Login

News Post

A relative of Gautam Adani turned a bankrupt firm into a nearly $1 bn company

LivemintLivemint · 10d
A relative of Gautam Adani turned a bankrupt firm into a nearly $1 bn company

Diamond Power Infrastructure Ltd, a small electric cables and transmission towers manufacturer based in Ahmedabad, has experienced a significant turnaround, going from bankruptcy to a market capitalization of nearly $1 billion. The firm's improved financial position can be attributed to increased business from the Adani conglomerate. However, while the company's chairman and managing director, Rakesh Shah, is the brother-in-law of Gautam Adani, the Indian business tycoon, Diamond Power Infrastructure claims that their transactions with Adani group companies are not related-party transactions. Experts suggest that regulatory bodies should expand the definition of related parties to include such relationships.

2
1
View Source

Comments

More Like this

SoftBank to offload 1.1% stake in Zomato worth Rs 1,024 crore via bulk deal

SoftBank to offload 1.1% stake in Zomato worth Rs 1,024 crore via bulk deal

Google upstages itself with Gemini 1.5 AI launch, one week after Ultra 1.0

Google upstages itself with Gemini 1.5 AI launch, one week after Ultra 1.0

SoftBank took home $1.8-1.9 billion from four listed portfolio companies

SoftBank took home $1.8-1.9 billion from four listed portfolio companies

Apple is rolling out VisionOS 1.1. with improved personas

Apple is rolling out VisionOS 1.1. with improved personas

Policybazaar Co-founders Dahiya, Bansal sell 1.8% stake; shares dip 1.4%

Policybazaar Co-founders Dahiya, Bansal sell 1.8% stake; shares dip 1.4%

Saudi mining company Ma’aden to buy Alcoa's stake in joint venture for $1.1 bn

Saudi mining company Ma’aden to buy Alcoa's stake in joint venture for $1.1 bn

Softbank's SVF growth seeks to sell 1.1% stake in Zomato

Softbank's SVF growth seeks to sell 1.1% stake in Zomato

Accenture secures $1.1 billion GenAI projects in Sep-Feb

Accenture secures $1.1 billion GenAI projects in Sep-Feb

Inspeq AI Raises $1.1 Million to Revolutionize Gen-AI

Inspeq AI Raises $1.1 Million to Revolutionize Gen-AI

Instacart Founder Mehta exits startup with $1.1 bn after IPO

Instacart Founder Mehta exits startup with $1.1 bn after IPO

Download the medial app to read full posts, comements and news.