Adani Enterprises Explained

Adani Enterprises Limited
Former Name:Adani Exports Limited (1993–2006)
Type:Public
Traded As:
Founder:Gautam Adani
Location City:Ahmedabad, Gujarat
Location Country:India
Area Served:Worldwide
Key People:Gautam Adani (Chairman)
Rajesh Adani (MD)
Revenue: (2024)
Operating Income: (2024)[1]
Net Income: (2024)[2] [3]
Assets: [4]
Assets Year:2024
Equity Year:2024
Num Employees:26,932 (including 19,756 workers) (2024)
Parent:Adani Group
Subsid:See list
Footnotes:[5]

Adani Enterprises Limited (AEL) is an Indian multinational publicly-listed holding company and a part of Adani Group. It is headquartered in Ahmedabad and primarily involved in mining and trading of coal and iron ore. Through its various subsidiaries, it also has business interests in airport operations, edible oils, road, rail and water infrastructure, data centers, and solar manufacturing, among others.

History

The company was incorporated in 1993 under the name Adani Exports Limited.[6] It mainly deals with the group's integrated resources management, power trading, and natural resources businesses on a standalone basis.[7] Its general purpose is to act as an in-house incubator for Adani Group's new businesses until they become self-sustainable.[8] [9]

Through its various subsidiaries, Adani Enterprises is involved in edible oils and staple foods, airport operations, solar PV manufacturing,[10] road infrastructure, water infrastructure,[11] data centers, agri-output storage and distribution,[12] defence and aerospace,[13] bunkering,[14] shipping, rail and metro infrastructure,[15] oil exploration,[16] petrochemicals,[17] mass media, green hydrogen, cement, copper, aluminium,[18] and online services.

Subsidiaries

Notable subsidiaries and jointly-controlled companies of Adani Enterprises include:

Adani Agri Fresh

Adani Agri Fresh is involved in procurement, packaging, logistics and marketing of apples produced by farmers in Himachal Pradesh, as well as and other Indian fruits, under Farm-Pik brand.[19] It also imports fruits from other countries and sells them in the Indian market.[20]

Adani Airport Holdings

Adani Airport Holdings is the airport management and operations subsidiary. It is the majority stakeholder in Mumbai International Airport Limited (MIAL), which owns the Chhatrapati Shivaji Maharaj International Airport and the under-construction Navi Mumbai International Airport.According to media reports as of 2023, Adani Enterprises operates seven airports, acquired during the government's initial privatization initiative. These include Mumbai, Ahmedabad, Lucknow, Thiruvananthapuram, Jaipur, Guwahati, and Mangaluru.[21]

Adani Cement

Adani Cement or Adani Cement Industries Limited (ACIL) is a cement company based in Gujarat, India. It was incorporated by Adani Group on June 11, 2021.[22] Adani Cement is wholly-owned subsidiary of Adani Enterprises and has not begun its business operations.[23] [24] It was reported in June 2021 that the Adani Group planned to set up a cement plant in Maharashtra which will have an initial capacity of 5-Million tonnes per annum with an approximate investment of ₹900-1,000 crore.[25] The Group has proposed a 10-million tonnes per annum Lakhpat cement plant, but later put the plans for that plant on hold.

AdaniConneX

AdaniConneX was launched in 2021 as a 50:50 joint venture with EdgeConneX to develop a network of hyperscale data centers in India, starting with Chennai, Navi Mumbai, Noida, Visakhapatnam and Hyderabad.[26] [27] [28] In 2022, AdaniConneX announced that it was building a hyperscale data center in Kolkata's Bengal Silicon Valley tech hub.[29]

Adani Defence & Aerospace

It is a defense manufacturing arm of the company. It manufactures with armed drones such as Drishti 10 Starliner UAV[30] and small arms such as IWI Negev, Tavor TAR-21, and IWI ACE.[31] As a part of a joint venture between Elbit Systems from Israel and Adani Defence and Aerospace, a manufacturing facility for unmanned aerial vehicle have been set up at Hyderabad, Telangana, inaugurated in 2019.[32] [33] In April 2020, Adani Defence Systems and Technologies acquired Alpha Design Technologies Pvt Ltd., an organization involved in the design, development, and manufacture of defense electronics and avionics.[34]

In September 2020, Adani acquired a 51 percent stake in PLR Systems Private Ltd which was incorporated in 2013 and engages in manufacturing and supply of indigenously built defense equipment to the armed forces.[35] In May 2022, Adani Defence Systems and Technologies, a wholly-owned subsidiary of Adani Enterprises, signed a definitive agreement to acquire a 50% stake in Bengaluru-based General Aeronautics.[36] The company is involved with DRDO in Long-range Guided Bomb, VSHORAD, UAV launched Precision Guided Munition (ULPGM), NASM-SR and Rudram-1.[37] [38]

In February 2024, Adani Defence & Aerospace inaugurated two ammunition and missile manufacturing facilities in the Uttar Pradesh Defence Corridor at Kanpur. Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Ammunition & Missiles Complex, marking the first phase of the state’s defence corridor. These facilities are designed to produce various calibres of ammunition and missiles for the Indian armed forces and police. The complex spans 500 acres and will produce 150 million rounds of small-calibre ammunition,covering 25% of India’s annual requirement.[39]

In June 2024, Adani signed an agreement with Thales Group to indigenously manufacture 70 mm calibre FZ275 LGR rockets for Indian attack helicopters like HAL Rudra and HAL Prachand.[40] [41]

In June 2024, Adani Defence and Aerospace and EDGE Group, a UAE-based technology and defence organisation, entered a cooperation agreement. The collaboration covers missiles, weapons, unmanned systems, air defence products, and electronic warfare technologies with potential R&D and production facilities in India and the UAE.[42]

Adani Digital Labs

Adani Digital Labs was incorporated in September 2021 as a wholly-owned subsidiary of Adani Enterprises, to build a digital platform for the consumers of Adani Group's B2C businesses.[43] [44] In December 2022, the company made the alpha release of the mobile app, named "Adani One", with the integration of the group's airport vertical.[45]

Adani Mining

Adani Enterprises operates its mines in India, Indonesia and Australia, and supplies coal to Bangladesh, China, and some countries in Southeast Asia. It has a coal mine in Bunyu, North Kalimantan, Indonesia, which produced 3.9 Mt of coal in 201617. The Group has made the largest investment by an Indian company in Australia at the controversial Carmichael coal mine in the Galilee Basin, Queensland. Development of this mine is the subject of a court challenge to the Australian Government over its lack of adherence to environmental legislation.[46]

In 2020, Adani Australia, the controversial Australian mining arm of Adani Enterprises was rebranded as Bravus Mining & Resources.[47] [48] [49] The new subsidiary is responsible for developing Carmichael coal mine in Central Queensland.[50]

Adani New Industries

Adani New Industries was incorporated in January 2022 as a wholly-owned new energy subsidiary of Adani Enterprises. It undertakes green hydrogen projects such as low-carbon power generation, as well as the manufacture of hydrogen fuel cells, wind turbines, solar modules and batteries.[51] [52]

Adani Road Transport

Adani Road Transport undertakes construction, operations and maintenance of roads, highways, expressways and tollways. The company has NHAI projects in the states of Andhra Pradesh,[53] Chhattisgarh,[54] Gujarat,[55] Kerala,[56] Madhya Pradesh,[57] Maharashtra,[58] Odisha,[59] Telangana,[60] and West Bengal.[61]

In December 2021, it won the contract to build a 464 km stretch of the 594 km-long Ganga Expressway in Uttar Pradesh.[62]

Adani Shipping

Incorporated in 2006, Adani Shipping is a Singapore-based step-down subsidiary which operates a fleet of bulk carriers. In 2011, it began transporting coal from the group's mines in Indonesia and Australia.[63] [64]

Adani Solar

Adani Solar is the solar PV manufacturing and EPC subsidiary of Adani Enterprises. As of November 2020, it is the largest integrated solar cell and module manufacturer in India.[65]

Adani Water

It was founded as a subsidiary in December 2018, with a focus on water infrastructure construction. It is currently involved in wastewater treatment, recycle and reuse projects at Prayagraj under the National Mission for Clean Ganga Framework.[66]

Adani Welspun Exploration

Adani Welspun Exploration is a 65:35 joint venture between Adani Group (through Adani Enterprises) and Welspun Enterprises. It is involved in oil and gas exploration.[67]

Adani Wilmar

See main article: Adani Wilmar. Incorporated in 1999, Adani Wilmar is a food processing company and a joint venture between Adani Enterprises and Wilmar International. In November 2000, Adani Wilmar launched its flagship brand "Fortune" under which it produces and sells edible oils including sunflower oil, palm oil, soybean oil, mustard oil, rice bran oil, cottonseed oil, groundnut oil and vanaspati. Apart from edible oils, it sells flour, rice, pulses, sugar, soya nuggets and instant food mixes.[68] [69] The company makes personal care products like soaps, handwash and hand sanitizers under "Alife" brand.[70] It makes industrial use products comprising oleochemicals, castor oil and lecithin.[71]

The company went public in January 2022 with an initial public offering, after which Adani Enterprises and Wilmar International continued to hold a combined 88% stake in Adani Wilmar.[72]

AMG Media Networks

AMG Media Networks was incorporated in April 2022 as a wholly-owned media and publishing subsidiary of Adani Enterprises.[73] In May 2022, AMG Media Networks announced the acquisition of a 49% stake in Quintillion Business Media Ltd, which operates BQ Prime, for an undisclosed amount. Adani Enterprises had previously acquired an unspecified minority stake in the company in March 2022.[74] In August 2022, AMG Media Networks announced the acquisition of a 29.18% stake in NDTV through its subsidiary.[75] In December 2022, it acquired an additional 8.27% stake via a tender offer[76] and 27.26% stake from the promoters Radhika Roy and Prannoy Roy, to raise its total shareholding in NDTV to over 64%.[77]

Kutch Copper

Kutch Copper is a wholly-owned subsidiary of Adani Enterprises which was incorporated in March 2021 to manufacture copper cathodes, copper rods and other copper products.[78] In 2022, the company was reported to be setting up a greenfield copper refinery complex at Mundra with 1 million tonnes per annum (MTPA) capacity, expected to commence production in 2024.[79]

Former subsidiaries

Former subsidiaries Adani Ports & SEZ, Adani Power and Adani Transmission were demerged from Adani Enterprises in 2015.[80] Adani Green Energy and Adani Gas were demerged in 2018.[81] [82]

Investments

In 2021, Adani Enterprises acquired a 20% stake in the online travel company Cleartrip.[83] Adani Enterprises acquired a 49% stake in Maharashtra Border Check Post Network, a subsidiary of the publicly-listed Sadbhav Infrastructure Projects.[84]

Controversies

Opposition to Carmichael mine

The Carmichael coal mine project has faced environmental protests across Australia since the mine was proposed in 2010.[85] The pressure from environmental groups forced international banks and financial institutions to not lend to the project, and resulted in a long delay in securing environmental clearances.[86] In 2018, Adani Group scaled down the mine's capacity and self-financed the project.[87] An indigenous group of the region went to court seeking invalidation of the indigenous land use agreement which was approved by its representatives, but the appeal was dismissed by the Federal Court in 2019.[88] The mine made its first coal shipment in December 2021.[89]

Allegations of stock manipulation

On 24 January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices.[90] Hindenburg also disclosed that it was holding short positions on Adani Group companies.[90] [91] [92] [93] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[94] [95] Adani denied the fraud allegations as unfounded and ill-intentioned. On 26 January 2023, Adani Group expressed its intention of taking legal action against Hindenburg.[96]

Notes and References

  1. News: AEL financials . 6 June 2023 . Groww.
  2. News: Adani Enterprises Q4 results: Net profit rises 138% to Rs 722 cr; firm declares Rs 1.2 dividend . 7 May 2023 . Business Today . 4 May 2023.
  3. News: AEL financials . 7 May 2023 . Moneycontrol . 6 June 2023.
  4. News: Q4 FY22 Financials . 23 May 2022 . Adani Enterprises.
  5. Web site: Adani Enterprises Limited - Annual Report . 2023-04-13 . Adani Group.
  6. News: Adani Enterprises Ltd.. Business Standard India. 2021-07-20.
  7. News: 2021-06-04. Adani Enterprises becomes second-most valuable Adani Group firm. Business Standard India. 2021-07-20.
  8. News: Adani Enterprises Limited - CARE Ratings Analyst Report . 20 July 2021 . CARE Ratings . 30 September 2020.
  9. Book: Dhir. Sanjay. Cases in Strategic Management: A Flexibility Perspective. Sushil. 2019-04-16. Springer. 978-981-13-7064-9. en.
  10. News: Adani Green arm transfers 74% stake held in Mundra Solar Energy to Adani Enterprises . 1 June 2021 . India Infoline.
  11. News: Adani Enterprises incorporates subsidiary - Prayagraj Water . 1 June 2021 . Business Standard India . 2018-12-27.
  12. News: Singh . Ruchira . Adani in slow, strategic bid to stay ahead in agriculture . 1 June 2021 . mint . 2015-01-21 . en.
  13. News: Adani Enterprises gains as Airbus, Adani Defence sign MoU . 1 June 2021 . Business Standard India . 2020-02-07.
  14. News: Sood . Jyotika . Bhaskar . Utpal . Adani Enterprises plans ship-fuelling business expansion . 7 June 2021 . mint . 28 February 2017 . en.
  15. News: Prasad . Rachita . Adani Enterprises sets up new arm for metro rail business . 8 June 2021 . The Economic Times . 17 October 2019.
  16. News: Adani Welspun finds gas in offshore Mumbai . 21 June 2021 . Mint.
  17. News: Adani Enterprises incorporates wholly-owned arm Mundra Petrochem Limited . 2 July 2021 . The Economic Times.
  18. News: Now, Adani to venture into aluminium business . 31 January 2023 . Business Line . 18 December 2021 . en.
  19. News: Adani Agri Fresh procures 2,500 tonnes of apples from farmers . 15 May 2022 . The Economic Times.
  20. News: Supply Chain Re-engineering in the Fresh Produce Industry: A Case Study of Adani Agrifresh . 15 May 2022 . IFAMA.
  21. Web site: Mukul . Pranav . 7 airports with it, Adanis look to buy stake in key aircraft back-end company . The Indian Express . 28 May 2022 . 2 Jan 2024.
  22. Web site: Adani Enterprises Incorporates New Subsidiary For Cement Business. 2021-06-18. Moneycontrol. 12 June 2021 .
  23. News: 2021-06-12. Adani Enterprises forms subsidiary to foray into cement business. Business Standard India. 2021-06-18.
  24. Web site: Adani Group enters cement business, incorporates Adani Cement Industries. 2021-06-18. www.businesstoday.in. 12 June 2021 .
  25. Web site: Vora. Rutam. Adani Enterprises plans 5-MTPA cement plant in Maharashtra. 2021-06-18. @businessline. 17 June 2021 . en.
  26. Web site: 2021-02-23. Adani Enterprises, EdgeConneX form JV to develop data centers in India. 2021-07-20. The Financial Express. en-US.
  27. News: Adani Group forms equal JV with US company to build data centre parks in 6 Indian cities. The Economic Times. 2021-07-20.
  28. Web site: April 13, 2021. Sindhu. Hariharan. Flipkart partners with Adani Group for data centre in Chennai. 2021-07-20. The Times of India. en.
  29. Web site: June 6, 2022 . Indrajit . Kundu . Adani Group to set up hyper-scale data centre at Bengal Silicon Valley . 2022-06-09 . India Today . en.
  30. News: 2018-12-15. Adani opens UAV facility. en-IN. The Hindu. 2021-07-20. 0971-751X.
  31. News: Pubby. Manu. Adani Defence to focus on small arms and ammo, anti-drone systems. The Economic Times. 2021-07-20.
  32. News: Rao. Ch Sushil. Bharadwaj. Swati. Swati. Rathor. Hyderabad adding muscle to India's armed forces India News - Times of India. 2021-07-20. The Times of India. 4 October 2020 . en.
  33. Web site: Lasania. Yunus Y.. 2018-12-14. Adani Elbit UAV complex inaugurated in Hyderabad. 2021-07-20. mint. en.
  34. Web site: Adani Enterprises arm acquires Alpha Design Technologies. 2021-07-20. @businessline. 20 April 2019 . en.
  35. News: 2020-09-11. Adani's defence subsidiary acquires majority stake in PLR Systems. Business Standard India. 2021-07-20.
  36. Web site: Adani buys 50% stake in drone startup General Aeronautics. Fortune India . en.
  37. Web site: Manghat . Sajeet . 2022-10-19 . How Adani Defence Has Scaled Up In The Last Five Years . 2022-10-19 . BQ Prime . en.
  38. Web site: Missiles Adani Defence & Aerospace . 2024-08-11 . www.adanidefence.com.
  39. Web site: Bureau . BL New Delhi . 27 Feb 2024 . Adani Defence & Aerospace's to manufacture Army's ammunition & missile in UP defence corridor . 8 Aug 2024 . BusinessLine.
  40. News: 2024-06-27 . Big Boost to Rudra and Prachand helicopters: Adani Defence and Thales Group to manufacture 70mm rockets in India . 2024-06-27 . The Economic Times . 0013-0389.
  41. Web site: "Key Milestone": Adani Defence, Thales Tie Up To Make Rockets In India . 2024-06-27 . NDTV.com.
  42. Web site: Adani Defence & Aerospace, UAE's EDGE sign defence cooperation agreement . Business Standard . 11 Jun 2024 . 7 Aug 2024.
  43. News: Adani Enterprises incorporates wholly-owned arm Adani Digital Labs . 10 January 2023 . mint . 23 September 2021 . en.
  44. News: Manoj . P. . Gautam Adani bets on Digital Lab business to become a trillion-dollar group . 10 January 2023 . www.thehindubusinessline.com . 15 August 2021 . en.
  45. News: Adani Group launches Adani One to service airports vertical, plans super app for 'digital twin' . 10 January 2023 . Moneycontrol . en.
  46. Web site: ACF challenges Morrison Government decision to not apply water trigger to Adani pipeline . Australian Conservation Foundation . 16 March 2020. 31 August 2020.
  47. https://www.bravus.com.au/adani-launches-new-brand-for-its-mining-business-to-celebrate-10-years-in-australia/ Adani launches new brand for its mining business to celebrate 10 years in Australia
  48. https://www.australianmining.com.au/news/adani-australia-rebrands-to-bravus-mining-and-resources/ Adani Australia rebrands to Bravus Mining and Resources
  49. https://www.theguardian.com/business/2020/nov/05/crooked-not-courageous-adani-renames-australian-group-bravus-mistaking-it-for-brave Crooked not courageous: Adani renames Australian group Bravus, mistaking it for brave
  50. https://www.brisbanetimes.com.au/politics/queensland/adani-on-track-for-first-carmichael-mine-coal-exports-in-2021-20200716-p55cnh.html Adani on track for first Carmichael mine coal exports in 2021
  51. News: Adani Group sets up subsidiary for new energy business . 23 May 2022 . Business Today . en.
  52. News: Adani Group in pact with Ballard to manufacture hydrogen fuel cells in India . 23 May 2022 . Moneycontrol . en.
  53. News: Adani Enterprises wins Rs 1,546-cr project from NHAI . 8 January 2022 . The Economic Times.
  54. News: Adani forays into road infrastructure, wins Rs 1,140-crore highway project in Chhattisgarh . 6 July 2021 . The New Indian Express.
  55. News: Adani Enterprises road biz receives LoA from NHAI . 6 July 2021 . Business Standard India . 19 March 2021.
  56. News: Adani bags Rs 1,838 crore Kerala road project from NHAI . 6 July 2021 . Business Today . en.
  57. News: Adani Enterprises wins Rs 866 cr highway project from NHAI in Madhya Pradesh . 6 July 2021 . Business Standard India . 31 March 2020.
  58. News: Adani Enterprises arm gets LoA for highway project in Maharashtra . 23 May 2022 . The Economic Times.
  59. News: Adani Enterprises bags Rs 1,169 crore highway project from NHAI in Odisha . 6 July 2021 . The New Indian Express.
  60. News: Adani Transport wins ₹1,040 crore highway contract from NHAI in Telangana . 6 July 2021 . mint . 24 March 2021 . en.
  61. News: Adani Road Transport secures NHAI road project in West Bengal . 6 July 2021 . Business Standard India . 3 April 2021.
  62. News: Adani wins big chunk of Ganga Expressway project worth ₹17,085 crore . 8 January 2022 . Business Line . en.
  63. News: Adani Shipping Buys Vessels to Transport Coal From Australia . 28 January 2023 . Bloomberg.com . 7 January 2011 . en.
  64. News: Adani Shipping Pte. Ltd. Company Profile - Singapore . 28 January 2023 . www.emis.com.
  65. News: Mishra. Lalatendu. 2020-11-23. Adani Solar to add 2-GW cell and module capacity at Mundra. en-IN. The Hindu. 2021-07-20. 0971-751X.
  66. News: Press Trust of India. 2018-12-27. Adani Enterprises incorporates a new subsidiary, Prayagraj Water. Business Standard India. 2021-07-20.
  67. News: Adani Enterprises updates on gas discovery by JV in Tapti-Daman Sector . 28 October 2021 . mint . 10 June 2021 . en.
  68. Web site: 2020-11-24. Adani Wilmar completes 20 years of Fortune brand; to set up new plants across businesses. 2021-03-10. The Financial Express. en-US.
  69. News: Adani Wilmar on a roll; shares zoom over 80% in one month . 31 May 2022 . Business Today . en.
  70. News: Vora . Rutam . Adani Wilmar sees food business growing 3x over oils in next five years . 5 June 2021 . Business Line . en.
  71. News: How Adani Wilmar Became India's Second-largest FMCG Firm . 31 May 2022 . Business Today . en.
  72. News: Press Trust of India . Adani Wilmar finalises issue price of Rs 3,600-cr IPO at Rs 230 per share . 31 May 2022 . Business Standard India . 4 February 2022.
  73. News: Adani Enterprises sets up wholly-owned subsidiary called AMG Media Networks . 15 May 2022 . The Indian Express . 28 April 2022 . en.
  74. News: Adani group to acquire 49% stake in Quintillion Media for undisclosed amount . 15 May 2022 . mint . 15 May 2022 . en.
  75. News: Adani Group to acquire 29% in NDTV, says will launch open offer for another 26% stake . 30 September 2022 . Hindustan Times.
  76. News: Adani Group's VCPL acquires 8.27% stake in NDTV through open offer . 30 January 2023 . mint . 20 December 2022 . en.
  77. News: Pinto . Viveat Susan . Adani Enterprises buys shares from NDTV founders at 17% premium . 30 January 2023 . Business Standard . 30 December 2022 . en.
  78. News: Dilipkumar . Bhavya . Adani Enterprises enters copper business, incorporates Kutch Copper Limited . 28 January 2023 . The Economic Times . 26 March 2021.
  79. News: Adani Group achieves financial closure for Kutch Copper project . 28 January 2023 . The Hindu Businessline . 26 June 2022 . en.
  80. News: Pathak . Maulik . Adani announces mega demerger scheme, to list Adani Transmissions . 21 April 2021 . mint . 30 January 2015 . en.
  81. News: Adani Enterprises trades ex-date to spin off its renewable energy biz . 21 April 2021 . Business Standard India . 5 April 2018.
  82. News: Adani Gas lists at ₹72 after demerger from parent AEL . 21 April 2021 . Business Line . 5 November 2018 . en.
  83. News: Adani buys 20% stake in Cleartrip . 3 February 2023 . The Times of India . 30 October 2021.
  84. News: Adani acquires 49% in Maharashtra Border Check Post Network . 3 February 2023 . Business Line . 16 August 2021 . en.
  85. News: Adani: thousands protest across Australia against Carmichael mine . 29 January 2023 . The Guardian . 8 December 2018 . en.
  86. News: Adani will have to dig deep as banks shun Carmichael . 4 February 2023 . Financial Times . 3 July 2017.
  87. News: Adani Group To Self-Finance Controversial Carmichael Coal Mine In Australia . 29 January 2023 . NDTV.com.
  88. News: Adani land-use agreement: court dismisses Indigenous group's appeal . 29 January 2023 . The Guardian . 12 July 2019 . en.
  89. News: Opponents fume as Adani celebrates first coal export from Carmichael Mine . 4 February 2023 . ABC News . 29 December 2021 . en-AU.
  90. Web site: Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History . January 24, 2023 . hindenburgresearch.com . . January 24, 2023 .
  91. News: Thomas . Chris . Kalra . Aditya . Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge . 25 January 2023 . . 25 January 2023 . en.
  92. News: Sorkin . Andrew Ross . Mattu . Ravi . Warner . Bernhard . Kessler . Sarah . Merced . Michael J. de la . Hirsch . Lauren . Livni . Ephrat . A Short Seller Takes Aim at an Indian Corporate Giant . 25 January 2023 . . 25 January 2023.
  93. News: Lockett . Hudson . Adani shares take $10.8bn hit after Hindenburg bets against group . 25 January 2023 . . 25 January 2023.
  94. News: Lee . Jihye . Adani shares fall as short seller firm Hindenburg announces short position . 25 January 2023 . . 25 January 2023 . en.
  95. News: Kay . Chris . Vishnoi . Abhishek . Joshi . Ashutosh . Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff . 25 January 2023 . . 25 January 2023 . en.
  96. News: 3 Feb 2023 . What nex for Adani? . . . India.

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