Adani Enterprises

News, The Morning Context

Adani’s ties with Adi group make convenient business sense

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Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out. An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur. The Adi group’s businesses range from coal and commodity trading to real estate development. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over 30 years.

Adani Watch, News

Are Adani’s listed firms looking down the barrel of a major correction?

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The Adani Group’s listed companies lost over US $15 billion in value during a wider market correction on 13 March 2024 amid warnings from India’s market regulator about ‘froth’ in the stock market. Despite a partial recovery, they once again lost about US $8.5 billion on 18 and 19 March. The Group’s stocks and bonds have all been consistently down over the past month, raising the possibility of a group-wide correction underway. While there have been long-standing concerns regarding the Adani Group’s listed firms being over-valued, in this report AdaniWatch analyses coverage of Adani Group shares by analysts and investment in its shares by mutual funds to quantify how little Indian market professionals trust the Adani group’s listed companies’ valuations. This analysis calculates that Adani stocks are overvalued by at least 32%.

Adani Watch, News

The Adani Group’s alleged ‘related parties’ in positions of responsibility

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AdaniWatch examines two examples where appointments of ‘independent directors’ to Adani Group companies have raised questions. One concerns a director whose financial firm has provided important financial advice to numerous Adani companies. Another concerns a director who appears to have been appointed before a mandatory ‘cooling-off period’ for former staff and others with a pecuniary relationship had expired.

News, News Click

PSU Officials Conspired to Give Andhra Pradesh Coal Supply Contract to Adani Enterprises, CBI Alleges

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In an FIR filed on 15 January by the CBI, three senior officials of the public sector company National Cooperative Consumer Federation have been accused of criminal conspiracy to manipulate tender proceedings to ensure that Adani Enterprises won a 2010 contract to supply imported coal to the Andhra Pradesh Power Generation Corporation. A regular case has been registered under sections of the IPC and the Prevention of Corruption Act against the officials and Adani Enterprises.

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