The Adani group - Revision history

Jyoti: /* Penna Cement Industries */

2026-06-28T20:41:53Z

‎Penna Cement Industries

Jyoti: /* Adani Enterprises Ltd: the flagship */

2025-03-25T21:21:07Z

‎Adani Enterprises Ltd: the flagship

Jyoti: /* 2019 */

2024-12-31T18:32:08Z

‎2019

Jyoti: /* Adani Enterprises Ltd: the flagship */

2024-12-26T21:06:43Z

‎Adani Enterprises Ltd: the flagship

Jyoti: /* 2024 */

2024-08-16T06:24:12Z

‎2024

Jyoti: /* 2023 */

2024-08-16T06:22:04Z

‎2023

Jyoti: /* Adani Enterprises Ltd: the flagship */

2024-08-13T14:48:54Z

‎Adani Enterprises Ltd: the flagship

Jyoti: /* Paridhi Adani */

2024-08-01T20:08:23Z

‎Paridhi Adani

Jyoti: /* Penna Cement Industries */

2024-08-01T20:07:50Z

‎Penna Cement Industries

Jyoti: /* Colombo port, shipping container terminal */

2024-08-01T20:07:32Z

‎Colombo port, shipping container terminal

← Older revision		Revision as of 20:41, 28 June 2026
Line 295:		Line 295:
	Penna’s seven plants in Andhra Pradesh, Telangana and Rajasthan (under construction) and limestone reserves “provide an opportunity to increase cement capacity through debottlenecking and additional investment”, said Ambuja Cements CEO Ajay Kapur . “Importantly, the bulk cement terminals will prove to be a game-changer by giving access to the eastern and southern parts of peninsular India, apart from an entry to Sri Lanka, through the sea route,” Kapur added.		Penna’s seven plants in Andhra Pradesh, Telangana and Rajasthan (under construction) and limestone reserves “provide an opportunity to increase cement capacity through debottlenecking and additional investment”, said Ambuja Cements CEO Ajay Kapur . “Importantly, the bulk cement terminals will prove to be a game-changer by giving access to the eastern and southern parts of peninsular India, apart from an entry to Sri Lanka, through the sea route,” Kapur added.

		+	=USA-related issues=
		+	==Adanis settle US case with $18m payment/ 2026==
		+	[https://epaper.indiatimes.com/article-share?article=16_05_2026_001_005_cap_TOI May 16, 2026: ''The Times of India'']
		+
		+
		+	New Delhi : Adani Group chairman Gautam Adani and his nephew, Sagar, executive director of Adani Green, are set to settle a civil fraud case in the US by paying combined penalties of $18 million.
		+
		+	Gautam Adani will pay a penalty of $6 million, and Sagar $12 million, to end the lawsuit filed by the US Securities and Exchange Commission (SEC), as per court papers.
		+
		+	In Nov 2024, SEC and the US department of justice (DoJ) alleged that the Adanis orchestrated a bribery scheme involving govt officials to secure solar power contracts, which were concealed from US investors and lenders while raising capital.
		+
		+	DoJ is separately moving to drop fraud charges against Gautam Adani, Bloomberg reported earlier. The department’s actions are being closely watched.
		+
		+
		+	''' Adani Group revives $1bn fund-raise plans '''
		+
		+	The move will pave the way for the ports-to-energy conglomerate to return to the international markets to fund its massive expansion plans. Adani Group is reviving plans to seek about $1 billion through a US-listed dollar-denominated bond, Bloomberg said in a report on Friday. The US district court has said that the penalty will have to be paid within 30 days of the final order.
		+
		+	Those familiar with the process said that similar settlements have happened in the past involving other businessmen and companies and the Adanis will not face any restrictions. In 2024, the Gautam Adani had indicated his group’s willingness to invest up to $10 billion in the US and the settlement could get him to pump in money into some ventures.
		+
		+	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:India\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:Pages with broken file links\|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]

	=Vinod Adani-=		=Vinod Adani-=

← Older revision		Revision as of 21:21, 25 March 2025
Line 56:		Line 56:

	AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.		AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.
		+
		+	=Adani Green=
		+	==2025: Exits two Sri Lanka projects==
		+	[https://epaper.indiatimes.com/article-share?article=14_02_2025_001_015_cap_TOI Sanjay Dutta, TNN, Feb 14, 2025: ''The Times of India'']
		+
		+	New Delhi : Adani Green Energy has pulled out of two proposed wind power projects and linked transmission lines, which would have seen a total investment of about $1 billion, in Sri Lanka after Colombo sought to trim the tariff.
		+
		+	The company wrote to Sri Lanka’s Board of Investment on Wednesday to convey its decision. “Adani Green Energy has conveyed its board’s decision to withdraw from further engagement regarding these projects. However, we remain committed to Sri Lanka and are open to future collaboration if the govt (there) so desires,” a company spokesperson said.
		+
		+	The agreement for the project was signed in May 2024 when an interim govt headed by President Ranil Wikremesinghe was in office. The project entailed building two wind farms with a total capacity of 484 MW in Mannar and Pooneryn regions along with transmission lines to evacuate power. These were to be completed by 2026.
		+
		+
		+	''' Cong raises border project, LS adjourned '''
		+
		+	Lok Sabha was adjourned as soon as it resumed on Thursday morning as Congress disrupted proceedings demanding a discussion on a project awarded to Adani group by relaxing security protocols, a charge the chief opposition party had also raised a day before.
		+
		+	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:India\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:Pages with broken file links\|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]

	=Airports=		=Airports=

@@ Line 469: / Line 469: @@
 The case deals with a fundamental question regarding the commission of offence punishable under Customs Act, 1962 and whether or not, DRI is entitled to take recourse to the provisions of the Code of Criminal Procedure, 1973 for issuance of the Letter of Rogatory by the Magistrate. The Bombay high court held that this provision of the CrPC is not an independent island on which any investigating/ inquiring authority can jump on without taking recourse to filing of a FIR and hence the letter rogatory issued by the DRI stands quashed.
-[[Category:Economy-Industry-Resources|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+ Adani Group stated, “Even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body... We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value.” TNN
 THE ADANI GROUP]]
-[[Category:India|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+[[Category:India|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
 THE ADANI GROUP]]
-[[Category:Pages with broken file links|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+[[Category:Pages with broken file links|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
 THE ADANI GROUP]]

← Older revision		Revision as of 21:06, 26 December 2024
Line 56:		Line 56:

	AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.		AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.
		+
		+	=Airports=
		+	==Kenyan court halts Adani’s proposal for Nairobi airport/ 2024==
		+	[https://epaper.indiatimes.com/article-share?article=11_09_2024_019_002_cap_TOI Sep 11, 2024: ''The Times of India'']
		+
		+
		+	A Kenyan court suspended a govt plan to allow Adani Airport Holdings to operate its main airport for 30 years until it rules on the matter.
		+
		+	The high court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case. Adani didn’t immediately respond to a request for comment when contacted outside office hours.
		+
		+	The lawyers’ body and the Kenya Human Rights Commission, a non-governmental organisation, are challenging govt’s right to lease the Jomo Kenyatta International Airport in the capital, Nairobi, to Adani Airport as it breaches the constitution.
		+
		+	“Leasing the strategic and profitable JKIA to a private entity is irrational” and contravenes the constitutional principles of “good governance, accountability, transparency, and prudent and responsible use of public money,” they said in their filings.
		+
		+	The parties also argue that the $1.85 billion deal between govt and Adani Airport is “unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk, and offers no value for money to the taxpayer”. They claim that Kenya can independently raise the funds to expand JKIA without leasing it for 30 years, according to their filings.
		+
		+	Under the terms of the build-operate deal, Gautam Adani’s company would upgrade Kenya’s largest aviation facility and East Africa’s busiest airport and construct a second runway and a new passenger terminal. BLOOMBERG
		+
		+	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:India\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:Pages with broken file links\|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]

	=Coal=		=Coal=

@@ Line 832: / Line 832: @@
 ==Hindenburg 2.0: SEBI chief’s involvement==
 [https://epaper.indiatimes.com/article-share?article=11_08_2024_001_006_cap_TOI  Partha Sinha, August 11, 2024: ''The Times of India'']
@@ Line 838: / Line 840: @@
  Sebi chief and her husband, through 360 One WAM (IIFL’s wealth management arm), had allegedly invested in Global Dynamic Opportunities Fund, the same fund that Vinod Adani, elder brother of Gautam Adani, had used to invest in Adani group’s stocks, Hindenburg said. The Adani group refuted all of Hindenburg’s allegations. The report that was released late Saturday evening alleged that Sebi “drew a blank” in its probe against Adani due to alleged investments by Buch and her husband in the offshore funds.
-[[Category:Economy-Industry-Resources|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+[[Category:Economy-Industry-Resources|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
 THE ADANI GROUP]]
-[[Category:India|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+[[Category:India|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
 THE ADANI GROUP]]
-[[Category:Pages with broken file links|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
+[[Category:Pages with broken file links|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
 THE ADANI GROUP]]

← Older revision		Revision as of 14:48, 13 August 2024
Line 57:		Line 57:
	AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.		AEL earned revenues of Rs 26,824 crore, and made a net profit of Rs 720.70 crore during fiscal 2022, according to the BSE website. During the second quarter ended September 2022, it reported a revenue of Rs 22,136 crore, and a net profit of Rs 469 crore.

		+	=Coal=
		+	==2024/ FT report on ‘low quality’ coal false: Adani Group==
		+	[https://epaper.indiatimes.com/article-share?article=23_05_2024_011_017_cap_TOI May 23, 2024: ''The Times of India'']
		+
		+
		+	New Delhi : The Adani Group said any suggestion that one of its companies supplied inferior coal to the Tamil Nadu Generation and Distribution company (TANGEDCO), as compared to the quality standards laid down in the tender and purchase order (PO), is incorrect and asserted that it operates a robust corporate governance framework and is strongly committed to following all laws and regulations in all jurisdictions.
		+
		+	The company was responding to a report published in the Financial Times which alleged that the Adani Group passed off low-quality coal as far more expensive cleaner fuelin transactions with an Indian state power utility. The newspaper cited evidence it had seen and said it throws fresh light on allegations of a long-running coal scam.
		+
		+	“Your allegations are false and baseless, and we strongly reject any suggestion that the Adani portfolio of companies did not act as per regulations,” the Adani group said in a detailed rebuttal of the newspaper report.
		+
		+	“The PO 89 of TANGEDCO was a fixed price contract, won through an open, competitive, global bidding process, wherein Adani Global Pte Ltd was contractually obliged to supply coal to TANGEDCO at a pre-determined price. So, the supply price was market-determined and TANGEDCO had contractually insulated itself from any kind of supply risk, including on price,” the Adani Group said in a statement.
		+
		+	“Any upside or downside due to price fluctuations was to be completely borne by the supplier, needless to say the risk of which was very high due to the volatility in coal prices,” said the Adani Group statement.
		+
		+	The FT report claimed that the documents secured by the Organised Crime and Corruption Reporting project (OCCRP) and reviewed by the newspaper added a “potential environmental dimension” to accusations of corruption associated with the Indian conglomerate.
		+
		+	“They suggest that Adani may have fraudulently obtained bumper profits at the expense of air quality, since low-grade coal for power means burning more of the fuel,” the FT report alleged. The Adani Group said that the suggestion that Adani Global Pte Ltd supplied to TANGEDCO inferior coal, as compared to the quality standards laid down in the tender and PO, was incorrect.
		+
		+	“While it is difficult for us to comment on individual cases due to the sheer volume of data and the elapsed time, not to add the contractual and legal obligations, it is important to note that the coal supplied, irrespective of the declaration by the supplier, is tested for quality at the receiving plant,” said the Adani statement.
		+
		+	Adani Group’s market capitalisation regained $200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 croreas investors brushed off the allegations made by the London-based newspaper.
		+
		+	With Rs 11,300 crore gain on Wednesday, the apples-to-airport conglomerate gained Rs 56,250 crore in market capitalisation in the last two trading sessions, stock exchange data showed.
		+
		+	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:India\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:Pages with broken file links\|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]

	=Colombo port, shipping container terminal=		=Colombo port, shipping container terminal=

← Older revision		Revision as of 20:08, 1 August 2024
Line 192:		Line 192:

	Common sense suggests that a law firm with whose partners Adani directors have family ties presents a potential for conflict. The legal fees paid to CAM are not important to a group of Adani’s size. But India Inc’s culture of disclosure — or its absence — ought to be.		Common sense suggests that a law firm with whose partners Adani directors have family ties presents a potential for conflict. The legal fees paid to CAM are not important to a group of Adani’s size. But India Inc’s culture of disclosure — or its absence — ought to be.
		+
		+	=Penna Cement Industries=
		+	==Purchase in 2024==
		+	[https://epaper.indiatimes.com/article-share?article=14_06_2024_022_014_cap_TOI Reeba Zachariah & Swati Bharadwaj TNN, June 14, 2024: ''The Times of India'']
		+
		+	[[File: Cement capacity, UltraTech, Ambuja, Shree Cement, FY24.jpg\|Cement capacity, UltraTech, Ambuja, Shree Cement, FY24 <br/> From: [https://epaper.indiatimes.com/article-share?article=14_06_2024_022_014_cap_TOI Reeba Zachariah & Swati Bharadwaj TNN, June 14, 2024: ''The Times of India'']\|frame\|500px]]
		+
		+
		+	Mumbai/Hyderabad: The Gautam Adani family owned Ambuja Cements is buying Penna Cement Industries in a deal valued at Rs 10,442 crore including debt, expanding its presence in the south. The transaction marks Ambuja’s fourth M&A after Adani checked into the sector through the former in Sept 2022.
		+
		+	Hyderabad-based Penna, promoted by P Prathap Reddy and family, has an annual production capacity of 14 million tons (of which 4 million tons is under construction). It also has limestone reserves and captive power plants.
		+
		+	The Penna acquisition, to be financed by internal accruals, will improve Ambuja’s share by 8% in south India and comes months after market leader UltraTech Cement ramped up its play in the region by buying Kesoram Industries’ building materials units. As of April end, Ambuja had cash of Rs 24,338 crore on its books, having received warrant money of Rs 8,339 crore from the Adani family.
		+
		+	The Penna transaction will help Ambuja and its arms, including ACC and Sanghi Industries, beef up capacity to 89 million tons, moving towards its larger goal of 140 million tons by 2028. UltraTech, owned by Kumar Mangalam Birla, has a capacity of over 150 million tons. In April, India’s third-largest player Shree Cement, led by Hari Mohan Bangur, inaugurated a3-million-ton plant in Andhra Pradesh to bolster its capacity to 56 million tons.
		+
		+	Ambuja previously acquired Gujarat-based Sanghi, My Home’s cement unit in Tamil Nadu and Asian Concretes and Cements’ plants in Hima- chal Pradesh and Punjab.
		+
		+	Prathap Reddy had earlier looked at an IPO for his cement business but subsequently changed plans. In Oct 2021, Penna received markets regulator Sebi’s nod for a Rs 1,550-crore IPO but did not proceed with it. “Initially we thought (of an IPO) but it got delayed. I have decided to do (away) with (the cement business),” Reddy told TOI.
		+
		+	The businessman, known as ‘Penna’ Reddy in Hyderabad circles, was considered a confidant of former Andhra Pradesh CM YS Jagan Mohan Reddy’s father YS Rajasekhara Reddy, the unified Andhra Pradesh CM who died in a chopper crash in Sept 2009. Reddy was made an accused in the Penna chargesheet in the Jagan disproportionate assets case that is being probed by CBI and ED. Jagan’s YSR Congress Party lost the recent Andhra assembly polls to Nara Chandrababu Naidu-led Telugu Desam Party.
		+
		+	Incorporated in Oct 1991, Penna had a turnover of Rs 1,241 crore in FY24. In FY22, its turnover was Rs 3,204 crore. In May 2019, Penna had acquired Sri Lanka-based Singha Cement that operates a 0.5 mtpa cement packing terminal in Colombo.
		+
		+	Penna’s seven plants in Andhra Pradesh, Telangana and Rajasthan (under construction) and limestone reserves “provide an opportunity to increase cement capacity through debottlenecking and additional investment”, said Ambuja Cements CEO Ajay Kapur . “Importantly, the bulk cement terminals will prove to be a game-changer by giving access to the eastern and southern parts of peninsular India, apart from an entry to Sri Lanka, through the sea route,” Kapur added.
		+

	=Vinod Adani-=		=Vinod Adani-=

← Older revision		Revision as of 20:07, 1 August 2024
Line 125:		Line 125:
	THE ADANI GROUP]]		THE ADANI GROUP]]

−	~~=Penna Cement Industries=~~
−	~~==Purchase in 2024==~~
−	~~[https://epaper.indiatimes.com/article-share?article=14_06_2024_022_014_cap_TOI Reeba Zachariah & Swati Bharadwaj TNN, June 14, 2024: ''The Times of India'']~~

−	[[File: Cement capacity, UltraTech, Ambuja, Shree Cement, FY24.jpg\|Cement capacity, UltraTech, Ambuja, Shree Cement, FY24 <br/> From: [https://epaper.indiatimes.com/article-share?article=14_06_2024_022_014_cap_TOI Reeba Zachariah & Swati Bharadwaj TNN, June 14, 2024: ''The Times of India'']\|frame\|500px]]
−
−
−	Mumbai/Hyderabad: The Gautam Adani family owned Ambuja Cements is buying Penna Cement Industries in a deal valued at Rs 10,442 crore including debt, expanding its presence in the south. The transaction marks Ambuja’s fourth M&A after Adani checked into the sector through the former in Sept 2022.
−
−	Hyderabad-based Penna, promoted by P Prathap Reddy and family, has an annual production capacity of 14 million tons (of which 4 million tons is under construction). It also has limestone reserves and captive power plants.
−
−	The Penna acquisition, to be financed by internal accruals, will improve Ambuja’s share by 8% in south India and comes months after market leader UltraTech Cement ramped up its play in the region by buying Kesoram Industries’ building materials units. As of April end, Ambuja had cash of Rs 24,338 crore on its books, having received warrant money of Rs 8,339 crore from the Adani family.
−
−	The Penna transaction will help Ambuja and its arms, including ACC and Sanghi Industries, beef up capacity to 89 million tons, moving towards its larger goal of 140 million tons by 2028. UltraTech, owned by Kumar Mangalam Birla, has a capacity of over 150 million tons. In April, India’s third-largest player Shree Cement, led by Hari Mohan Bangur, inaugurated a3-million-ton plant in Andhra Pradesh to bolster its capacity to 56 million tons.
−
−	~~Ambuja previously acquired Gujarat-based Sanghi, My Home’s cement unit in Tamil Nadu and Asian Concretes and Cements’ plants in Hima- chal Pradesh and Punjab.~~
−
−	Prathap Reddy had earlier looked at an IPO for his cement business but subsequently changed plans. In Oct 2021, Penna received markets regulator Sebi’s nod for a Rs 1,550-crore IPO but did not proceed with it. “Initially we thought (of an IPO) but it got delayed. I have decided to do (away) with (the cement business),” Reddy told TOI.
−
−	The businessman, known as ‘Penna’ Reddy in Hyderabad circles, was considered a confidant of former Andhra Pradesh CM YS Jagan Mohan Reddy’s father YS Rajasekhara Reddy, the unified Andhra Pradesh CM who died in a chopper crash in Sept 2009. Reddy was made an accused in the Penna chargesheet in the Jagan disproportionate assets case that is being probed by CBI and ED. Jagan’s YSR Congress Party lost the recent Andhra assembly polls to Nara Chandrababu Naidu-led Telugu Desam Party.
−
−	Incorporated in Oct 1991, Penna had a turnover of Rs 1,241 crore in FY24. In FY22, its turnover was Rs 3,204 crore. In May 2019, Penna had acquired Sri Lanka-based Singha Cement that operates a 0.5 mtpa cement packing terminal in Colombo.
−
−	Penna’s seven plants in Andhra Pradesh, Telangana and Rajasthan (under construction) and limestone reserves “provide an opportunity to increase cement capacity through debottlenecking and additional investment”, said Ambuja Cements CEO Ajay Kapur . “Importantly, the bulk cement terminals will prove to be a game-changer by giving access to the eastern and southern parts of peninsular India, apart from an entry to Sri Lanka, through the sea route,” Kapur added.

	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP		[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP

← Older revision		Revision as of 20:07, 1 August 2024
Line 65:		Line 65:

	The US financing for the largest and busiest transshipment port in the Indian Ocean is seen as a bid to counterbalance China’s influence in the country, where it built a deepwater port in Hambantota, as well as the South Asia region. TNN		The US financing for the largest and busiest transshipment port in the Indian Ocean is seen as a bid to counterbalance China’s influence in the country, where it built a deepwater port in Hambantota, as well as the South Asia region. TNN
		+
		+
		+	=Defence production=
		+	[https://indianexpress.com/article/explained/explained-economics/adani-defence-footprint-small-arms-uavs-explained-8438838/?utm_source=newzmate&utm_medium=email&utm_campaign=explained&utm_content=6386461&pnespid=B_Ig_lBb8idMiluQu5jRG05GpBcoxrlsuQwXRaYBPMDKFxjpEg4R7fHfyxo6rOKNG63FTMLm Amrita Nayak Dutta, February 12, 2023: ''The Indian Express'']
		+
		+
		+	The defence footprint of the Adani Group is spread across multiple companies such as Adani Defence Systems and Technologies Ltd, Ordefence Systems Ltd, Adani Aerospace and Defence Ltd, among others.
		+
		+	Congress leader Rahul Gandhi this week referred to the Adani Group’s defence interests, alleging that the group, which has no experience in this sector, benefited from government patronage.
		+
		+	The Adani Group, a relatively new entrant in the defence sector, has charted an extraordinary growth journey over the last five years, with new subsidiaries diversifying its defence offerings, through acquisitions of both new and legacy companies in the strategic space, as well as through partnerships with foreign private firms.
		+
		+	''' Subsidiaries, acquisitions '''
		+
		+	The defence footprint of the Adani Group is spread across multiple companies such as Adani Defence Systems and Technologies Ltd, Ordefence Systems Ltd, Adani Aerospace and Defence Ltd, Adani Naval Defence Systems and Technologies Ltd, Alpha Design Technologies Pvt Ltd, along with PLR Systems Pvt Ltd and Adani-Elbit Advanced Systems India Ltd.
		+
		+	The first four of these were incorporated starting 2015. In 2019, Adani Defence Systems acquired the 2003-incorporated Alpha Design Technologies Pvt Ltd. In 2020, it acquired a majority stake in PLR Systems Private Ltd, making it a joint venture with Israel Weapon Industries (IWI).
		+
		+	In 2018, the group started the joint venture company Adani-Elbit Advanced Systems India Ltd with Israeli firm Elbit Systems.
		+
		+	The Adani Group is currently in the process of acquiring Air Works, one of India’s oldest maintenance repair and overhaul (MRO) units, which will cement its foothold in MRO activities.
		+	''' Range of products '''
		+
		+	The group actively started its defence businesses in 2018, and has since expanded its offerings in air defence systems, UAVs for various purposes including Intelligence-Surveillance-Reconnaissance, and small arms and ammunition — all of which are of vital importance to the Indian armed forces.
		+
		+	Most of the group’s defence businesses over the last few years have been carried out by Adani Defence Systems and Technologies Ltd, Alpha Design Technologies Pvt Ltd, and PLR Systems Pvt Ltd. Besides the Indian armed forces, and central paramilitary and state police forces, the group’s customers include the armed forces of some foreign countries, including Israel.
		+
		+	“Within a short time, the Company built a comprehensive ecosystem of defence products across small arms, precision guided munitions, unmanned aerial systems, structures, electronics, radars, EW systems and simulators, among others,” the annual report of the company for 2021-22 said.
		+	According to the annual report, the company had bagged contracts for over Rs1,000 crore from the Indian armed forces, including the first ever small arms contract awarded to a private sector manufacturer of small arms; besides separate contracts for the delivery of 56 air defence radars to the Army by 2024, and for the supply of seekers for the medium range surface to air missile (MRSAM).
		+
		+	''' Small arms, ammo '''
		+
		+	PLR Systems Pvt Ltd manufactures a range of small arms such as TAVOR X95 assault rifles, NEGEV light machine guns and Galil sniper rifles, which are already in service with the Indian armed forces. The PLR Systems website says the TAVOR and Galil rifles were used by Indian special forces during the surgical strikes of 2016. Some of these weapons were earlier imported by India from Israel.
		+	Last year the Adani group announced an investment of almost Rs 1,500 crore to set up South Asia’s largest ammunition manufacturing facility in the Uttar Pradesh Defence Corridor.
		+
		+	Adani Defence has also ventured into the highly technical sphere of manufacturing long range glide bombs for the Indian Air Force, as well as the Very Short Range Air Defence (VSHORAD) System and other precision guided munition as a development and production partner with the Defence Research and Development Organisation (DRDO).
		+
		+	''' Aerospace and avionics '''
		+
		+	As per the annual report of Adani Enterprises Ltd (AEL), Alpha Design Technologies Ltd (ADTL) — which is involved in manufacturing satellite and ground equipment, electronic warfare and military communications equipment, and aerospace assembly — has operationalised a simulator for the IAF’s MiG-29 aircraft in Adampur under a 20-year Build Operate Maintain contract.
		+
		+	Last year, Elbit Systems and the Bangalore-based ADTL formed a joint venture company called Vignan Technologies, which has started a facility for R&D and innovation.
		+
		+	ADTL is also the first Indian offset partner for Israel Aerospace Industries (IAI) for production of Air Defence Fire Control Radars, 66 of which have been delivered to the Army. ADTL is also understood to be manufacturing combat net radio sets for the Army’s armoured vehicles, and upgrading its old radio sets.
		+
		+	The Adani-Elbit joint venture is manufacturing a range of unmanned platforms, including the Hermes 900 Medium Altitude Long Endurance UAV, which it looks to export, as well as offer to the Indian armed forces when the services issue a Request for Proposal.
		+
		+	Adani Defence and Elbit set up a private UAV facility in 2018 in Hyderabad for manufacturing the Hermes 900 Medium Altitude Long Endurance UAV.
		+
		+	The Adani group is also manufacturing counter-drone systems. It conducted the first live demonstration of the state-of-the-art Rudrav counter drone system at Ahmedabad’s Sardar Vallabhbhai International Airport.
		+
		+	The company had been in partnership talks with the Swedish aerospace and defence company Saab in 2017 to make the Gripen E fighter in India. However, last month Saab said it will not go ahead with the agreement.
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		+	[[Category:Economy-Industry-Resources\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:India\|ATHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
		+	THE ADANI GROUP]]
		+	[[Category:Pages with broken file links\|THE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUPTHE ADANI GROUP
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