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Business News›Magazines›Panache›Panache People 101›Gautam Adani
    Gautam Adani

    Gautam Adani

    Chairman, Adani Group
    Birth DetailsJune 24, 1962 | Ahmedabad, India
    NationalityIndian
    LeagueEntrepreneur
    EducationB.Com, Gujarat University (Dropout)
    Net Worth$15.7 billion (as of September 10, 2019)
    Gautam Adani's Assets:

    Gautam Adani's Journey so far ...
    • Gautam Shantilal Adani’s business journey began when he dropped out of college and moved to Mumbai to gain some real-life work experience
    • He started off as a diamond sorter at Mahendra Brothers, and within a few years set up his own diamond brokerage firm in Mumbai’s Zaveri Bazaar
    • After a short stint in Mumbai, he returned to Ahmedabad to work with his brother in the latter’s plastic factory. It was here that he ventured into global trading by making the decision to import PVC (polyvinyl chloride) which was widely used to manufacture plastic
    • Growth in the PVC import business continued and in 1988, Adani Group was officially established with interests in power and agricultural commodities
    • Thanks to the 1991 economic reforms, Adani’s business soon diversified and became a multinational conglomerate
    • The year 1995 marked a big success for Adani when his company bagged the contract for operating the Mundra port which went on to become India’s largest private-sector port
    • Adani furthered his diversification endeavours with the incorporation of Adani Power Ltd. in 1996. A decade later, the company entered the power generation business and currently is the largest private thermal power producer in India
    • Today, the Adani Group is a global conglomerate with interests in power, renewables, gas distribution, logistics and real estate among others. While Gautam Adani’s businesses have combined revenues of around $11 billion, he himself is one of the wealthiest individuals of India

    Before you go ...
    • According to reports, Adani was allegedly kidnapped in 1998
    • He was also one of the survivors of the 2008 Mumbai terrorist attack on the Taj Mahal Palace hotel
    Last Updated: 15/02/2021

    Gautam Adani News

    • The latest Hurun India Rich List reveals that individuals born under the Cancer sign saw the highest increase in cumulative wealth at 84%, followed by Gemini at 77% and Leo at 68%. The list also notes significant wealth growth for Sagittarius, Libra, Capricorn, and Pisces, while Aries, Scorpio, and Taurus showed more modest gains.
    • Hurun India Rich List 2024: India has witnessed a significant increase in wealth, adding a new billionaire every five days in the past year. The Hurun India Rich List 2024 reports 334 billionaires, with notable growth in wealth across various sectors. The total number of wealthy individuals in India has reached 1,539, showcasing diverse wealth creators.
    • Gautam Adani tops the 2024 Hurun India Rich List with a 95% wealth increase, followed by Mukesh Ambani and Shiv Nadar. The list shows India’s rising billionaire count.
    • Hurun India Rich List 2024: With a wealth of Rs 11.6 lakh cr, Gautam Adani (62) and family replaced Mukesh Ambani and clinched the no.1 spot in the 2024 Hurun India rich list. The report says India minted a new billionaire every 5 days last year.
    • Despite negative publicity from the Hindenburg report, Gautam Adani’s family wealth surged by 95% to Rs 11.6 lakh crore over the past year, adding Rs 5,65,503 crore, according to the 2024 Hurun India Rich List. As a self-made entrepreneur, Adani achieved the highest wealth growth among the top 10 over the past five years, increasing his net worth by Rs 10,21,600 crore despite the Hindenburg crisis.
    • Adani Power has incorporated a new subsidiary, Adani Power Middle East Ltd, in Abu Dhabi to invest in power and infrastructure sectors. The new subsidiary, entirely owned by Adani Power, has an authorized capital of USD 27,000. Adani Power continues expanding its power projects, recently signing a significant contract with BHEL for supercritical thermal power projects.
    • Billionaire Gautam Adani's joint venture encountered difficulties in acquiring land to rehouse residents of Mumbai's Dharavi slum. Although they secured a $619 million redevelopment bid, securing additional land for those not eligible for free homes remains challenging, which could delay the ambitious project timeline.
    • Ambuja Cements, owned by Adani Group, saw an investment boost from GQG Partners, increasing their stake to 2.04%. Shares rose 4% following the deal. The Adani Group plans to raise Rs 30,000 crore by selling shares in its listed firms. Adani is aggressively expanding its cement business to challenge market leader UltraTech.
    • Billionaire Gautam Adani's entity, Holderind Investments, sold 2.76% stake in Ambuja Cements for Rs 4,251 crore through an open market transaction. GQG Partners purchased shares worth '1,679 crore, increasing its stake from 1.35% to 2.04%. SBI Life Insurance and NPS Trust were among other buyers. Adani Group plans to raise '30,000 crore by selling shares in listed firms to rebalance its $126 billion portfolio.
    • Adani Power: Bangladesh owes $800 million to Adani Power Ltd. for electricity from its coal-fired plant in Jharkhand. Unpaid dues could disrupt electricity supply. The interim government is negotiating with Adani to resolve this and seeking additional IMF loans to manage economic challenges. Adani's international expansion carries significant financial and geopolitical risks.
    • The Adani Group plans to sell a 2.84% stake in Ambuja Cements through a block deal, aiming to raise Rs 4,200 crore. Holderind Investments, an Adani Group entity, will sell nearly 70 million shares at Rs 600 per share, a 5% discount to the recent closing price.
    • Billionaire Gautam Adani plans to hire auditors from a top global firm and appoint a CEO for his family offices to improve transparency and disclosure. This move follows last year’s scrutiny by Hindenburg Research over the group’s opaque operations. Professionals will be hired to oversee shareholding and financial reporting, making the family office fully operational by April 2025.
    • India is upgrading ports to bolster its manufacturing and exports. Efforts include expanding the Jawaharlal Nehru Port and constructing a new deep-water port in Vadhvan. These enhancements aim to cut trade costs and speed up delivery times, appealing to global companies looking to diversify manufacturing away from China.
    • The Adani Group has reassured investors by stating it has sufficient cash to cover over 30 months of debt payments, addressing liquidity concerns as it plans new fundraising for its flagship unit. As of the end of Q1 of the fiscal year, its cash reserves accounted for 24.8% of its gross debt, up from 17.7% a year earlier.
    • The head of India's markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials, according to public documents reviewed by Reuters.
    • hosted British High Commissioner Lindy Cameron. The UK envoy in India engaged with the 2nd batch of Chevening-Adani AI scholarship awardees destined for the UK's leading universities.
    • Former bureaucrat E A S Sarma has written to Finance Minister Nirmala Sitharaman, seeking a judicial probe into allegations of a conflict of interest preventing Sebi chairperson Madhabi Puri Buch from probing charges against the Adani group. Sarma called the allegations by US short-seller Hindenburg Research highly disturbing and demanded an independent agency to ascertain the factual accuracy of the accusations.
    • Adani Green Energy Ltd (AGEL) was projected to achieve over 30 per cent annual growth rate in renewable energy capacity, targeting over 50 GW by 2030. The firm aims to add 6-7 GW annually and improve capacity utilization to boost power sales growth by 35%. AGEL's expansion strategy included key assets in Rajasthan and the Khavda site.
    • Investor Vijay Kedia shared his view on the dispute between Hindenburg Research and SEBI chief Madhabi Puri Buch. Hindenburg claimed that Buchs held stakes in offshore funds tied to Adani Group.
    • BJP leader Nalin Kohli responded to the Hindenburg report and its allegations against SEBI chairperson Madhabi Buch, asserting that statements from such private firms should not be supported due to potential broader implications. Kohli emphasized the importance of public faith in the Supreme Court decisions and hinted that these repeated allegations might be part of a larger conspiracy aimed at destabilizing India's economy and democratic process.
    • Hindenburg Research's latest report questions the neutrality of India's stock-market watchdog, SEBI, amid ongoing scrutiny of Gautam Adani. Allegations suggest a conflict of interest involving SEBI's chairperson, Madhabi Puri Buch, and her investment links. With Adani's fortunes rebounding, the Congress Party is pushing for a parliamentary probe.
    • Adani Share Price: Shares of Adani Group companies dropped up to 7% this morning as investors reacted to allegations against Sebi chief Madhabi Buch in the Adani vs Hindenburg controversy. This led to a loss of approximately Rs 53,000 crore, with the combined market capitalization of 10 Adani stocks falling to Rs 16.7 lakh crore.
    • Rahul Gandhi raised concerns about SEBI's integrity after allegations by Hindenburg Research against its chairperson Madhabi Puri Buch. He questioned her continuation in office and held top figures responsible for potential investor losses. Hindenburg alleged Buch’s undisclosed investments were tied to the Adani Group, a claim denied by both Buch and the conglomerate.
    • The Adani-Hindeburg saga has resurfaced with new allegations against SEBI chairperson Madhabi Puri Buch and his wife Dhaval Buch in the siphoning case via alleged offshore shell companies. Hindenburg Research has expressed surprise at SEBI's lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities. The Buchs reportedly opened an account with IPE Plus Fund 1 in Singapore in 2015.
    • The Adani Group has denied allegations from US short seller Hindenburg Research that SEBI chairperson Madhabi Puri Buch was involved in offshore entities involved in the Adani money siphoning case. The group denied any commercial relationship with individuals or matters mentioned and reiterated that its overseas holding structure is fully transparent. The group also dismissed Hindenburg's allegations as baseless and accused the US-based company of attempting character assassination in response to a show-cause notice issued by the regulator in the Adani controversy.
    • Hindenburg report: The Congress Party used the Latin phrase "Quis Custodiet Ipsos Custodes" (Who will guard the guards themselves) to criticize SEBI Chairperson Madhabi Buch following allegations by US short-seller Hindenburg Research. Hindenburg claimed that Buch and her husband had stakes in obscure offshore funds involved in the Adani money siphoning scandal.
    • Hindenburg Research accused Madhabi Puri Buch, chair of India's Sebi, and her husband of having investments linked to the Adani group in offshore structures. The report suggested possible conflicts of interest impacting Sebi's investigation into Adani. The allegations were based on whistleblower documents, and neither Sebi nor Adani have responded to the claims.
    • The Hindenburg teaser is aimed at whetting curiosity and fuelling speculation, ostensibly aiming at disrupting the market. Unlike analysis of listed companies by other research bodies, Hindenburg has a characteristic sensational style. In its report against the Adani group last year, it had accused the group of pulling "the largest con in corporate history".
    • Hindenburg Research has hinted at another significant revelation related to India. On Saturday, Hindenburg posted on X, stating, "Something big soon India." Last year, on January 24, Hindenburg released a report criticizing the Adani Group just before Adani Enterprises' planned share sale. The report resulted in an $86 billion decline in Adani Group's market value and a significant sell-off of its overseas listed bonds.
    • Ardour Investment Holding acquired a 0.69% stake in APL between November 17, 2024, and August 6, 2024. Meanwhile, Emerging Market Investment increased its stake in the company by an additional 1.13% between June 12, 2024, and August 5, 2024. As of the quarter ending in June, Ardour Investment Holding held 2.53% of APL, while Emerging Market Investment's stake was 6.57%.
    • The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list features prominent families such as Ambani, Bajaj, Birla, and Jindal, but excludes Gautam Adani's conglomerate, as it is a first-generation family business. The Ambani Family tops the list with a value of Rs 25,75,100 crore.
    • The offering of existing shares will mark Adani Enterprises' return to equity markets after the flagship company scrapped a $2.5 billion share sale in February last year, after U.S.-based short-seller Hindenburg Research accused the Adani group of improper use of offshore tax havens and stock manipulation.
    • Adani Enterprises clarified on Tuesday that Gautam Adani was misquoted in a report about the succession plan for his $213 billion empire. The company stated that Adani's remarks on succession planning were misinterpreted and that he did not specify a timeline for retirement or transition. Adani had mentioned involving his sons and nephews in the group's businesses, but the report incorrectly suggested details about heirs and their equal interest in the family trust.
    • Bharatiya Janata Party (BJP) MP Nishikant Dubey criticized the Congress party on Tuesday, accusing it of favoring certain business groups during its tenure. Dubey specifically mentioned the Dalmia, Birla, and Tata groups, referring to it as a DBT scheme. He also added Bajaj to the list, calling it a DBBT scheme. His comments were a response to the Opposition's allegations that the current government supports companies led by billionaires Gautam Adani and Mukesh Ambani.
    • Gautam Adani retirement plans: The fate of Adani's empire lies in the hands of his son Jeet and Karan, and their cousins Pranav and Sagar. All of them will have equal shares of his trust.
    • Gautam Adani has started planning for his succession, set to take place in the early 2030s. His sons and nephews, who currently manage various business segments, will take over in a collaborative leadership structure. This succession plan is vital, given Adani Group's significant impact on India's economy.
    • Adani Group chairman Gautam Adani, 62, announced plans to retire at 70 and pass control of his empire to the next generation. His sons, Karan and Jeet, along with their cousins, Pranav and Sagar, will share equal ownership in the family trust. They currently hold key positions across the Adani Group's various branches.
    • Adani Group chairman Gautam Adani, 62, announced plans to retire at 70 and transition control of his conglomerate to his sons and their cousins in the early 2030s, he revealed in a Bloomberg News interview. Adani’s four heirs – Karan and Jeet, along with their cousins Pranav and Sagar – will equally benefit from the family trust.
    • Adani Cement revealed plans for a new cement grinding unit in Warisaliganj, Bihar, with an investment of ₹1,600 crore. The 6 million tonnes per annum facility is expected to enhance production capacity, boost local employment, and meet the state's infrastructure demands, while aligning with the company's sustainable development goals.
    • Banks had received a total of 10 financial bids for the thermal power company by Thursday evening. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Naveen Jindal-owned Jindal Steel & Power, iLab India Special Fund, Rashmi Metaliks and Sherisha Technologies, said the people cited above.
    • Adani Wilmar's shares rose 6.4% after Adani Enterprises announced the demerger of its food FMCG business. The company posted a consolidated net profit of Rs 313.2 crore for Q1 2024, contrasting a loss the previous year. Revenue increased by 9.6% year-on-year, with notable growth in the Edible Oils and Food & FMCG segments.
    • Shareholders of Adani flagship to get 251 shares of Adani Wilmar for every 500 shares held
    • The consolidated net profit of the Adani group’s flagship company rose 116% on year to Rs 1,458 crore. Total income for the quarter rose 13% on year to Rs 26,067 crore, while operating profit surged by 48% to Rs 4,300 crore.
    • The number of people who died in the landslides that struck the hilly areas of Meppadi in Wayanad district on Tuesday following incessant rainfall has gone up to 158, the Kerala Revenue Department said on Wednesday. Sharing a post on X, Gautam Adani said, "Deeply saddened by the tragic loss of life in Wayanad. My heart goes out to the affected families. The Adani Group stands in solidarity with Kerala during this difficult time."
    • Gautam Adani’s power transmission unit has seen bids exceeding three times the planned amount for its share sale, indicating robust investor interest. Adani Energy Solutions Ltd.’s $1 billion share sale via qualified institutional placement (QIP) has been oversubscribed by both Indian and international institutions, according to sources familiar with the matter.
    • India's Adani Group plans to invest in two Vietnamese airports, Long Thanh and Chu Lai, the Vietnamese government said after Prime Minister Pham Minh Chinh met with Gautam Adani in Delhi. This follows Adani's recent approval to build a seaport in Vietnam. Investment details and timelines were not disclosed.
    • Riding high on a GDP growth of 8.2% and projected growth rate of 7.2%, the budget showcases rewards of a decade of transformative economic policies.
    • Adani Energy Solutions, led by billionaire Gautam Adani, is likely to launch a share sale this week to raise more than $600 million, two sources with direct knowledge of the matter told Reuters on Monday.
    • Sena (UBT) chief Uddhav Thackeray on Saturday pledged to scrap the Dharavi slum redevelopment project tender awarded to industrialist Gautam Adani's firm if his party gains power in Maharashtra. He emphasized the commitment to uprooting any disturbances affecting residents and businesses in Dharavi, promising that locals must be provided with 500 square feet houses in the same locality.
    • The company's upgrade follows a Bloomberg report that revealed plans to significantly increase investment in its southern India trans-shipment container port to Rs 100 billion. This ambitious move aims to attract some of the world's largest ships, according to sources familiar with the matter.
    • US Ambassador to India Eric Garcetti visited Adani Group's Khavda renewable energy project, showcasing support for the conglomerate. Adani Greens is developing the world's largest 30,000 MW project in Gujarat, a project that has drawn global attention. Garcetti's visit is being seen as a positive sign for the Indian conglomerate's reputation in the US post the Hindenburg controversy.
    • Sirius Digitech, a joint venture of Adani Group and Sirius, acquired cloud platform Coredge.io, operating since 2020 in Japan, Singapore, and India. Jeet Adani stresses the importance of sovereign cloud for data security. CEO Arif Khan expects the acquisition to boost AI, MLaaS, IaaS, and PaaS on open-source technologies, emphasizing digital sovereignty at sovereign data centers.
    • The owners are exploring selling equal stakes that may total 13% in Mumbai-listed Adani Wilmar, said the people, asking not to be identified as the information is confidential. A sale that size would be valued at roughly $670 million as of Tuesday, and could take place as early as the coming months, the people said.
    • Billionaire Gautam Adani's company, Adani Ports, plans to build a new port in Da Nang, Vietnam, after receiving initial approval from the Vietnamese government. This project aims to enhance trade infrastructure with container terminals and versatile berths for various cargoes. Adani Ports, already operating in Israel, Sri Lanka, and Tanzania, seeks to boost India's maritime role. With ambitions to increase international operations from 5% to 10% by 2030, they target regions like the Middle East, Southeast Asia, and East Africa for expansion.
    • The Kardashian sisters arrived in India on Thursday, July 11, and received a grand welcome at the Taj Mahal Hotel in Mumbai. They were surrounded by paparazzi at the airport as they made their way to the hotel.
    • The investment in the first-of-its-kind Vizhinjam port in the state of Kerala is part of the second phase of the project that is expected to finish by 2028, said people familiar with the Adani Group’s plans who did not want to be identified as the details are not announced.
    • The 2024 GROHE-Hurun report unveils India's top real estate entrepreneurs and companies, highlighting significant wealth increases and company valuations. DLF Chairman Rajiv Singh leads with Rs 1,24,420 crore, followed by Mangal Prabhat Lodha of Macrotech Developers and Gautam Adani of Adani Realty. The report, based on May 31, 2024, data, also ranks DLF as the top-valued company at Rs 2 lakh crore, with Macrotech Developers and IHCL securing high valuations in the real estate sector.
    • As the Union Budget, set to be presented on July 23, approaches, the defence sector is eagerly anticipating increased allocations, particularly in shipbuilding. Experts predict a continuation of the trend of higher defence spending. Industry expert Deven Choksey highlights significant shipbuilding needs for defence and inland transportation under the Sagarmala project, as well as commercial passenger ships.
    • Adani's previously unreported shipbuilding scheme is tucked away in the ₹45,000 crore expansion plan for Mundra Port that received environmental and coastal regulation zone clearance recently, according to the minutes of the Expert Appraisal Committee (EAC) attached to the ministry of environment, forest and climate change, which approved the proposal May 15.
    • Priyanjali Mariwala, from the promoter family of consumer goods company Marico, has purchased a luxury apartment in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 65.25 crore. The apartment spans nearly 8,300 sq ft and is located on the first floor of the super-premium residential tower Signature Island. Mariwala acquired the property from Starlight Systems, a part of the project's developer Sunteck Realty.
    • Social media is rife with claims that the wife of Mark Elliot Kingdon, the man on whom the spotlight fell following Sebi's revelations, has had ties with the Chinese Communist Party and thus China could be another actor in the Hindenburg saga.
    • A short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
    • The short-selling scandal involving Hindenburg Research, Adani Group, and Sebi triggered regulatory scrutiny and a US Justice Department probe. The scandal emphasized the importance of market efficiency amidst fraud allegations and regulatory actions.
    • Kotak Hindenburg Adani SEBI: US-based short-seller Hindenburg Research disclosed that SEBI accused them of violating Indian regulations, calling the charges "nonsense" and alleging they aim to silence critics of powerful figures. For the first time, Hindenburg implicated Kotak Mahindra Bank in the Adani controversy, causing the stock to dip sharply.
    • US-based Hindenburg Research criticized Sebi's show cause notice alleging violations of Indian securities laws as "nonsense" and claimed it was concocted to fulfill a predetermined agenda. The investment management firm led by Nate Anderson is currently initiating the process of filing a Right to Information (RTI) request to obtain the names of Sebi employees involved in both the Adani and Hindenburg matters.
    • Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
    • ACL has acquired land to set up 2.5 MTPA (million tonnes per annum) along with captive jetty at Amba River, Raigad (Maharashtra). Besides, it has commissioned 1.30 MTPA cement grinding capacity at Dahej, Gujarat in July 2023, where expansion is in progress for another 1.20 MTPA.
    • Adani Group plans to increase FY2025 capital expenditure to Rs 1.3 lakh crore ($15.6 billion) from Rs 70,000 crore. Adani Green Energy will allocate 340 billion rupees to add 6 gigawatts of capacity. The conglomerate aims to leverage India's infrastructure growth, dismissing rumors of a stake in Paytm but open to fintech opportunities.
    • The core infrastructure group which has businesses ranging across ports, green energy, cement, airports, power and transmission will be setting up the largest energy installation, redeveloping the largest slum and making the largest single location copper smelter of the world in the country over the next few years.
    • India's Adani Group is "well positioned" to capitalize on opportunities in the country's booming infrastructure sector as spending is expected to surge, Chairman Gautam Adani told investors on Monday.
    • With the Modi-led National Democratic Alliance securing a third term, Gautam Adani, at Adani Enterprises' AGM, highlighted the group’s continued role in India’s growth. Adani addressed challenges from the Hindenburg controversy, emphasizing financial resilience and ambitious projects, including Mumbai’s Dharavi redevelopment. He projected India becoming the world's third-largest economy by decade's end.
    • The Adani Group, he said, will invest over $100 billion (around ₹8.35 lakh crore) over the next decade in energy transition projects and in manufacturing every major component required for green energy generation. Adani Green Energy is building solar and wind parks. The group is also building facilities to manufacture electrolyzers to make green hydrogen, wind power turbines and solar panels.
    • Green hydrogen, which is made by splitting hydrogen from water with the help of electrolyzers powered by clean energy, is seen as a potential panacea for decarbonizing the industry as well as transportation. Speaking at 'Infrastructure - the Catalyst for India's Future' event of Crisil, Adani Group chairman Gautam Adani said energy transition and digital infrastructure are trillion-dollar opportunities which will transform India both at a local and at a global scale.
    • Gautam Adani highlighted India’s infrastructure evolution, noting foundations were laid from 1991-2014, leading to rapid development in the last decade under PM Modi. Speaking at a CRISIL event, Adani praised the National Infrastructure Pipeline's integrated approach and announced Adani Group’s $100 billion investment in green energy, aiming for 50 GW capacity by 2030
    • AdGroup chairman Gautam Adani has met with Bhutan Prime Minister Tshering Tobgay in a significant development for bilateral cooperation. Adani and Prime Minister Tobgay signed a Memorandum of Understanding with Bhutan's Druk Green Power Corporation for the establishment of a 570 MW hydroelectric plant in Chukha province.
    • Gautam Adani-led Adani Ports & Special Economic Zone Ltd (APSEZ) has received the key environmental and coastal regulation zone approval from the Centre to more than double the capacity of its flagship port located at Mundra to 514 million tonnes with an investment of ₹45,000 crore.
    • He posted, "It was an honour to meet the charismatic President of the United Republic of Tanzania, Her Excellency @SuluhuSamia . Fascinating to hear her deep insights about the future of Africa and discuss the possibilities for forging a long-term partnership with one of Africa's most promising and strategically important nations.Group leveraging its expertise across various infrastructure sectors, including ports, renewable energy, airports, transmission, distribution and rail to help build world-class infrastructure in Tanzania."
    • The billionaire businessman did so via the open market. He bought this stake in AEL in two tranches. Between May 10 and 14, he reportedly bought an additional stake of 0.42% in the group’s flagship company through Kempas Trade and Investment. He followed it up with a 0.92% stake purchase through Emerging Market Investment DMCC.
    • Dharavi has been one of the most talked-about slums in India. The Mumbai slum, standing on a prime location in the city, is the largest in Asia and home to over 8 lakh people.
    • Adani Group's Australian coal port unit has secured A$500 million private credit loan from Farallon and King Street Capital Management. Banks' reluctance due to ESG concerns prompts coal companies in Australia, like Whitehaven Coal Ltd., to seek private financing.
    • Adani Airport Holdings raises ₹150 crore debt at 9.95% for capital expenditures and transaction costs, issued senior secured non-convertible debentures maturing in June 2028.
    • It is keeping aside a war chest of $3 billion for these acquisitions, these people said. The group is aggressively pursuing an inorganic strategy to boost capacity and emerge as the largest cement manufacturer within the next three to four years, overtaking the Aditya Birla Group’s UltraTech.
    • Adani group stocks rebounded up to 6% on Wednesday after an initial 15% decline, triggered by election result disappointment. On Tuesday, all 10 Adani companies faced losses, shedding around Rs 3 lakh crore. Global brokerage Jefferies recommends buying Adani Enterprises, Adani Ports, and Adani Energy Solutions.
    • Adani Group Stocks: Shares of all 10 Adani Group companies fell as PM Modi's election results showed unexpected outcome, leading to a 20% crash in Adani Ports stock.
    • Compared to pre-Hindenburg levels, the stock of Adani Power has soared nearly 220%, while Adani Ports has more than doubled in value. ACC, Adani Enterprises, Adani Green Energy, and Ambuja Cements are also trading above pre-Hindenburg levels.
    • Adani Group stocks soared up to 16% as exit polls predicted a victory for Prime Minister Narendra Modi. The conglomerate's combined market cap rose by nearly Rs 1.4 lakh crore, reaching Rs 19.24 lakh crore. Adani Power surged 16%, while other group entities also saw significant gains, nearing pre-Hindenburg levels.
    • After defeating the world's number two chess player, R Praggnanandhaa was captured on video walking with confidence, taking pictures with fans, and signing autographs. The video, shared on Twitter by Mahindra & Mahindra Group Chairman Anand Mahindra, was captioned, "Now, it was the world #2 in the bag..."
    • Billionaire Gautam Adani has reclaimed the title of Asia's richest person, surpassing Mukesh Ambani, with a net worth of $111 billion, compared to Ambani's $109 billion. Adani's rise is attributed to a surge in Adani Group stocks following reports of aggressive expansion plans. The Adani Group added ₹1.23 lakh crore in investor wealth, reaching a market capitalisation of ₹17.94 lakh crore intraday. Adani's fortunes had dipped in 2023 after a sell-off due to a probe into allegations, but the Supreme Court later cleared the group.
    • Ambassador Hiroshi Suzuki of Japan expressed enthusiasm for collaborating with Adani Group after meeting Chairman Gautam Adani. The meeting, which took place on May 29, included a visit to Mundra Port and Khavda, where Adani Group is developing the world's largest Hybrid Renewable Energy Park with a capacity of 30 GW. Adani expressed gratitude for Suzuki's support and highlighted Japan's interest in India's renewable energy sector. The project, expected to be completed by Adani Green Energy Limited, will cover 538 sq km in Kutch, Gujarat, and require an investment of approximately Rs 1.5 lakh crore.
    • The company “can meet just 50% of its 50GW target funding requirement by 2030 without raising equity, despite claiming this target is ‘fully funded’,” Snowcap said.
    • Paytm shares rose 5% amid reports of deal talks between Paytm CEO and billionaire. Shares hit upper circuit limit despite company's denial of discussions.
    • Gautam Adani, Chairman of the AdGroup, shared insights from his meeting with Ambassador Hiroshi Suzuki of Japan at Mundra Port and the world's largest Hybrid Renewable Energy Park in Khavda.
    • PNB Housing Finance shares experienced a significant decline of over 8%, reaching the day's low at Rs 724 in Wednesday's trading on the BSE. This drop followed a sizable block deal where 2.7% of the equity changed hands.
    • The opposition party Congress launched a blistering critique of the Prime Minister on Wednesday following reports suggesting that billionaire Adani might acquire a stake in Paytm. Following the release of the report regarding Adani and Paytm, both companies swiftly clarified their positions. One97 Communications addressed a media report on Wednesday suggesting that Gautam Adani, chairman of the Adani Group, may be contemplating acquiring a stake in Paytm's parent company, One97 Communications.
    • Shares of Paytm surged 5% as Gautam Adani considers investing in the company. Paytm founder met Adani to discuss a potential deal. Adani is also seeking investments from West Asian funds for Paytm, facing challenges after RBI restrictions.
    • One97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm's parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.
    • Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm's founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
    • Adani Group is considering applying for a license to operate on India's public digital payments network and planning a co-branded credit card with banks, aiming to enter the booming digital payments market.
    • India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
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