies, by falsifying low-grade coal as high-grade coal.[168][169]

Media control

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In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcasterNDTV,and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company's founders, former journalistRadhika Royand her economist husbandPrannoy Royand that the deal was done "without discussion, consent or notice."[170]This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime MinisterNarendra Modi's rulingBharatiya Janata Party.[171][172]By December 2022, Adani was described as controlling the largest shareholding in NDTV.[173][174]The Economistsaid that before Adani bought NDTV, the news channel was "critical of the government but is now supine."[175]

In 2022, Ravi Nair, a freelance journalist was allegedly issued an 'arrest warrant' by the Delhi police without any prior summons after Adani group filed a defamation case against him.[176]

In December 2023, Adani Group acquired majority stake inIndo-Asian News Service.[177]Independent News Service (INS), the parent company which ownsIndia TVis also backed by Gautam Adani, the chairman of Adani group.[178]

Affiliated companies

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Company Notes Ref
Energy
Adani Green Energy
Adani Power
Adani New Industries (ANI)
  • Green hydrogen production
  • Battery manufacturing
  • Wind turbines
  • Solar modules
Utilities
Adani Energy Solutions
Adani Total Gas (ATG)
Adani Electricity Power distribution in Mumbai with over 3M+ consumers
Cement
Ambuja Cements Acquired fromHolcim Groupon May 15, 2022
ACC
Transport & Logistics
Adani Ports & SEZ
Adani Airports Holdings (AAH) 
(JKIA)
  • AAH has secured lease, operate, and development rights for 50 years.
  • The airports are not owned by the Adani Group.
Adani Road Transport (ART)
North Queensland Export Terminal (NQXT)
Technology & Data Centers
Adani Connex Hyperscale Data Center service provider. All DCs run on 100% renewable energy.
  • Chennai
  • Mumbai (Planned)
  • Noida (Planned)
  • Hyderabad (Planned)
  • Pune (Planned)
  • Vizag (Planned)
Consumer & B2C
Adani Digital Labs (ADL)
  • AdaniOne
 Multi-purpose super-app to book train tickets, flights, hotels and collect rewards.
  • Alpha development stage, seewww.adanione.com
  • Acquisitions
    • Trainman, a train reservation platform
    • SIBIA Analytics, based in Kolkata
Adani Realty Residential & Commercial real estate development
Adani Wilmar
Finance
Adani Capital Personal loans
Adani Housing Finance Housing financing agency
Media -AMG Media Networks Ltd
NDTV AcquiredBQ Primefrom Quint Digital Media and rebranded it as NDTV Profit, seewww.ndtvprofit.com
IANS India Acquired IANS, a News Agency and News Wire [179]
Real Estate
Adani Properties
  • Redevelopment of Dharavi Slum in Mumbai

Sports

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Adani Arena in Rockhampton, Australia

In addition to its industrial interests, the Adani group owns several sports teams, such as theGujarat Giantsteam in thePro Kabaddi League.[180]In 2022, Adani Group acquired the Gulf Giants team in UAE'sInternational League T20.[181]In August 2022, It also purchased a franchise in Legends League Cricket.[182]In 2023, it purchased a team in theWomen's Premier Leaguebased in Ahmedabad.

Teams owned by Adani Group

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Team Sports League Refs
Gujarat Giants Kabaddi Pro Kabaddi League [183]
Gujarat Giants Cricket Women's Premier League [184]
Gulf Giants Cricket International League T20 [181]
Gujarat Giants Cricket Legends League Cricket [182]
Gujarat Giants Boxing Big Bout Boxing League [185]
Gujarat Giants Kho kho Ultimate Kho Kho [186]

Adani also sponsored various other sports initiatives, including a 2016 nationwide programme to prepare athletes forRio OlympicscalledGarv Hai(transl. We are proud). It was re-launched for a second time to groom athletes for2020 Tokyo Olympics,2022 Asian GamesandCommonwealth Games.The programme focuses on archery, shooting, athletics, boxing, and wrestling.[187][188]Beneficiaries of theGarv Haipilot project in 2016 includeAnkita Raina(tennis),Pinki Jangra(boxing),Shiva Thapa(boxing),Khushbir Kaur(athletics),Inderjeet Singh(athletics),Mandeep Jangra(boxing),Malaika Goel(shooting),Deepak Punia(wrestling),KT Irfan(Racewalking) andSanjivani Jadhav(athletics).[187][188]

Adani Group hasnaming rightson Hegvold Stadium (now known as Adani Arena) inRockhampton[189]and thepavilion endof theNarendra Modi Stadiumin Ahmedabad.[190]

In July 2022, Adani Sportsline was designated as an official partner of the Indian Olympic Association (IOA) for the Birmingham Commonwealth Games 2022, Hangzhou Asian Games 2022, and Paris Olympic Games 2024. Previously, Adani Sportsline supported the Indian team at the Tokyo Olympics in 2021. Through its GarvHai initiative, the organization has supported over 28 athletes, including silver medalist wrestler Ravi Kumar Dahiya.[191][192]

See also

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References

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  1. ^ab"About us | Growth with Goodness".Archivedfrom the original on 23 June 2022.Retrieved13 December2020.
  2. ^abTyagi, Prince (28 May 2024)."How has Adani Group performed in 5 years?".Business Today.Archivedfrom the original on 29 May 2024.Retrieved31 May2024.Data available from ACE Equity showed that the Adani Group has posted a record Rs 42,396 crore profit after tax (PAT) in FY24 from its 10 firms. While the top line for the group stands at Rs 3.09 lakh crore on consolidated basis and it has paid Rs 6,482 crore as taxes in FY24.
  3. ^"Financials | Adani Enterprises Limited".Adani Enterprises.Archivedfrom the original on 13 April 2023.Retrieved13 April2023.
  4. ^"Financials | Adani Ports and Logistics".Adani Ports & SEZ.Archivedfrom the original on 13 April 2023.Retrieved13 April2023.
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