Adani Enterprises

July 14 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• NAVI MUMBAI INTERNATIONAL AIRPORT LAUNCHES INTERNATIONAL OPERATIONS WITH AIR INDIA EXPRESS FLIGHT TO ABU DHABI FROM JULY 15 - STATEMENT

Source text: [ID:]

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By Aditya Kalra

NEW DELHI, July 13 (Reuters) - The Indian government has argued the airport sale of nicotine pouches is a "substantive violation" of drug laws and a "serious public health risk", seeking to throw out Adani Group's bid to overturn an official finding that it broke the law by selling the unlicensed products at Mumbai's airport.

Prime Minister Narendra Modi's government has also asserted in court that the airport, one of the country's busiest, is on Indian soil, dismissing Adani's argument that Indian law does not apply to nicotine pouches imported and stored in customs warehouses and sold only to departing international passengers.

"The products enter Indian airspace and Indian territory at the moment of arrival at CSMIA (Mumbai's Chhatrapati Shivaji Maharaj International Airport). The fact that they are stored in a customs-bonded warehouse does not mean they are not physically present in India," the government said in a Mumbai court filing dated July 7, reviewed by Reuters.

The case relates to an Indian drugs department inspection finding in March that duty-free shops at Adani's Mumbai international airport illegally stocked and sold nicotine pouches — defined as a drug in India — without necessary approvals, prompting a court challenge from the company.

Lawyers say Adani's legal fight with Indian authorities could set a precedent on how the country regulates sales of nicotine pouches — one of the world's fastest growing nicotine products — at duty-free international airports.

Adani did not respond to Reuters request for comment on the government's latest submissions. The High Court in Mumbai is due to hear the case on Tuesday.

The characterisation of "the matter as a 'breach of law' is premature and legally unsustainable", Adani told Reuters last week in a statement, adding that its unit Mumbai Travel Retail had "challenged the regulatory interpretation through judicial review."

The filing by India's Central Drugs Standard Control Organisation said the sale of nicotine pouches at Adani's airport was "not merely a procedural non-compliance but ... a substantive violation of" various provisions of Indian drug laws.

Reuters is the first to report the government's arguments against Adani in court.

NICOTINE AN 'ADDICTIVE CHEMICAL'

Billionaire Gautam Adani's group manages eight airports in India and has an ambitious $11 billion expansion plan, including for duty-free shops, to capitalise on the growing demand for air travel.

India has approved some nicotine replacements, including patches and chewing gums, following a registration process. Products such as nicotine pouches, which users insert under their lip to get a nicotine buzz, remain unapproved and illegal.

In its submissions, India cited a 2019 Indian law banning e-cigarettes and vapes, which it said recognised the health risks of unregulated nicotine delivery products. Permitting the airport to sell nicotine pouches would amount to "judicial circumvention of this legislative policy", the government filing said.

Tobacco kills 1.35 million people each year in India, the government says. A government study in June called nicotine pouches "a new and largely unregulated public health concern", with widespread illegal sales and consumption among people aged 18 to 40.

Adani has imported more than $29,000 of Philip Morris' PM.N Zyn pouches and the White Fox brand from Swedish Smokeless Solutions worth $7,700, since August, Reuters has previously reported. Adani argued the pouches were "not a drug" and a "recent innovation", but the government disagreed.

"Nicotine is a psychoactive and addictive chemical," the government's submission said.

Selling nicotine pouches without approval is "exposing persons who purchase such products (as) international passengers, many of them Indian citizens, to products of unverified quality, unestablished safety."

(Reporting by Aditya Kalra; Editing by Kate Mayberry)

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July 9 (Reuters) - India's Adani Enterprises ADEL.NS and French clean-technology firm Dioxycle said on Thursday they have formed a long-term partnership to develop and scale low-carbon chemical production in India, marking the Adani Group's entry into the sector.

Here are some key details:

• The collaboration will initially focus on a pilot plant producing formic acid using renewable energy and captured carbon dioxide, with plans to expand to commercial-scale manufacturing.

• Adani Enterprises and Dioxycle will also explore the production of other emissions-reducing chemicals used across a range of industries, the companies said in a statement.

• Formic acid and its derivatives are widely used across industries including textiles, agriculture and
  manufacturing.

• The partnership aims to demonstrate how captured carbon emissions can be converted into valuable products using clean energy.

(Reporting by Mridula Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

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Adani Enterprises closed its qualified institutions placement on July 7, 2026, raising roughly ₹15,000 crore by allocating 5,20,29,136 equity shares at an issue price of ₹2,883 apiece. The pricing represents a 5% discount to the floor price of ₹3,034.68 set earlier in the week. The QIP committee approved the closure after receiving applications and funds from eligible institutional buyers, with SBI Capital Markets, Jefferies, ICICI Securities and IIFL Capital Services acting as book-running lead managers. The meeting commenced at 10:00 p.m. and concluded at 10:30 p.m. The final placement document will be made available on the company's website. No further details on the end-use of the proceeds were immediately disclosed.

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July 7 (Reuters) - Adani Enterprises ADEL.NS said late Tuesday it raised 150 billion rupees ($1.58 billion) from its upsized share sale to institutional investors.

The flagship company of the Adani Group said it has allocated 52 million shares at 2,883 rupees apiece, a discount of 5% to the floor price of 3,034.68 rupees.

Adani Enterprises plans to use the proceeds to fund capital expenditure, including building a polyvinyl chloride plant and paying concession fees for a road project.

($1 = 94.9600 Indian rupees)

(Reporting by Chris Thomas in Mexico City; Editing by Maju Samuel)

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By Jana Winter

WASHINGTON, July 4 (Reuters) - The Justice Department said on Saturday it wants to drop charges against Indian billionaire Gautam Adani because the case is primarily foreign, hard to prove and inconsistent with the agency's current priorities.

U.S. District Judge Nicholas Garaufis last month ordered prosecutors to justify their decision to drop their case against Adani, whom Biden-era prosecutors charged with securities fraud and wire fraud related to an alleged bribery scheme. The Justice Department on Saturday responded with a 10-page filing outlining why it sought to dismiss all charges with prejudice against Adani and other defendants.

Prosecutors under the administration of President Joe Biden started a baseless case against Adani with little chance of success, the new filing says.

"The indictment was unsealed in the final days of the prior Administration, apparently as a 'name and shame' designed to levy accusations without any realistic prospect of a trial ever occurring," the court filing says.

U.S. government attorneys should not prosecute a "foreign case" of alleged conduct that involves no criminal organizations and no U.S. companies, and does not affect national security, the Justice Department said.

"The alleged 'payments' in this case were made by Indian nationals, working for Indian companies, to the Indian government, with no U.S. interests implicated in any way," the filing says.

Adani was charged in 2024 with agreeing to bribe Indian government officials so a subsidiary of his Adani Group could win approval to develop a solar energy plant, then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices.

Adani Group, Adani's company, has consistently denied wrongdoing. Adani himself has not appeared in U.S. court to respond ​to the charges.

The decision to ​drop U.S. charges marked the latest instance in which the Justice Department has sought to end a high-profile white-collar criminal prosecution during President Donald Trump's second term.

Legal experts say U.S. judges have little discretion to compel prosecutors to continue with criminal cases they no longer wish to pursue, but the charges remain officially pending until Garaufis orders them dismissed.

(Reporting by Jana Winter; Editing by Sergio Non and Franklin Paul)

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July 3 (Reuters) - India's Adani Enterprises ADEL.NS has increased the issue size of its qualified institutional placement to 150 billion rupees ($1.57 billion) from 100 billion rupees, the NSE website showed on Thursday.

($1 = 95.2550 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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Adani Enterprises and International Resources Holding (IRH), an IHC Group company, signed a memorandum of understanding with the Odisha government on Wednesday to develop an integrated greenfield aluminium project with an investment of USD 11.5 billion, or roughly ₹1.08 lakh crore. The 50:50 joint venture plans to build a 4 million metric tonnes per annum alumina refinery, a 2 million metric tonnes per annum aluminium smelter, a 4,000-megawatt captive power plant, and a downstream manufacturing park. The project will be executed in two phases with investments of ₹66,000 crore in the first phase and ₹44,000 crore in the second. The partners expect the project to generate around 53,500 jobs, including 35,000 during construction, and position Odisha as a global aluminium hub. The signing took place in the presence of Odisha chief minister Mohan Charan Majhi and was attended by Karan Adani, managing director of Adani Ports, and Syed Basar Shueb, CEO of IHC. The MoU is preliminary and the joint venture will now advance land acquisition, statutory approvals, and infrastructure planning.

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July 2 (Reuters) -

• IHC, ADANI GROUP TO INVEST $11.5 BILLION IN INTEGRATED ALUMINIUM PROJECT IN INDIA'S ODISHA STATE - STATE OFFICIAL

Source text: [ID:]

Further company coverage: ADEL.NS

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NEW YORK, June 26 (Reuters) - A U.S. judge on Friday ordered the Justice Department to justify its decision to drop criminal charges against Indian billionaire Gautam Adani, declining to rule immediately on Adani's lawyers' request earlier in the week to formally dismiss the case.

(Reporting by Luc Cohen in New York)

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BENGALURU, June 25 (Reuters) - India's Adani Airports will invest more than 200 billion rupees ($2.12 billion) to develop airport-linked commercial districts across six locations in the country, the Adani Group firm said on Thursday.

• The developments will span more than 655 acres across airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati.

• Adani Airports currently manages eight airports across India, according to its website.

• Nearly 70% of the planned investment will be concentrated in Mumbai and Navi Mumbai, reflecting the region's position as India's leading commercial and financial hub.

• Airport cities will include hotels, retail centres, office space and entertainment venues integrated with airport infrastructure.

• The company said the developments were inspired by airport-city models in Singapore, Dubai, Amsterdam and Seoul

• The company has already signed agreements with IHG Hotels & Resorts for five hotels for the project, and is in talks with partners across food and beverage, and entertainment segments.

($1 = 94.3950 Indian rupees)

(Reporting by Nishit Navin; Editing by Jonathan Ananda and Maju Samuel)

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By Luc Cohen

NEW YORK, June 24 (Reuters) - Lawyers for Gautam Adani on Wednesday urged a U.S. judge to formally dismiss criminal charges against the Indian billionaire, after the Justice Department said last month it would no longer pursue the prosecution.

• Adani was charged in 2024 with agreeing to bribe Indian government officials so a subsidiary of his Adani Group could win approval to develop a solar plant, and then misleading U.S. investors by providing reassuring information about his company's anti-corruption practices.

• In a letter to Brooklyn-based U.S. District Judge Nicholas Garaufis, Adani's lawyer, Robert Giuffra, wrote that the case should be dismissed because it was beyond the reach of U.S. law and because the prosecutors would not be able to prove the alleged bribery in India.

• Adani Group has consistently denied wrongdoing.

• Garaufis must sign off on the dismissal of the case.

• Giuffra wrote that the Justice Department's decision to drop the indictment came after "months of detailed and extensive communications and meetings with counsel" for Adani and his co-defendants.

• Giuffra also urged Garaufis to formally dismiss civil charges brought by the U.S. Securities and Exchange Commission after the regulator reached a settlement in which Adani would pay $6 million and his nephew, Sagar Adani, would pay $12 million.

• Adani Enterprises Limited ADEL.NS has separately agreed to pay the U.S. Treasury Department $275 million to settle alleged violations of Iran sanctions.

(Reporting by Luc Cohen in New York; Editing by Matthew Lewis)

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June 23 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI MUNDRA AIRPORT - PARTNERS STAR AIR TO CONNECT KUTCH TO EIGHT CITIES INCLUDING MUMBAI, BENGALURU

Source text: [ID:]

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Rewrites with details and background

By Jayshree P Upadhyay and Urvi Dugar

MUMBAI, June 19 (Reuters) - India's markets regulator on Friday approved the reintroduction of share buybacks via stock exchanges from August 1, capping the duration at 66 working days and allowing trades in the regular market without a dedicated buyback window.

The changes are expected to streamline buybacks by cutting costs and procedural hurdles, enabling faster execution and greater flexibility for companies, potentially boosting their appeal as a capital allocation tool.

The Securities and Exchange Board of India (SEBI) also approved safeguards, including locking in promoter shares during buybacks and barring transactions that would breach the minimum 25% public float requirement.

It retained a rule requiring firms to deploy at least 40% of the buyback amount in the first half of the offer period.

Separately, SEBI Chairman Tuhin Kant Pandey said the regulator will release a fresh study in July on derivatives trading and the impact of regulatory measures.

SEBI APPROVES ADDITIONAL MEASURES

SEBI approved further measures, including the voluntary adoption of a stricter code of conduct for senior officials at the regulator, requiring them to liquidate or freeze equity holdings and refrain from trading while in office.

The move follows conflict-of-interest allegations by the now-closed Hindenburg Research against former SEBI chief Madhabi Puri Buch over links to the Adani group. Both parties have denied the allegations.

SEBI also approved changes to boost municipal bonds, including allowing refinancing and investor incentives to revive a market used to fund urban projects.

It approved a review of rules that enable small companies to raise capital via equity markets, where they face fewer requirements than larger firms.

SEBI also eased securitisation norms to deepen credit markets and expand funding avenues by making it easier for central bank-regulated entities to sell loan-backed securities.

Securitisation involves pooling illiquid assets and repackaging them into tradable, interest-bearing securities, allowing lenders to free up capital to issue more loans while offering investors new income opportunities.

(Reporting by Jayshree P Upadhyay in Mumbai and Urvi Dugar in Bengaluru. Writing by Abinaya V in Bengaluru. Editing by Janane Venkatraman and Mark Potter)

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Adani Enterprises and Jabil have announced an intent to form a strategic alliance to build a vertically integrated AI data center infrastructure manufacturing platform in India, the companies said on Monday. The non-binding agreement targets multi-gigawatt-scale manufacturing capacity for high-density AI racks, servers, and cooling systems to serve global hyperscalers and enterprise data centers. Adani Group chairman Gautam Adani said the partnership would ensure India becomes a creator and exporter of AI hardware rather than a consumer. Jabil CEO Mike Dastoor cited India's skilled workforce and supportive business environment as key attractions. The alliance addresses a global market opportunity estimated at over USD 3 trillion through 2033. Adani is already committed to investing USD 100 billion to build 5 GW of green-energy-powered data centers by 2035. The companies are now working on definitive operational frameworks and formal documentation.

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June 15 (Reuters) - Electronics manufacturer Jabil JBL.N and India's Adani Enterprises ADEL.NS on Monday announced a partnership to build an integrated AI and data center infrastructure manufacturing platform in the country.

• The platform will serve the infrastructure needs of global hyperscalers, co-location facilities and enterprise data centers, directly addressing the "explosive" local and global demand for AI-ready data center hardware, the companies said.

• Jabil and Adani added they were working on operational frameworks and formal documentation for the partnership, but did not disclose any financial details.

• India's digital infrastructure will see over $50 billion in planned spending across data center, cloud and AI ecosystems, they said.

• The move aligns with Adani's plans to spend $100 billion on renewable-powered AI-ready data centers by 2035.

• Jabil, which counts Apple as one of its customers, raised its annual forecast in February, betting on strong demand for infrastructure services from AI data centers.

(Reporting by Abhirami G in Bengaluru; Editing by Abinaya V and Jonathan Ananda)

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MUMBAI, June 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance group has won a bid to redevelop a 101.4 acre slum in western Mumbai, marking its entry into a sector where rival Adani Group is already redeveloping one of Asia's biggest slums, Dharavi.

A consortium led by Reliance 4IR Realty Private Ltd won the bid for the Juhu Galli slum cluster in Andheri, the Mumbai-based Slum Rehabilitation Authority said late on Wednesday. The project is expected to deliver more than 28,000 rehabilitation homes for eligible people currently living in Juhu Galli, it said.

The tender also attracted bids from metals giant JSW Group and conglomerate Shapoorji Pallonji Group.

Slum redevelopment in Mumbai has historically been handled by mid-sized developers under the Slum Rehabilitation Authority, with projects often delayed by fragmented landholdings and the need to secure consent from residents. However, policy changes by Maharashtra state, which is governed by Prime Minister Narendra Modi's Bhartiya Janata Party, party in the past few years have attracted large conglomerates to the sector.

The state announced a new slum cluster redevelopment framework in November 2025, which offers developers large contiguous land of at least 50 acres that does not require the consent of residents of the settlements to redevelop.

The state also offers developers additional development rights and higher building limits that allow them to build more saleable space once the slum redevelopments are completed.

To safeguard the interest of Juhu Galli residents, Reliance is required to pay the Slum Rehabilitation Authority 7 billion rupees ($73 million) over the next two years to cover temporary rents for the residents. It must also deposit a further one year of temporary rent costs and a performance guarantee of 1 billion rupees ($10 million), the authority said, without giving more details.

"The successful bidding process demonstrates the growing interest of India’s leading corporate houses in partnering with the government to address Mumbai’s housing challenges through large-scale redevelopment initiatives," the Slum Rehabilitation Authority said in a statement.

Adani Group won the contract to convert the Dharavi slum in Mumbai in 2023, but the project to convert the settlement housing 1 million people into a modern city hub, has been fraught with legal issues and protests by residents.

(Reporting by Dhwani Pandya; Editing by Susan Fenton)

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June 10 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - COMPLETION OF ACQUISITION OF 100% OF EQUITY SHARE CAPITAL OF PORTUS VENTURES BY ADANI AIRPORT CITY

Source text: ID:nBSE8lCC8p

Further company coverage: ADEL.NS

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June 8 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES- ACQUISITION OF 100% STAKE PORTUS VENTURES BY ADANI AIRPORT CITY

Source text: ID:nBSE6Jy2kc

Further company coverage: ADEL.NS

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June 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• GQG PARTNERS EMERGING MARKETS EQUITY FUND SELLS 16.4 MILLION SHARES IN ADANI ENTERPRISES VIA BLOCK DEAL - NSE DATA

Further company coverage: ADEL.NS

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** Shares of Adani Enterprises ADEL.NS on track to be top Nifty gainer for May; rising 23% to 2,960 rupees

** Set for ninth straight weekly gains, longest winning streak since September 2022

** Nifty 50 .NSEI index gains 0.24% over the week

** Adani Group's flagship co extends rally after Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, removing a major legal overhang

** Removal of the legal overhang is a positive and could support debt refinancing and fundraising for new projects, says Deven Choksey, managing director at DRChoksey FinServ

** Jefferies ("Buy"; PT: 2,800 rupees) highlighted co's March-qtr EBITDA was stronger YoY driven by its airports, copper and new industries business

** Shares of key Adani group stocks rise between 8.9% and 24.3% during May

** YTD, ADEL up 31.2% vs Nifty 50 down 9%

(Reporting by Mridula Kumar in Bengaluru)

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May 21 (Reuters) -

• CAPITAL GROUP BUILDS $2 BILLION ADANI BET IN PIVOT FROM RELIANCE - BLOOMBERG NEWS

Source text: https://tinyurl.com/ynsdr6a9

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Adds Adani companies share prices from paragraph 3, adds Indian regulatory investigation from paragraph 22

By Dan Rosenzweig-Ziff and Andrew Goudsward

May 15 (Reuters) - The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter.

Adani on Thursday resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval.

Adani Group did not respond to a request for comment from Reuters on the report of the criminal charges being dropped. It has previously called the allegations "baseless."

Shares of Adani Group companies pared early gains and were mixed on Friday in Indian trading. Adani Enterprises ADEL.NS, the flagship of the group, rose as much as 3.2% in pre-open deals before trimming those gains to 0.8% in morning trade.

Adani Green Energy ADNA.NS fell 0.08%, Adani Energy Solutions ADAI.NS dropped 1.26%. Adani Ports and Special Economic Zone Limited rose 1.64%.

The possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S. President Donald Trump, told Justice Department officials in a presentation last month that Adani could not make its investment while the case was proceeding, one of the sources said.

Adani had publicly promised to invest the $10 billion and create 15,000 jobs in the U.S. after Trump's victory in the 2024 election.

Giuffra spent the bulk of his 100-page presentation arguing the case was weak because it did not have proper jurisdiction and lacked evidence, said the source, who spoke on condition of anonymity. Giuffra made a similar argument in court filings in the parallel SEC case last month.

Some prosecutors made clear that the $10 billion investment would not affect the case, one of the sources said. It's unclear if others saw it differently.

The Justice Department did not immediately respond to a request for comment.

It is the latest example of Trump's Justice Department seeking to abandon a high-profile criminal case brought by federal prosecutors during the tenure of his Democratic predecessor, Joe Biden.

Federal prosecutors had charged Adani in November 2024 over an alleged scheme in which they said he agreed to pay about $265 million in bribes to Indian government officials so his company could win approval to develop India's largest solar power plant.

Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said. The Adani Group has consistently denied any wrongdoing.

RELATED CIVIL FRAUD CASE RESOLVED

Adani also faced a related SEC civil fraud lawsuit, which the securities regulator settled on Thursday subject to court approval, court records showed. Sagar Adani, his nephew, was also facing the SEC civil claims.

Adani and his nephew would pay civil penalties of $18 million, though neither would admit or deny any wrongdoing, the court records showed.

Adani Green Energy ADNA.NS said in a statement the two men and the SEC had filed with a New York court for the entry of a final judgement, which was now being awaited.

The Adanis' lawyers last month said their clients disputed there was any credible evidence supporting ​the bribery scheme alleged by the SEC. They also called the SEC claims "impermissibly extraterritorial," and said the bonds were never traded on a U.S. exchange.

While the dropping of charges in the U.S. would remove a major overhang from the Adani Group, Indian regulators are yet to close or rule on at least nine allegations that Adani Group and its offshore funds broke securities regulations, according to two sources with direct knowledge of the matter. The sources spoke on condition of anonymity as they were not permitted to speak to media.

The Securities and Exchange Board of India (SEBI) declined to comment.

Last year, SEBI dismissed three allegations against Adani and senior executives accused of stock manipulation , insider trading and not disclosing related party transactions. The claims had been made by U.S. short-seller Hindenburg Research .

(Additonal reporting by Luc Cohen in New York, Jayshree P Upadhyay, Dhwani Pandya, Surabhi Misra and Anusha Shah; writing by Scott Murdoch. Editing by Andy Sullivan, Lincoln Feast and John Mair.)

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May 14 (Reuters) -

• US AUTHORITIES MOVING TO END FRAUD CASES AGAINST GAUTAM ADANI- BLOOMBERG NEWS

• US JUSTICE DEPARTMENT MAY ANNOUNCE THAT THEY’RE DROPPING CHARGES AGAINST GAUTAM ADANI AS SOON AS THIS WEEK - BLOOMBERG NEWS

Source text: https://tinyurl.com/y5ssubzn

Further company coverage: ADEL.NS

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May 13 (Reuters) - Uber CEO:

• UBER CEO: SETTING UP CO'S FIRST DATA CENTER IN INDIA WITH ADANI GROUP; TO BE READY LATER THIS YEAR - X POST

Source text: https://x.com/dkhos/status/2054467647509577987

Further company coverage: ADEL.NS

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May 7 (Reuters) - Indian bike maker Royal Enfield plans to invest about 22 billion rupees ($232.24 million) to set up a manufacturing plant in the southern state of Andhra Pradesh, it said on Thursday.

• The Eicher Motors EICH.NS unit will establish the facility in two phases, with the first phase expected to be completed by 2029, and the second slated for 2032.

• The plant will add around 900,000 units to its current annual capacity of around 1.46 million units, as of end-February.

• Andhra Pradesh has drawn investments from Alphabet's GOOGL.O Google, Reliance Industries RELI.NS and Adani Group ADEL.NS, among others.

• Royal Enfield's project is expected to generate roughly 5,000 direct and indirect jobs.

• The investment marks the bike maker's first major manufacturing expansion outside Tamil Nadu state, the firm said.

($1 = 94.7300 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru; Editing by Sonia Cheema)

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By Jayshree P Upadhyay and Jaspreet Kalra

MUMBAI, May 5 (Reuters) - Gautam Adani's eponymous firm, telecom operator Bharti Airtel BRTI.NS, U.S.-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources.

They are set to join ArcelorMittal MT.LU, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings.

The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased.

Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media.

Corporate treasury operations have traditionally been housed in places like Singapore and the Netherlands. Global treasury centres are hubs where multinational firms manage cash, funding, liquidity, foreign exchange and financial risks.

Access to cheaper funding, lower taxes on remitting dividends and excess cash to overseas units, along with being able to hold assets in dollars as the rupee weakens, are prompting firms to set up treasury centres in GIFT City, the three sources said. By onshoring this activity to GIFT City, India hopes to retain control and oversight of global financial flows associated with its companies.

"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, a senior partner at PricewaterhouseCoopers.

Responding to a Reuters query, a spokesperson for Germany-based ZF Friedrichshafen said in an email it is exploring a GIFT City set-up and has yet to apply for a license.

Email queries to the other companies mentioned in this article did not yield any responses.

The names of firms planning to set up operations in GIFT City have not been previously reported.

Dipesh Shah, an executive director at the International Financial Services Centre Authority, a GIFT City regulator, said "the rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital." He declined to comment on individual companies setting up treasury operations at the tax hub.

REGULATORY PUSH

Activity has picked up sharply since January, with seven companies securing regulatory licences and another 17 at different stages of approval, sources said.

Much of the recent surge is attributable to regulatory changes from April 2025, according to two of the sources.

"The interest from foreign multinational companies has been beyond our expectations," said a senior regulatory official at GIFT City who requested anonymity as they are not authorised to talk to the media.

A key change that was made allows banks to pay interest on current account balances - a practice not allowed by the Reserve Bank of India for onshore lenders, the sources said. Just one foreign bank has started this so far, two of the three sources said.

ArcelorMittal - an early entrant - plans to undertake cash pooling activities for its India entities via GIFT City, according to the sources, similar to what it does via its treasury centre in Paris through an entity called ArcelorMittal Treasury.

(Reporting by Jayshree P Upadhyay and Jaspreet Kalra in Mumbai; Editing by Ira Dugal in Mumbai and Thomas Derpinghaus)

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By Arpan Chaturvedi

May 4 (Reuters) - An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal's Vedanta VDAN.NS to fellow billionaire Gautam Adani's winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.

The win gives a boost to Adani's takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates JAIA.NS that include the country's only Formula One track.

The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.

(Writing by Surbhi Misra in Bengaluru; Editing by Tom Hogue)

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Recasts paragraph 1, changes sourcing and headline, adds details, comment and context from paragraph 2 onwards

May 1 (Reuters) - Indian billionaire Gautam Adani's group said on Friday that it plans an internal restructuring aimed at speeding up decision-making, as the ports-to-power conglomerate pushes for growth across its businesses.

The move by Adani Group comes as investment activity picks up across India, Asia's third-biggest economy, powered by heavy infrastructure spending and a revival in private capital expenditure.

Under the plans, the company will introduce a three-layer organisational structure with fewer decision-makers.

"The strategy is anchored in three pillars and supported by strong liquidity and access to capital, enabling accelerated capex deployment and faster project execution," the group said.

This is the conglomerate's second restructuring since 2015, when it spun off its ports and power businesses into separately listed companies: Adani Ports APSE.NS and Adani Power ADAN.NS.

The group will also streamline its contractor base, focusing on fewer, larger partners to improve coordination and execution speed, while providing them with easier access to financing, Adani said.

On Thursday, the group's flagship firm Adani Enterprises ADEL.NS reported its first quarterly loss in 17 quarters, as it grappled with higher depreciation related to a newly operational airport near Mumbai and a copper plant in the western state of Gujarat, along with a surge in expenses.

(Reporting by Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

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April 30 (Reuters) -

• ADANI ENTERPRISES Q4 CONSOL REVENUE FROM OPERATIONS 324.39 BILLION RUPEES

• ADANI ENTERPRISES - DIVIDEND 1.3 RUPEES PER SHARE

• ADANI ENTERPRISES - APPROVES FUND RAISE OF UP TO 150 BILLION RUPEES

• ADANI ENTERPRISES - FUND RAISING VIA QIP, OTHER MODES

• ADANI ENTERPRISES Q4 CONSOL NET LOSS 2.21 BILLION RUPEES

  
  

Further company coverage: ADEL.NS

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