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Corporate

Reliance Retail Ventures PAT rise 10% driven by JioMart, grocery business in Q3 FY25

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Operating revenue also grew by 7% compared to the previous year, reaching Rs 79,595 crore from Rs 74,373 crore. This resulted in a 3.3% increase in revenue from operations

Reliance Retail Ventures PAT rise 10% driven by JioMart, grocery business in Q3 FY25

Operating revenue also grew by 7% compared to the previous year, reaching Rs 79,595 crore from Rs 74,373 crore. This resulted in a 3.3% increase in revenue from operations

Staff Writer
20 JAN 202



Reliance Retail Ventures Ltd., the consumer arm of the diversified conglomerate Reliance Group led by Mukesh Ambani, reported a 10% year-on-year increase in its profit after tax (PAT) for the quarter ending on December 31, 2024. During this period, Reliance Retail Ventures' (RRVL) PAT was Rs 3,458 crore, up from Rs 3,145 crore in the same quarter the previous year.

Operating revenue also grew by 7% compared to the previous year, reaching Rs 79,595 crore from Rs 74,373 crore. This resulted in a 3.3% increase in revenue from operations to Rs 212,357 crore for the nine-month period between April and December 2024, up from Rs 205,469 crore reported in the same period the previous year.

“Retail segment delivered a strong performance, with noteworthy contribution from all formats. The business ably capitalized on the pick-up in consumption amid festive demand during the quarter,” Mukesh Ambani, Chairman & Managing Director, Reliance Industries said in a statement.

In the third quarter of fiscal year 2025, RRVL improved its earnings before interest, tax, depreciation, and amortization (EBITDA) by 9.8% year-on-year to Rs 6,828 crore, up from Rs 6,238 crore. The EBITDA margin remained at 8.6%, an increase of 20 basis points from 8.4% in the third quarter of fiscal year 2024, but decreased by 20 bps sequentially. One basis point is equivalent to one hundredth of a percentage point.

Despite being a festive quarter, footfall in Reliance's retail outlets decreased from the previous quarter. During the last quarter, the company recorded 296 million footfall in its stores, down from 297 million in the second quarter of fiscal year 2025, while it increased by 5% year-on-year from 282 million in the third quarter of fiscal year 2024.

According to Ambani, a superior understanding of customer needs and preferences enabled Reliance Retail to serve a wide variety of demographic profiles “with the right product, at the right time, through the right channel”. “With customer-centric innovation at its core, the business constantly endeavors to enhance the shopping experience of its customers through its vast reach and a constantly expanding product basket,” he added.

While RRVL added 779 new stores to its portfolio, bringing the total number of stores under its umbrella to 19,102, the area operated by the retail major decreased sequentially. In Q3, the area operated stood at 77.4 million square feet, down from 79.4 million sq.ft. in Q2 but up from 72.9 million sq.ft. in Q3 of FY2024.

According to the company, its grocery business grew at a healthy pace of 37% y-o-y led by big box format. There was growth across categories, with general merchandise and value apparel growing at 20% y-o-y and premium personal care and beauty growing 16% y-o-y while Metro business achieved highest ever festive sales, it said. JioMart expanded the product range with a 33% y-o-y increase in the seller base while Milkbasket reported 20% y-o-y growth in monthly active users and 24% y-o-y growth in its GMV.

Consumer brands continued to deliver growth across categories with nine month FY2025 revenue at Rs 8,000 crore. Campa & Independence – two of its flagship fast moving consumer goods brands gained traction across markets. According to the company, Campa has over 10% market share in sparkling beverage category in select states. Both brands are projected to cross Rs 1,000 crore turnover each in FY25.

“Reliance Retail delivered strong performance during the quarter led by festive buying across consumption baskets. Our focus on offering wide range of products at an attractive price value proposition continues to draw customers to our stores and digital platforms. We are creating through JioMart – express deliveries, scheduled deliveries coupled with Milkbasket – subscription services, a seamless shopping experience that serves diverse customers across all categories and catchment,” said Isha Ambani, Executive Director, RRVL.

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Counterpoint

Hindenburg Research closes: What’s the connection between Nate Anderson and British DJ Lee Burridge?

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In a personal statement, Anderson detailed the achievements of Hindenburg Research and the rationale behind ending its operations

Hindenburg Research closes: What's the connection between Nate Anderson and British DJ Lee Burridge?

In a personal statement, Anderson detailed the achievements of Hindenburg Research and the rationale behind ending its operations

Staff Writer
19 JAN 2025



Hindenburg Research, the US-based short seller that had targeted several business entities including the Adani Group, is going to be disbanded. In a recent update on the Hindenburg website, Founder Nate Anderson confirmed that Hindenburg Research will be disbanded. 

Nathan Anderson announced that the closure of the firm was a strategic decision made after the successful completion of their investigative projects. In a personal statement, Anderson detailed the achievements of Hindenburg Research and the rationale behind ending its operations. He disclosed that the shutdown had been in the works for several months, with the team finalising their last investigations.

In a personal statement, Anderson revealed that a British DJ performing in Bali greatly influenced him during a crucial period. He encouraged his followers to listen to Lee Burridge's music and shared a video of the DJ performing at Omnia Bali for Cercle in Indonesia. Anderson linked a video of the DJ playing music “at Omnia Bali in Indonesia for Cercle”. 

He wrote: "If you are chasing something you think you want or need, or are doubting whether you are enough, take a minute and give this a listen. It had a big impact on me at a pivotal time," he wrote as a postscript to his lengthy goodbye note on the Hindenburg Research website with a link to Burridge's video on YouTube.

An hour-long DJ set included a piece from musician Rowee & Lazarusman's 'Brightness'. The lyrics go, “Define yourself! Know who you are! Define!”

Born in November 1968, Lee Burridge is a prominent British DJ and producer who made a significant impact on the club scene in Hong Kong during the 1990s, according to information sourced from Wikipedia. He played a vital role in the establishment of the renowned nightclub Neptune's. Burridge went on to join the esteemed Tyrant Soundsystem in England, alongside DJs Craig Richards and Sasha, and has been a regular performer at the famous Burning Man event. In 2011, he founded the All Day I Dream label, which eventually evolved into a successful touring festival. His latest venture includes the launch of the spin-off record label All Day I Dream in Waves in 2021.

Anderson founded Hindenburg with only a small amount of capital and without traditional financial expertise, citing the venture as both fulfilling and challenging. At 40 years old, Anderson gained international attention in January 2023 by releasing a report that accused Adani of orchestrating what was labeled as the biggest scam in corporate history. This report caused a significant $150 billion drop in Adani Group's stock prices. At the time, Adani was ranked as the fourth wealthiest individual in the world according to the Bloomberg Billionaires Index. 

The stocks of Adani rebounded after some time. Subsequently, the Supreme Court cleared the Adani group of any wrongdoing, stating that unverified reports from organizations like the OCCRP cannot be considered as valid evidence.

Following this event, Hindenburg Research also issued reports on Block Inc., owned by Dorsey, and Icahn Enterprises, owned by Icahn

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1 Minute-Read

Jaiprakash Associates: One of India’s largest bankruptcies nears resolution

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NARCL’s bid offers lenders a recovery of 23%, comprising 15% cash and 85% government-guaranteed security receipts — a structure unique to NARCL. The acquisition, once finalized, will be the largest in NARCL’s portfolio, a critical move to boost its performance after a slow fiscal year

Jaiprakash Associates: One of India’s largest bankruptcies nears resolution

NARCL’s bid offers lenders a recovery of 23%, comprising 15% cash and 85% government-guaranteed security receipts — a structure unique to NARCL. The acquisition, once finalized, will be the largest in NARCL’s portfolio, a critical move to boost its performance after a slow fiscal year

Staff Writer
19 JAN 2025



The government-backed National Asset Reconstruction Company Ltd (NARCL) is reportedly set to take control of Jaiprakash Associates Ltd (JAL) after no competing bids surfaced for its ₹12,000 crore offer. 

Process advisor IDBI Capital Markets & Securities (ICMS), which had extended the bid deadline by a week to January 14, received no challengers, sealing NARCL’s position as the sole bidder, according to several newspaper reports.

JAL, a Noida-based conglomerate, owes ₹57,177 crore to creditors, including ₹15,465 crore to the State Bank of India and ₹10,443 crore to ICICI Bank. NARCL’s bid offers lenders a recovery of 23%, comprising 15% cash and 85% government-guaranteed security receipts — a structure unique to NARCL. The acquisition, once finalized, will be the largest in NARCL’s portfolio, a critical move to boost its performance after a slow fiscal year.

Earlier this month, nearly a dozen entities expressed interest in JAL’s assets, but none matched or surpassed NARCL’s offer. "It was decided there is no point in extending the timeline since no serious bids are expected," said a person familiar with the process. The formal handover is expected to conclude by March, allowing lenders to record the recovery within the current fiscal year.

JAL, one of the largest unresolved insolvency cases under the Insolvency and Bankruptcy Code (IBC), entered bankruptcy proceedings in 2017 following directives from the Reserve Bank of India. Legal battles have delayed resolutions, but NARCL’s takeover is poised to consolidate valuable assets, including operational cement plants with a capacity of over 9 million tonnes, real estate near the Yamuna Expressway, luxury hotels, a hospital, power plants, and the Buddh International Circuit.

The ₹12,000 crore bid is second only to Videocon Industries’ ₹65,000 crore insolvency case in terms of debt magnitude. As the largest resolution in its history, JAL’s acquisition marks a significant milestone in India’s efforts to resolve high-value distressed cases

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Counterpoint

‘Kitne Ghazi aaye, kitne Ghazi gaye…’: Adani CFO Jugeshinder Singh shares cryptic post amid Hindenburg closure

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Hindenburg Research, the US-based short-seller known for targeting major business entities, including the Adani Group, on Thursday announced its disbandment

'Kitne Ghazi aaye, kitne Ghazi gaye…': Adani CFO Jugeshinder Singh shares cryptic post amid Hindenburg closure

Hindenburg Research, the US-based short-seller known for targeting major business entities, including the Adani Group, on Thursday announced its disbandment

Staff Writer
18 JAN 2025



Adani Group CFO Jugeshinder Singh shared a cryptic remark as news broke of Hindenburg Research shutting down operations. “Kitne Ghazi Aaye, Kitne Ghazi Gaye,” he wrote on X, as Adani Group stocks surged up to 9%.

Hindenburg Research, the US-based short-seller known for targeting major business entities, including the Adani Group, on Thursday announced its disbandment. Founder Nate Anderson stated, “I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on.” Anderson clarified that the decision was not prompted by threats or personal issues.

The move comes days before Donald Trump’s anticipated inauguration and follows heightened scrutiny from a prominent Republican lawmaker. Congressman Lance Gooden recently criticized the US government’s probe into Adani Group companies, calling it a move that could harm America’s global alliances.

Adani Group stocks rallied strongly on January 16, with Adani Power leading at a 9% increase to ₹599.90. Adani Green Energy jumped 8.8%, Adani Enterprises rose 7.7%, and Adani Total Gas gained 7%. Other group companies, including Adani Energy Solutions, Adani Ports, and Ambuja Cement, saw similar gains, signaling investor confidence after prolonged turbulence.

Hindenburg’s initial allegations in 2022 accused the Adani Group of financial mismanagement, leading to significant market losses. The group consistently denied the accusations, describing them as “calculated attacks on India.” The Supreme Court of India later cleared the conglomerate, with experts labeling the claims baseless.

In August 2024, Hindenburg renewed its assault with “recycled claims,” which Adani Group swiftly dismissed. Speaking about the controversy, Gautam Adani said it was "a dual assault targeting our financial stability and pulling us into a political storm."

Hindenburg also targeted Indian markets regulator chief Madhavi Puri Buch and her family, which Buch called an “attempt at character assassination.”

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Beyond

‘Entitled brat’: Kunal Shah-backed Stack Wealth’s CEO slammed for withholding FNF payments

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Needless to say, the viral video left netizens irate and some also recounted how they were approached for job openings by the company

'Entitled brat': Kunal Shah-backed Stack Wealth's CEO slammed for withholding FNF payments

Needless to say, the viral video left netizens irate and some also recounted how they were approached for job openings by the company

Staff Writer
17 JAN 2025



Kunal Shah-backed investment platform Stack Wealth is under the radar after an undated video featuring its CEO Smriti Tomar went viral on social media for all the wrong reasons. In this video, Tomar can be seen reprimanding a group of employees because they were unable to meet the sales targets. 

She can be heard telling a group of employees: "If you have not done enough sales, you are not getting your full and final (FNF) settlement. To make matters worse, she can be heard referring to an employee as "stupid". 

When one of the employees reads out the terms and conditions of the contract, she threatens that she'll send another mail with regards to the same. 

Needless to say, the viral video left netizens irate. They called the young CEO an "entitled brat" and batted for a structure and proper laws to hold people in power responsible for their actions. 

"I spoke to Smriti once, she is way too entitled brat and considers most people beneath her," a user said.

"I had interviewed here and almost planned on joining this, but the negotiations made me feel a bit off, so I didn't joined. And Thank god I didn't joined this," a second user wrote.

"I think we really need a structure and proper law to hold these people responsible, The startup ecosystem in India is getting pathetic day by day. My friend is working at ola and seriously the environment is so bad that I can even describe, same with my colleague at zepto. No working hours people are randomly working till 4-5 am in the morning," a third user commented. 

"I think she should sit and do the job of the sales man… People should realise that marketing and sales are one of the toughest jobs to do!! The company should have a strategy and teach the sales man to pitch the right way instead of putting all the burden on them and blaming for not making enough sales… I believe people do put in hardwork in private sector jobs because they don't want to go through this," another user noted. 

Yet another user wrote: "I got a call from Stealth for an opening. But then they ignored me even after following them quiet a few times. Extremely lucky to not be part of such a Workplace!"

Meanwhile, a former employee said in a LinkedIn post that he was terminated without any prior notice on January 4, while alleging the company withheld his salary for the month of December.

He said that he was informed only a day later that he wouldn't be receiving his salary and that several others were let go on the same day under similar circumstances.

When he sought clarification, all he was told was that his performance was not enough and he soon found out that Stack Wealth owes around ₹7.5 lakh in unpaid rent for their office building. 

Categories
Beyond

‘9 years, ₹35,000 salary’: Bengaluru techie compares stint at top IT firm to ‘unchained slavery’

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While the company’s leadership projected a philanthropic image, employees often joked that some of that generosity could have been directed toward staff welfare and better pay

'9 years, ₹35,000 salary': Bengaluru techie compares stint at top IT firm to 'unchained slavery'

While the company’s leadership projected a philanthropic image, employees often joked that some of that generosity could have been directed toward staff welfare and better pay

Staff Writer
16 Jan 2025



A Bengaluru techie has compared his nine-year stint at one of India’s largest IT companies to "unchained slavery," revealing his shocking experience in a Reddit post. Despite nearly a decade of service, his monthly salary was just ₹35,000 when he left the company. 

Today, working for a global IT giant, his earnings have surged by nearly 400%, underlining the glaring pay disparity he endured.

His story sheds light on systemic issues plaguing the organization. Low annual increments—often between 4-6%—left salaries stagnant, while a system of "progression" merely shuffled employees to sub-levels without pay raises or expanded roles. "When I left after nine years, my monthly salary was ₹35k. Today, I earn ₹1.7 lakh," he wrote, calling for change in the corporate culture.

In his Reddit post, the techie criticized policies that ignored market salary corrections, unlike his current and previous employers, which routinely adjusted pay to match industry standards. 

Employees at his former company faced single-digit hikes, leaving them underpaid despite years of service. Referrals to his new employer often earned former colleagues an 80-100% salary increase, underscoring the discrepancy.

Beyond salaries, the techie detailed other burdens. Employees were charged ₹3,200 per month for transportation, while parking fees further added to their expenses. Cafeteria costs were steep, with a glass of juice priced at ₹40—double what he now pays at his current workplace.

The company mandated a minimum number of physical work hours, tracked through ID card swipes. This led to employees visiting the office on weekends for trivial reasons, like completing laundry, just to meet the required hours.

While the company’s leadership projected a philanthropic image, employees often joked that some of that generosity could have been directed toward staff welfare and better pay.

The techie urged for systemic reform, advocating for a "Minimum Wage Policy" across all sectors in India. His story is not just a personal narrative but a rallying cry for fair treatment, better pay structures, and labor policies that prioritize employee dignity.

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1 Minute-Read

Foxtale raises $30 mn in series C, partners with Japan’s KOSÉ to enhance R&D

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With a strategic roadmap in place and the backing of a global beauty powerhouse, Foxtale is positioned to make significant strides in India’s thriving skincare market

Foxtale raises $30 mn in series C, partners with Japan's KOSÉ to enhance R&D

With a strategic roadmap in place and the backing of a global beauty powerhouse, Foxtale is positioned to make significant strides in India’s thriving skincare market

Staff Writer
16 Jan 2025



Foxtale, a D2C skincare brand, has secured $30 million (approximately Rs 250 crore) in a Series C funding round led by Japanese multinational KOSÉ Corporation. The round also saw continued participation from Panthera Growth Partners, Z47, and Kae Capital. The company’s partnership with KOSÉ Corporation aims to bolster the global beauty giant’s footprint in India, creating a synergy that combines Foxtale’s D2C expertise and deep understanding of the Indian beauty market with KOSÉ’s global experience.

“This collaboration is poised to redefine beauty standards in India, a billion-dollar market,” said Romita Mazumdar, founder of Foxtale. Speaking to Business Today, Mazumdar emphasised that the newly raised funds would be channelled into enhancing the company’s R&D capabilities. “We’ve always considered research to be the foundation of our brand’s success, and we’re committed to continuing our investment in advanced technologies. This will enable us to create even more targeted and innovative skincare solutions, specifically designed to meet the unique needs of Indian consumers. By pushing the boundaries of innovation, we aim to stay ahead in the market and keep delivering products that truly make a difference.”

Founded in 2021, Foxtale plans to leverage KOSÉ’s advanced technological prowess in R&D to expand its innovation pipeline. While the brand currently offers 20 SKUs, Mazumdar hinted at the possibility of introducing new product lines. “The funding by KOSÉ Corporation will enable the company to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India,” Mazumdar said. “Beyond growth, this partnership also marks a step towards fostering stronger global relations, blending international expertise with local insights.”

Kazutoshi Kobayashi, President and CEO of KOSÉ Corporation, highlighted the significance of the partnership. “We are very happy to have concluded a capital and strategic partnership with fast-growing Foxtale in the premium mass skincare market on the 10th anniversary of our entry into the Indian market. Through this partnership, we will take a major step forward into the next decade as we aim to establish a greater presence in the Indian market and expand our business,” he said.

Differentiating itself from competitors, Foxtale prioritises efficacy and customer-centric solutions over fleeting trends. “Our dedication to quality and efficacy is reflected in our loyal customer base, with many coming back for more,” Mazumdar noted. She also discussed the brand’s profitable offline channel, which contributes 10% of the revenue and operates with minimal receivable days. “Many of our distributors across India work on an advance payment model, which aligns with our strategy to maintain an optimal working capital cycle for the business. With this approach, we will continue to grow our offline presence with discipline and a focus on the right metrics.”

Although Foxtale is yet to turn profitable, it has achieved 150% growth in FY25, doubling last year’s revenue of Rs 300 crore. Most of its sales—50%—come from its own platform, while 40% are derived from other online channels, including e-commerce and quick commerce. The remaining 10% comes from its offline reach.

With a strategic roadmap in place and the backing of a global beauty powerhouse, Foxtale is positioned to make significant strides in India’s thriving skincare market.

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Leaders

L&T’s HR head breaks silence on 90-hour workweek row

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"Remarks were casual in nature...He treats every employee as part of an extended family, fostering a sense of unity and belonging that’s rare in today’s corporate world," she writes

L&T’s HR head breaks silence on 90-hour workweek row

"Remarks were casual in nature…He treats every employee as part of an extended family, fostering a sense of unity and belonging that’s rare in today’s corporate world," she writes

Staff Writer
15 Jan 2025



Larsen & Toubro’s Head of HR, Sonica Muraleedharan, has come forward to defend the company’s Chairman, SN Subrahmanyan, after his remarks about employees working a 90-hour week sparked widespread criticism. 

The controversy, which quickly escalated with responses from celebrities and business leaders, has been described by Muraleedharan as a misunderstanding rooted in misinterpretation.

n a LinkedIn post addressing the uproar, Muraleedharan expressed disappointment at the backlash. “It’s truly disheartening to see how the words of our MD & Chairman, SN Subrahmanyan (SNS), have been taken out of context, leading to misunderstandings and unnecessary criticism,” she wrote. Muraleedharan, who was present during the internal address, clarified that Subrahmanyan’s remarks were “casual in nature” and never intended as a directive or policy.

The backlash stems from a purported video in which Subrahmanyan suggested employees should work 90 hours a week to stay competitive. His comments included remarks like, “How long can you stare at your wife?” and, “I regret I am not able to make you work on Sundays. If I can make you work on Sundays, I will be more happy, because I work on Sundays also.”

Muraleedharan sought to provide context, emphasizing the Chairman’s commitment to fostering a supportive work environment. “He treats every employee as part of an extended family, fostering a sense of unity and belonging that’s rare in today’s corporate world,” she wrote. She described working under Subrahmanyan as “a transformative experience” and credited his leadership with imparting valuable lessons through every interaction.

The remarks triggered sharp reactions across social media. Actor Deepika Padukone labeled them “shocking,” while industry figures like Anand Mahindra and Harsh Goenka ridiculed the idea of such a demanding workweek. Comparisons were also drawn to Infosys founder Narayana Murthy, who last year called for a 70-hour workweek.

Despite the criticism, Muraleedharan urged people to focus on the bigger picture. “Leaders like SNS inspire positive change and growth, and it’s vital to recognize their efforts rather than misinterpret them,” she said. She called for a nuanced understanding of the Chairman’s intent, emphasizing his track record of empowering and motivating his team.

 

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1 Minute-Read

India saw 38% increase in M&A activity: Kotak Investment Bank

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IPO pipeline looks promising with up to $35 billion IPOs expected to launch in 2025, says the bank

India saw 38% increase in M&A activity: Kotak Investment Bank

IPO pipeline looks promising with up to $35 billion IPOs expected to launch in 2025, says the bank

Staff Writer
14 Jan 2025



India witnessed 38 per cent increase in M&A activity growing from $79 billion the previous year to $109 billion in CY24, reflecting robust investor confidence. Also after a brief slowdown last year, Indian conglomerates are again driving significant activity across sectors, focusing on diversification and strategic expansion, with their deal contribution almost doubling in CY24 to $48 billion from $26 billion the previous year, said V Jayasankar, Managing Director, Kotak Investment Bank.

The bank also said that CY24 saw the highest ever fundraising in the history of Indian equity capital markets at $74 billion and the momentum is expected to continue with a $35 billion IPO pipeline this year. The companies are continuing to consider IPOs as a source of funding capex with 40 per cent of primary funds coming from IPOs. According to the investment bank, fundraising activity in India has been notably broad-based, spanning all sectors, unlike global capital markets such as the US, which are often dominated by a few key industries like technology, healthcare, or financial services. 

It also highlighted how the domestic capital pool is providing stability to the volatility from FII flows. As per the bank’s report, domestic investors contributed a total of $62 billion, out of which 50 per cent came from the SIPs, compared to $0.4 billion from FIIs in CY24. Also demat accounts increased to 18 crore by October 2024, primarily from non-traditional states like Bihar, Uttar Pradesh, Madhya Pradesh etc. India's equity capital market saw robust performance across all major sectors with market returns diversified across small mid-cap and large-cap companies. IPOs in CY24 gave strong returns of 32.8 per cent on an average.

Another trend the bank noticed was MNCs preferring India as a listing destination, listing their Indian subsidiaries or flipping their corporate office to India or consolidating their global business under one Indian entity to list in. MNCs are also increasingly monetising their holdings contributing almost 1/3rd of sell downs in CY24. Hyundai’s success prompted multiple MNC conglomerates to consider value unlocking through India IPOs. So, MNCs are increasingly looking at Indian public markets as a viable monetisation route.

Hyundai Motor India IPO worth $3.3 billion was India’s biggest IPO till date. Hyundai shares made a debut on the Indian stock exchanges in October last year and the stock was listed at Rs 1,931 on BSE, a discount of 1.5 per cent to the issue price of Rs 1,960 per share. Currently, Hyundai stocks are trading at Rs 1,787 on BSE.

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1 Minute-Read

Gautam Adani announces Rs 65,000 cr investment in energy, cement projects in Chhattisgarh

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Adani also promises Rs 10,000 crore over the next four years to support initiatives in education, healthcare, skill development, and tourism through the Adani Group’s Corporate Social Responsibility (CSR) efforts and beyond

Gautam Adani announces Rs 65,000 cr investment in energy, cement projects in Chhattisgarh

Adani also promises Rs 10,000 crore over the next four years to support initiatives in education, healthcare, skill development, and tourism through the Adani Group’s Corporate Social Responsibility (CSR) efforts and beyond

Staff Writer
14 JAN 2025



Gautam Adani met with Chhattisgarh Chief Minister Vishnu Deo Sai on January 12 and announced an investment of Rs 65,000 crore for the Adani Group’s energy and cement projects in the state, officials reported. 

Adani visited the CM at his official residence in Raipur, the capital of Chhattisgarh, according to a statement from the state’s public relations department. 

During their meeting, Adani revealed plans to invest Rs 60,000 crore in expanding the Adani Group’s power plants in Raipur, Korba, and Raigarh. This expansion will increase Chhattisgarh’s total power generation capacity by 6,120 MW, the statement noted. 

In addition, the Adani Group chairman pledged Rs 5,000 crore for the development and expansion of cement plants in the state. 

Following the Chief Minister’s advice, Adani also promised Rs 10,000 crore over the next four years to support initiatives in education, healthcare, skill development, and tourism through the Adani Group’s Corporate Social Responsibility (CSR) efforts and beyond. 

The meeting further explored opportunities for collaboration in manufacturing defense-related equipment, setting up data centers, and establishing a Global Capability Centre in Chhattisgarh, the statement added