Page 9 - Adani

Adani unveils new campaign as it looks to bounce back from US indictment

Billionaire Gautam Adani's conglomerate on Thursday unveiled a new version of its 'Hum Karke Dikhate Hai' campaign as it looks to bounce back from the damning indictment by the US authorities in an alleged bribery case. "Building on the success of its previous edition, this multi-media, multi-platform campaign moves beyond the conventional corporate strategy of emphasizing statistics and figures to focus on inspiring human-interest stories. These narratives showcase the profound, positive impact of Adani's infrastructure projects on the lives of millions of Indians," the group said in a statement. On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against chairman Gautam Adani, his nephew Sagar Adani and key executive Vneet Jaain. The charges relate to allegations of securities fraud, wire .

Adani, under bribery scrutiny, pressed by Bangladesh to reopen power deal

Dhaka has been behind on payments to Adani Power since supply started in July 2023

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.

Use technology to drive progress, guard against misuse: Jeet Adani

India cannot stay out of global technological race and should build capabilities that will keep it at the top while remaining vigilant against its misuse, said Jeet Adani, Director, Adani Airport Holdings Ltd. Speaking at IIT Bombay's Techfest 2024, Adani, the 27-year old younger son of infrastructure magnate Gautam Adani, said the future of technology is both scary and exciting. "But be it scary or exciting, we cannot afford to ignore technology or even go slow in our use of technology -- either as a nation or as its citizens. India cannot stay out of this global race," he said. "Our generation needs to build capabilities to lead India into this new technological era if we want to stay at the top of our game and realise our dream of Viksit Bharat -- to become a USD 26-trillion economy by 2047," he said. While technology has helped mankind progress, it is also being applied to wrong causes -- fake news, fake photos, fake videos, fake money, online scams, spoofing, phishing, and ...

Seci's Adani solar deal faces scrutiny after being approved against advice

Two years earlier, Andhra Pradesh's energy regulator had said in a 10-year forecast the state had no short-term need for solar 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

No problem with Adani funding Colombo Port project: Sri Lankan minister

The Sri Lankan government wants to see the deep-water container terminal project at the Colombo port go ahead and has no issue with the Adani-led conglomerate using its own resources to fund it, ports minister Bimal Rathnayaka has said. In an exchange filing late on Tuesday, Adani Ports and SEZ Ltd said the project "is on track for commissioning by early next year" and added that the company will fund the ongoing project through "internal accruals", aligning with its capital management strategy. It is a very important project for revenue generation for the port, we are keen to see it going ahead," Rathnayaka told reporters during a tour of the port on Thursday. He said the Adani group's decision to reject funding from the US International Development Finance Corporation (DFC) was its own and Sri Lanka had no issues with it. The DFC, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container termi

Opposition protests in parliament, demands JPC probe on Adani issue

Several opposition MPs on Thursday staged a protest inside Parliament complex carrying placards of different Hindi letters that jointly read 'desh bikne nahin denge' and raised slogans to reiterate their demand of a joint parliamentary probe into the Adani issue. 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, and the Left parties, among others, stood in front of the Makar Dwar steps and in front of Samvidhan Sadan with most of them carrying the placards that together read 'desh bikne nahin denge (will not let the country be sold off)'. They raised slogans against the alleged collusion between Modi and Adani and demanded a joint parliamentary committee (JPC) probe into the matter. On Wednesday, several opposition MPs greeted their BJP counterparts in Parliament premises with a tricolour in the form of a card in one hand and a red rose in the other,

Meeting Adani is not sin: TN BJP chief Annamalai slams DMK, Congress

It is the Congress and DMK MPs that started this bogus protest outside the Parliament saying that 'Adani-BJP Ek Hai, said Annamalai

AIADMK slams Tamil Nadu CM Stalin, says he is a 'pathological liar'

This comes after Stalin rejected his allegations that he had a meeting with Gautam Adani

Big cos creating monopoly to drive small shopkeepers out: Rahul Gandhi

Leader of Opposition in the Lok Sabha Rahul Gandhi on Tuesday said "big companies are creating a monopoly" to drive small shopkeepers out of business and asserted that he is talking about strengthening such small businesses as they are holding the country's economy together. Gandhi posted a video on his social media handles on his recent visit to a 'kirana store' in Delhi's Bhogal to learn about the issues being faced by such small business owners. "There are about 1.3 crore grocery shops in the country. And about 15 to 20 crore families are directly or indirectly dependent on these shops. Recently, I visited one such shop in Bhogal, Delhi and talked to the shopkeepers, workers and some customers there," he said in the post accompanying the video. "The shop owners told me that they are under a lot of pressure since the arrival of quick commerce companies. Big companies are creating a monopoly so that small shopkeepers can be put out of business," the former Congress chief said. Goo

Parliament Winter Session: Opposition MPs hold protest over Adani issue

Opposition leaders on Monday held a protest against the government at Parliament premises over the Adani issue. Leaders were seen wearing face masks of Gautam Adani and PM Modi.

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

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

We will not disturb Adani port at Vizhinjam: Kerala industries minister

Says Kerala does not see labour unrest unlike many other states

Govt hiking tax for common man, giving concessions to billionaires: Rahul

Congress leader Rahul Gandhi on Saturday said while the Narendra Modi government is hiking the rates of the income tax and other taxes for the common man, it is giving concessions to billionaires, and claimed that it is set to introduce another slab of the GST to burden people. Gandhi said the Congress will continue to oppose this "injustice" of imposing higher tax rates on things of daily use and giving concessions to big billionaires. "See another example of concessions to capitalists and looting common people. "On one hand, the income tax is increasing constantly in comparison to the corporate tax. On the other hand, the Modi government is preparing to collect more money through Gabbar Singh Tax," he said in a post in Hindi on X. "It is heard that amidst the ever-increasing collection from the GST, the government is going to introduce a new tax slab -- there is a plan to increase the GST on things of daily need. "Just think -- the wedding season is going on, people must have be

Kerala govt hiked power tariffs to benefit Adani, alleges Opposition

Senior Congress leader Ramesh Chennithala on Saturday accused the Kerala government of hiking the electricity tariff "to benefit ports-to-energy conglomerate Adani" by bringing it into the power purchase system in the state. Chennithala alleged that the long term power purchase agreement signed during the UDF administration in 2016 to buy electricity at rates below Rs 5 per unit was cancelled during the LDF rule to facilitate the entry of Adani into this system. The Kerala government had on Friday announced a 16 paise per unit increase in electricity tariffs for the 2024-25 financial year, effective from December 5. An additional hike of 12 paise per unit is set to follow in the 2025-26 financial year. The Congress leader said this move of the government makes it clear that it was hand-in-glove with the power producing companies, especially Adani. "Adani is the biggest beneficiary of this move. This decision of the government is aimed at bringing Adani into the power purchasing sys

Adani's Kutch copper refinery to help cut reliance on imports: Govt

The government on Friday said that once Adani's Kutch copper refinery is ramped up to full capacity, which is likely by early next year, the country will be self-sufficient in refined copper. In a statement, the mines ministry said that till that time some amount of import of refined copper will take place in India. "Adani's Kutch Copper Refinery has since come into production. However, as per company officials, ramp up to full capacity will require some more time (about Feb-March 2025). Once achieved, India will be self-sufficient in refined copper, and will not have to rely on imports," it said. In the last fiscal, India imported about 3,63,000 tonnes of refined copper cathode worth Rs 24,552 crore. Japan accounts for about two-thirds 67 per cent-- of the refined copper imports. In quantity terms, about 69 per cent of the country's refined copper imports come from Japan. Tanzania is India's second important source of refined copper, contributing about 18 per cent of the imports

CM Stalin didn't meet Adani, will sue for spreading rumours: Senthil Balaji

Tamil Nadu Chief Minister M K Stalin did not meet industrialist Gautam Adani nor was any contract signed with the Adani group, state Electricity Minister V Senthil Balaji stated on Friday and warned of legal action against those spreading rumours in this regard. The DMK regime did not enter into any contract and there was only a case pertaining to the purchase of power at 7.01 per unit pending in the supreme court, he said, referring to the 2015 agreement entered upon during the AIADMK rule for a 25-year period to buy power from the company's 648 MW solar plant in Ramanathapuram district. "It is only understandable that the half-baked politicians try to portray the AIADMK government's power purchase decision as the DMK government's power purchase decision, as if they are ignorant of the supreme court case. They lack the courage to criticise the Adani company or the AIADMK," Balaji said in a statement. "No agreement was signed with the Adani group during the DMK regime and the chief

Several Oppn MPs take out protest march in Parliament on Adani issue

Several Opposition MPs led by the Congress on Friday held a protest march inside Parliament complex on the Adani issue, wearing black masks that read "Modi Adani bhai bhai". The protest saw several leaders from some of the INDIA bloc parties marching, holding a copy of the Constitution and raising slogans against industrialist Gautam Adani. RJD, JMM and left parties' MPs were among those who joined the protest. TMC and Samajwadi Party, which did not participate in demonstration, have so far stayed away from any such denunciation of Adani. The decision has been seen by the ruling Bharatiya Janata Party (BJP) as a "division" in the opposition bloc. Leader of Opposition in Lok Sabha Rahul Gandhi and his sister Priyanka Gandhi Vadra, the newly elected MP from Wayanad , were among those present in the march. Priyanka later alleged that the government was scared of holding a discussion on the Adani issue and wondered why was it so. The Congress and several other opposition parties hav