Congress leader Jairam Ramesh. File
| Photo Credit: The Hindu

The Congress on June 15 said it is the government’s responsibility to ensure that competition among corporates is not stifled, oligopolies or monopolies do not emerge and corporate takeovers are free and fair.

“It is also the government’s responsibility to ensure that undue advantage arising out of access to political power is not exercised,” party general secretary Jairam Ramesh said.

His comments came after the Adani Group acquired Penna Cements while strengthening its share in the cement sector in southern India.

“Aap chronology samajhiye (understand the chronology): September 2022: Adani acquires Ambuja Cements and ACC, to become country’s second largest cement player. August 2023: Adani acquires Sanghi Industries, India’s largest single-location cement unit. June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of South India.” he said.

“Upcoming: Adani is exploring the acquisition of Saurashtra Cement, Vadraj Cement, and the cement business of Jaiprakash Associates,” Mr. Ramesh claimed in a post on X.

Quoting former RBI deputy governor Viral Acharya, he said the noted financial economist had established that the five big conglomerates, including the Adani Group, are building monopolies in 40 sectors, including in the cement sector.

“This growing monopolisation is linked to India’s shaky economic growth, unemployment crisis, and high inflation. In 2015, when a common man used to spend ₹100 on goods, ₹18 would go as profit to the business owner — in 2021, the owner now gets ₹36 in profits,” Mr. Ramesh claimed.

“Firms must grow. Companies must expand. But at the same time, the government has a responsibility to ensure competition is not stifled, oligopolies or monopolies do not emerge, takeovers are free and fair, and undue advantage arising out of access to political power is not exercised,” the Congress leader said in his post.

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad. File
| Photo Credit: Reuters

Adani group saw a 55% profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade.

Emerging from a damning report of a U.S. short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.

This helped net profit surge to ₹30,767 crore for the group’s listed companies in the fiscal from ₹19,833 crore a year earlier, according to exchange data and analysts. The five-year CAGR (compounded annual growth rate) for profit growth was 54%.

EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 40% to ₹66,244 crore despite a 6% revenue fall.

EBITDA surges 40%

“Total group EBITDA grew 40% year-on-year in FY24 (5-year CAGR of over 27%), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group companies and group Mcap rebounded,” as per a Jefferies note. “The group is back on an expansion spree and eyeing $90 billion capex over next decade.” Group leverage was at a multi-year low, the U.S.-based brokerage said.

“Net debt at the group level (eight companies plus debt related to cement-business acquisition) was remained stable at ₹2.2 lakh crore in FY24 vs ₹2.3 lakh crore. Net debt/EBITDA improved materially to 3.3x FY24 EBITDA vs 5x year-on-year,” it said.

Adani Ports and Adani Power saw a drop in net debt in FY24. Increase in leverage for Adani Enterprises and Adani Green was on the back of new capex projects undertaken by companies.

In FY24, the group’s flagship Adani Enterprises commissioned an ingot wafer unit as part of solar module manufacturing, wind turbine facility and copper smelter. Adani Cement completed the Sanghi Cement acquisition while promoters infused more funds in the company.

Adani Ports acquired Gopalpur port, Adani Power commissioned 1.6 GW Godda power plant, Adani Green added 2.8GW renewable energy capacity and commenced operations of solar power project in Khavda, Gujarat, and Adani Energy Solutions put up 1,244 circuit kilometers of transmission lines.

On the way forward, Jeferries said, “Adani Enterprises is amid scaling its captive manufacturing capacity towards starting green hydrogen production by FY27; Navi Mumbai Airport appears likely to commission by 4QFY25; data centre projects are scaling up.” Adani Cement is looking to double capacity, Adani Ports has outlined its 5-year business road map that targets EBITDA growth at 18 per cent CAGR in FY24-29.

“Ports EBITDA is expected to rise at 16 per cent CAGR led by expansion and ramp-up with the company targeting 1 billion tonnes cargo volume by 2030 (15 per cent CAGR),” it said, adding Adani Green has raised its 2030 power capacity target from 45 GW to 50 GW now including 5GW pumped hydro.

Adani Total Gas plans to grow new business segments including LNG station network for transport and mining sector and EV charging facilities. Commodities firm Adani Wilmar is focused on distribution expansion, ramping alternate channels and improving mix of premium brands.

Jefferies recommended ‘Buy’ on four group companies — Adani Enterprises, Adani Ports & SEZ, Adani Energy Solutions and Ambuja Cements.

Adani Group will invest about ₹2.3 lakh crore through 2030 in India’s most ambitious renewable energy expansion and solar and wind manufacturing capacity addition ever as it shrugs off a short-seller attack to pursue its trademark rapid growth plans.

Adani Green Energy Ltd, India’s largest renewable energy company, will invest about ₹1.5 lakh crore in expanding capacity to generate electricity from solar energy and wind power at Khavda in Gujarat’s Kutch to 30 gigawatts from 2 GW currently and another ₹50,000 crore in 6-7 GW of similar projects elsewhere in the country, a top company official said.

Adani New Industries Ltd (ANIL), a unit in the group’s flagship Adani Enterprises Ltd, will invest close to ₹30,000 crore in expanding solar cell and wind turbine manufacturing capacity at Mundra in Gujarat.

AGEL, which currently has an operating portfolio of 10,934 megawatts (10.93 GW), is targeting 45 GW of renewable energy capacity by 2030. 30 GW of this will come up at just one location at Khavda – the world’s largest renewable energy project.

“We have just now commissioned 2,000 MW (2 GW) of capacity at Khavda and plan to add 4 GW in the current fiscal (financial year ending March 2025) and 5 GW every year thereafter,” said Vneet S. Jaain, Managing Director, AGEL.

To support these plans as well as meet requirements of other domestic renewable players and export market, ANIL plans to expand its cell and module manufacturing facility at Mundra to 10 GW by 2026-27 from current 4 GW, Mr. Jaain, who is also a director on the board of ANIL, said.

Crystalline silicon is turned into cells capable of converting sun rays into electric current and mounted on modules before being placed in high radiation areas such as Khavda. Electricity thus generated is wired to the transmission grid for onward movement to customers.

Besides solar manufacturing, ANIL is also doubling capacity to make windmills that generate electricity from wind, to 5 GW in three-and-a-half years, he said.

Adani Group which spans from seaports to electricity generation and transmission, natural gas distribution, mining, copper production, airports, data centre and commodities business, has a capital expenditure outlay of ₹1.2 lakh crore for 2024-25 fiscal (April 2024 to March 2025).

The group’s renewable energy plans are the most ambitious by any corporate in the country which is targeting to generate 500 GW of electricity from non-fossil sources by 2030 as part of a broader plan of achieving net-zero emissions by 2070.

Mr. Khavda, spread over 538 square kilometres which is the equivalent of five times the area that the city of Paris does, will at peak generate 81 billion units that can power entire nations such as Belgium, Chile and Switzerland. AGEL’s other project sites are in Rajasthan and Tamil Nadu.

The massive clean power generation park is located in barren land close to the border with Pakistan.

Mr. Jaain said the 30 GW planned at Khavda would comprise 26 GW of solar and 4 GW of wind capacity.

AGEL’s existing operational portfolio comprises 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

Its current portfolio of 10,934 MW, which will power more than 5.8 million homes and avoid about 21 million tonnes of carbon dioxide emissions annually, represents around 11 per cent of India’s installed utility-scale solar and wind capacity, contributing over 15 per cent of the nation’s utility-scale solar installations.

The renewable energy push comes as the apples-to-airport conglomerate shrugs off the impact of Hindenburg Research that in January last year published allegations that Adani companies had engaged in share price manipulation and accounting fraud.

The group has refuted all allegations, which caused the combined market capitalisation of its listed companies to fall by $150 billion at their worst point. Its chairman Gautam Adani has in recent months stated that the group’s balance sheet was “healthier than ever before”.

In the immediate aftermath of the short-seller report, Adani has reassured investors and bondholders by slowing some investment plans, paying down share-backed debt and selling stakes to outside backers, including Florida-based investment firm GQG Partners. But now it is back to its breakneck speed expansion, switching back-to-back deals including one with Reliance Industries Ltd of rival billionaire Mukesh Ambani.

Billionaire Gautam Adani-led group on March 28 announced the start of the first phase of the world’s largest single-location copper manufacturing plant at Mundra in Gujarat, which will help cut India’s dependence on imports and aid energy transition.

Kutch Copper, a subsidiary of group’s flagship firm Adani Enterprises Ltd, “commissioned the first phase” of $1.2 billion “greenfield copper refinery by dispatching the maiden batch of cathodes to customers”, the company said in a statement.

The first phase of the facility that will produce 0.5 million tonnes a year of refined copper has started operations and full-scale 1 million tonnes capacity is expected by FY29 (March 2029).

India joins China and other nations that are rapidly expanding production of copper, a metal crucial for transition away from fossil fuels. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper.

“On completion of the second phase, Kutch Copper, with 1 million tonnes per annum, will be the world’s largest single-location custom smelter, benchmarking ESG performance standards while leveraging state-of-the-art technology and digitalisation,” the statement said.

It will create 2,000 direct and 5,000 indirect employment opportunities.

India’s per capita copper consumption is estimated around 0.6 kg compared to the global average of 3.2 kg. India’s drive towards clean energy systems, increasing penetration of electric vehicles and a host of associated applications are expected to double the domestic copper demand by 2030.

The Adani Group is investing heavily in energy transition, in which copper will play a vital role. It is expanding into adjacent areas of its current capabilities, which makes the copper business a strategic fit.

“With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India’s leap towards a sustainable and aatmanirbhar (self-reliant) future,” said Gautam Adani, Chairman of the Adani Group. “Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector.”

He said the domestic copper industry will play a crucial role in achieving the nation’s goal of carbon neutrality by 2070. “When (fully) commissioned, our modern smelter will set new benchmarks in copper production, with an enhanced thrust on innovative green technology.”

Kutch Copper is working towards establishing Kutch Copper Tubes Limited as part of its forward integration strategy to add copper tubes to its portfolio, the statement said, adding the tubes will cater to applications in air conditioning and refrigeration.

Copper is the third most used industrial metal after steel and aluminium, and its demand is rising on the back of fast-growing renewable energy, telecom, electric vehicles, charging infrastructure, and the development of power transmission and distribution networks.

India’s copper production has been unable to meet this demand, and domestic supply disruptions have led to a higher dependency on imported copper.

Imports have been consistently on the rise for the past five years. For FY23 (April 2022 to March 2023 fiscal), India imported a record 1,81,000 tonnes of copper, while exports plummeted to a record low of 30,000 tonnes, even lower than the Covid pandemic period, according to the government data.

The country is estimated to have consumed 7,50,000 tonnes of copper in FY23 (612 KT in FY22). The number is expected to rise to 1.7 million tonnes by 2027 on the back of huge demand from the green energy industry.

Global demand for copper from solar photovoltaic (PV) installations alone is estimated to double to 2.25 million tonnes in the current decade.

Adani group, which is rapidly growing its renewable portfolio, will be a significant consumer of the red metal.

“The technology used by Kutch Copper is engineered to have the lowest carbon footprint. One-third of the plant area has been designated as green belt space, and 15% of the capital has been allocated towards environmental protection. To minimise the ecological impact, the plant has implemented a zero-liquid discharge model and uses desalinated water for operations. It also recycles treated wastewater within processes to reduce waste,” the statement added.

Adani Group’s foray into copper manufacturing is a natural extension of its trading, mining, logistics, infrastructure, and manufacturing businesses.

Kutch Copper will produce copper cathodes and rods as well as valuable byproducts such as gold, silver, selenium and platinum.

Additionally, the integrated complex will produce sulphuric acid, which is a key raw material for manufacturing phosphatic fertilizers, detergents, pharmaceuticals, speciality chemicals, paper and sugar bleaching, and water treatment. India imports roughly two million tonnes of sulphuric acid.

The plant will produce 500,000 tonnes of refined copper per annum in Phase I with byproducts — nearly 25 tonnes of gold, 250 tonnes of silver, 1.5 million tonnes of sulphuric acid, and 250,000 tonnes of phosphoric acid. The Phase II expansion will increase the refined copper capacity up to 1 million tonnes per annum, sources said.

Adani’s copper plant comes at a time when Vedanta Ltd is seeking to reopen a long-shuttered 400,000 tonnes plant at Tuticorin in Tamil Nadu. The country’s biggest copper smelter is currently operated by Hindalco Industries Ltd, which also has a capacity of 0.5 million tonnes.

Globally, copper production is more concentrated than oil. The two top producers — Chile and Peru — account for 38% of world production.

The Adani Group will invest about ₹75,000 crore in Madhya Pradesh, including ₹5,000 crore in building the Mahakal Expressway between Ujjain and Bhopal, Pranav Adani, its Managing Director (Agro, Oil and Gas) and Director of Adani Enterprises, said on Friday.

Mr. Adani made the announcement on the first day of a two-day investor summit, Invest Madhya Pradesh: Regional Industry Conclave 2024, in Ujjain, in the presence of Madhya Pradesh Chief Minister Mohan Yadav. He said that investment in the State would be made in various sectors, including roads, natural resources, cement, food processing, logistics and agri-logistics, defence manufacturing, thermal power, and renewable energy. 

“Our faith in your (Mr. Yadav’s) visionary leadership will see us investing close to ₹75,000 crore in Madhya Pradesh. Of this, ₹5,000 crore will be utilised to build the Mahakal Expressway from this great city Ujjain, to Bhopal, through Indore,” Mr. Adani said, addressing the gathering of business leaders. 

Mr. Adani said that the group will invest close to ₹30,000 crore to ramp up power generation at its Mahan Energen plant in Singrauli district, taking it from the current 1,200 megawatt to 4,400 MW. The move, he said, aims at enhancing M.P.’s access to reliable and affordable power.

“We will also invest close to ₹28,000 crore to setup 3,410 MW-capacity pump storage projects,” he added.

Mr. Adani said that a clinker unit with a capacity of four million tonnes per annum would be established in Chorgadi, Sidhi, and one cement grinding unit each would be set up in Bhopal and Dewas, with a combined capacity of eight million tonnes annually, with an investment of ₹5,000 crore. 

“In the natural resources sector, we will invest over ₹4,000 crore and another ₹600 crore to expand our presence in the food processing, logistics and agri-logistics, and the defence manufacturing sectors,” he added. 

Mr. Adani also said that the group’s cumulative investments in the State currently amount to about ₹18,000 crore and claimed that it has created nearly 11,000 employment opportunities in the State.

He also highlighted the group’s investment in the State in the fuel distribution sector, including the CNG city gas distribution, LNG, EV, and biofuel businesses. The funds would be used to strengthen the city gas distribution networks in Bhind, Burhanpur, Anuppur, Tikamgarh and Alirajpur.

Mr. Adani said that the company’s planned investments in the State are likely to generate about 15,000 direct and indirect employment opportunities.

The Chief Minister also held one-on-one meetings with various business leaders, including M.V. Satish, director and senior executive vice-president of Larsen & Tourbo, and Rajeev Gulati, MD of MDH Spices. 

Speaking at the inaugural ceremony, Mr. Yadav said that the two-day summit would bring in investment worth more than ₹1 lakh crore for the State. 

Mr. Yadav also said that that the government would sanction land worth more than ₹15,000 crore for over 250 industrial projects that are expected to provide employment to 26,000 people across the State. 

He also said that instead of holding one global summit in a large city, his government, in future, would conduct similar regional events in other cities such as Jabalpur, Rewa and Gwalior.

Adani Power Limited’s bank loan facilities were rated ‘A’ with a stable outlook earlier.
| Photo Credit: Photo Credit: X/@CRISILLimited

Crisil Ratings has upgraded its ratings on Adani Power Limited’s (APL) ₹38,000 crore of bank loan facilities to ‘AA-‘, saying the business and financial risk profile of the company has seen “strong improvement”. The loan facilities were rated ‘A’ with a stable outlook earlier.

“The rating upgrade follows the strong improvement in the business and financial risk profiles of APL,” Crisil Ratings said in a report.

“The upgrade is driven by better-than-expected operating performance backed by timely commissioning and ramp-up of the Godda power plant (1.6 GW), Mahan power plant (1.2 GW), full recovery of pending regulatory dues related to claims for fuel costs as pass-through under change in law clauses of existing power purchase agreements (PPAs) and continued improvement in receivables,” it said.

“The rating also factors in the completion of most of the regulatory investigations into Adani Group. Regulatory investigations in two remaining allegations are under way and are expected to be completed over the next three months,” the ratings agency said.

It further said that APL has recovered a majority of pending regulatory dues, including carrying costs and late payment surcharge (LPS) between April and October 2023 from counterparties, post-resolution of the matter in APL’s favour through the order of Supreme Court of India in March and April 2023.

“The company has been receiving monthly receivables on a timely basis, including recurring regulatory claims, supporting its operating cash flow. The operating performance of APL has been strong with robust plant load factor (PLF) and healthy operating margin,” it said.

The company had better-than-expected operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹10,041 crore for fiscal 2023 and ₹7,926 crore for the first half of fiscal 2024 (₹10,280 crore in fiscal 2022).

New Delhi:

Businessman Darshan Hiranandani’s explosive affidavit on his links with Trinamool Congress MP Mahua Moitra and claims on her efforts to target Prime Minister Narendra Modi by using the Adani Group, has brought cheer to her detractors. Most of them hailed the affidavit as a victory for truth. Others named as Mahua Moitra’s allies, like journalist Sucheta Dalal, called the affidavit a “farce”.

In his affidavit, Darshan Hiranandani claimed Mahua Moitra had given him her parliament login ID to frame questions on the Adani group, which she felt was the “only way” to target Prime Minister Narendra Modi.

He also claimed that Ms Moitra received support from others in this effort, including journalists, Opposition leaders and former Adani Group employees, who fed her unverified information. In this context, he named Sucheta Dalal and a few others.

The BJP’s Nishikant Dubey, who had sought Mahua Moitra’s suspension from parliament in a letter to Lok Sabha Speaker Om Birla, in a Hindi post on X, formerly Twitter, said, “The security of the country and the dignity of the Parliament are paramount for me. Satyamev Jayate”.

देश की सुरक्षा एवं संसद की गरिमा मेरे लिए सर्वोपरि है
सत्यमेव जयते

— Dr Nishikant Dubey (@nishikant_dubey) October 19, 2023

“Truth always wins” was the one-liner from Jai Anant Dehadrai, who had initially contacted the Central Bureau of Investigation with allegations against the Trinamool MP.

Truth always wins! pic.twitter.com/XBpAu4oXKF

— Jai Anant Dehadrai (@jai_a_dehadrai) October 19, 2023

Sucheta Dalal, on the other hand, called it “stupefying” and claimed she does not know Mahua Moitra “personally at all”.

“This is completely stupefying — I do not know @MahuaMoitra personally at all – I may have retweeted some of her stuff. I don’t know Pallavi Shroff and I used to know #ShardulShroff long ago. I dare anyone to find any links between me and them. Requesting IT minister @Rajeev_GoI to help me get to the bottom of it @AshwiniVaishnaw also please help. This is one time the govt ought to help prevent this kind of slander by some crooks!!” read her post on X.

This is completely stupefying — I do not know @MahuaMoitra personally at all – I may have retweeted some of her stuff. I don’t know Pallavi Shroff and I used to know #ShardulShroff long ago. I dare anyone to find any links between me and them. Requesting IT minister @Rajeev_GoI… https://t.co/uwJ5JymOc3

— Sucheta Dalal (@suchetadalal) October 19, 2023

“I don’t know @MahuaMoitra – and I think she can confirm it. The question of helping her simply does not arise, NOR did she EVER reach out and ask for any help either !” read another of her posts.

Trinamool’s Majid Memon, who is also a noted advocate of the Supreme Court, pointed out that such issues should be brought to the notice of the Parliamentary Ethics Committee and not be leaked to the media. “Mr Darshan Hiranandani must remember that if he is trying to suggest that he has bribed the MP to do something that she is not supposed to do then the bribe giver is equally liable for criminal action,” he said.

He, however, made it clear that he was speaking as a lawyer and not a representative of the party.

In his affidavit, Mr Hirandani has claimed that Ms Moitra, “in her endeavour, was getting help from other people like Sucheta Dalal, Shardul Shroff, and Pallavi Shroff, who were also in touch with her, and who were feeding her with all kinds of unverified information relating to Gautam Adani and his companies”.

“She also received unverified details from several sources, including some claiming to be former Adani group employees. Certain information was shared with me, based on which I continued to draft and post questions using her parliamentary login whenever needed,” read the affidavit, accessed by NDTV.

In his letter to Om Birla, Nishikant Dubey had alleged that the Hiranandani Group had lost energy and infra contract to the Adani Group and Ms Moitra’s questions were directed at perpetuating the business interests of the former.

Mr Hiranandani has claimed that he was helping Ms Moitra in her efforts to target PM Modi through the Adani Group. While admitting that he had also granted favours to Ms Moitra, he claimed these were given on her demand.

“She made frequent demands of me and kept asking me for various favours which I had to fulfil in order to remain in close proximity of her and get her support… I could ill afford to displease her. Many a time I felt she was taking undue advantage of me and pressurising me to do things I didn’t want to but I had no choice, because of the aforementioned reasons,” his affidavit read.

The favours included gifting her expensive luxury items, “providing support for renovation of her officially allotted bungalow in Delhi, travel expenses, holidays etc,” he wrote.

Mahua Moitra shredded Mr Hiranandani’s affidavit. “Darshan Hiranandani has not been summoned by the CBI or the Ethics Committee or indeed by any investigative agency yet. Who then has he given this affidavit to,” she said in the statement posted on X, formerly Twitter.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

File image.
| Photo Credit: VIJAY SONEJI

The Adani Group has reacted to the alleged ‘cash for question’ in the Parliament about the Group raised by a BJP parliamentarian against TMC MP Mahua Moitra, saying this development corroborates the conglomerate’s recent statement where it said that “some groups and individuals have been working overtime to harm our name, goodwill and market standing.”

Bharatiya Janata Party (BJP) MP Nishikant Dubey on Sunday wrote a letter to the Lok Sabha Speaker Om Birla and another letter on Monday to Union Minister for Communications Ashwini Vaishnaw and Union Minister of State (MoS) IT Rajeev Chandrashekhar making “cash for query” allegations against Trinamool Congress MP Mahua Moitra and demanding an inquiry committee against her. Mr. Dubey alleged Ms. Moitra took bribes to ask questions on the Adani Group in the Parliament.

Mr. Dubey, through his letter, claimed that a lawyer had provided him proof of alleged bribe exchanges between the TMC MP and businessman Darshan Hiranandani of the Hiranandani Group. Mr. Dubey wrote that these allegations must be looked into with the utmost seriousness and an investigation must be initiated to ascertain the IP address of all login credentials of Mahua Moitra’s Lok Sabha account and to determine whether there are any instances in which her Lok Sabha account was accessed at a location where she was not present.

In its statement the Adani Group said these charges reveal an arrangement to hurt the groups reputation. “This development corroborates our statement of 9 Oct 2023 that some groups and individuals have been working overtime to harm our name, goodwill and market standing. In this particular case, the lawyer’s complaint reveals that this arrangement to besmirch the reputation and interests of the Adani Group and our Chairman Mr. Gautam Adani has been in place since 2018,” an Adani Group spokesperson said Monday.

On October 9, Adani Group had apprised the public, through a media statement and exchange filings, that “some foreign entities like the OCCRP, supported by a section of the foreign media, short-sellers and domestic collaborators, have launched a series of attacks against the Adani Group with the primary intent of dragging down its market value. In fact, these individuals and groups, bound by the common objective of damaging the Adani Group, have developed a playbook which is being executed to perfection by a well-oiled and professional machinery working in sync both within India and abroad.”

The conglomerate also pointed out that one tactic in their playbook includes putting out media reports with “an uncanny ability to appear just before the hearing dates of important cases in India’s courts.” Meanwhile, the Hiranandani Group criticised the allegations made by the BJP MP Nishikant Dubey, saying they have “no merit”.

“We have always been in the business of business and not in the business of politics. Our group has always worked with the government in the interest of the nation and will continue doing so,” said a spokesperson of the Hiranandani Group.

In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. File photo of Adani Group Chairman Gautam Adani.
| Photo Credit: PTI

Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors’ confidence post being targeted by a US short-seller.

In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves.

Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.

The company board “has approved tranche II of the tender offer to purchase for cash up to $195 million in aggregate principal amount of the outstanding 3.375 per cent senior notes due 2024 which represents 30 per cent of the principal amount of the notes,” it said.

In May, the company had bought back its July 2024 bonds for cash $130 million in aggregate of the principal amount and stated that it would buy back 20% of the principal amount of the bonds in each of the next four quarters.

In the second tranche of this, the company is now proposing to purchase up to $195 million of bonds. This represents 30% of the principal amount of the bonds ($650 million). After $130 million buyback in May, $520 million remained outstanding.

The buyback tender is open till October 26, the filing said.

Adani Group has been attempting to rebuild investors’ confidence since Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.

The group has denied all allegations.

The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Mizuho Securities (Singapore) Pte Ltd, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and Standard Chartered Bank to serve as deal managers for the offer.

The company will pay accrued interest, in respect of any notes purchased in the tender offer.

Senior Congress leader Jairam Ramesh. File
| Photo Credit: The Hindu

The Congress on September 14 alleged that the “Adani scam” has exposed the role tax havens play in hiding large-scale violation of Indian laws and said the issue should have been discussed at the recent G20 Summit.

It also said that if a Joint Parliamentary Committee (JPC) probe is ordered into the allegations against the Adani Group, it will have to make sure that any loopholes for round-tripping and money-laundering are effectively shut.

In a post on X, Congress general secretary Jairam Ramesh said the rise in Indian outward direct investment in the past 25 years has been a sign of deepening globalisation.

“However, it is disturbing that offshore tax havens such as Bermuda, Jersey and Cyprus rank among the top 10 destinations for Indian investment, according to the RBI,” he said.

“This is in addition to Mauritius that has long been suspected as a preferred destination for Indian money-laundering and round-tripping,” the Congress leader noted.

“The Adani MegaScam has exposed the critical role such tax havens play in hiding the large-scale violation of Indian laws and regulations. These violations are hollowing out our economy and affecting the credibility of our stock markets,” Mr. Ramesh said.

“The G20 was the right forum to take up this issue and ensure concrete action against tax havens. But the Prime Minister was busy projecting his own image rather than protecting India’s interests,” he claimed.

“A JPC into the Adani MegaScam will have to make sure that any remaining loopholes for round-tripping and money-laundering are effectively shut,” the Congress leader said.

The Congress and other Opposition parties have been demanding a JPC probe into the Adani issue and will take up the issue during the upcoming special session of Parliament from September 18 to 22.

U.S. short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stock price manipulation and use of tax havens by the Adani Group, triggering a stock market rout. The Adani Group has denied all allegations by Hindenburg.