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Gautam Adani has a new $5 billion business idea in mind | Company Business News
Livemint
·
8m ago
Medial
The Adani Group is set to invest $5 billion in India's metals business, expanding its reach beyond the cement sector. The conglomerate plans to focus on mining, refining, and production of copper, iron and steel, and aluminium over the next 3-5 years. This move will challenge existing players in the industry such as Vedanta, Hindalco Industries, and Tata Group. Adani aims to leverage its synergies with its renewable energy, transmission, logistics, ports, and infrastructure businesses to create an end-to-end ecosystem and control production costs. The company's investment in metals will support its green energy goals and reduce dependence on imports.
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TotalEnergies pauses business with Adani, says it was not aware of US probe
VCCircle
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8m ago
Medial
French oil company TotalEnergies has announced that it will suspend its financial contributions to Adani Group investments amid an ongoing US investigation into possible bribery and corruption at Adani Green Energy. Total holds a 20% stake in Adani Green Energy and claims it was not made aware of the investigation. Last week, US prosecutors charged eight individuals, including Indian tycoon Gautam Adani, with making improper payments to Indian officials for business advantages. TotalEnergies has described its relationship with Adani as a "strategic alliance" and estimates its financial exposure to Adani firms at around $4-5 billion.
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Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News
Livemint
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8m ago
Medial
The Securities and Exchange Commission (SEC) has charged Adani Group Chairman Gautam Adani and his nephew Sagar Adani, among others, with involvement in a multi-billion-dollar bribery and fraud scheme. The SEC alleges that Adani Green Energy and Azure Power raised funds from US investors, promising bribes to Indian government officials to secure solar energy contracts. This comes after a report by US-based short seller Hindenburg Research alleged stock manipulation and accounting fraud by the Adani Group, leading to significant market value losses. Adani Enterprises also saw a drop in share price and Gautam Adani's net worth.
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Gautam Adani's AMG Media Networks to acquire remaining stakes in Quintillion Business Media
IndianStartupNews
·
1y ago
Medial
Gautam Adani-led Adani Enterprises said that its unit AMG Media Networks board has approved the signing of a memorandum of undertaking to buy the remaining 51% stake in Quintillion Business Media
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Mr Adani was misquoted about retirement and heirs: Adani Group
Inshorts
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12m ago
Medial
Gautam Adani, chairman of Adani Enterprises, discussed succession planning in a Bloomberg interview, emphasising it should be gradual and systematic. The $213 billion company clarified that Adani was misquoted regarding his heirs and their stakes in the family trust. Adani didn’t specify a succession timeline, contrary to media reports suggesting his retirement and control transfer by early 2030s.
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US bribery charges linked to only one contract, comprises 10% of business: Adani Group CFO | Company Business News
Livemint
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8m ago
Medial
Indian billionaire Gautam Adani, along with seven others, has been indicted by US prosecutors for their alleged involvement in a $265 million bribery scheme to secure power-supply deals in India. Adani, one of the world's richest individuals, has denied the allegations. The indictment is linked to one contract of Adani Green Energy, which constitutes around 10% of its overall business. Other companies in the Adani conglomerate are not accused of any wrongdoing. The charges have had significant consequences, with Adani's shares falling and some global banks considering halting fresh credit to the group.
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Elon Musk now has more money than Mukesh Ambani and Gautam Adani combined
Livemint
·
1y ago
Medial
According to the Bloomberg Billionaire's Index, Elon Musk has emerged as the richest person, surpassing Mukesh Ambani and Gautam Adani combined. Musk's net worth is reported to be $204 billion, while Ambani has a net worth of $108 billion and Adani has a net worth of $95.9 billion. This development comes after Bernard Arnault briefly overtook Musk as the richest person. Elon Musk recently announced the successful implantation of a brain chip by his company, Neuralink.
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Gautam Adani ‘bribery’ case: GQG refuses to sell Adani shares; here’s why | Company Business News
Livemint
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8m ago
Medial
GQG Partners, a major foreign investor in the Adani Group, has announced that it will not sell its stake in the conglomerate. The investment giant stated that its exposure to Adani Group stocks is manageable despite market volatility. GQG Partners has a total exposure of $9.7 billion to the Adani Group, representing 6.1% of its total assets. The company believes that the recent indictment against the Adani Group's chairman and others will not have a material impact on the business. GQG Partners stated that it will continue to monitor the situation and assess any new developments.
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A relative of Gautam Adani turned a bankrupt firm into a nearly $1 bn company
Livemint
·
11m ago
Medial
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.
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US SEC issues summons for Gautam Adani, nephew on bribery allegations
VCCircle
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8m ago
Medial
The US Securities and Exchange Commission (SEC) has issued a summons to Indian billionaire Gautam Adani and his nephew, Sagar Adani, regarding allegations of bribery. The SEC is suing them for engaging in hundreds of millions of dollars in bribes to assist an Adani company with a bond offering. The Adani Group has denied the charges and stated that they are baseless. Gautam and Sagar Adani have also been accused of participating in a $265 million scheme to bribe Indian officials for power-supply contracts. The Adani Group's market value has been significantly affected by these allegations.
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Gautam Adani's Adani Ports confirms Deloitte resignation; appoints MSKA & Associates
IndianStartupNews
·
1y ago
Medial
Gautam Adani-led Adani Ports & Special Economic Zone Ltd. (APSEZ) has confirmed the resignation of UK-based accounting giant Deloitte and has announced the appointment of MKSA & Associates as its new statutory auditor.
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