Tag: Adani

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SEC seeks email notice for Adanis

The US Securities and Exchange Commission (SEC) has sought court approval to serve summons via email to Gautam Adani and his nephew Sagar Adani.

India’s Ministry of Law and Justice twice refused to deliver the legal notices under the Hague Convention. The summons relate to civil charges alleging investor deception and a bribery scheme linked to a bond offering by Adani Green Energy.

The SEC’s request comes after more than a year of stalled attempts to serve the notices through official diplomatic channels.

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Corporate

Moody’s improves outlook for 3 key Adani firms

Global credit rating agency Moody’s Investors Service has improved the outlook for three major Adani Group companies, changing it from negative to stable. The companies covered under the upgrade are Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Step-One Limited, and Adani Electricity Mumbai Limited. Moody’s has also reaffirmed their investment-grade credit rating at Baa3.

The outlook upgrade comes after Moody’s reviewed the companies’ financial position and found improvements in liquidity, cash flow management, and overall financial stability. According to the agency, these companies are now better placed to meet their debt obligations over the next 12 to 18 months, supported by adequate access to funding.

Moody’s said Adani Ports, one of India’s largest port operators, benefits from flexible capital expenditure plans, diversified operations, and strong access to capital markets. These factors provide comfort on its ability to manage debt while continuing expansion plans.

For Adani Transmission Step-One and Adani Electricity Mumbai, the rating agency highlighted the stable and predictable nature of their revenues. As regulated utility businesses, both companies enjoy steady cash flows, which support their credit strength and liquidity position.

Reacting to the development, the Adani Group said the improved outlook reflects confidence in its financial discipline, governance standards, and long-term business strategy. The group added that the rating action underlines its continued focus on infrastructure development and nation-building, which remain central to its operations.

The upgrade is seen as a positive signal for the Adani Group, especially after a period of heightened scrutiny and cautious sentiment from global investors. A stable outlook suggests that Moody’s does not expect any immediate deterioration in the financial health of these companies.

However, Moody’s also noted that it will continue to closely monitor the group’s financial policies, debt levels, and execution of expansion plans. Any significant weakening in liquidity, aggressive debt-funded growth, or adverse regulatory developments could impact future ratings.

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Corporate

Adani plans ₹1.5 lakh cr investment in Kutch

Shares of Adani Ports and Special Economic Zone (APSEZ) drew attention in the stock market after the Adani Group announced a major investment plan for Kutch in Gujarat. The group plans to invest ₹1.5 lakh crore over the next five years, focusing on ports, renewable energy and related infrastructure.

The announcement was made by Karan Adani, Managing Director of Adani Ports, at the Vibrant Gujarat Regional Conference held in Rajkot. He said the investment reflects the group’s long-term confidence in Gujarat and its growing importance in India’s economic development.

A key part of the plan is the expansion of Mundra Port, India’s largest commercial port located in Kutch. According to Adani, the company aims to double the port’s cargo handling capacity over the next 10 years. This expansion is expected to strengthen India’s trade and logistics network and support higher exports and imports.

Another major focus area is renewable energy. The Adani Group plans to fully develop the Khavda renewable energy project, which has a planned capacity of 37 gigawatts (GW). Once completed by 2030, it is expected to be one of the world’s largest renewable energy projects, contributing significantly to India’s clean energy goals.

Karan Adani highlighted that Kutch, which was once considered a remote region, has now become an important hub for ports, power and industrial activity. He said large investments in infrastructure have transformed the region and created new opportunities for businesses and local communities.

The announcement also underlined Gujarat’s strong role in the national economy. The state contributes over 8% to India’s GDP and handles more than 40% of the country’s total port cargo, making it a key driver of growth.

Following the news, Adani Ports shares remained in focus as investors assessed the long-term benefits of the investment plan. Market participants believe the proposed spending could support future growth, improve capacity and strengthen the company’s leadership in the ports and logistics sector.

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Beyond

Navi Mumbai Airport opens with first flights

Navi Mumbai International Airport (NMIA) marked a historic moment this week as it moved closer to full operations, celebrating the milestone with a grand drone show and the start of commercial flights. The new airport is expected to significantly reduce the burden on Mumbai’s existing Chhatrapati Shivaji Maharaj International Airport, which has been operating at near full capacity for several years.

Ahead of its operational launch, NMIA hosted a spectacular mega drone show, with more than 1,500 drones lighting up the night sky. The coordinated aerial display showcased visuals symbolising India’s progress, sustainability, aviation growth and the future of Mumbai’s connectivity. Images of aircraft, green energy themes and the airport logo were formed in the sky, drawing large crowds and creating excitement around the launch.

Commercial operations officially began on December 25, making it a landmark Christmas Day for Indian aviation. The first flight to land at the airport was an IndiGo service from Bengaluru, which was welcomed with a traditional water cannon salute. Soon after, the airport saw its first departure, with a flight heading to Hyderabad. These inaugural flights marked the start of regular passenger services at the long-awaited airport.

Speaking on the occasion, Adani Group Chairman Gautam Adani said Mumbai had been struggling with airport congestion for nearly a decade. He noted that the new airport would provide much-needed relief to passengers and airlines, while also supporting the city’s growing economic and travel needs. He described the launch as a proud moment for Mumbai and Maharashtra.

The Navi Mumbai International Airport is being developed under a public-private partnership, with Adani Airports Holdings Limited as the majority stakeholder and CIDCO, a Maharashtra government body, as the public partner. Once fully completed, the airport is planned to handle up to 90 million passengers annually, making it one of the largest airports in the country.

Airport officials highlighted that passenger comfort, smooth operations and accessibility have been key priorities in planning. Facilities have been designed to cater to both domestic and international travellers, with a focus on efficiency and affordability.

With flights now operational, NMIA is expected to play a major role in strengthening air connectivity, boosting regional development and supporting India’s fast-growing aviation sector in the years ahead.

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Corporate

Adani’s Ambuja Cements to merge ACC and Orient Cement

Ambuja Cements Ltd, part of the Adani Group, has announced plans to merge ACC Ltd and Orient Cement Ltd into Ambuja Cements, marking a major step in consolidating the group’s cement business. The proposal, approved by the respective boards, aims to create a stronger and more efficient cement company with a pan-India presence. The merger is subject to regulatory, shareholder and tribunal approvals.

Following the announcement, shares of Ambuja Cements rose around 4 per cent, while Orient Cement shares rallied sharply in early trade. ACC shares, however, showed a more muted reaction, reflecting mixed investor sentiment on the merger terms.

Under the proposed scheme, the merger will be carried out through a share-swap arrangement, with no cash payout. ACC shareholders will receive 328 equity shares of Ambuja Cements for every 100 shares held, while Orient Cement shareholders will get 33 Ambuja shares for every 100 shares. Once completed, ACC and Orient Cement will cease to exist as separate listed entities and will be fully absorbed into Ambuja Cements.

The Adani Group said the move is part of its strategy to operate a “one cement platform”, allowing better use of assets, streamlined management and lower operating costs. By bringing multiple cement companies under one listed entity, the group expects to improve logistics efficiency, optimise plant operations and strengthen its competitive position in India’s cement market.

For shareholders, the merger is seen as largely neutral to mildly positive, according to analysts. Orient Cement investors are expected to benefit the most due to the premium implied in the swap ratio, while the impact on ACC shareholders is considered balanced. Ambuja Cements shareholders stand to gain from improved scale and long-term synergies.

Post-merger, Ambuja Cements will become one of India’s largest cement producers, with a significantly expanded manufacturing footprint and distribution network. The company has outlined ambitious capacity expansion plans and expects the consolidation to support growth, margins and return on capital over the medium to long term.

The merger, once completed, will further strengthen the Adani Group’s position in the building materials sector and align with its broader focus on operational efficiency and sustainable growth.

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Corporate

Rajiv Jain’s GQG buys ₹5,094 cr stake in five Adani firms

Rajiv Jain’s GQG Partners, a global investment firm managing funds for institutions and individuals, has significantly increased its stake in five Adani Group companies, spending a total of ₹5,094 crore. The companies in focus are Adani Enterprises, Adani Ports & SEZ (APSEZ), Adani Green Energy, Adani Energy Solutions, and Adani Power.

The purchases were made through block deals, which are large share transactions conducted outside the open market. Most of the shares came from Reliance Trust Institutional Retirement Trust Series Eleven. This move reflects GQG Partners’ strong confidence in the Adani Group’s businesses across energy, infrastructure, and green power sectors.

The investment was spread across the five companies, with Adani Enterprises accounting for around 53.42 lakh shares purchased at ₹2,462 each, costing approximately ₹1,315.2 crore. Adani Ports & SEZ saw about 73.17 lakh shares bought at ₹1,507.6 each, totaling ₹1,103.14 crore, while Adani Green Energy involved nearly 77.39 lakh shares at ₹1,088.6 each, amounting to ₹842.53 crore. Adani Energy Solutions recorded 53.94 lakh shares at ₹1,021.55 each, roughly ₹551.08 crore, and Adani Power added 83.61 lakh shares at ₹153.28 each, totaling around ₹1,281.57 crore.

Prior to this transaction, GQG Partners held smaller stakes in these companies, ranging from about 1.5% to 2.5% in each. The recent purchases significantly increase GQG’s presence in the Adani Group, indicating confidence in the group’s growth prospects and long-term potential.

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