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Adani Group

Company type	Corporate group
Industry	Conglomerate
Founded	20 July 1988; 36 years ago (20 July 1988)
Founder	Gautam Adani
Headquarters	Ahmedabad, Gujarat, India
Area served	Worldwide
Key people	Gautam Adani (Chairman)
Services	Port management Electric power Mining Renewable energy Airport operations Oil and gas Food processing Infrastructure
Revenue	₹2.62.499 lakh crore (US$31 billion) (2023)
Net income	(2023)
Number of employees	23,000+ (2023)
Subsidiaries	Adani Enterprises Adani Ports & SEZ Adani Green Energy Adani Power Adani Transmission Adani Total Gas Adani Wilmar Ambuja Cements ACC NDTV North Queensland Export Terminal Adani Foundation
Website	www.adani.com
Footnotes / references

Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group's businesses include port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing and infrastructure. More than 60 percent of the Adani Group's revenue is derived from coal-related businesses.

At its peak, Adani was the largest Indian conglomerate, surpassing Reliance Industries. It lost more than $104 billion in value after fraud and market manipulation allegations by short-seller firm Hindenburg Research. The Adani Group has also attracted other controversies due to reports of stock manipulation, accounting irregularities, cronyism, tax evasion, environmental damage, and suing journalists.

History

Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. With a capital of ₹5 lakhs, the company was established as a partnership firm with the flagship company Adani Enterprises, previously Adani Exports. In 1990, the Adani Group developed its own port in Mundra to provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc. The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar.

Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largest coal importer in India with 11 Mt of coal handling. The company expanded its business in 2008, purchasing Bunyu Mine in Indonesia which has 180 Mt of coal reserves. In 2009 the firm began generating 330 MW of thermal power. It also built an edible oil refining capacity in India of 2.2 Mt per annum.

In 2010, Adani group with help of Petronet LNG will setup a solid cargo port through a Joint Venture company namely Adani Petronet (Dahej) Port Private Ltd., has already commenced its Phase 1 operations from August 2010 at Dahej Port. solid cargo port terminal would have facilities to import/export bulk products like coal, steel and fertilizer. PLL has 26% equity in this JV.

The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010. Operations at the Port of Dahej commenced in 2011 and its capacity subsequently grew to 20 Mt. The company also bought Galilee Basin mine in Australia with 10.4 gigatonnes (Gt) of coal reserves. It also commissioned 60 Mt of handling capacity for the coal import terminal in Mundra, making it the world's largest.

In 2011, the Adani group also bought Abbot Point port in Australia with 50 Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40 MW. As the firm achieved 3,960 MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.

Adani Power emerged as India's largest private power producer in 2014. Adani Power's total installed capacity then stood at 9,280 MW. On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for ₹5,500 crore (equivalent to ₹88 billion or US$1.1 billion in 2023). Dhamra Port was a 50:50 joint venture between Tata Steel and L&T Infrastructure Development Projects, which has been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3 Mt in 2013–14. With the acquisition of Dhamra Port, the Group is planning to increase its capacity to over 200 Mt by 2020.

In 2015, the Adani Group's Adani Renewable Energy Park signed a pact with the Rajasthan Government for a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000 MW. In November 2015, the Adani group began construction at the port in Vizhinjam, Kerala.

Adani Aero Defence signed a pact with the Israeli arms manufacturer, Elbit-ISTAR, and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises secured approval from the Government of Gujarat to begin work on building a solar power equipment plant. In September, Adani Green Energy (Tamil Nadu), the renewable wing of the Adani Group, began operations in Kamuthi in Ramanathapuram, Tamil Nadu with a capacity of 648 MW at an estimated cost of ₹4,550 crore (equivalent to ₹65 billion or US$780 million in 2023). In the same month, the Adani Group inaugurated a 648 MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up.

On 22 December 2017, the Adani Group acquired the power arm of Reliance Infrastructure for ₹18,800 crore (US$2.89 billion).

In October 2019, French oil and gas company TotalEnergies bought a 37.4% stake in Adani Gas for ₹6,155 crore (US$874.04 million) and obtained joint control of the company. Total also invested US$510 million in a subsidiary of Adani Green Energy in February 2020.

In August 2020, Adani Group obtained a majority stake in Mumbai and Navi Mumbai airports after entering a debt acquisition agreement with GVK Group. Through a concession agreement with the Airports Authority of India, Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports.

In May 2021, Adani Green Energy acquired SB Energy, a joint venture of SoftBank Group and Bharti Enterprises, for US$3.5 billion.

In May 2022, the Adani Group acquired Ambuja Cements and ACC for $10.5 billion. The deal will make the Adani Group the second largest cement maker in India.

In May 2022, UAE-based conglomerate International Holding Company (IHC), headed by Syed Basar Shueb, invested US$2 billion in three Adani Group companies, namely Adani Green Energy, Adani Transmission and Adani Enterprises. In June 2022, TotalEnergies acquired a 25% stake in Adani New Industries, the newly formed green hydrogen subsidiary of Adani Enterprises, for US$12.5 billion.

Affiliated companies

Controversies

Coal mining in Australia

The Adani Group launched in 2014, with the support of a part of the Australian Government and Queensland, a mining and rail project (Carmichael coal mine) in Carmichael in Queensland's Galilee Basin for $21.5 billion over the life of the project, i.e. 60 years. This mine is one of many coal mines in Queensland, Australia. Its annual capacity would be 10 Mt of thermal coal.

This project will occupy an area of 35,000 hectares (86,000 acres). In response to activist pressure some international banks refused to finance it, and in November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources. In July 2019, the project received its final approvals from the Australian Government and construction of the mine commenced.

The Australian Government has been taken to the Federal Court of Australia by the Australian Conservation Foundation twice, once in 2018 and once in March 2020 (still ongoing as of September 2020), relating to its contravention and alleged contravention of the Environment Protection and Biodiversity Conservation Act 1999 with respect to the impact of the Carmichael mine on groundwater and the country's water resources.

In 2020, Adani Mining changed its name to Bravus Mining and Resources.

On 29 December 2021, Bravus announced that the first shipment of high-quality coal from the Carmichael mine had been assembled at the North Queensland Export Terminal (NQXT) in Bowen ready for export as planned.

Cronyism

Chairman and MD Gautam Adani has been described as being close to former Chief Minister of Gujarat and Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party (BJP). This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts. In 2012, an Indian government auditor accused Modi of giving low cost fuel from a Gujarat state-run gas company to the Adani group and other companies. In Jharkhand, the BJP-led state government made an exception to its energy policy for Adani's Godda power plant. Both the Adani Group and Modi's government have denied allegations of cronyism.

The Modi government extended an extraordinary favour to Gautam Adani in order to promote his coal business. Although the Modi government had ascertained that a particular regulation handing over coal blocks to the private sector was ‘inappropriate’ and lacked transparency, the government made an exception. It allowed Adani Enterprises Limited to mine from a block holding more than 450 million tonnes of coal in one of India’s densest forest patches.

Leverage

The company's corporate debt totaled $30 billion in 2022. In August 2022, CreditSights, a unit of Fitch Ratings, warned that Adani's recent aggressive expansion had hurt the group's cash flow and credit metrics. It also stated that a potential "worst-case scenario" could lead the group to end up in a debt trap and a potential default. The CreditSights report garnered significant attention for its dire assessment of Adani's "deeply overleveraged” book; after outreach by Adani, CreditSights softened its language but kept its main conclusion.

Stock market rigging

In 2007, the Securities and Exchange Board of India (SEBI) prohibited multiple Adani companies from engaging in the purchase or sale of securities for a period of two years. This action was taken due to their involvement in a manipulation scheme that occurred between 1999 and 2001 to artificially influence stock prices. This manipulation was carried out through entities overseen by Ketan Parekh, the stockbroker who was the main accused in India’s biggest stock market scandal. After paying a fine of $140,000, the companies were eventually permitted to recommence their trading activities.

Tax evasion

On 27 February 2010, Central Bureau of Investigation arrested Rajesh Adani, managing director of Adani Enterprises Ltd., on charges of custom duty evasion amounting to ₹80 lakh.

In August 2017, Indian customs alleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using a Dubai shell company to divert the funds. The details of a $235 million diversion were obtained and published by The Guardian. In 2014, the Directorate of Revenue Intelligence mapped out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly owned by Vinod Shantilal Adani, the older brother of Gautam Adani.

Stock manipulation and accounting fraud allegations

In January 2023, Hindenburg Research published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. The report accused Adani of pulling "the largest con in corporate history" and "brazen stock manipulation and accounting fraud scheme over the course of decades". Hindenburg also disclosed that it was holding short positions on Adani Group companies. Bonds and shares of companies associated with Adani experienced a decline of more than $104 billion in market value after the accusations, representing approximately half of the market value. Hedge fund manager Bill Ackman said Hindenburg's Adani Report was "highly credible and extremely well researched." Adani denied the fraud allegations as without merit.

On 29 January, Adani released a 413 page response to the Hindenburg report, calling Hindenburg’s conduct a "calculated securities fraud" and the report a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India." Hindenburg characterized the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism. On 1 February, Adani cancelled its planned $2.5 billion (Rs 20,000 crore) Follow-on Public Offer (FPO) citing market volatility, and announced that it would return the FPO money to investors. Reserve Bank of India sought details from banks on exposure to Adani firms. Citigroup's wealth unit stopped extending margin loans to its clients against securities of Adani Group. Credit Suisse Group AG stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients. S&P Dow Jones Indices removed Adani Enterprises from its sustainability index.

Norway's Oil Fund, which had already shed a bulk of its Adani shares pre-Hindenburg report, divested its entire stake following the report.

On 23 February 2023, the Adani Group said it is exploring legal options to take "punitive action" against Hindenburg Research for its findings. However, a Hindenburg statement asserted that it stands by its report that alleged "brazen" market manipulation and accounting fraud by the Adani Group.

A group of truckers transporting cement from Adani’s factories in Himachal Pradesh has celebrated the Hindenburg report. The truckers assert that the critical research report on Adani Group was a godsend that helped them save their livelihoods. Around 7,000 truck owners and drivers in Himachal Pradesh were protesting against Adani’s decision to shut two cement plants over a dispute on freight rates. The report "played a crucial role in our battle against the India’s biggest business group, helped mobilize truckers and gain political support," said Ram Krishan Sharma, one of the lead negotiators for protesting truckers.

A report of 2 March 2023 reveals that an entity related to the Adani Group financially supported a company that violated sanctions imposed by the United Nations Security Council (UNSC) on trade with North Korea. The sanctioned company was owned by sons of Chang Chung-Ling, an Adani Group associate who appeared in the Hindenburg report because of his directorship of Adani entities. On 13 February 2023, India's markets regulator, the SEBI, confirmed that it is investigating allegations made by Hindenburg Research against companies owned by Gautam Adani.

On 2 March 2023, the Supreme Court of India formed a six-member committee to examine issues related to the Adani Group's stock crash after the Hindenburg report. On 19 May, on prima facie, the committee communicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. This was primarily due to the insufficient information provided in the explanations by SEBI. Earlier on 29 April, SEBI requested a six-month extension to conclude its investigation, instead of the initially given two months provided on 2 March. However, the Supreme Court granted a three-month extension and directed SEBI to complete the probe by 14 August 2023.

On 24 June 2023, Adani Group's share value took a significant dive, following reports that United States Department of Justice and U.S. Securities and Exchange Commission were investigating the corporation's communications with its U.S.-based investors, spurred by a report from a short seller.

Manipulating Misplaced Pages entries

A February 2023 article in The Signpost said that the Adani team has been manipulating Misplaced Pages entries using sock puppet accounts to insert promotional material and remove or edit criticism.

Sports

In addition to its industrial interests, the Adani group owns several sports teams, such as the Gujarat Giants team in the Pro Kabaddi League. In 2022, Adani Group acquired the Gulf Giants team in UAE's International League T20. In August 2022, It also purchased a franchise in Legends League Cricket. In 2023, it purchased a team in the Women's Premier League based in Ahmedabad.

Teams owned by Adani Group

Adani also sponsored various other sports initiatives, including a 2016 nationwide programme to prepare athletes for Rio Olympics called Garv Hai (transl. We are proud). It was re-launched for a second time to groom athletes for 2020 Tokyo Olympics, 2022 Asian Games and Commonwealth Games. The programme focuses on archery, shooting, athletics, boxing, and wrestling. Beneficiaries of the Garv Hai pilot project in 2016 include Ankita Raina (tennis), Pinki Jangra (boxing), Shiva Thapa (boxing), Khushbir Kaur (athletics), Inderjeet Singh (athletics), Mandeep Jangra (boxing), Malaika Goel (shooting), Deepak Punia (wrestling), KT Irfan (Racewalking) and Sanjivani Jadhav (athletics).

Adani Group has naming rights on Hegvold Stadium (now known as Adani Arena) in Rockhampton and the pavilion end of the Narendra Modi Stadium in Ahmedabad.

See also

• List of companies of India

References

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v t e Adani Group
Adani Ports & SEZ	Dhamra Port Hazira Port Kamarajar Port Krishnapatnam Port Mormugao Port Mundra Port Port of Dahej Vizhinjam International Seaport
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