Adani Enterprises (AEL), one of India's largest conglomerates, is set to sell its almost 44% shareholding in Adani Wilmar Ltd. (AWL) to Wilmar International in a $2 billion transaction. This move is aimed at fulfilling public shareholding standards and using the profits to expand its main infrastructure platforms, such as energy, utilities, transportation, and logistics. The sale will also see AEL's nominee directors resigning from the AWL board and a change in the company's name. This comes just after AEL and its chairman Gautam Adani were indicted in the United States on bribery and fraud charges.
Billionaire Gautam Adani's group announced its exit from FMCG joint venture Adani Wilmar by selling its entire 43.94% stake to the Singaporean partner Wilmar International and in the open market. The estimated $2 billion deal is the first major move since the US bribery indictment. Adani's stake will be sold for Rs 12,314 crore to Wilmar and an additional 13% will be sold through OFS to meet minimum public shareholding requirements. This move allows Adani to focus on turbocharging their growth in core infrastructure businesses.
PMK founder Dr S Ramadoss has demanded an apology from Tamil Nadu Chief Minister MK Stalin for ridiculing his father and senior politician. This follows Stalin's dismissal of Ramadoss's claim of a secret meeting with Gautam Adani. In an earlier statement, Ramadoss had demanded an explanation from Stalin for the Adani group's ties with Tamil Nadu Power Generation and Distribution Company (TANGEDCO). The tension between the two leaders escalated when Ramadoss's son, PMK leader Dr Anbumani Ramadoss, called out MK Stalin for his disrespectful remarks and highlighted his father's contributions to caste-based reservations and the DMK minority government in 2006.
The Adani Group, led by billionaire Gautam Adani, his nephew Sagar, and key executive Vneet Jaain have been charged by the US Department of Justice with securities fraud in an alleged scheme to pay USD 265 million in bribes to Indian officials. The charges do not include violations of the US Foreign Corrupt Practices Act (FCPA) as previously reported. Adani Green Energy Ltd, the company at the center of the allegations, has denied all charges and plans to defend itself through legal means.
The Adani Group has been recently cleared of bribery charges by the US Department of Justice, according to a filing made by Adani Green Energy Ltd. Various media houses had reported the charges against Group Chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain, but the company has denied these reports as incorrect. The statement filed by Adani Green Energy Ltd. clarified that the three individuals were not charged with any violation of the US Foreign Corrupt Practices Act.
Director Vetrimaaran and actor Vijay Sethupathi are back with Viduthalai 2, the sequel to the critically acclaimed Viduthalai. The trailer of the film, which also introduces Manju Warrier, promises audiences an intense, violent and thought-provoking story of oppression and rebellion against the system, with strong performances from Sethupathi and Soori. However, the launch event in Chennai was not without controversy as the film's release date announcement coincided with news of the indictment of Chairman Gautam Adani and other Adani Group officials in a bribery scandal, potentially impacting the film's funding and credit.
In a note released on Friday, JPMorgan addressed concerns over potential credit risk for Indian banks heavily exposed to the Adani Group, following the recent indictment of its billionaire founder, Gautam Adani, in the US. While the charges have sparked a drop in shares of state-owned banks, JPMorgan analysts have deemed the banks' exposure "manageable," with their assessment showing a low risk of default from the Adani Group. However, global and local banks are expected to take a cautious approach in providing any new funding to the conglomerate, with potential for higher interest rates due to heightened risks.
In a state of the nation address, Kenya's President announced the cancellation of major deals with Indian tycoon Gautam Adani, including an airport expansion project and power transmission lines. This decision was made in light of U.S. bribery and fraud indictments against Adani, who has been charged with securities fraud and conspiracy. The controversial deals had faced backlash from Kenyan protesters and airport workers concerned about potential job losses. Despite claims from Kenya's Energy Minister that no corruption was involved on their part, the country has now severed ties with Adani's conglomerate.
The Congress party is calling for a Joint Parliamentary Committee investigation into the alleged 'Adani Mega Scam', as US prosecutors have charged billionaire Gautam Adani and others for paying over $250 million in bribes to Indian officials in exchange for favorable terms for solar power contracts. The Bharatiya Janata Party has responded by targeting the Congress and questioning the timing of the development, as the allegation comes just before the start of Parliament session and the beginning of Donald Trump's presidency. The Congress also called for a new and credible head to be appointed for the Securities and Exchange Board of India, as the US Securities and Exchange Commission's actions have sparked criticism towards the Indian counterpart's handling of the investigation into the Adani Group's potential violations.
The Adani Group, a major Indian conglomerate, faced a devastating blow on Thursday as its stock prices plunged by as much as 20% following the indictment of its founder and chairman, Gautam Adani. Adani and seven other individuals were charged with paying over $250 million in bribes to Indian government officials in order to secure lucrative solar energy contracts. The fallout from the scandal has also impacted other stocks in Adani's portfolio, including Adani Green Energy and Adani Total Gas. Stay updated on this developing story with Zee Business's comprehensive coverage on various platforms.