In a move that has incited criticism from the ruling Mahayuti coalition, Shiv Sena chief Uddhav Thackeray has pledged to cancel the controversial Dharavi redevelopment project if his Maha Vikas Aghadi coalition is re-elected in the upcoming Maharashtra Assembly election. Thackeray also promised to reclaim land given to Adani Group and issue new tenders for more inclusive and suitable housing for the residents of Dharavi, a densely populated urban slum in Mumbai. The plan, which has been in the works for over two decades, has faced numerous delays and changes, with a recent bid by Adani Realty created uproar due to its higher initial investment. Uddhav's anti-development stance has sparked criticism from his opponents.
Shares of ITD Cementation surged by 20% following reports of the Adani Group considering buying a stake. If the deal goes through, it would mark another major acquisition for the Adani Group in the cement industry. Amid predictions of further consolidation in the cement sector, UltraTech has announced plans to keep India Cements listed after acquiring it. This news comes as Jindal Group announces an expansion in cement capacity to 7 million tons per annum. As the Indian cement industry continues its consolidation trend, reports of the Adani Group potentially buying a stake in ITD Cementation have caused the company's stocks to soar by 20%. This comes on the heels of UltraTech's plans to keep India Cements listed after a potential acquisition. Meanwhile, Jindal Group looks to expand its cement capacity to 7 million tons per annum.
Workers at a Samsung factory in Chennai, India, have gone on strike to demand higher wages, which has caused a significant impact on production. The Indian government has been called on to intervene and help resolve the situation. In a similar incident in Kenya, airport workers are also protesting a deal with Adani Group, leading to flight disruptions. Similarly, in the USA, Boeing workers are threatening to go on strike if their wages are not increased, which could jeopardize the production of 737 Max airplanes. However, there is a glimmer of hope as port workers in the US have reached an agreement with their unions, and a strike has been postponed for now.
Adani Group Chairman, Gautam Adani, expressed deep sorrow on the passing of Ratan Tata, Chairman Emeritus of Tata Sons. Describing Tata as a "visionary" and "giant", Adani paid tribute to his immense contributions to shaping modern India and the Tata Group, embodying the spirit of integrity and compassion. The news sparked intense speculation on Tata's health, which he addressed in a statement before being put on life-support systems. Tata Group officials confirmed his passing with a profound sense of loss and praised his unwavering commitment to excellence and innovation.
The annual Hurun India Rich List has named Adani family as the nation's wealthiest, surpassing Mukesh Ambani's longtime reign. Led by Gautam Adani, the family's net worth has skyrocketed to Rs 11.6 lakh crore, showing a remarkable 95% increase from last year. In the third spot sits HCL's Shiv Nadar and vaccine tycoon Cyrus S Poonawalla claims fourth. Adani's surge in wealth can be attributed to the rise in share prices of various Adani Group entities, while Ambani's wealth also saw a notable 25% increase.
Adani Group is looking to offload its stake in Ambuja Cement through a 2.84 percent stake sale in a block deal, with a floor price of Rs 600 per share. This move is expected to raise Rs 4200 crore for the Adani Group, which has a 70.33 percent stake in Ambuja Cement. The decision comes after the group's recent acquisition of Penna Cement and is aimed at further expanding their presence in the cement industry. Adani Group is looking to sell a 2.84 percent stake in Ambuja Cement through a block deal to raise Rs 4200 crore. This move follows the group's recent acquisition of Penna Cement and will help them further expand their presence in the sector. The block deal is set at a floor price of Rs 600 per share and is expected to bring in new capital for the group.
Adani Power, owned by Gautam Adani, is reportedly in advanced discussions to purchase a 600 MW thermal power plant in Nagpur from Vidarbha Industries Power, a subsidiary of Reliance Power which recently went bankrupt. The deal, estimated to be worth between Rs 2,000 to 3,000 crore, could be a strategic move for Adani Power to expand its presence in the thermal power sector. This news comes after Reliance Power, led by Anil Ambani, sold its wind power project and settled a large debt with a subsidiary in an effort to manage its financial situation.
A lawyer has filed an application in the Supreme Court asking for compliance with the previously set three-month timeline for SEBI to complete investigations into allegations against the Adani Group. The lawyer argues that the use of the word 'preferably' in the previous order does not negate the fixed timeline and stresses the importance of adhering to it. This comes at a time when the UAW is accusing Trump and Musk of violating workers' rights, further highlighting the contentious relationship between the two parties.
The BJP held a press conference at their headquarters to address the Congress's demand for a Joint Parliamentary Committee probe into the allegations made by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and Adani Group. Senior party leader Ravi Shankar Prasad slammed the Congress for seeking foreign help and trying to create chaos in the country. Meanwhile, the Ministry of Finance has stated that it has nothing further to add after SEBI and Buch have issued their statements. However, BJP leaders admit that it would be better if Buch steps down immediately in light of the serious allegations.
The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.