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Rahul Gandhi claims PM Modi is silent on Trump’s threats over Russian oil due to a US investigation into Adani’s alleged financial links and bribery case.

Rahul Gandhi Claims Modi's Hands Tied by US Investigation into Adani Amid Tariff Tensions

Modi Tied by US Adani Investigation Claims Gandhi

Rahul Gandhi claims PM Modi is silent on Trump&rsquo;s threats over Russian oil due to a US investigation into Adani&rsquo;s alleged financial links and bribery case.

Congress leader Rahul Gandhi on Wednesday claimed that Prime Minister Narendra Modi cannot stand up to US President Donald Trump despite his repeated threats due to "the ongoing US investigation into Adani".
The Leader of Opposition's remarks came after Trump said India has not been a good trading partner and announced that he will raise the tariffs on New Delhi "very substantially" over the next 24 hours because it is buying Russian oil.
In a post on X, Gandhi said, "India, please understand: The reason PM Modi cannot stand up to President Trump despite his repeated threats is the ongoing U.S. investigation into Adani." "One threat is to expose the financial links between Modi, AA, and Russian oil deals. Modi's hands are tied," Gandhi alleged.
There was no immediate reaction from the government or the Adani Group on Gandhi's claims.
Billionaire Gautam Adani, 63, and seven other defendants, including his nephew Sagar, who is director at the group's renewable energy unit Adani Green Energy Ltd, have been accused of paying about USD 265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that expected to yield USD 2 billion of profit over 20 years, according to an indictment unsealed in a New York court in November last year.
Earlier this week, Trump had said he will substantially raise US tariffs on India, accusing the country of buying massive amounts of Russian oil and selling it for big profits.
Hours later, India had mounted an unusually sharp counterattack on the US and the European Union for their "unjustified and unreasonable" targeting of New Delhi for its procurement of Russian crude oil.
Firmly rejecting the criticism, India pointed out the double standards in targeting it on the issue and said both the US and the EU are continuing their trade relations with Russia.
On Tuesday, Trump also said he doesn't know anything about the US imports of Russian uranium, fertilisers and chemicals.
Trump made the comments on Tuesday while responding to a question on India's statement on American imports of these commodities.

Adani Group collaborates with PGTI for the Adani Invitational Golf Championship in 2025, held at Jaypee Greens, featuring a Rs 1.5 crore prize.

Adani to Launch Major Golf Tournament in 2025

Announcing the Adani Invitational Golf Championship 2025, a collaboration with PGTI to enhance and popularize golf in India, featuring a Rs 1.5 crore prize.

Adani group launches major golf championship in India by 2025

Adani Group announces Adani Invitational Golf Championship 2025 with Rs 1.5 crore prize, aiming to enhance Indian golf popularity and nurture talent.

The Adani Group is set to enter Indian professional golf with the launch of the Adani Invitational Golf Championship 2025 in partnership with the Professional Golf Tour of India (PGTI), the official sanctioning body of men's professional golf in India.
"This Adani Group initiative intends to promote and broaden golf's accessibility and elevate its status as a mainstream sport, and also to cultivate the next generation of global champions from India," a company statement said.
The inaugural tournament, offering a Rs 1.5 crore prize, will be held at Jaypee Greens Golf &amp; Spa Resort, Greater Noida, from April 1-4, 2025, marking PGTI's return to the venue after 11 years.
"We are delighted to join hands with Kapil Dev and the Professional Golf Tour of India (PGTI) to contribute to the growth of Indian professional golf," said Pranav Adani, Director, Adani Enterprises Limited.
"Our goal is to cultivate Indian global champions in golf. We are committed to enhancing accessibility to golf, promoting greater participation and offering world-class training and playing opportunities." Kapil Dev, President of the PGTI, said the backing of the Adani Group will help the PGTI produce more champion golfers from India who will make the country proud on the international stage.
"I expect to see golf fans in big numbers following their favourite players on the course during the tournament." Terming the Adani Invitational Golf Championship 2025 as a watershed moment for the PGTI, its CEO Amandeep Johl said, "This association will raise the stature of the Tour. We thank the Adani Group, our title sponsors, for sharing PGTI's vision of creating more playing opportunities for Indian professionals".
"With an attractive prize purse, outstanding playing conditions at the Jaypee Greens Golf &amp; Spa Resort and a top-notch field vying for the title, one can expect a spectacular week of golfing action at the eagerly awaited Adani Invitational Golf Championship 2025."
A pre-tournament event will be held on March 29 at The Belvedere Golf &amp; Country Club, Ahmedabad. Along with this event, five leading PGTI professionals will conduct a golf clinic that will introduce the sport to 50 children from The Adani International School.
Cricket legend Kapil Dev, now the PGTI President, will be present at this event to highlight the shared vision of the Adani Group and PGTI to develop golfing talent and advance Indian golf.&nbsp;

Supreme Court approves Adani's Dharavi project involvement amidst Seclink's appeal, acknowledging economic changes since 2019.

Supreme Court Backs Adani in Dharavi Case

Supreme Court approves Adani's Dharavi project involvement amidst Seclink's appeal, acknowledging economic changes since 2019.

The Supreme Court has decided not to halt the ongoing construction of the Dharavi Redevelopment Project, maintaining the Bombay High Court's decision in favor of Adani Group.
Seclink Technologies Corporation, a UAE-based company, had appealed against the Maharashtra government's decision to award the project to Adani Properties Limited after revoking Seclink's earlier bid.
During the hearing, the court acknowledged that work, including the demolition of railway quarters, had already commenced.
Chief Justice of India Sanjiv Khanna, along with Justice PV Sanjay Kumar, noted that the Bombay High Court's ruling was reasonable, especially considering that the project would also include development of the railway line.
The Supreme Court also instructed that all project-related payments be processed through a single escrow account.
Notices have been issued to the Maharashtra government and Adani Properties, with the next hearing scheduled for May 25.
Seclink Technologies, which had initially proposed a Rs 7,200 crore bid for the redevelopment, informed the Supreme Court of its willingness to increase the offer by 20 percent. The court has asked Seclink to submit an affidavit with the revised bid details.
Back in December 2024, the Bombay High Court supported the Maharashtra government's choice to annul Seclink's 2019 bid and issue a new tender in 2022, ultimately awarding the project to Adani Group. Seclink's appeal to the Supreme Court followed this decision.
The government defended its action, pointing to significant changes in economic conditions from 2019 to 2022, including the impacts of the COVID-19 pandemic, the Russia-Ukraine conflict, currency fluctuations, and rising interest rates as reasons for the decision.

Nate Anderson, founder of the US-based short-seller firm Hindenburg Research, has announced the closure of operations. Anderson clarified that the decision was not prompted by external threats, health issues, or personal matters.

Hindenburg Research, the US-based short seller behind Adani report, to shut down

Nate Anderson, founder of the US-based short-seller firm Hindenburg Research, has announced the closure of operations. Anderson clarified that the decision was not prompted by external threats, health issues, or personal matters.

Nate Anderson, the founder of the US-based short-selling firm Hindenburg Research, announced on Thursday his decision to close down the operations of the investigative firm.
<a href="https://hindenburgresearch.com/gratitude/" target="_blank">In an official statement</a>, Anderson explained that the closure was not due to external pressures, personal health concerns, or significant problems but rather his desire to step away from the demanding nature of his work and shift focus to other life aspects. He stated, "As I've shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research."
Anderson further clarified, "So, why disband now? There is not one specific thing&mdash;no particular threat, no health issue, and no big personal issue." Reflecting on the challenges he faced throughout his journey, Anderson acknowledged the financial difficulties, legal battles, and moments of self-doubt. He remarked, "I had no money when I started&mdash;and after catching 3 lawsuits immediately out of the gate, I quickly had less than no money."
Looking ahead, Anderson plans to open-source the investigative techniques used by his firm to inspire others in uncovering fraud. Over the next six months, he intends to create materials and videos detailing the methodologies that made Hindenburg Research successful. Although his future plans remain uncertain, he expressed deep gratitude to his team, family, and supporters.
In January 2023, Hindenburg Research made headlines by publishing a report accusing the Adani Group of financial irregularities, resulting in a substantial drop in the company&rsquo;s stock price. The Adani Group swiftly dismissed the allegations. Addressing the issue at the Adani Enterprises Annual General Meeting (AGM) in June, Group Chairman Gautam Adani stated, "We were faced with baseless accusations made by a foreign short seller, that questioned our decades of hard work." He added, "In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established."

Adani Group stocks experienced strong gains on Tuesday, led by Adani Power's 19% surge, as markets bounced back from a sharp decline. Key stocks like Adani Green Energy, Adani Energy Solutions, and Adani Ports also saw significant increases.

Adani group stocks in limelight Adani Power surges over 19 pc

Adani Group stocks experienced strong gains on Tuesday, led by Adani Power's 19% surge, as markets bounced back from a sharp decline. Key stocks like Adani Green Energy, Adani Energy Solutions, and Adani Ports also saw significant increases.

Adani group stocks were in heavy demand on Tuesday, with Adani Power surging over 19 per cent, bouncing back from previous day's decline.
Shares of Adani Power zoomed 19.29 per cent, Adani Green Energy soared 14.54 per cent, Adani Energy Solutions surged 14.38 per cent, Adani Total Gas jumped 13 per cent and NDTV rallied 12.50 per cent on the BSE.
The stock of Adani Enterprises soared 8.91 per cent, Adani Ports climbed 6 per cent, Ambuja Cements went up by 4.79 per cent, ACC (4.50 per cent), Sanghi Industries (4.22 per cent) and Adani Wilmar (3 per cent).
All Adani group stocks had ended lower on Monday's trade in-line with weak trend in equities.
Benchmark indices Sensex and Nifty rebounded on Tuesday after four days of sharp decline.
The 30-share BSE benchmark Sensex jumped 505.6 points to 76,835.61 in intra-day trade. The NSE Nifty climbed 179 points to 23,264.95.

A New York court has ordered the consolidation of three ongoing cases involving Gautam Adani and others accused of a USD 265 million bribery scheme related to solar energy contracts.

Adani Group to face joint trial over bribery allegations in US Court

Adani and the others involved are accused of paying bribes worth USD 265 million (approximately Rs 2,029 crore) to secure solar energy contracts with state electricity distribution companies.

In a significant legal development, a New York court has decided to combine three ongoing cases involving industrialist Gautam Adani and others, related to bribery allegations amounting to USD 265 million. The court ruled that these cases will be heard together in a unified trial.
The decision follows the court's observation that the cases arise from similar allegations and transactions. The combined cases include the criminal case US vs. Adani and others, the civil case Securities and Exchange Commission (SEC) vs. Adani and others, and another civil case SEC vs. Cabanes concerning the other accused individuals.
The court's move is aimed at enhancing judicial efficiency and preventing conflicting schedules. All cases will be assigned to District Judge Nicholas G. Garaufis, who is already overseeing the criminal case against Adani. The court's administrative team has been tasked with the reassignment process.
Adani and the others involved are accused of paying bribes worth USD 265 million (approximately Rs 2,029 crore) to secure solar energy contracts with state electricity distribution companies. Previous allegations by US prosecutors suggested that these payments were concealed from US banks and investors from whom Adani Group raised funds for the projects.
The Adani Group has vehemently denied the allegations, calling them "baseless." A spokesperson for the company emphasized their compliance with the law, asserting that the indictment relies on charges that have yet to be proven, and that the defendants are presumed innocent until proven guilty.

Gautam Adani praises 18-year-old chess prodigy Gukesh Dommaraju for his world championship victory, marking a new era in India's chess revolution.

Youngest world chess champion D Gukesh meets Gautam Adani

Gukesh was among four athletes who the government decided to award the Major Dhyan Chand Khel Ratna award -- the country's highest sporting honour.

Billionaire Gautam Adani called teenager Gukesh Dommaraju -- who became the youngest world chess champion by beating defending champion Ding Liren of China -- a testament of India's unstoppable youth.
The chess champion, along with his parents, met Adani in Ahmedabad.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
It was an absolute privilege to meet and hear the victory story of reigning World Chess Champion <a href="https://twitter.com/DGukesh?ref_src=twsrc%5Etfw">@DGukesh</a>. Equally inspiring was meeting his incredible parents, Dr Rajinikanth and Dr Padmavathi, whose quiet sacrifices laid the foundation for his success. At just 18, Gukesh&rsquo;s&hellip; <a href="https://t.co/CL12qIfSHY">pic.twitter.com/CL12qIfSHY</a>
&mdash; Gautam Adani (@gautam_adani) <a href="https://twitter.com/gautam_adani/status/1874422639231475949?ref_src=twsrc%5Etfw">January 1, 2025</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
"It was an absolute privilege to meet and hear the victory story of reigning World Chess Champion @DGukesh," Adani, chairman of ports-to-energy Adani Group, said in a post on X.
Posting pictures with the teenager and his parents, Adani said, "Equally inspiring was meeting his incredible parents, Dr Rajinikanth and Dr Padmavathi, whose quiet sacrifices laid the foundation for his success."
"At just 18, Gukesh's poise and brilliance are a testament to India's unstoppable youth. Prodigies like him are inspiring a new generation, building an army of champions ready to dominate global chess for decades. This is the confident, resurgent and rising India. Jai Hind!" he said.
Gukesh became the 18th world champion after defeating Ding in a 14-game match in Singapore last month.
He is four years younger than Garry Kasparov, who had been the youngest world champion since 1985 when he beat Anatoly Karpov.
On Thursday, Gukesh was among four athletes who the government decided to award the Major Dhyan Chand Khel Ratna award -- the country's highest sporting honour.
Besides becoming the youngest-ever world champion, Gukesh had also helped the Indian team win a historic gold in the Chess Olympiad last year.
"The awardees will receive their awards from the President of India at a specially organised function at Rashtrapati Bhavan on 17th January, 2025 (Friday) at 1100 hours," the sports ministry said in a press release on Thursday.
After the Singapore match, Adani had called his victory "stunning".
"At just 18, @DGukesh has made history! What an achievement - the youngest-ever undisputed classical chess world champion, beating the great Ding Liren! This isn't just a victory - it is a defining moment for India's chess revolution, where an entire bold generation of champions dares to dream and inspires an entire nation to rise! Congratulations Gukesh!" he had said in a post on X on December 12.

Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.

Bangladesh Government Plans to Renegotiate Power Deal with Adani Power, Citing Unfair Terms

Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.

Bangladesh&rsquo;s interim government, led by Nobel Laureate Muhammad Yunus, is moving to reopen a multi-billion-dollar power purchase agreement with Adani Power, citing unresolved issues around tax exemptions, payment delays, and high energy tariffs.
The deal, which was signed in 2017, provides electricity from Adani Power's Godda coal-fired plant in Jharkhand, India, to Bangladesh. However, the Bangladeshi government now claims that Adani Power has failed to pass on tax benefits related to the special economic zone (SEZ) status granted to the plant, potentially costing Bangladesh millions in savings.
Allegations of Withheld Tax Benefits
Under the 2017 agreement, Adani Power's Godda plant was granted SEZ status by the Indian government, which includes several financial incentives such as income tax exemptions. However, the Bangladesh Power Development Board (BPDB) alleges that Adani Power did not disclose changes to the plant's tax status, nor did it pass on the associated savings to Bangladesh. According to the BPDB&rsquo;s estimates, these savings could amount to approximately $28.6 million.
The failure to pass on these benefits is a key point of contention in the ongoing dispute, as Bangladesh asserts that these tax advantages should have been part of the deal's terms.
Payment Disputes and Supply Cutbacks
The dispute over tax benefits is compounded by a payment impasse between Bangladesh and Adani Power. Since the start of the power supply in July 2023, Bangladesh has faced delays in clearing its dues. As of October 2023, Adani Power reduced its electricity supply to Bangladesh from 1,400 MW to around 700-800 MW, citing overdue payments.
Adani Power claims it is owed $900 million, while the BPDB contends the arrears are closer to $650 million. The disagreement also extends to the power tariffs, with Bangladesh asserting that the prices are much higher than those of similar deals with other power suppliers.
In response to a request for a discount on rates, Adani Power stated that it would not entertain any further price reductions until the outstanding payments were settled.
Bangladesh's Push to Renegotiate the Deal
In light of these ongoing issues, the Bangladesh government is seeking to renegotiate the 25-year power agreement with Adani Power. The deal, which was awarded by the previous government under Prime Minister Sheikh Hasina without a tender process, has come under scrutiny due to its high costs compared to other power agreements.
Bangladesh&rsquo;s interim government is reportedly planning to leverage the fallout from the U.S. legal proceedings against Adani Group, following allegations of bribery related to a $265 million scheme, to push for more favourable terms in the power deal.
The potential renegotiation could have significant ramifications for both Adani Power and Bangladesh&rsquo;s future energy strategies.
Adani Power's Defense
Adani Power has strongly rejected the accusations, asserting that it has adhered to all contractual obligations and was not notified of any review of the deal by the Bangladesh government.
The company maintains that the reduction in supply was a response to the payment delays and that it had no prior knowledge of any intentions by Bangladesh to revisit the agreement.
In response to Bangladesh&rsquo;s requests for additional discounts, Adani Power stated that no further concessions would be made until the payment issue is resolved, signalling a tough stance on the matter.
Bangladesh&rsquo;s Growing Energy Capacity
Despite the disputes with Adani Power, Bangladesh&rsquo;s energy minister, Muhammad Fouzul Kabir Khan, stated that the country now has sufficient domestic power generation capacity.
Although some power plants remain idle, Bangladesh believes it can meet its energy requirements without relying on external suppliers, including Adani Power. This shift in domestic energy capacity has further complicated the need for continued imports from India.
Court-Ordered Investigation and Potential Impact
The Bangladesh High Court has intervened, ordering a formal investigation into the power agreement. A high-level committee is expected to examine the terms of the deal and the alleged discrepancies in the tax benefits.
The findings of this investigation could play a pivotal role in shaping the future of the deal and may lead to revisions in the power purchase agreement.
Implications for the Energy Sector and Future Deals The outcome of this dispute has far-reaching implications for Bangladesh&rsquo;s energy sector, particularly as the country seeks to diversify its energy sources and reduce dependency on imported power.
The renegotiation of the Adani Power deal could set a precedent for future agreements with international energy companies and influence Bangladesh&rsquo;s approach to future power procurements.
For Adani Power, the dispute raises questions about its operations in international markets and its ability to manage complex cross-border agreements. The company&rsquo;s reputation could be impacted if the ongoing legal and financial issues are not resolved swiftly and satisfactorily.
Critical Crossroads for Bangladesh&rsquo;s Energy Strategy
As Bangladesh moves to renegotiate its power agreement with Adani Power, the resolution of this dispute will be critical to the country&rsquo;s energy future. Both parties are expected to engage in further negotiations, with Bangladesh hoping to secure a more equitable deal that aligns with its financial and energy needs. Meanwhile, Adani Power will likely seek to protect its interests and uphold the terms of the original agreement.
The outcome could shape the future of energy trade between India and Bangladesh, with broader implications for cross-border energy agreements in the region.
(With Agency Inputs)

Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.

Priyanka Gandhi carries 'Modi-Adani' bag to Parliament

Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.

Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.
The bag drew attention from her brother, Rahul Gandhi, who commented with a smile, &ldquo;Look how cute this is!&rdquo; after examining the design and slogan.
This gesture is part of the ongoing opposition criticism of the government, particularly regarding allegations of bribery involving Adani in the U.S. Since the beginning of the parliamentary session on November 20, both Houses have faced repeated disruptions as the opposition demands a probe into the matter.
On Monday (December 9), Congress MPs Manickam Tagore and Saptagiri Sankar Ulaka wore face masks of Modi and Adani as part of protests demanding a joint parliamentary investigation into the bribery case.
Rahul Gandhi was seen clicking pictures of the MPs and jokingly asking about their "relationship," to which they humorously replied, "We have had a relationship for years."
Opposition MPs from the INDIA alliance, excluding Trinamool Congress, Samajwadi Party, and Aam Aadmi Party, joined the protests, chanting slogans such as "Modi, Adani ek hain" and "We want justice" outside the Makar Dwar of Parliament.
Also Read: <a href="https://www.editorji.com/india-news/lalu-prasad-yadav-backs-mamata-banerjee-for-india-bloc-leadership-1733812268497">Lalu Prasad Yadav Backs Mamata Banerjee for INDIA Bloc Leadership</a>

Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.

Adani Group Unveils Ambitious ₹7.5 Lakh Crore Investment Plan to Transform Rajasthan’s Economy

Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.

Karan Adani, Managing Director of Adani Ports and SEZ Ltd, unveiled an ambitious Rs7.5 lakh crore investment plan for Rajasthan at the Rising Rajasthan Global Summit held on Monday at the Jaipur Exhibition and Convention Centre (JECC) in Sitapura.
He stated, "The Adani Group plans to invest over ₹ 7.5 lakh cr across various sectors of the state (Rajasthan) economy. With over 50 per cent of this investment being made over the next 5 years."
Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.
He said, "We plan to build the world's biggest integrated green energy ecosystem involving 100 GW of renewable energy, 2 Million tons of Hydrogen, and 1.8 GW of pump hydrostorage. These investments will turn Rajasthan into an oasis of green jobs."
Apart from green energy, the Adani Group's plans extend to the cement industry, underscoring Rajasthan's importance in the group's ambition to become India's largest cement producer.
Karan Adani said, "Beyond energy, Rajasthan is critical to our ambition to become India's largest cement company. We will set up 4 new cement plants to build additional capacity of 6mn tonnes per annum in the state."
The group also aims to enhance Rajasthan's infrastructure with initiatives such as the development of a world-class facility at Jaipur Airport to improve connectivity and boost tourism. The creation of multi-modal logistics parks will support the state's ambitious infrastructure and economic transformation plans.
Mr Adani emphasised, "In addition, there are other investment plans such as developing world-class facility at Jaipur airport, multi-model logistic parks that will support your transformative plan for Rajasthan."
During the opening remarks, Rajasthan Chief Minister Bhajanlal Sharma, stated, "So far ₹ 33 lakh crore of MoU are signed under Rising Rajasthan."
The Rising Rajasthan Global Investment Summit 2024, which is happening from December 9 to 11 in Jaipur, is expected to attract global investors, industry leaders, policymakers, and government officials.&nbsp; &nbsp; The occasion, graced by Prime Minister Narendra Modi and other dignitaries, promises to highlight Rajasthan's strides in development, innovation, and industrial growth.

Adani Infra (India) Limited has struck a ₹685 crore deal to acquire a 30.07% stake in PSP Projects. The move aligns with Gautam Adani’s ambitious expansion strategy. Find out how this acquisition could pan out for Adanis and PSP Projects.

Gautam Adani’s Adani Infra Acquires 30.07% Stake in PSP Projects for ₹685 Crore: Key Details Inside

Adani Infra (India) Limited has struck a ₹685 crore deal to acquire a 30.07% stake in PSP Projects. The move aligns with Gautam Adani&rsquo;s ambitious expansion strategy. Find out how this acquisition could pan out for Adanis and PSP Projects.

Billionaire Gautam Adani has made another bold move in the infrastructure sector. His company, Adani Infra (India) Limited, has signed definitive agreements to acquire up to a 30.07% stake in construction firm PSP Projects for ₹685 crore.
Adani Infra is acquiring the stake from PSP Projects&rsquo; founder-promoter, Prahladbhai S. Patel. Currently, Prahladbhai S. Patel and his family own a 60.14% stake in the construction company, with Prahladbhai S. Patel individually holding around 48% of the company&rsquo;s shares.
Management After the Deal
According to PSP Projects&rsquo; statement, the existing management of the company will continue after the deal, while the Adani Group will have equal representation on the board and joint control of the company. The transaction remains subject to customary and regulatory approvals, including the completion of an open offer.
PSP Projects: Adani&rsquo;s Open Offer
As required by SEBI rules for acquisitions exceeding 25% in listed companies, the Adani deal also includes an open offer for PSP Projects at ₹642.06 per share &ndash; a 4% discount to ₹666.50, the closing price of the company&rsquo;s shares on Tuesday, November 19.
PSP Projects: Company Profile
According to the PSP Projects statement sent to the exchanges, the company is &ldquo;one of the leading EPC companies in India&rdquo; with an order book of ₹6,546 crore. The company has executed projects such as the Surat Diamond Bourse, Kashi Vishwanath Dham, and Palladium Mall (Ahmedabad), among others.
After the acquisition by the Adani Group, PSP Projects expects to become one of the leading EPC companies in India, bolstered by accelerated growth in the country&rsquo;s infrastructure development.
Gautam Adani&rsquo;s Expansion Spree
The acquisition of PSP Projects aligns with Gautam Adani&rsquo;s strategy to expand into sectors such as cement, airports, defence, ports, power, and consumer goods, with the group aiming to invest $100 billion in capital expenditure over the next decade. It is also a good fit for Adani Infra, which is the Project Management Consultancy (PMC) arm of the Adani Portfolio, owned 100% by the Adani family.

Kotak Mahindra Bank's shares dropped 2% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption

Kotak Mahindra Bank gets dragged into Adani-Hindenburg saga; shares drop over 3% 

Kotak Mahindra Bank's shares dropped 3% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption

<h2>Kotak Mahindra Bank's shares dropped 3% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption</h2>

The shares of Kotak Mahindra Bank declined as much as 3% on Tuesday as Hindenburg research named the bank in response to the show cause notice from Indian market regulator SEBI.&nbsp;
Hindenburg alleged that SEBI's lack of mention of Kotak or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny.
<h3>Kotak twist in Adani-Hindenburg case</h3>
The US short seller disclosed that Kotak Bank created and oversaw an offshore fund structure that was used by its "investor partner" to be against the conglomerate but hastened to add that it may "barely come out above breakeven" on its trade.
Hindenburg further added that the investor partner made $4.1 million in gross revenue through "gains related to Adani shorts from that investor relationship" and just $31,000 through its short position of the conglomerate's US bonds.
"We suspect SEBI's lack of mention of Kotak or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny, a role SEBI seems to embrace," Hindenburg said.
<h3>Hindenburg's reply to SEBI</h3>
Hindenburg described the show cause notice as "nonsense" and claimed it was an attempt to "silence and intimidate" those exposing corruption and fraud by powerful individuals in India.
The New York-based firm reiterated that when it released its report alleging long-term stock manipulation and accounting fraud by the Adani group, it had disclosed its short position on Adani stocks.
"After 1.5 years Of investigation, SEBI identified zero factual inaccuracies with our Adani research. Instead, the regulator took issue with things like our use of the word 'scandal' when describing multiple prior instances of Adani promoters being charged with fraud by Indian regulators, and our quoting of an individual that alleged SEBI is corrupt and works 'hand in glove' with conglomerates like Adani to help it skirt regulations," Hindenburg said.
Also watch: <a href="https://www.editorji.com/business-news/hindenburg-research-receives-show-cause-notice-from-sebi-over-adani-stock-bets-1719896503571">Hindenburg Research receives show cause notice from SEBI over Adani stock bets</a>

Adani group stocks gained Rs 2.6 lakh crore in two days amid a bullish market, with Adani Power and other firms seeing significant surges. The total market cap of Adani group firms now stands at Rs 19.65 lakh crore

Adani Group stocks extend gains for second consecutive session; m-cap rises to Rs 2.6 lakh crore

<h2>Adani group stocks gained Rs 2.6 lakh crore in two days amid a bullish market, with Adani Power and other firms seeing significant surges. The total market cap of Adani group firms now stands at Rs 19.65 lakh crore</h2>

Adani group stocks extended gains for the second consecutive session on Monday. This comes as the Indian equities are witnessing a bull run after the exit poll results that predicted a 3rd consecutive win for the BJP led NDA. Over these two sessions, the Adani group stocks added over Rs 2.6 lakh crore to its market capitalisation.
<h3>Adani group stocks rally</h3>
Adani Power saw the highest surge of 12% on Monday, followed by Adani Energy Solutions that jumped 8%. Meanwhile, Adani Enterprises, Adani Green Energy and Adani Total gas surged 7% each.&nbsp;
As per Moneycontrol, Adani Power alone added Rs 4,70,000 crore to its total market cap, which now exceeds Rs 3.3 lakh crore in the past two sessions. Adani Enterprises bolstered its market cap by over Rs 61,000 crore, reaching a total of over Rs 4 lakh crore.
The report also mentioned that Adani Green and Adani Ports each saw an increase of over Rs 42,000 crore in market cap, while Adani Total Gas experienced a rise of over Rs 21,000 crore during the same period. Ambuja Cement and Adani Energy also made significant strides, adding over Rs 13,000 crore each to their respective total market caps. Total mcap of Adani group firms stands near Rs 19.65 lakh crore from Rs 17 lakh crore two day's ago.
<h3>Adani group's performance</h3>
In FY24, the Adani Group's EBITDA surged by 40% YoY to Rs66000 crore. This was fueled by Adani Power's EBITDA doubling. This doubling in Adani Power's EBITDA was driven by capacity expansion, increased volumes, merchant contributions, and lower imported coal prices.
"Adani Group's MCap was hit by a short seller report in late FY23. During FY24, the group focused on containing debt, reducing founders' share pledge. Total group EBITDA grew 40% YoY in FY24 (5yr CAGR:+27%), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group Cos and group Mcap rebounded. The group is back on expansion spree and eyeing USD90bn capex over next decade. In the report, we discuss the group's FY24 perf and way ahead", Jefferies India said in its note
Also watch: <a href="https://www.editorji.com/business-news/markets/indian-stock-market-cheers-exit-poll-predictions-of-bjp-victory-sensex-nifty-at-record-highs-1717389970850">Indian stock market cheers exit poll predictions of BJP victory; Sensex, Nifty at record highs</a>

The Adani conglomerate is poised to broaden its presence, eyeing investment across six Bihar regions: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Furthermore, plans to introduce EV-charging stations loom on Bihar's horizon.

Adani Group's ₹8,700 crore investment set to generate 10,000 jobs in Bihar

The Adani conglomerate is poised to broaden its presence, eyeing investment across six Bihar regions: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Furthermore, plans to introduce EV-charging stations loom on Bihar's horizon.

Adani Group's recent announcement of an additional investment of ₹8,700 crore in Bihar has sparked optimism for economic growth and job creation in the state. Pranav Adani, Director of Adani Enterprises, revealed this development during the Bihar Business Connect-2023 event. This investment will extend across various sectors, prominently including cement manufacturing, logistics, and the agro-industry.
Adani highlighted the substantial employment prospects arising from this investment, estimating that approximately 10,000 job opportunities, both direct and indirect, will emerge. The group plans to allocate ₹1,200 crore for establishing expansive warehousing across 150 acres, with a significant godown in Patna anticipated to employ around 2,000 individuals.
Expanding their footprint, the Adani conglomerate aims to invest in six different locations within Bihar: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Additionally, plans to introduce EV-charging stations are on the horizon for the state, further indicating the group's diversified investment interests.
Adani's vision extends beyond conventional sectors, with intentions to introduce Adani Wilmar, the group's FMCG arm, into Bihar. Notably, an ambitious plan to infuse ₹2,500 crore into cement manufacturing is in progress. The goal is to initiate production of 10 million metric tonnes within a year, generating employment for at least 3,000 individuals in the cement sector alone.
The Bihar Logistics Policy 2023 was unveiled at the summit by Chief Minister Nitish Kumar, signaling the state's commitment to fostering a conducive investment environment. Adani expressed confidence in Bihar's potential, citing the group's existing ₹850 crore investments in logistics, gas distribution, and agro-logistics as a testament to their commitment to the state's growth.
"Bihar is now an attractive investment destination in the country. We are currently present in logistics, gas distribution, and agro-logistics, with an investment of ₹850 crore. Now, we aim to increase our investment around 10-fold," affirmed Adani, underscoring the pivotal role Bihar plays in the Adani Group's expansion plans. Also Watch: <a href="https://www.editorji.com/business-news/india-s-richest-race-gautam-adani-inches-closer-to-mukesh-ambani-1702552037720#google_vignette">India&rsquo;s richest race: Gautam Adani inches closer to Mukesh Ambani</a>

All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market

Adani shares soar: Investors gain ₹1.2 lakh crore in best day since Hindenburg crisis

<h2>Investors flocked the counters of all the 10 listed companies, with shares ending with sharp gains</h2>

Investors witnessed a significant upswing in Adani stocks, surging up to 20% following the positive sentiment from Friday's Supreme Court hearing regarding the Hindenburg issue.
This single trading session added Rs 1.19 lakh crore to investors' wealth. It marked the conglomerate's best trading day since the Hindenburg attack that resulted in substantial losses earlier in the year.
Shares of Adani Total Gas zoomed 20 per cent, Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up by 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
The combined market valuation of all the 10 firms soared to Rs 11.31 lakh crore at the end of trade on Tuesday. It stood at around Rs 10.26 lakh crore at the close of trading on Friday. Thus, the combined market valuation of all the 10 firms went up by about Rs 1 lakh crore on Tuesday.
Also read/watch - <a title="Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe" href="https://www.editorji.com/business-news/adani-vs-hindenburg-row-supreme-court-reserves-verdict-stresses-media-reports-not-absolute-truth-1700829726148#google_vignette">Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe</a>
What's driving the rally
Adani Group stocks surged following recent developments in the Adani-Hindenburg case, notably the Supreme Court's hearing on Friday. The Court reserved its verdict on petitions seeking an investigation into allegations made by Hindenburg Research against the Adani group regarding stock market regulation violations.
Market experts link the rise in Adani shares to the Supreme Court's indication that it trusts SEBI's investigation into Hindenburg Research's allegations of stock manipulation. Avinash Gorakshkar from Profitmart Securities highlighted the positive sentiment but cautioned about potential profit booking triggering a downward correction.
SEBI informed the Supreme Court that it doesn't need additional time for its investigation, having resolved 22 out of 24 cases related to the Hindenburg issue. The remaining aspects hinge on data from foreign regulatory bodies.
Chief Justice DY Chandrachud's panel concluded hearings on petitions and requested written submissions by Monday regarding the Adani-Hindenburg matter.








SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports





 
 













 



Adani versus Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

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<h2>SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports</h2>
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The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
Also read/watch - <a title="Tesla eyes $2 billion investment in India but with conditions: Report" href="https://www.editorji.com/business-news/economy/tesla-eyes-2-billion-investment-in-india-but-with-conditions-report-1700823418348#google_vignette">Tesla eyes $2 billion investment in India but with conditions: Report</a>
Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.

As US funding comes in, The conglomerate continues to face problems with Deloitte Haskins & Sells LLP resigning as Adani Port's auditor in August

US funds coming; Adani to expand overseas port venture

<h2>As US funding comes in, The conglomerate continues to face problems with Deloitte Haskins &amp; Sells LLP resigning as Adani Port's auditor in August</h2>

Adani Ports and Special Economic Zone the flagship company of India's Adani Group, is set to expand its overseas port empire following a $553 million US government financing deal for the West Container Terminal in Colombo. The announcement comes as a significant boost for the Adani Group, which has faced challenges, including a short-seller attack and corporate fraud allegations. The US funding is viewed as a strategic move to counter China's maritime influence in the Indian Ocean.
Karan Adani, the CEO of Adani Ports, revealed plans for further expansion into neighbouring countries, including Bangladesh, East African and Southeast Asian nations such as Tanzania and Vietnam. The move aligns with India's efforts to counter China's string of ports in the region. Despite facing protests and criticism in Sri Lanka and scaling back plans in Myanmar, Adani Ports aims to establish a foothold in key global regions.
While the US government's funding serves as a crucial financial injection for Adani's overseas ambitions, challenges persist. The conglomerate faces increased scrutiny over its business practices, with Deloitte Haskins &amp; Sells LLP resigning as Adani Port's auditor in August. Concerns have been raised over compliance with local laws and transactions between Adani Ports and unrelated entities.
Despite these challenges, Adani Ports remains India's largest port operator, with plans to expand domestically. The company recently inaugurated a transhipment terminal in Kerala to capitalize on the booming international trade. However, experts emphasize the need for Adani Ports to significantly scale up its operations to challenge China's extensive infrastructure investments, which span over 90 ports worldwide.
While Adani Group's focus is primarily on domestic business, Gautam Adani's long-standing friendship with Prime Minister Narendra Modi has tied the conglomerate's plans to India's economic objectives. The recent US funding represents a crucial step in Adani's long-term strategy to gradually build investments in South Asia and beyond, amid shifting global dynamics and China's evolving approach to infrastructure projects. Also Watch: <a href="https://www.editorji.com/business-news/adani-group-explores-complete-stake-sale-in-adani-wilmar-1699256869664">Adani Group in talks to sell entire stake in Adani Wilmar: Report</a>

Adani Group, led by Chairman Gautam Adani, eyes selling 43.97% stake in Adani Wilmar, redirecting funds to key infrastructure projects. Strategic shift signals a pivotal move in the conglomerate's restructuring efforts

Adani Group in talks to sell entire stake in Adani Wilmar: Report

<h2>Adani Group, led by Chairman Gautam Adani, eyes selling 43.97% stake in Adani Wilmar, redirecting funds to key infrastructure projects. Strategic shift signals a pivotal move in the conglomerate's restructuring efforts</h2>

The Adani Group, helmed by Chairman Gautam Adani, is reportedly in discussions with several multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar, the joint venture behind the popular Fortune brand of edible oils. The deal, which is anticipated to fetch the conglomerate between $2.5-3 billion, is expected to be finalized within a month, according to sources cited in The Economic Times.
Adani Wilmar, established in January 1999 as a joint venture between the Adani Group and Singapore-based Wilmar International, boasts a diverse product portfolio, including wheat flour, rice, pulses, and sugar. In addition to being a leading packaged food company in India, it holds the titles of the largest lauric fat manufacturer, the largest castor oil manufacturer, and the largest exporter of castor oil and its derivatives in the country.
While both the Adani Group and Adani Wilmar have refrained from commenting on the reported stake sale, sources suggest that the move aligns with the conglomerate's strategy to exit non-core assets and redirect resources towards core focus areas, particularly infrastructure investments, reported Business Today. The proceeds from the stake sale are expected to fuel these strategic initiatives rather than reducing debt, as per insiders.
This development follows earlier reports of the Adani Group's plans to divest non-core assets, aimed at creating a liquidity buffer. The move to sell its stake in Adani Wilmar signifies a pivotal step in the group's ongoing restructuring efforts, emphasizing a shift towards its core business interests. Adani Wilmar operates 23 plants across 10 states in India, solidifying its position as a key player in the country's packaged food industry. Also Watch: <a href="https://www.editorji.com/business-news/adani-group-nears-securing-3-5-bn-loan-for-ambuja-cements-acquisition-1697787193027">Adani Group nears securing $3.5 bn loan for Ambuja Cements acquisition</a>

Adani Group, led by Gautam Adani, nears $3.5B loan to refinance Ambuja Cements acquisition debt. Sources hint at swift finalization, reflecting market trust post-fraud allegations

Adani Group nears securing $3.5 bn loan for Ambuja Cements acquisition

<h2>Adani Group, led by Gautam Adani, nears $3.5B loan to refinance Ambuja Cements acquisition debt. Sources hint at swift finalization, reflecting market trust post-fraud allegations</h2>

The Adani Group, led by billionaire Gautam Adani, is on the verge of securing a substantial $3.5 billion loan. The funds will be utilized to refinance existing debt incurred during the acquisition of Ambuja Cements Ltd. This impending deal stands out as one of Asia's largest loans this year, reflecting the confidence creditors have in the Adani conglomerate.
Sources familiar with the matter, requesting anonymity due to its sensitive nature, have indicated that the agreement could be finalized within the coming week. The loan is anticipated to be priced between 450-500 basis points all-in-costs over the secured overnight finance rate, encompassing three tenors: 6-month, 18-month, and 3-year periods, as per a Bloomberg report.
The financing initiative follows a period of extensive negotiations with banks and comes in the wake of fraud allegations made by US-based short-seller Hindenburg Research earlier in the year. These allegations caused a significant drop in the company's bonds and shares. It is crucial to emphasize that Adani vehemently refuted these claims.
In a proactive move to strengthen their financial position, Adani's flagship company had already raised ₹12.5 billion ($151 million) in July by issuing local-currency bonds. This strategic financial manoeuvre aimed to dispel concerns arising from the Hindenburg allegations, paving the way for the group's current pursuit of this substantial loan.
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Congress leader Rahul Gandhi on October 18 cited a Financial Times report claiming that the Adani Group over-invoiced coal imported from Indonesia.

Adani doubled price of coal imported from Indonesia: Rahul Gandhi

Congress leader Rahul Gandhi on October 18 cited a Financial Times report claiming that the Adani Group over-invoiced coal imported from Indonesia.

Congress leader Rahul Gandhi on Wednesday cited a media report to accuse the Adani Group of over-invoicing in coal imports and fleecing people to the tune of Rs 12,000 crore in electricity rates.
Addressing a press conference at the AICC headquarters here, Gandhi attacked Prime Minister Narendra Modi, asking him to come clean on the Adani issue by initiating a probe into the matter and defend his credibility.
"Why is the prime minister silent on the issue&hellip;I am only helping the prime minister and asking him to come clean by starting an investigation and defend his credibility," Gandhi said.
The former Congress chief displayed a recent Financial Times report at the press conference which claimed that the Adani Group appears to have imported billions of dollars of coal at prices well above market value.
Gandhi claimed that as per the report Adani over-invoiced coal imports and took out Rs 12,000 crore from "people's pockets".
Adani bought coal in Indonesia and when it reached India, its price doubled, Gandhi alleged, citing the report.
Gandhi claimed this over-invoicing of coal was having an impact on electricity rates in the country and leading to consumers paying higher electricity bills. He also said that this story would have brought down any government in the world but no action was being taken in India.
"Adani has full protection of the government, everyone know which power is behind him," he said.
The opposition party has also been questioning the financial dealings of billionaire Gautam Adani's Group after US research firm Hindenburg alleged "irregularities" and charged it with stock price manipulation.
The Adani Group has denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part. There was no immediate response from the group on the fresh allegations.
Also watch: <a href="https://www.editorji.com/india-news/politics/what-does-amit-shah-s-son-do-rahul-gandhi-s-sharp-retort-on-dynastic-politics-1697552543326">'What does Amit Shah's son do?' Rahul Gandhi's sharp retort on dynastic politics</a>

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