Adani Enterprises

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 10 (Reuters Breakingviews) - Temasek has found a more desirable flight path in India. The Singaporean sovereign investor will join BlackRock BLK.N and others in a $1 billion fundraise by the airports unit of Gautam Adani's flagship infrastructure incubator, Adani Enterprises ADEL.NS. For the city state, it also creates a hedge against its controversial exposure to Air India, the Tata group's struggling airline business.

Globally, airports are a safer way to invest in aviation. India is no exception. Carriers' earnings are volatile due to swings in fuel prices. New Delhi's frequent mandates to cap airfares do not help. Airport operators are usually spared such orders.

As the operator of eight airports including two in Mumbai and its suburbs, revenue at Adani Airports grew 34% last year. It handles 23% of India's passenger traffic and close to one-third of its air cargo. Selling everything from fragrances to booze to passengers at its terminals, it generates close to half of its top line from non-aeronautical streams, well over the global average of 37%.

The deal for about 5% of Adani Airport Holdings, which could have its own listing as soon as next year, looks attractively priced. It values the unit at $18 billion and its enterprise including debt at 36 times its EBITDA for the year ended March 31, per Breakingviews calculations. Delhi airport operator GMR GMRI.NS commands a multiple of 24 times.

Proceeds will help Adani expand its terminals and develop urban hubs surrounding them, with a goal to double annual passenger count to 200 million. Overseas too, Adani has ambitious plans and is bidding for Sicily's main airport. The tycoon is also looking to pick up minority investments in regional Indian airlines to support their growth which would, in turn, turbocharge footfall through its smaller airports.

All that still looks more straightforward than Temasek's exposure to India via its majority stake in $17 billion Singapore Airlines SIAL.SI, which owns a hefty 25% share of lossmaking Air India. It's seeking a $1.5 billion capital lifeline from its owners which is only slightly more than the latest reported carrying value of Singapore Airlines' stake.

Singapore Airlines only owns an interest in the Indian carrier because Vistara, its earlier joint venture with Tata, was rolled into Air India in 2024 after it was privatised. But if it continues to fund a company that will take a decade to turn around, it should demand increased influence over Air India's board.

Backing Adani's airport operator, which has a cleaner balance sheet and a clearer path to exit, ought to help to offset some headwinds.

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CONTEXT NEWS

Adani Airport Holdings on September 9 said it has entered into binding agreements to raise 98.25 billion rupees ($1.03 billion) of equity capital from a consortium of investors comprising Temasek, Alpha Wave Global, Premji Invest and funds managed by BlackRock. The transaction will give the group a combined 5.54% stake.

The investment reflects Temasek's conviction in India’s aviation infrastructure sector, underpinned by growing demand for air travel, expanding air connectivity, and continued development of airport capacity, a spokesperson for the Singaporean investor said. They added that India is Temasek's best-performing market over the past decade.

Temasek-backed Singapore Airlines is expected to seek greater influence over management and stronger governance rights before approving a capital injection into Air India, ‌Reuters reported on the same day, citing two unnamed people familiar with the matter. The proposed conditions, which would be negotiated with Air India's majority owner Tata Sons, could include greater board voting power and requirements for the Indian carrier to narrow its losses, the report added.

(Editing by Una Galani; Production by Aditya Srivastav)

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Adani Airport Holdings Limited, a subsidiary of Adani Enterprises, entered binding agreements to raise ₹9,825 crore (about USD 1 billion) of primary equity from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds. The deal valued AAHL at about USD 18 billion before the investment, with the consortium set to hold roughly 5.54% after three tranches, the final one expected by July 2027. The proceeds were earmarked for airport modernisation, expansion toward annual capacity of 200 million passengers, a first-phase 22 million sq ft Airport City development and larger ground-handling and other non-aeronautical businesses. AEL had completed a ₹15,000 crore QIP in July 2026, while its airports platform generated ₹3,724 crore of EBITDA in FY26. The transaction remained subject to customary conditions precedent, including applicable approvals.

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Adani Enterprises entered into a shareholders’ agreement with Adani Airport Holdings and identified investors on September 9, 2026. The agreement covered a proposed issue of AAHL equity shares that would give the investors up to a 5.54% stake. The investors named were Alpha Wave III, Premji Invest, Temasek and four BlackRock investment vehicles, while Adani Enterprises held all of AAHL’s equity at the time. AAHL operated the group’s airport business, which had a quarterly run-rate of more than ₹1,000 crore in the first quarter of FY27, while Navi Mumbai airport had opened in October 2025.

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Adds details on fundraising, company's aviation plans, shares

Sept 9 (Reuters) - Indian billionaire Gautam Adani's flagship firm Adani Enterprises ADEL.NS said on Wednesday its airport unit will raise about $1 billion from investors, including Temasek and BlackRock BLK.N, in an expansion drive.

The deal values the airport operator at about $18 billion before the investment, with Adani Enterprises selling a stake of up to 5.54% as it steps up investment in businesses from airports to data centres and green hydrogen.

In July, Reuters reported that the group was considering launching a new airline, a move that could reshape competition in a market dominated by IndiGo and Air India.

The funds raised will go to expand and modernise the company's airport network, develop airport-linked commercial infrastructure and scale adjacent businesses such as ground handling and passenger services.

The capital infusion is expected to lift capacity to about 200 million passengers a year.

Shares of Adani Enterprises climbed 3% to 3,043 rupees on Wednesday, on track for a seventh straight session of gains.

Under the deal, Adani Airport Holdings will issue fresh shares to the consortium of investors, bringing in new capital for the business, while Adani Enterprises remains the controlling shareholder.

Along with Temasek and BlackRock, the investor group also comprises Alpha Wave Global and Premji Invest.

An expansion spree in recent years has turned the Adani airport subsidiary into India's largest operator by number of airports.

It manages eight airports, including the Mumbai International Airport, accounting for about 25% of India's passenger traffic and 33% of its air cargo volumes.

India's other major aviation player, the GMR Group, is the largest operator by number of passengers handled.

The investment by Singapore state investor Temasek comes at a time when its exposure to Indian carrier Air India has sparked a debate in the city state.

(Reporting by Abhinav Parmar in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Subhranshu Sahu and Clarence Fernandez)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to fix typo in ninth paragraph.

By Una Galani

HONG KONG, Sep 3 (Reuters Breakingviews) - Gautam Adani is known as the "man who owns half of India". Now, after surviving a bruising short-seller attack at the start of 2023 and then a U.S. Department of Justice probe, he has his set his sights on expanding his $180 billion infrastructure empire not just at home but overseas, too. How far Asia’s richest man can reach will depend less on capital and more on perceptions of the group and geopolitics. But his biggest opportunities are within India’s borders.

The grand ambitions of the softly spoken 64-year-old industrialist are striking. With a U.S. case centred on bribery allegations against him dropped in August, Adani is embarking on one of the biggest investment drives by an Indian company. It is essentially a bet that the controversy that once threatened his first-generation family business is beginning to fade.

Gautam Adani's investment plans are critical to India's growth. His group of companies intends to spend over 2 trillion rupees ($21 billion) in the year to March. That’s 30% higher than last year's outlay, which was already equivalent to almost one-third of the capital expenditure of non-financial firms in the country's benchmark Nifty 50 Index .NSEI.

Fresh from opening the Vizhinjam port in Kerala – India’s first deep water transshipment port - and launching the Navi Mumbai International Airport, the billionaire is pushing into industries from nuclear power to aerospace. His most audacious project may be the redevelopment of Mumbai's sprawling Dharavi settlement, an undertaking that could transform one of Asia's largest slums into a modern urban district.

Together, the projects reveal how Adani’s group, headquartered in a 600-acre self-developed township known as Adani Shantigram in Ahmedabad, Gujarat, is at the centre of India's next phase of economic development. Crucially, it underscores the vast and growing opportunities available to it within the country as local governments and domestic investors warm up to the group.

Local Indian states from the poorest in Bihar to those in the historically neglected Northeast increasingly want the multi-decade development - and jobs - Adani projects can create. What was once a small agrarian trading town, Gujarat’s Mundra now hosts India's largest commercial port as well as Adani's solar panel and wind turbine factories. Components made there are transported more than 100 kilometres across the state to the desert salt flats of Khavda, near the Pakistan border, where TotalEnergies-backed TTEF.PA Adani Green Energy ADNA.NS is building a 30-gigawatt renewable energy complex that it expects to be the world's largest.

Ordinary Indians are also now more invested in Adani’s success than they were earlier. Domestic mutual funds that avoided his tightly held conglomerate - even before Hindenburg Research accused it of stock manipulation in 2023, allegations the group denies – are buying. Regulatory filing show they own nearly 7% of Adani’s flagship company, Adani Enterprises ADEL.NS, up from 1.19% in December 2022.

In June, Adani went so far as to describe a 250-billion-rupee ($2.6 billion) rights issue by Adani Enterprises, its first in 15 years, as a "referendum on our credibility" and a "mandate to help keep building India". The group did not need the cash as much as it wanted proof that a diverse group of local investors – and not just handpicked global institutions — were prepared to bankroll its next phase of growth.

It reflects how, across the board, perceptions of the tycoon are shifting. Although Gautam Adani remains a target of criticism by India's top political opposition party for his close association with Prime Minister Narendra Modi and rapid expansion under his administration, the view in financial circles has changed. Bankers say the conglomerate is no longer a wager solely on the government's survival. Foreign companies are comfortable with the risks too: Alphabet’s Google GOOGL.O is partnering with Adani to build data centres.

The reason is partly practical. India needs vast amounts of capital to build roads, ports, airports, power grids and industrial infrastructure, but relatively few companies possess the balance sheet, political connections and appetite for regulatory complexity required to execute projects on such a scale. Where other Indian infrastructure conglomerates have stumbled under heavy borrowings, Adani has avoided such difficulties.

Against such vast opportunities at home, Adani's growing overseas ambitions, though often dovetailing with his conglomerate’s broader strategy, appear opportunistic and harder to realise.

On top of the $10 billion the tycoon pledged to invest in the U.S. after Donald Trump was re-elected in November 2024, the same month the DOJ charges were unsealed, Adani has his eye on Associated British Ports as two Canadian pension funds look to exit. A potential deal for a controlling stake could value the UK’s largest port operator at more than $13 billion. The Indian group is also among the bidders for Sicily's Catania airport.

Owning a network of ports would allow Adani to offer its shipping customers end-to-end logistics and help it to gather cargo and trade intelligence that can help it to forecast demand and optimise capacity. It would strengthen its ability to service the India-Middle East-Europe Economic-Corridor, the Western-backed trade route designed as a counterweight to China’s Belt and Road initiative.

Much of Adani's overseas expansion, including ports in Israel, Sri Lanka and Tanzania, already aligns with India's strategic interests. The push abroad is also widely viewed as helping New Delhi project economic influence across key maritime routes; its Australian operations, meanwhile, were built around supplying thermal coal to the Indian market.

A successful acquisition of Associated British Ports would evoke a landmark acquisition by another Asian tycoon. In 1991, Hong Kong's Li Ka-shing bought Britain's Felixstowe port, using it as a springboard to build the global ports empire that CK Hutchison 0001.HK is now trying to sell in a multi-billion-dollar deal to BlackRock BLK.N and Mediterranean Shipping Company. Yet building a big global empire today is difficult, even without the perception issues the tycoon will have to grapple with.

Thirty years ago, infrastructure assets attracted less political scrutiny. Hong Kong was a British colony and Li's investments were viewed through a commercial lens. Governments today regard ports, airports and energy networks as strategic assets, making the identity and reputation of owners and operators far more important. Adani only won final approval for its Australia coal project in 2019 after a decade-long struggle with officials and environmental protesters. And geopolitical considerations are unavoidable: Kenya picked a Chinese firm to upgrade its biggest airport two years after Adani’s U.S. indictment derailed his bid.

To be sure, Adani has reasons to be optimistic about his current UK ambitions. The new trade agreement between Britain and India reflects a broader push for closer economic ties, while Western governments are looking for infrastructure investors to help reduce or remove any need for Chinese capital.

Still, this opportunity comes with greater scrutiny. Adani's challenge is no longer proving he can build at scale or that he can maintain financial discipline; it’s more that he will have to convince foreign governments that he can repeat his infrastructure success in the West, that his past problems won’t come back to haunt him, and that India is a desirable partner. Even if Adani succeeds, his projects back home will dwarf what he achieves abroad.

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(Editing by Antony Currie; Production by Aditya Srivastav)

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** Motilal Oswal initiates coverage on Indian integrated infrastructure company Adani Enterprises ADEL.NS at "buy" with TP of 3880 rupees

** ADEL last up 1.2%

** Brokerage says co's EBITDA expected to rise to 299 billion rupees by FY29, from 140 billion rupees in FY26

** Adds, growth to be driven by commissioning of Navi Mumbai Airport, capacity expansion at Adani New Industries, tolling commencement at key road projects

** Says co "uniquely positioned" to benefit from India's next capex cycle due to exposure to sectors including airports, data centers, and new energy

** Adds, co's portfolio moving from capital deployment to value creation as airports, green energy and data centers enter inflection phase, and mature businesses generate cash

** All 3 analysts covering stock rate it "buy" or "strong buy"; median PT is 3744 rupees

(Reporting by Abhirami G in Bengaluru)

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By Jayshree P Upadhyay

MUMBAI, Aug 24 (Reuters) - India's markets regulator rejected applications last week from at least three Mauritius-based funds with investments in the Adani Group to settle cases of regulatory violation involving failure to disclose their shareholder details, two sources with direct knowledge of the matter said.

Thirteen of the Adani Group's offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, prompting a stock selloff. The group has repeatedly denied wrongdoing, and its shares have since recovered.

Indian regulations require that at least 25% of a listed company's shares be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.

Last year, SEBI found two of the 13 offshore funds breached its rules when they failed to disclose their acquisitions of certain Adani stocks exceeding 5% — as was required by Indian regulations — and for impeding investigations.

SEBI last week rejected the applications of at least three more of the investors after they disagreed with the regulator over the monetary fine SEBI sought as part of a settlement, the two sources said. Reuters could not ascertain the names of the funds.

SEBI did not immediately respond to an emailed Reuters request for comment.

As part of the proposed settlement, the regulator sought details of the funds' shareholders, a condition the offshore investors opposed, one of the sources said.

A settlement would have allowed the funds to resolve the proceedings without admitting or denying the regulator's findings. The cases could now proceed through SEBI's enforcement process including disclosure of regulatory findings, licence suspension in India and monetary penalties.

(Reporting by Jayshree P Upadhyay; Editing by Emelia Sithole-Matarise)

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By Bharath Rajeswaran

Aug 13 (Reuters) - Global index provider MSCI said on Thursday it will add four Indian companies to its widely tracked Global Standard index and remove three as part of its August review, underscoring the continuing churn in India's representation within global passive portfolios.

The changes will be implemented after the close of trading on August 31, 2026, and take effect on September 1, MSCI said.

Laurus Labs LAUL.NS, an active pharmaceutical ingredients manufacturer; Lenskart LENS.NS, an omnichannel eyewear retailer; Adani Energy Solutions ADAI.NS, the Adani Group's power transmission and distribution arm, and Groww BILO.NS, a digital investment and broking platform, will enter the index.

They will replace tyre maker Balkrishna Industries BLKI.NS, credit-card issuer SBI Cards SBIC.NS, and building-materials company Astral ASTL.NS. Following the reshuffle, the number of Indian constituents in the key MSCI index will rise to 166 from 165.

India's weightage in the global standard index will also rise to 11.9% from 11.8%, according to Nuvama Alternative and Quantitative Research.

The inclusion is expected to trigger significant buying by exchange-traded funds and other passive investors that replicate MSCI benchmarks.

Nuvama Alternative and Quantitative Research estimates potential inflows of about $598 million for Laurus Labs, $352 million for Lenskart, $310 million for Adani Energy Solutions and $256 million for Groww.

Conversely, Balkrishna Industries, SBI Cards and Astral could see estimated passive outflows of $169 million, $143 million and $138 million, respectively.

The review also recalibrated weights among existing index members. Eternal ETEA.NS is projected to attract the largest incremental passive inflow, at around $674 million, following an increase in its weight. Adani Enterprises ADEL.NS and Adani Ports APSE.NS could receive about $202 million and $77 million, respectively.

Reliance Industries RELI.NS is estimated to face outflows of roughly $523 million, while Jio Financial Services JIOF.NS may see $61 million in outflows.

Separately, MSCI's Small Cap index review added companies including Amagi Media Labs AMAI.NS, Ather Energy ATHR.NS, Clean Max CLEM.NS, E2E Networks EENE.NS, Embassy Developments EMBS.NS, Patanjali Foods PAFO.NS, Rubicon Research RUBI.NS, Sedemac Mechatronics SEDE.NS, Sky Gold and Diamonds SKYG.NS, United Breweries UBBW.NS, Urban Company URBN.NS and WeWork India WEWO.NS, while removing 19 stocks.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

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By Luc Cohen

NEW YORK, August 10 (Reuters) - A U.S. judge on Monday dismissed criminal charges against Indian billionaire Gautam Adani, after the Justice Department said it had decided to abandon the fraud and bribery case.

Brooklyn-based U.S. District Judge Nicholas Garaufis' decision to grant federal prosecutors' rare bid to toss the case came after he inquired into their reasons for doing so, including by asking Adani whether anything was promised in exchange for the dropping of the case.

In November 2024, before the charges were unsealed, Adani had promised to invest $10 billion in the United States.

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 has consistently denied wrongdoing. Adani himself has not appeared in U.S. court to respond to the charges.

On May 18, the Justice Department announced it would no longer pursue the case. That marked the latest instance in which federal prosecutors had sought to drop a high-profile white-collar criminal prosecution during Republican President Donald Trump's second term in the White House.

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 cannot be formally dismissed without a judge's approval.

Garaufis asked the Justice Department to justify its decision to drop the charges, writing that its "bland and conclusory" announcement did not give him enough information.

In a July 4 court filing, Trent McCotter, a senior Justice Department official, said the case was primarily foreign, hard to prove and inconsistent with the agency's current priorities.

In the filing, McCotter also denied as false what he called media stories suggesting he sought to dismiss the case in part because of a promise by Adani to invest money in the United States.

In response, Garaufis asked Adani whether he was "aware of any agreement exchanging anything for the dismissal of the indictment."

In a sworn declaration filed in court on July 15, Adani said he was not aware of any such agreement. He acknowledged having previously promised to invest $10 billion in the U.S. and said his lawyers told the Justice Department in meetings that the pledge "might be part of a resolution of these matters."

Robert Giuffra, a lawyer for Adani, said in a July 15 court filing that the Justice Department had told him that it would not consider the Adani Group's willingness to invest in the U.S. as part of any resolution.

(Reporting by Luc Cohen in New York; Editing by Jamie Freed)

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By Munsif Vengattil and Aditya Kalra

VISAKHAPATNAM, India Aug 6 (Reuters) - Work to build Google's planned Indian data centre hub is in full swing, with a hillside above the site stripped to red earth and terraced into steps, but mounting opposition from environmentalists is creating hurdles for the U.S. tech giant's $15 billion project.

The southern state of Andhra Pradesh, governed by an ally of Prime Minister Narendra Modi who has hailed the project as historic and transformational, has denied allegations that the project was fast-tracked without weighing risks to water supplies and wildlife.

But the growing opposition could become an early test for Google's GOOGL.O biggest-ever India investment, which is facing several legal challenges over its impact on water supplies and proximity to a wildlife sanctuary that is home to leopards and pangolins.

In recent weeks, activists and children have marched in Visakhapatnam city, holding banners saying "We cannot drink DATA" and painting handcuffs on the Google logo, social media posts show.

On Sunday, Reuters attended a public gathering where activists chalked out plans for holding door-to-door awareness campaigns and beach protests in coming days.

"Development should not be at the cost of livelihood of the people," Raja Rama Mohan Roy, founder of non-profit Green Visakha said at the event where he presented statistics on Visakhapatnam's stressed water supply and demand.

The government says the city receives 410 million litres of water a day from its reservoirs and rivers, against a requirement of 480 million. Rationing of water supplies is common in the city with a population of 2.5 million people.

Rapid data centre buildouts are facing pushback around the world for using huge quantities of water to cool servers and of electricity. The potential impact is even more pronounced in a developing nation like India. In the U.S., opponents held 142 protests across 42 states in July raising similar concerns.

STATE DEFENDS, OPEN TO REDRESSAL

The state's top court on Monday asked the government to defend against allegations levelled by activist group Jal Biradari (Water Community), which says the project will strain water availability by putting stress on a nearby reservoir.

The Andhra Pradesh High Court will next hear the public interest litigation on August 24.

The state in its statement to Reuters called activists' concerns about the project incorrect and misleading, but added it is open to feedback.

"Such protests are their democratic right. In case any of these claims are legitimate, government is committed to engage and provide factual clarifications and suitable redressal," it said.

Google in a statement to Reuters said its project will be developed in line with applicable laws and it will implement "advanced air cooling to protect vital local water resources".

Work was well underway when Reuters visited on Monday, earthmovers still working the exposed ground.

The tech giant has partnered with Indian billionaire Gautam Adani’s group which will build the marquee project which is seen creating up to 188,000 jobs. Adani did not respond to queries.

WILDLIFE AND NOISE POLLUTION

The public interest litigation in Andhra Pradesh High Court also raises concerns that heavy construction and noise impact the Kambalakonda Wildlife Sanctuary located just 860 metres away.

Asked about the site's proximity to the sanctuary, the state said it was farther away than the law requires. Google added it will be implementing sound-dampening measures to ensure “we are a quiet, unobtrusive neighbour.”

The project also faces three more cases filed at India's environmental court by the Human Rights Forum, demanding a halt. They argue the state cleared the project without properly assessing the impact of drawing supply from a rural drinking-water scheme, court documents show.

The state added that no water for rural or residential purposes will be used for the upcoming data centres, and the water reservoir nearby will also not be used.

During the Sunday event, Green Visakha said it was concerned about the government’s promise of "guaranteed" water supplies for 20 years to the project as the city already faces shortages.

"Who will be the sufferers? The people," said Roy.

(Reporting by Munsif Vengattil and Aditya Kalra; Editing by Saad Sayeed)

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MILAN, July 31 (Reuters) - Adani Airport Holdings, Vinci Airports SGEF.PA and Royal Schiphol Group are among 10 bidders that have advanced to the second phase of the privatisation of Sicily's Catania airport, the head of Sicilian airport operator SAC said on Friday.

• Those still in the bidding are Corporacion America Airports, Royal Schiphol Group, Mundys, Adani Airport Holdings, Save, 2i Aeroporti, Mag Overseas Investment, Oman Airports Management Company, Macquarie European Infrastructure Fund and Vinci Airports, SAC CEO Nico Torrisi told reporters.

• The groups were admitted to the next stage of the sale after clearing a preliminary selection process.

• SAC, which manages Catania, launched the sale of a stake of at least 51% in the airport in May. Catania is Sicily's main airport and Italy's fifth busiest by passenger traffic.

• SAC is owned by local authorities and chambers of commerce and also operates the smaller Comiso airport in southern Sicily under a concession running until 2049.

• Catania's privatisation began in 2022, when Italian investment bank Mediobanca was appointed as adviser to oversee the process. It could be worth between €500 million and €600 million ($690 million), sources said last year. ($1 = 0.8699 euros)

(Reporting by Elvira Pollina; Editing by Alexander Smith)

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July 30 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Britain's energy regulator Ofgem has proposed a clampdown on the surge in data centre projects across the UK amid mounting concern about how much energy they will drain from the electricity grid.

- Britain's Prime Minister Andy Burnham has said he will "open up North Sea oil" for drilling, according to U.S. President Donald Trump, who said it would make Britain "a really rich country".

The Guardian

- BMW BMWG.DE is planning to cut as many as 8,000 jobs in Germany, according to reports, in the latest sign of Europe's largest carmakers reducing costs under pressure from Chinese rivals.

The Telegraph

- Gautam Adani ADEL.NS is believed to be examining an offer for Associated British Ports (ABP) as two Canadian investors seek to sell their stakes.

Sky News

- The former boss of Balfour Beatty BALF.L, the infrastructure group, has been recruited by the government to join the board of the publicly owned British Steel.

(Compiled by Bengaluru newsroom)

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Adds comment from the company and other details

July 29 (Reuters) - India's Adani Enterprises ADEL.NS posted another quarterly loss on Wednesday, due to a one-time charge from a settlement agreement with the U.S. Treasury's Office of Foreign Assets Control over an investigation involving shipping of Iranian gas.

The flagship firm of the billionaire Gautam Adani-led conglomerate posted a consolidated net loss of 11.60 billion rupees ($121.3 million) in the quarter ended June 30, with the one-time charge amounting to 26.44 billion rupees.

Adani Enterprises' profit before exceptional items and tax dropped about 12% to 12.95 billion rupees due to a multifold surge in cost of materials consumed.

Total expenses climbed about 54% to 322.52 billion rupees, as the cost of materials consumed surged to 142.55 billion rupees from 33.93 billion rupees a year ago.

First quarter results were "impacted due to higher operating cost on account of increased fuel prices due to global volatility," the company said in an exchange filing.

Average global Brent crude oil prices LCOc1 were about 45% higher than in the year-ago quarter due to the Middle East conflict.

Additionally, a 59.8% rise in interest and other finance cost and employee benefits that were 13.6% higher contributed to the surge in expenses.

Adani's net loss widened to 4.36% from 0.50% the previous quarter, when it had reported its first loss in 17 quarters.

The company's revenue from operations rose about 50% to 329.24 billion rupees, helped by a multifold revenue jump in its copper business due to capacity ramp-up.

However, revenue from Adani Enterprises' mainstay coal trading segment dropped 7%, and its new energy business, which comprises solar manufacturing and wind turbine businesses, fell 2%.

Its booming airport business posted an over 35% rise in quarterly revenue.

($1 = 95.6050 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

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July 24 (Reuters) - Adani Group-owned cement maker ACC ACC.NS reported a decline in first-quarter revenue and profit on Friday, with rising fuel and logistics costs more than eroding gains from a modest increase in cement sales volumes, underscoring margin pressure across the industry.

Here are some more details:

• Net profit after tax fell 61.6% in the quarter ended June 30 to 1.48 billion rupees, while revenue dropped 8.1%.

• Sales volumes stood at 10 million tonnes.

• Cement demand is expected to remain soft at about 5% for FY27, the company said.

• CEO Vinod Bahety says profit was hurt by maintenance shutdowns at key plants and higher service-related charges paid to parent Ambuja Cements.

• Rising costs of key raw materials like petcoke, coal and diesel hurt margins for cement makers, a headwind for the entire sector.

• Investors are closely watching for progress on cost and operational synergies between ACC and Ambuja Cements ABUJ.NS as the Adani Group aims to expand its market share.

• On Monday, India's largest cement maker and peer UltraTech Cement ULTC.NS reported a near 17% rise in first-quarter profit and unveiled plans to increase capacity addition in fiscal 2028.

(Reporting by Urvi Dugar and Abhinav Parmar in Bengaluru; Editing by Subhranshu Sahu and Nivedita Bhattacharjee)

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Repeats to widen distribution

By Abhijith Ganapavaram and Aditya Kalra

NEW DELHI, July 23 (Reuters) - Indian billionaire Gautam Adani's group is considering launching a new airline, a move that could potentially reshape competition in a market dominated by IndiGo INGL.NS and Air India, said two sources with direct knowledge of the matter.

The group is still considering its options and no final decision has been taken, the sources said, declining to be named as they were not authorised to speak to the media.

The Indian government has been nudging business groups, including Adani, to consider starting an airline due to ongoing scrutiny of Air India since last year's crash, and market leader IndiGo's operational challenges that caused widespread air traffic disruptions in December, said the first source.

Adani did not immediately respond to queries from Reuters.

(Reporting by Abhijith Ganapavaram, Aditya Kalra; Editing by Jacqueline Wong and Jamie Freed)

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By Sethuraman N R

NEW DELHI, July 22 (Reuters) - India said on Wednesday it has advanced plans for indigenous small modular reactors, and is aiming to bring at least five into operation by 2033 as the country moves towards lower dependency on fossil-based power generation.

The Bhabha Atomic Research Centre is developing a 220-megawatt Bharat Small Modular Reactor, a 55-MW reactor and a high-temperature gas-cooled reactor designed to produce hydrogen.

The Atomic Energy Commission had approved Tarapur in Maharashtra as the site for both the 220 MW and 55 MW projects, an atomic energy department minister Jitendra Singh said in a written reply to the country's parliament.

India, which is keen to expand its use of clean energy, last year opened its nuclear generation sector to domestic and foreign firms in the private sector. It aims to expand nuclear capacity to 100 GW by 2047 from about 8.8 GW at present.

India plans to increase its installed nuclear capacity to about 22 GW by 2031-32, with small reactors expected to play a role in the planned expansion, the minister said.

Small modular reactors are being developed by several countries, including the U.S., Russia and South Korea, and are seen as a viable option for supply of clean energy to industries.

State-run Nuclear Power Corp of India, currently India's sole operator of nuclear plants, aims to have 50 GW of capacity while the country's top coal plant operator NTPC NTPC.NS, also state-run, is aiming for 30 GW of nuclear capacity.

Conglomerates such as Adani Group and several other private companies including Tata Power TTPW.NS and Reliance Industries RELI.NS are looking at investing in the sector.

(Reporting by Sethuraman NR;
Editing by Alison Williams)

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July 16 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES LTD - SUBSIDIARY SIGNED SHARE PURCHASE AGREEMENT WITH FLIGHT SIMULATION SOLUTIONS PRIVATE LIMITED

• ADANI ENTERPRISES LTD - COST OF ACQUISITION REMAINS AT AN ENTERPRISE VALUE OF 8.2 BILLION RUPEES FOR FSTC

• ADANI ENTERPRISES LTD - POST COMPLETION OF ACQUISITION, ADSTL’S STAKE IN FSSPL WILL INCREASE FROM 55.40% TO 100%

Source text: ID:nBSEc9vm92

Further company coverage: ADEL.NS

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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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Updates July 7 story to add July 8 Adani comment in paragraphs 8-9, 15, bullet

By Aditya Kalra

NEW DELHI, July 7 (Reuters) - An Indian investigation found that Mumbai international airport's duty-free shops run by billionaire Gautam Adani's business group breached the law by selling nicotine pouches, which the government considers a public health hazard, according to documents from the investigation.

Adani denies wrongdoing and is asking judges to declare that a law covering drugs and cosmetics does not apply to duty-free shops and nicotine pouches, according to court papers reviewed by Reuters. Lawyers say the case could set a precedent on how India regulates sales at such outlets and a government win could block sales of one of the world's fastest-growing nicotine products in India's airports.

India banned e-cigarettes and approved certain nicotine replacements like patches and chewing gums following a registration process under the Drugs and Cosmetics Act. Nicotine pouches remain illegal and unapproved.

INDIA DEFINES NICOTINE POUCHES AS 'A DRUG'

The Indian government says tobacco kills 1.35 million people each year in India. 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.

After receiving complaints from anti-nicotine group Mothers Against Vaping, India's drug department inspected duty-free shops at Mumbai's international airport in March and found imported nicotine pouches were being sold in the departure zone without the necessary approvals, government documents show.

"Nicotine pouches also fall under the definition of a drug ... a valid registration certificate and import license are mandatory," an assistant drugs controller wrote in an April 2 letter to the airport's customs authority, attaching an "investigation report".

The government asked Mumbai Travel Retail, a joint venture led by Adani with Dubai's Flemingo, to discontinue sales of nicotine pouches and seek approvals, government letters show.

Adani did not respond to Reuters queries ahead of the story’s publication. Late on Wednesday, its spokesperson said in an email that the characterisation of "the matter as a 'breach of law' is premature and legally unsustainable", adding that Mumbai Travel Retail has “challenged the regulatory interpretation through judicial review.”

“International passengers arriving in India may lawfully carry nicotine pouches purchased overseas for personal consumption," the Adani statement said. "Yet the sale of identical products through an international duty-free channel has been treated differently. This apparent inconsistency forms part of the legal challenge."

Flemingo and the Indian health and customs authority did not respond to requests for comment.

Selling a drug without a license could draw a prison term of at least three years and a fine of at least 100,000 rupees ($1,000) or three times the value of the drugs confiscated, whichever is higher.

Reuters is first to report the details of the investigation into Adani sales and its court challenge in Mumbai.

Adani's firm has told authorities the shops in the international departure area conduct business "beyond the customs frontiers of India" and are outside the reach of domestic regulations, its non-public High Court filing shows.

CAN GUNS BE SOLD AT AIRPORT?

Asked about the Adani group's point, Murali Neelakantan, former general counsel at Indian drugmakers Cipla and Glenmark Pharmaceuticals, told Reuters: "If a murder occurs in the store, will Indian police have no powers to arrest? They will have ... Can (the store) sell guns or ammunition? No."

The Adani statement responded: "Firearms are prohibited from duty free retail world over because they pose an inherent threat to aviation safety. Drawing a parallel between firearms and regulated nicotine products has no bearing on the legal issues before the Court."

On June 24, judges in Mumbai's High Court said "no coercive action" should be taken on the existing stock of pouches at Mumbai's duty-free shops, scheduling the case for a July 14 hearing.

Adani runs eight airports in India and is targeting an $11 billion expansion that includes a bet on duty-free offerings. At Mumbai's international airport, it runs more than 30 duty-free shops.

In court, Adani said nicotine pouches "are not a drug" and are a "recent innovation" that was not anticipated by existing tobacco control laws, documents show.

Since August, Adani's firm imported Philip Morris' PM.N Zyn nicotine pouches in various flavours worth more than $29,000, and the White Fox brand from Swedish Smokeless Solutions worth $7,700, customs records showed. Those companies did not respond to Reuters queries.

Philip Morris says Zyn's U.S. sales doubled last year from 2023. The June Indian government study said both Zyn and White Fox were being sold by Indian vendors illegally.

Separately, Flemingo Dutyfree has told the High Court it operates shops at international seaports — including in Mumbai — and fears similar actions as it was "in the process of stocking" nicotine pouches, documents show.

Seeking licenses for nicotine pouches will compel suppliers to withdraw them from the market, making "the duty free industry in India unattractive to passengers," it said.

(Reporting by Aditya Kalra; Additional reporting by Arpan Chaturvedi; Editing by Thomas Derpinghaus and William Mallard)

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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) - Abu Dhabi's International Holding Company IHC.AD plans to invest $11.5 billion in an integrated aluminium project in the eastern Indian state of Odisha in a joint venture with India's Adani Group, marking the country's largest foreign investment in mining and metallurgy, a state official said on Thursday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

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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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June 24 (Reuters) -

• ADANI GROUP CHAIR: TARGET 10 GW OF NUCLEAR POWER CAPACITY BY 2035 - AGM

• ADANI GROUP CHAIR: ON TRACK TO BUILD 3 GW DATA CENTER PLATFORM BY 2030 - AGM

• ADANI GROUP CHAIR: GIVEN GEOPOLITICAL SITUATION, RAMPING UP PNG PROJECTS TO MEET INDIA'S RISING DEMAND FOR MORE ACCESSIBLE GAS - AGM

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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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