Monday, December 23

Tag: gautam adani

Consolidated net profit up 80% to Rs 2,119 cr
8Aug By adminNo Comments
Business

Consolidated net profit up 80% to Rs 2,119 cr

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted 80 per cent rise in its consolidated net profit at Rs 2,119.38 crore during the April-June quarter, on account of higher income. It had reported Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23. The net profit was 85.7 per cent higher as compared to Rs 1,140.97 crore in the quarter that ended on March 31. The company's total income surged to Rs 6,631.23 crore from Rs 5,526.19 crore in the year-ago quarter. Its expenses trimmed to Rs 4,065.24 crore from Rs 4,438.32 crore. Adani Ports said the results were helped by Ebitda margins at its ports business expanding by 150 basis points to 72 per cent, mainly due to tariff hikes.  "Our newly acquired assets...
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Sanghi: Adani seals Sanghi deal to boost cement capacity
4Aug By adminNo Comments
Business

Sanghi: Adani seals Sanghi deal to boost cement capacity

MUMBAI: The country's second richest person Gautam Adani has struck a deal with Ravi Sanghi and family to acquire their cement business, Sanghi Industries, for an enterprise value of Rs 5,000 crore - including about Rs 1,500-crore debt. Sanghi is Adani's first major acquisition after US short-seller Hindenburg's damning report. Ambuja Cements, which Adani acquired in September 2022, will buy 57% in Sanghi from the promoter family. The deal, expected to be concluded in three to four months, will increase Ambuja's capacity to 73.6 million tons from 67.5 million.Ambuja will make an open offer for another 26% stake in line with takeover rules. The Sanghi family will receive Rs 1,674 crore for their 57% stake, while Ambuja will spend an additional Rs 767 crore for the open offer. Ambuja said t...
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Adani group in talks to raise $1.8 billion from India bond sales
31Jul By adminNo Comments
Business

Adani group in talks to raise $1.8 billion from India bond sales

MUMBAI: Billionaire Gautam Adani’s conglomerate plans to tap India’s bond market to raise up to 150 billion rupees ($1.8 billion) this financial year as it gears up local-currency debt sales since damaging allegations were made by a short seller earlier this year, according to people familiar with the matter.The notes would likely be sold in small 5 billion to 10 billion rupee lots of listed and unlisted bonds to meet capital expenditure requirements, said the people, who asked not to be identified because the plans are private. Adani Ports and Special Economic Zone Ltd, Adani Electricity Mumbai Ltd, Mumbai International Airport Ltd, Navi Mumbai International Airport Ltd and flagship Adani Enterprises Ltd are among the group’s firms that may issue first, the people said.The plans will lik...
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Bain to buy 90% stake in Adani Capital and Adani Housing
23Jul By adminNo Comments
Business

Bain to buy 90% stake in Adani Capital and Adani Housing

US-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said.The investment firm has committed $120 million for Adani Capital and an additional liquidity line of $50 million in the form of Non-Convertible Debentures.Adani Capital is a non-banking financial arm of the Adani group which started its lending operations in 2017.The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, Bain said."I am very happy tha...
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Gautam Adani’s go-to bankers at Barclays turn cautious after Hindenburg report
18Jul By adminNo Comments
Business

Gautam Adani’s go-to bankers at Barclays turn cautious after Hindenburg report

MUMBAI: For more than a decade, Barclays Plc has been the go-to bank for Indian billionaire Gautam Adani, leveraging a relationship forged when only a few global firms were working with the emerging conglomerate.An explosive report by short-seller Hindenburg Research in January has changed all that, prompting the bank to pare its exposure, leaving a hole in an Indian business that’s been a key driver of the firm’s Asian growth for years.Executives at the highest levels are scrutinizing ties with Adani, turning more cautious about adding new business pending a regulatory probe that’s supposed to end next month, according to people familiar with the matter. While Barclays hasn’t closed the door on the group, it’s negotiated repayment on some loans, including financing for a massive cement d...
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Microsoft: Adani Group commissions India’s first transnational power project
16Jul By adminNo Comments
Business

Microsoft: Adani Group commissions India’s first transnational power project

DHAKA/AHMEDABAD: Adani Group Chairman Gautam Adani called on Bangladesh Prime Minister Sheikh Hasina in Dhaka on Saturday following the full load commencement of power supply to Bangladesh from the Group’s Ultra Super-Critical Thermal Power Plant (USCTPP), in Godda, Jharkhand.The Godda USCTPP, which marks the Adani Group’s entry into transnational power projects, is India’s first commissioned transnational power project where 100 per cent of the generated power is supplied to another nation.After the meeting, Gautam Adani said in a tweet: “Honoured to have met Bangladesh PM Sheikh Hasina on full load commencement and handover of the 1600 MW Ultra Super-Critical Godda Power Plant. I salute the dedicated teams from India and Bangladesh who braved COVID to commission the plant in a record ti...
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Adani row: SEBI disagrees with expert panel, says will take action if any violation found
10Jul By adminNo Comments
Business

Adani row: SEBI disagrees with expert panel, says will take action if any violation found

NEW DELHI: Capital markets regulator SEBI on Monday told the Supreme Court that its 2019 rule changes do not make it tougher to identify beneficiaries of offshore funds, and action will be taken if any violation is found or established.SEBI said it has continuously tightened rules concerning beneficial ownership and related-party transactions - key aspects in the allegations of Adani Group manipulating its stock price.A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern of manipulation" in billionaire Gautam Adani's companies and there was no regulatory failure.It, however, cited several amendments the Securities and Exchange Board of India (SEBI) made between 2014-2019 that constrained regulators' ability to investigate, and it...
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