Adani Group Projects: The country’s second-richest industrialist Gautam Adani’s Adani Group plans to invest Rs 7 lakh crore ($84 billion) over the next decade to strengthen infrastructure in the country. Adani Group Chief Financial Officer Jogeshinder Singh said, “We are planning to invest more,” according to a Bloomberg report. However, he refrained from saying anything more on the subject.
In January 2023 this year, American short-seller Hindenburg Research released its report accusing the Adani Group of fraudulently exiting shares. After which the stock of Adani Group saw a sharp fall. However, the Adani Group has categorically rejected these allegations. But the allegations led to a sharp decline in the Adani Group’s image and the market cap of the group’s listed stocks. The FPO of its flagship company Adani Enterprises also had to be withdrawn. After the group’s image suffered due to these allegations, the Adani Group has devised a strategy of making huge investments to recoup the losses.
After Hindenburg’s allegations, the matter reached the Supreme Court. The court ordered stock market regulator SEBI to investigate. SEBI has submitted its investigation report to the court. After completing the hearing, the court reserved its verdict. SEBI told the court that it did not need more time to complete the investigation. Shares of Adani Group rose sharply on Tuesday, November 28, following the news. The group’s market cap rose by over Rs 1 lakh crore in a single day, the highest since January 2023.
Addressing shareholders in July 2023, group chairman Gautam Adani had announced a major expansion in ports, energy and infrastructure businesses. The biggest relief to the Adani Group came when the US Government Development Agency announced financial assistance for the Adani Group’s port project in Sri Lanka.
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