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PSP Projects" share price surged 10% to Rs 708 on November 19, following reports that the Adani Group is in advanced talks to acquire a 60.14% stake in the construction company. This potential acquisition could trigger an open offer for an additional 26% stake from public shareholders. Currently, PSP Projects has a market capitalization of Rs 2,800 crore, despite a more than 8% decline in stock value over the past year.
Adani Green has initiated the issuance of dollar-denominated bonds aimed at repaying overseas loans. The Adani Group has enlisted a consortium of banks, including DBS Bank, Emirates NBD Bank, and others, to serve as joint bookrunners for this financial endeavor.
Priyanka Gandhi Vadra criticized the BJP for job losses in Maharashtra due to major projects being relocated to Gujarat, such as Foxconn and Airbus. Speaking in Gadchiroli, she highlighted over 2.5 lakh vacant positions and linked rising youth suicides to unemployment, urging voters to prioritize real issues over government schemes.
Bangladesh is not facing a financial crisis but is dealing with significant political and economic challenges, according to Finance Adviser Salehuddin Ahmed. He highlighted issues of governance and accountability, particularly in state-owned enterprises, and emphasized the need for reforms that ensure inclusive development rather than just economic growth. The government is also addressing inflation and market stability while planning reforms within the National Board of Revenue to improve tax administration.
India’s Adani Group is set to invest $10 billion in energy and infrastructure projects in the United States, enhancing business relations between the two nations. This investment is expected to generate approximately 15,000 jobs, as stated by billionaire Gautam Adani on X.
Adani Power Jharkhand Limited has warned Bangladesh that it will cut electricity supply if outstanding dues of nearly $850 million are not settled by November 7. The company has already halved its power output, leading to a shortfall of over 1,600 megawatts, due to unpaid bills. Despite the Bangladesh Power Development Board making weekly payments, the total charges have exceeded payments, resulting in accumulating debts.
Gautam Adani is in discussions for infrastructure projects in Bhutan's new Gelephu Mindfulness City, as the country seeks investment for a mega township near its border with India. The Adani Group is negotiating with the government to establish solar and hydroelectric plants in the region's 1,000-square-kilometer flatlands, according to Lotay Tshering, the newly-appointed governor.
Kenyan President William Ruto defended the government's decision to engage with Adani Group, following public protests over the lack of transparency in the deals. Recently, Kenya signed a $736 million agreement with Adani Energy Solutions Ltd. for power-transmission lines, amid backlash over plans to lease the country's largest airport to another Adani unit.
Adani Group has intensified competition in India's cement sector by acquiring a 46.8% stake in Orient Cement through Ambuja Cement, following UltraTech's purchase of India Cements. This marks the fourth major deal in the industry within a year, as both conglomerates have collectively acquired six firms since Adani entered the market in 2022.Hyundai's CEO emphasized the importance of stable policies and infrastructure support for the growth of India's electric vehicle market. The company plans to introduce multiple electric models and enhance its local ecosystem, coinciding with the listing of its Indian unit, which is the largest in the country's stock market history.
The Securities and Exchange Board of India (Sebi) has issued a notice to the Adani Group, alleging the wrongful classification of certain investors as public shareholders, as disclosed by Adani Energy Solutions in its quarterly results. The company plans to respond to the notice, while asserting that independent legal opinions and an accounting review found no additional regulatory issues, aside from two pending show-cause notices. Additionally, the group is addressing a separate notice from Sebi regarding the validity of peer review certificates from its statutory auditors.
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