Page 21 - Adani Group

Adani Energy Solutions incorporates wholly owned subsidiary AESSTL

Adani Energy Solutions (AESL) on Thursday said it has incorporated a wholly owned subsidiary Adani Energy Solutions Step-Ten Ltd (AESSTL). The AESSTL is incorporated in India and registered with the Registrar of Companies, Gujarat in Ahmedabad on December 18, 2024 and is yet to commence business operations, a regulatory filing said. According to the filing, AESSTL is incorporated by AESL, for transmission, distribution and supply of power and other infrastructure services relating thereto. The authorised share capital as well as paid-up share capital of the arm is Rs 1 lakh. The equity shares are being acquired at a face value of Rs 10 each. The AESL will hold 100 per cent equity of the AESSTL.

Ambuja Cements to merge Sanghi Industries, Penna Cement with self

The Adani Group-promoted firm had acquired SIL and PCIL in 2023 and 2024 respectively

Bangladesh's electricity imports from Adani plant drop 33% in November

Fuel oil use for power generation in Bangladesh surged 47.8% in November, up for the third straight month after declining for 21 consecutive months, a Reuters review of data from Bangladesh's power

HC rejects plea against Adani power contract, fines petitioner Rs 50K

The Bombay High Court on Monday dismissed a petition challenging a contract awarded by the Maharashtra government to Adani Group for supply of renewable and thermal power electricity, noting the plea was "unsubstantiated and reckless". A division bench of Chief Justice D K Upadhyaya and Justice Amit Borkar also imposed a cost of Rs 50,000 on the petitioner - Shriraj Nageshwar Aepurwar - for the vague petition. Aepurwar alleged the contract awarded to the Adani Group for the supply of 6,600 megawatts of renewable and thermal power was a violation of the petitioner's fundamental right to have access to fair electricity supply at a reasonable rate. The plea also levelled allegations against former state chief minister Eknath Shinde, who is currently the deputy CM, of having been involved in corrupt practices while awarding the contract to Adani Group. The bench, however, refused to accept the contentions and said, "In our opinion, filing of such petitions containing unsubstantiated an

Bihar doubles down on major investments as industrial growth surges

Bihar, once seen as less industry-friendly, has seen a surge in big ticket investments from the likes of Adani Group to Coca-Cola as it packages its vast resources with progressive policy to lure investors. Its industries and tourism minister Nitish Mishra, with his CEO-style approach to governance, is pivoting Bihar into a state that could be a gateway for investors to eastern India. Mishra says the perception bias regarding Bihar's industrial capabilities is slowly being overcome. In recent months, Adani Group has announced investment of Rs 8,700 crore in the state, Ambuja Cements is setting up a Rs 1,200-crore unit, and Coca-Cola is expanding its bottling capacity. Bihar Business Connect-2023 -- the state's investor meet -- last year saw memoranda of understanding (MoUs) worth over Rs 50,000 crore being signed with 300 companies. And the second edition this week is expected to rake in more. Bihar's industrial potential is limitless, he says. "Bihar has been a victim of perceptio

Adani Group shares trade firm; Power, Green Energy stocks gain up to 9%

Adani Green Energy Twenty Five, a step-down subsidiary of Adani Green, has commissioned a 250 MW solar power project at Rajasthan

Why Adani Group opted out of $553 mn US funding for Colombo port project

The Adani group has said it would finance the Colombo West International Terminal redevelopment project through its internal resources and capital management plan

Holding small Tricolour, red rose in hand, Oppn MPs urge govt to run House

Several opposition MPs on Wednesday greeted their BJP counterparts in Parliament premises with the tricolour in one hand and a red rose in the other, as they urged the ruling party to ensure that the House functions and all issues,including the Adani matter, is discussed. This is the latest in a series of unusual daily demonstrations led by the Congress over the Adani issue. Congress general secretary Priyanka Gandhi Vadra, MPs from the Congress, DMK, Jharkhand Mukti Morcha (JMM) and the Left parties, among others, stood in front of the Makar Dwar steps with most of them carrying a small tricolour card and a red rose. The MPs said they want to present this to their BJP counterparts and urge them to ensure that the House functions and all issues ,including the Adani matter, is discussed. Many MPs also carried placards with slogans 'Don't let the country be sold'. This comes a day after MPs carried dark blue 'jholas' with caricatures of Prime Minister Narendra Modi and industrialis

Parliament logjam: Congress asks govt to allow both houses to function

Amid continued disruptions in Parliament, the Congress on Wednesday asked the government to allow both the houses to function and not run away from a discussion on the Adani issue. "Dear Modi Government, On behalf of the people of India, we humbly request you to not further sell our country, and allow the Parliament to run - don't run away from discussion. Enough is enough!," AICC general secretary, organisation, K C Venugopal said in a post on X. Parliament proceedings were washed out in the first week of the winter session starting November 25 due to protests by opposition members demanding discussion on issues like the indictment of industrialist Gautam Adani in a US court and Sambhal violence. Since last week, the ruling BJP MPs have been raising the issue of alleged nexus between Soros and the Congress posing a threat to national security. Congress general secretary, communications, Jairam Ramesh said his colleague Gaurav Gogoi has written to the Lok Sabha Speaker to ensure th

The power of India's family businesses: Strength in a changing economy

While concentration in the Indian economy has declined, large family business groups have strengthened their position and continue to wield significant pricing power

Adani Green fastest wealth creator during 2019-24: Motilal Oswal study

Given its sheer size, RIL has remained the top wealth creator on an absolute basis during 11 out of the last 17 five-year study periods

Adani seeks new lifeline for troubled power plant amid B'desh pay backlog

The Adani plant, which accounts for about a 10th of Bangladesh's power consumption, has already racked up as much as $790 million of dues as of the end of September

Opposition won't stop raising Gautam Adani indictment issue: Pawan Khera

Congress leader Pawan Khera claimed that the BJP was not talking about the Adani issue because it had 'everything to hide'

Stocks to Watch on Dec 10: Vi, Metropolis, MapmyIndia, TaMo, LIC, PFC

Stocks to Watch on Dec 10: From Vodafone Idea (Vi) to Tata Motors, here is a list of stocks that will remain in limelight today

Govt nod to Adani Krishnapatnam Port for petro import in 'public interest'

The notification to allow continued petroleum imports at Krishnapatnam Port had a positive impact on the shares of Adani Ports, which gained over 1 per cent intraday on the Bombay Stock Exchange

Group to invest over Rs 7.5 trillion in Rajasthan, says Karan Adani

As part of its investments, it plans to set up four new cement plants to build additional capacity of 6 million tonnes per annum

Adani Group most attractive among Indian investment grade cos: Nomura

The Japanese firm also sees 'minimal risk' of termination of 8 gigawatt (GW) Solar Energy Corporation of India (SECI) solar manufacturing-linked projects

Stocks to Watch, Dec 9: GCPL, IndiGo, M&M, CEAT, Bajaj Auto, Paytm, SBI

Stocks to Watch, Dec 9: Here is a list of stocks from Adani group shares to GCPL that will remain in focus today

Kerala open to discuss new projects with Adani group: State min P Rajeev

Kerala is not averse to discussing any new project with the Adani group and will do so only if there is a "win-win" situation which benefits the people of the state as well, a senior state minister has said. However, the southern state is not keen to have any big industries which will cause pollution and ecological damage, P Rajeev, the Minister of Law, Industries and Coir, told PTI. The comments from the minister come even as there seems to be some unease among southern states when it comes to dealing with the Adani group, especially after the second richest Indian Gautam Adani and others faced charges of bribing officials to secure contracts. Rajeev said Kerala has a big investment from the Adani group in the Vizhinjam Seaport near its capital Thiruvananthapuram and added that the current government decided to go ahead with the project signed by the predecessors only because the benefits accrued to the state and its people through the ambitious transshipment port. He also clarifi

Adani's solar contract has lower tariff, can find new buyer: Analysts

Adani Group's solar power contract, which is at the centre of bribery allegations, has tariffs that are lower than competition and can find new buyers in case the pact is cancelled, according to analysts. US authorities have charged Adani Group Founder-Chairman Gautam Adani and others for being part of a scheme to offer USD 265 million bribe to Indian officials to gain a contract to supply 8 gigawatt of electricity generated from solar energy by Adani Green Energy Ltd (AGEL). The group has denied all charges. "If Adani promoters are found guilty, we believe the size of potential penalty is manageable given it is up to three times the value of the bribe," Nomura said in a report. The brokerage said there are about 1.8 GW solar projects commissioned in Gujarat from February-March 2024, with tariff of Rs 2.42 per unit under the 25-year power purchase agreements (PPAs). These operational projects are running under 5 special purpose vehicles, namely Adani Green Energy Twenty Four A Ltd