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Gautam Adani to step down from Adani Group in the 2030s: Who is likely to gain control?
Livemint
·
1y ago
Medial
Gautam Adani, Chairman of Adani Group, announced his plan to step down from his role once he turns 70. Adani, the second richest man in Asia, intends for the succession to be organic and gradual, leaving it to his sons and cousins. After his retirement, his heirs will become equal beneficiaries of the family trust that holds the Adani Group. The names being considered for the vacant Chairman's post are Karan and Pranav. Adani Enterprises recently reported strong Q1 results, with doubled profits thanks to expansion in renewable energy.
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Mr Adani was misquoted about retirement and heirs: Adani Group
Inshorts
·
1y 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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Gautam Adani’s succession plan: Sons Karan and Jeet, nephews Pranav and Sagar to be in saddle; all about the 4 heirs | Mint
Livemint
·
1y ago
Medial
Gautam Adani, India's second richest man, discussed his retirement plans and business successors in an interview with Bloomberg. Adani plans to step down from the business at the age of 70. He is the Founder and Chairman of the Adani Group, while his brother Rajesh Adani is the Managing Director. Adani's sons Karan and Jeet, as well as his nephews Pranav and Sagar, are named heirs through a family trust. Pranav Adani handles consumer businesses, Karan Adani is in charge of Adani Ports and SEZ, Sagar Adani oversees Adani Green Energy, and Jeet Adani leads Adani Digital Labs.
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Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News
Livemint
·
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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Adani Group could find funding harder after $265 mn bribery indictment
VCCircle
·
8m ago
Medial
Indian conglomerate Adani Group may face difficulty in securing funding following the recent indictment of its billionaire founder, Gautam Adani, for his alleged involvement in a $265 million bribery scheme. Some global banks are considering halting fresh credit to the group, while ratings agency S&P warned of potentially fewer takers for Adani's planned equity and debt market access. The fallout could extend beyond the Adani Group, impacting India's renewable energy sector and potentially slowing down international investment and project financing. The Securities and Exchange Board of India is also investigating if Adani entities breached local market regulations.
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US SEC seeks India's help in Adani fraud probe
VCCircle
·
5m ago
Medial
The U.S. Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in investigating Adani Group founder Gautam Adani and his nephew, Sagar Adani, over alleged securities fraud and a $265 million bribery scheme. While efforts to serve the complaint are ongoing, the SEC is seeking India's Ministry of Law and Justice's help. Neither is in U.S. custody as they are in India. Adani Group has denied the allegations, calling them baseless.
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Adani units in talks with MUFG for $250 mn offshore loans
Economic Times
·
1m ago
Medial
Adani Group's subsidiaries, Adani Ports and Adani Airport Holdings, are negotiating to secure $250 million in offshore loans from Mitsubishi UFJ Financial Group (MUFG). Adani Ports aims to raise $100 million, while Adani Airport Holdings looks to secure $150 million. This potential deal would represent the first such loan by MUFG to Adani since allegations of bribery involving Gautam Adani. The Adani port agreement might be finalized soon, and discussions are ongoing with additional Japanese lenders.
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Former CDPQ exec, Gautam Adani charged in $250 mn bribery case in US
VCCircle
·
8m ago
Medial
Former executive at Canadian pension fund CDPQ, Cyril Cabanes, has been charged alongside Indian billionaire Gautam Adani and other senior officials at Adani Group in an alleged bribery and fraud case in the US. Cabanes is accused of agreeing to pay $250 million in bribes to Indian officials between 2020 and 2024 to secure solar energy supply contracts above market rates. Cabanes, who now serves as CEO of MorGen Energy, has been charged with Foreign Corrupt Practices Act violations. The Adani Group also stands accused of issuing bonds and loans worth over $3 billion based on false statements.
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US SEC issues summons for Gautam Adani, nephew on bribery allegations
VCCircle
·
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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Adani CFO refutes US allegations: ‘Individuals accused in bribery case to clarify matter in 10 days’ | Company Business News
Livemint
·
8m ago
Medial
Adani Group CFO, Jugeshinder Singh, has refuted the bribery allegations against group executives made by the US, stating that the accusations are unfounded. Singh stated that the individuals involved will provide clarity on the matter within 10 days. US authorities had accused Chairman Gautam Adani, his nephew Sagar Adani, and managing director of Adani Green, Vneet S. Jaain, of participating in a $265 million bribery scheme to secure solar power contracts in India. Adani Group has consistently denied the charges and pledged to explore legal options.
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Adani, others accused of paying $250M bribes to secure lucrative solar deals
YourStory
·
8m ago
Medial
Indian billionaire Gautam Adani, chairman of the Adani Group, has been charged by US prosecutors for his alleged involvement in a scheme to pay $250 million in bribes to Indian officials in order to secure favorable solar power contracts. Adani, along with his nephew Sagar and other defendants, is accused of orchestrating an elaborate scheme to bribe government officials. The charges include securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adani Group has not yet responded to the charges.
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