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.
US-based short seller Hindenburg Research has alleged that SEBI Chairperson Madhabi Puri Buch and her husband were involved in holding stakes in obscure offshore funds used in Adani's alleged money siphoning. Despite evidence and media investigations, the Indian securities regulator has taken no public action against the Adani Group. Hindenburg has also revealed how a web of offshore entities controlled by Gautam Adani's brother were recipients of funds from the alleged over-invoicing of power equipment.
After exit polls predicted a third term for Prime Minister Narendra Modi's government, stocks of Adani Group companies reached record highs on Monday. These conglomerates, led by billionaire Gautam Adani, have invested billions in various sectors such as mining, ports, and gas, benefiting from the government's focus on infrastructure development. As a result, shares of Adani Ports, Adani Enterprises, Adani Power, and Adani Green all soared, with analysts predicting even further success in the coming months.
The Adani Group's investor presentation revealed that their core infrastructure and utility portfolio has driven phenomenal growth, leading to record-breaking earnings and liquidity. With a cash balance exceeding long-term debt repayments for over 30 months and 84% of EBITDA coming from infrastructure and utility, the conglomerate's future looks stable and predictable. Additionally, their incubating assets, including airports and green hydrogen, are seeing rapid growth and contribute to almost 10% of their EBITDA.