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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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Related News
Spotlight: Is the tide turning for Gopalpur Ports as Adani takes control?
VCCircle
·
1y ago
Medial
Adani Ports and Special Economic Zone Ltd recently acquired a 95% stake in Gopalpur Ports Ltd (GPL). This move further solidifies Adani's position as India's biggest port operator. The acquisition demonstrates Adani's commitment to expanding its presence in the maritime industry and highlights the potential growth opportunities in Odisha-based ports. Adani Ports, part of the Gautam Adani-led conglomerate, aims to leverage GPL's strategic location and tap into the region's economic potential. The acquisition could potentially herald a positive shift for Gopalpur Ports and contribute to Adani's overall growth trajectory.
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GQG Partners acquires 2.2 million shares, raises stake in Adani Ports to 5.03%
Livemint
·
1y ago
Medial
Investment firm GQG Partners increased its stake in Adani Ports to 5.03% by purchasing 2.2 million shares. This move followed Deloitte's resignation as the auditor for Adani Ports and SEZ Ltd. Deloitte cited a lack of clarity on transactions mentioned in a Hindenburg Research report and the company's resistance to an independent evaluation as reasons for its premature resignation. Deloitte identified a "material weakness" in the company's internal control system.
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Adani Group Looks To Invest In Petrochem, Mining In Azerbaijan
OutlookIndia
·
2m ago
Medial
Adani Group, led by Gautam Adani, plans to invest in petrochemical and mining projects in Azerbaijan, seeking to expand beyond India. Adani recently met with Azerbaijan President Ilham Aliyev to discuss potential collaborations, emphasizing Azerbaijan's appeal for foreign investments and transport logistics opportunities. The discussions included exploring the East-West and North-South transport corridors, enhancing the region's connectivity. Adani's venture aligns with his group's diversification strategy into international markets and various sectors beyond ports and coal mining.
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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
·
11m 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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Deloitte resigns as statutory auditor of Byju's and Aakash Educational
Money Control
·
2y ago
Medial
Deloitte has resigned as the statutory auditor of BYJU'S, citing long delays in the financial statements for the year ended March 31, 2022. The auditing firm also mentioned the lack of communication regarding the resolution of audit report modifications for the year ended March 31, 2021. BYJU'S confirmed the resignation but assured its stakeholders of a smooth transition to a new auditor. Byju's appointed BDO (MSKA & Associates) as Deloitte's replacement and as the company's statutory auditors for the year commencing from FY22 for the next five years.
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Gautam Adani's pay lags behind his own executives in FY24
Livemint
·
1y ago
Medial
Gautam Adani, the second richest person in India, received a total remuneration of ₹9.26 crore in 2024, which was lower than his key executives and industry peers. His compensation from Adani Enterprises Ltd (AEL) amounted to ₹2.46 crore, while he drew ₹6.8 crore from Adani Ports and SEZ Ltd (APSEZ). In comparison, his brother Rajesh received ₹8.37 crore and his nephew Pranav earned ₹6.46 crore. Notably, Adani's pay is significantly lower than that of other industry leaders such as Sunil Bharti Mittal, Rajiv Bajaj, and Pawan Munjal.
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Adani to invest $14 bn in FY25
Thehindubusinessline
·
1y ago
Medial
Adani Group, led by chairman Gautam Adani, plans to invest over ₹1.2 lakh crore (about $14 billion) in various sectors such as ports, energy, airports, commodities, cement, and media. This investment is part of the company's goal to spend $100 billion in the next 7-10 years to expand its businesses. About 70% of the planned investment will be allocated to Adani's green portfolio, including renewable power and green hydrogen projects. The company's strong cash flows and profitability have paved the way for these mega-scale investments.
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Gautam Adani overtakes Mukesh Ambani to become richest Asian
YourStory
·
1y ago
Medial
Gautam Adani has reclaimed the title of the richest person in Asia, surpassing Mukesh Ambani of Reliance Industries. Adani's net worth of $111 billion now ranks him 11th in the world, while Ambani follows closely at 12th with $109 billion, according to Bloomberg Billionaires Index. The surge in stock prices of Adani Group companies, driven by a optimistic outlook from US brokerage Jefferies, contributed to Adani's recent rise. Adani Group's market capitalization increased by Rs 84,064 crore, pushing Adani ahead of Ambani. Adani's conglomerate had faced setbacks earlier due to allegations of fraud but has since rebounded.
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Adani units in talks with MUFG for $250 mn offshore loans
Economic Times
·
6d 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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Gautam Adani's Adani Group in talks with Uber to introduce electric passenger cars: Report
IndianStartupNews
·
1y ago
Medial
Indian conglomerate Adani Group is reportedly in talks with Uber to introduce its electric passenger cars onto the ride-hailing platform. The partnership could bolster Adani's super app, Adani One, which offers various services including flight and vacation bookings, airport services, and cab bookings. Adani Group plans to purchase and integrate electric vehicles into Uber's fleet, potentially accelerating the adoption of electric vehicles and aligning with Adani's commitment to energy transition. The potential collaboration follows a meeting between Uber CEO Dara Khosrowshahi and Gautam Adani, where Adani praised Uber's expansion in India and hinted at future collaborations.
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