Adani Group

History

Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. With a capital of ₹5 lakhs, the company was established as a partnership firm with the flagship company Adani Enterprises, previously Adani Exports. In 1990, the Adani Group developed its own port in Mundra to provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc. The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar.

Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largest coal importer in India with 11 Mt of coal handling. The company expanded its business in 2008, purchasing Bunyu Mine in Indonesia which has 180 Mt of coal reserves. In 2009 the firm began generating 330 MW of thermal power. It also built an edible oil refining capacity in India of 2.2 Mt per annum.

In 2010, Adani group with help of Petronet LNG will set up a solid cargo port through a Joint Venture company namely Adani Petronet (Dahej) Port Private Ltd., has already commenced its Phase 1 operations from August 2010 at Dahej Port. solid cargo port terminal would have facilities to import/export bulk products like coal, steel and fertiliser. PLL has 26% equity in this JV.

The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010. Operations at the Port of Dahej commenced in 2011 and its capacity subsequently grew to 20 Mt. The company also bought Galilee Basin mine in Australia with 10.4 gigatonnes (Gt) of coal reserves. More than 60 per cent of the Adani Group's revenue is derived from coal-related businesses.

In 2011, the Adani group also bought Abbot Point port in Australia with 50 Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40 MW. As the firm achieved 3,960 MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.

Adani Power emerged as India's largest private power producer in 2014. Adani Power's total installed capacity then stood at 9,280 MW. On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for . Dhamra Port was a 50:50 joint venture between Tata Steel and L&T Infrastructure Development Projects, which has been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3 Mt in 201314. With the acquisition of Dhamra Port, the group is planning to increase its capacity to over 200 Mt by 2020.

In 2015, the Adani Group's Adani Renewable Energy Park signed a pact with the Rajasthan Government for a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000 MW. In November 2015, the Adani group began construction at the port in Vizhinjam, Kerala.

Adani Aero Defence signed a pact with the Israeli arms manufacturer, Elbit-ISTAR, and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises secured approval from the Government of Gujarat to begin work on building a solar power equipment plant. In September, Adani Green Energy (Tamil Nadu), the renewable wing of the Adani Group, began operations in Kamuthi in Ramanathapuram, Tamil Nadu with a capacity of 648 MW at an estimated cost of . In the same month, the Adani Group inaugurated a 648 MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up.

On 22 December 2017, the Adani Group acquired the power arm of Reliance Infrastructure for .

In October 2019, French oil and gas company TotalEnergies bought a 37.4% stake in Adani Gas for and obtained joint control of the company. Total also invested 510 million in a subsidiary of Adani Green Energy in February 2020.

In August 2020, Adani Group obtained a majority stake in Mumbai and Navi Mumbai airports after entering a debt acquisition agreement with GVK Group. Through a concession agreement with the Airports Authority of India, Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports.

In May 2021, Adani Green Energy acquired SB Energy, a joint venture of SoftBank Group and Bharti Enterprises, for 3.5 billion.

In May 2022, the Adani Group acquired Ambuja Cements and ACC for $10.5 billion. The deal will make the Adani Group the second largest cement maker in India.

In May 2022, UAE-based conglomerate International Holding Company (IHC), headed by Syed Basar Shueb, invested 2 billion in three Adani Group companies, namely Adani Green Energy, Adani Transmission and Adani Enterprises. In June 2022, TotalEnergies acquired a 25% stake in Adani New Industries, the newly formed green hydrogen subsidiary of Adani Enterprises, for 12.5 billion.

In May 2025, Adani Group abruptly ended its partnership with China-based lounge provider DragonPass, days after announcing it, stating DragonPass users would no longer access Adani airport lounges, with no impact on other customers.

Criticism

Coal mining in Australia

Main article: Carmichael coal mine

The Adani Group launched in 2014, with the support of the Australian and Queensland Governments, a mining and rail project, the Carmichael coal mine, in Queensland's Galilee Basin, for $21.5 billion over the life of the project, i.e. 60 years. Its annual capacity would be 10 Mt of thermal coal.

In response to pressure by environmental activists, some international banks refused to finance it. The mine has drawn criticism for its environmental impacts on the Great Barrier Reef, water usage, and carbon emissions, leading to a campaign known as Stop Adani, which put pressure on the Big Four banks in Australia not to finance the mine. In November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources.

In 2015, the then-head of Adani's Australian mining division came under scrutiny due to his association with a mining pollution incident in Zambia, sparking renewed concerns about Adani's suitability to manage the Carmichael coal mine. According to a collaborative report from Environmental Justice Australia, Jeyakumar Janakaraj held significant positions at a mining company that faced criminal charges related to the contamination of the Kafue River in Zambia. This occurred before he assumed leadership role of Adani's operations in Australia. Specifically, Janakaraj served as the operations director at Konkola Copper Mines in 2010, when the company faced legal charges concerning the discharge of hazardous wastewater into the river. However, the Australian Government characterised Adani's omission of Janakaraj's involvement in the African pollution incident as a "mistake." Although, under section 489 of Australia's Environment Protection and Biodiversity Conservation Act 1999, presenting inaccurate or deceptive information could potentially constitute an offence, the federal government opted not to pursue any legal action against Adani.

The Australian Government has been taken to the Federal Court of Australia by the Australian Conservation Foundation twice, once in 2018 and once in March 2020 (still ongoing ), relating to its contravention and alleged contravention of the Environment Protection and Biodiversity Conservation Act 1999 with respect to the impact of the Carmichael mine on groundwater and the country's water resources. In July 2019, the project received its final approvals from the government, and construction of the mine commenced.

In 2020, Adani Mining changed its name to Bravus Mining and Resources.

On 29 December 2021, Bravus announced that the first shipment of high-quality coal from the Carmichael mine had been assembled at the North Queensland Export Terminal (NQXT) in Bowen ready for export as planned.

Cronyism

Chairman and MD Gautam Adani has been described as being close to former Chief Minister of Gujarat and Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party (BJP). This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts. In 2012, an Indian government audit accused Modi of giving low cost fuel from a Gujarat state-run gas company to the Adani group and other companies. In Jharkhand, the BJP-led state government made an exception to its energy policy for Adani's Godda power plant. Both the Adani Group and Modi's government have denied allegations of cronyism.

The Forbes Asia noted that Adani Group has over the years leased almost 7,350 hectares of land from the government for the amount as small as " one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 a square meter". Between 2005 and 2007, Adani group acquired around 1200 hectares of land meant for grazing (gauchar) from the villagers for Adani SEZ. In Kutch, Adani group acquired 930,770 square meters of land from the villagers for 19 cents per square meter for its power plant leading to significant environmental damage. Villagers living in Adani SEZ alleged that the land was signed off by village chiefs without their knowledge. Adani group's subsidiary, Adani Ports & SEZ currently operates 15 ports across all Indian states. The Adani group controls seven airports in India, six of which were acquired for 50 years in a bid after an alleged change of rules by the Modi government that had disallowed the group from bidding.

Most Adani Group projects outside of India were announced after Narendra Modi's visits to said countries or meetings with their heads of state. In 2021, after a meeting with Modi, Sri Lankan President Gotabaya Rajapaksa told an official from the electricity board that Modi had pressured him to transfer a wind energy project to the Adani Group. After Modi's visit to Bangladesh, the Bangladeshi government under Sheikh Hasina signed a deal with the Adani Group to import electricity from Jharkhand. The opposition later argued that the deal was signed under pressure from the Modi government. The deal is currently under scrutiny of Bangladesh's interim government. A report by The Washington Post revealed that in May 2025, India’s state insurer LIC India proposed investing $3.9 billion in Adani shares. Subsequently, LIC invested $585 million in Adani Ports when the company needed to pay off its existing debt. This move highlighted Adani’s influence within India’s Modi government and was criticized as a misuse of public funds.

Leverage

The company's corporate debt totalled $30 billion in 2022. In August 2022, CreditSights, a unit of Fitch Ratings, warned that Adani's recent aggressive expansion had hurt the group's cash flow and credit metrics. It also stated that a potential "worst-case scenario" could lead the group to end up in a debt trap and a potential default. The CreditSights report garnered significant attention for its dire assessment of Adani's "deeply overleveraged" book; after outreach by Adani, CreditSights softened its language but kept its main conclusion.

Stock market rigging

In 2007, the Securities and Exchange Board of India (SEBI) prohibited multiple Adani companies from engaging in the purchase or sale of securities for a period of two years. This action was taken due to their involvement in a manipulation scheme that occurred between 1999 and 2001 to artificially influence stock prices. This manipulation was carried out through entities overseen by Ketan Parekh, the stockbroker who was the main accused in India's biggest stock market scandal. After paying a fine of $140,000, the companies were eventually permitted to recommence their trading activities.

Allegations of bid rigging

In March 2023, Adani group won a bid for the coal block North West of Madheri, where the only other bidder was Cavill Mining Private Limited, a minimum of two bidders are required for the first time auction of a commercial mine. According to an investigation by Scroll.in, Cavill Mining Private Limited is the main promoter of Adicorp Enterprises. Adicorp Enterprises has also been alleged by Hindenburg to have funnelled funds between Adani companies. This has raised concerns of bid rigging and collusion. Adani group also faced accusations of bid-rigging by the Indian National Congress after winning a contract to supply 6,600 MW of electricity to Maharashtra.

Tax evasion

On 27 February 2010, Central Bureau of Investigation arrested Rajesh Adani, managing director of Adani Enterprises Ltd., on charges of custom duty evasion amounting to ₹80 lakh.

Paranjoy Guha Thakurta, an Indian journalist working for the Economic and Political Weekly, co-authored an article about the Adani Group's tax evasion following which Adani Power sent a legal notice to the Economic and Political Weekly. Fearing an expensive lawsuit by one of India's biggest corporate houses EPW then decided to take down the article, prompting Paranjoy Guha Thakurta's resignation. In August 2017, Indian customs alleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using a Dubai shell company to divert the funds. The details of a $235 million diversion were obtained and published by The Guardian. In 2014, the Directorate of Revenue Intelligence (DRI) mapped out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly owned by Vinod Shantilal Adani, the older brother of Gautam Adani. Same year, DRI forwarded a letter to the then SEBI chairperson,U. K. Sinha, along with a CD containing evidence suggesting the improper diversion of Rs. 2,323 crore. Additionally, they provided two investigative notes, cautioning that the group might be involved in manipulating the stock market through funds allegedly siphoned off using the strategy of overvaluing power equipment imports. However, SEBI did not publicly acknowledge the receipt of this letter and the accompanying evidence from DRI until September 2023, when it was disclosed before the Supreme Court of India.

Between December 2021 and November 2023, Swiss authorities froze a total of $310 million in five different accounts linked to Adani group following investigations into money laundering.

On October 7 2025, Reuters reported that India’s DRI initiated an investigation into Adani Defence in March 2025 over alleged customs duty evasion totaling approximately . According to two government sources and a document reviewed by Reuters, the case concerns the company’s alleged misclassification of certain missile components as exempt from import duties and taxes.

Evasion of Customs Duty

In October 2025, the Supreme Court of India issued a notice to Adani Enterprises while hearing a plea by the Customs Department, which alleged that the company had imported gold and silver without paying tariffs by using duty-free credit entitlement certificates issued by the Directorate General of Foreign Trade.

Corporate governance issue

According to Bloomberg News, the group has been found to be maintaining dubious business relations with an engineering contracting firm, Howe Engineering Projects. This firm acquired the engineering business of PMC Project in 2016. In the past, PMC Projects, an Adani contractor, was accused of inflating the value of imported power and infrastructure goods by nearly ₹1,500 crore. Howe, now a separate entity, continues to work as an Adani contractor (just like PMC Projects) for major ports and railway lines being built in India. Deloitte raised concerns in May 2023 about payments made by Adani's ports company to Howe, unable to determine whether Howe should be considered a related party. Also, Adani Group had not publicly disclosed these payments until Deloitte highlighted them.

Stock manipulation and accounting fraud allegations

In January 2023, Hindenburg Research published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. The report accused Adani of pulling "the largest con in corporate history" and "brazen stock manipulation and accounting fraud scheme over the course of decades". Hindenburg also disclosed that it was holding short positions on Adani Group companies. Bonds and shares of companies associated with Adani experienced a decline of more than $104 billion in market value after the accusations, representing approximately half of the market value. Hedge fund manager Bill Ackman said Hindenburg's Adani Report was "highly credible and extremely well researched." Adani denied the fraud allegations as without merit.

On 29 January, Adani released a 413-page response to the Hindenburg report, calling Hindenburg's conduct a "calculated securities fraud" and the report a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India." Hindenburg characterised the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism. On 1 February, Adani cancelled its planned $2.5 billion (Rs 20,000 crore) Follow-on Public Offer (FPO) citing market volatility, and announced that it would return the FPO money to investors. Reserve Bank of India sought details from banks on exposure to Adani firms. Citigroup's wealth unit stopped extending margin loans to its clients against securities of Adani Group. Credit Suisse Group AG stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients. S&P Dow Jones Indices removed Adani Enterprises from its sustainability index.

Norway's Oil Fund, which had already shed a bulk of its Adani shares pre-Hindenburg report, divested its entire stake following the report.

On 19 May, on prima facie, a committee formed by the Supreme Court of India communicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. This was primarily due to the insufficient information provided in the explanations by the SEBI's investigation. Earlier on 29 April, SEBI requested a six-month extension to conclude its investigation, instead of the initially given two months provided on 2 March. However, the Supreme Court granted a three-month extension and directed SEBI to complete the probe by 14 August 2023.

On 24 June 2023, Adani Group's share value took a significant dive, following reports that United States Department of Justice and US Securities and Exchange Commission were investigating the corporation's communications with its US-based investors, spurred by a report from a short seller.

On 31 August 2023, Organised Crime and Corruption Reporting Project (OCCRP) put forth allegations asserting that a substantial amount of funds, in the hundreds of millions of dollars, were directed into publicly traded stocks of the Adani Group. These investments purportedly occurred by means of investment funds situated in Mauritius, which are characterised as possessing a lack of transparency. These funds were reportedly associated with partners connected to the promoter family. Supporting evidence presented in the report indicates that these entities engaged in protracted activities involving the acquisition and divestiture of Adani stock through offshore mechanisms, thereby concealing their active participation. This covert engagement apparently yielded significant financial gains. Additionally, the documentation suggests that the overseeing investment firm compensated a company belonging to Vinod Adani for advisory services pertinent to their investment pursuits.

In October 2023, the National Financial Reporting Authority initiated an investigation, reaching out to several audit firms involved in examining the financial records of the Adani Group's listed companies. The Adani group also reported that the government was probing financial records of Mumbai International Airport and Navi Mumbai International Airport, both operated by the group.

On 3 January 2024, the Supreme Court ordered SEBI to complete its probe within 90 days (3 months), sparked by allegations from short-seller Hindenburg Research. The Court dismissed requests for an SIT or CBI investigation and shifted focus to Hindenburg's conduct.

In March 2024, Seven Adani group firms were issued show cause notices by the SEBI for alleged "violation of related party transactions and non-compliance in listing regulations ."

After Hindenburg's allegations of fraud against the Adani group, GQG Partners LLC, an investment firm founded by Rajiv Jain purchased shares worth $4.6 billion in six Adani group subsidiaries. In September 2024, GQG Partners was charged by the Securities and Exchange Commission for hindering whistleblower protections, through its restrictive Non-disclosure agreements that disallowed employees from reporting potential violations.

Shares of the Adani Group fell sharply, with Adani Green Energy dropping 16% on 20 November 2024, after the US Securities and Exchange Commission (SEC) alleged violations, including hindering whistleblower protections. The allegations added to growing concerns over corporate governance within the conglomerate.

Presence in Kenya

In July 2024, a whistleblower alleged that the Kenya Airports Authority had signed a $1.85 billion deal for the Adani Group to manage the Jomo Kenyatta International Airport for a period of 30 years in a build–operate–transfer move. The alleged deal was brokered by ALG Global, a Spanish firm, and would be financed majorly by Kenyan taxpayers with full control of the airport granted to Adani Group for the 30 years. Following widespread protests, in September 2024, the Kenyan High Court temporarily suspended the proposal, to allow for judicial review. The whistleblower, Nelson Amenya, fears for his life.

On 16 September 2024, Adani group and Africa50 were given a $1.3 billion concession in a public-private partnership by the Kenyan government to build power transmission lines. On 25 October, Kenyan court suspended $736 million deal between Kenya Electrical Transmission Company and Adani Group's Adani Energy Solutions.

In October 2024, former Prime Minister of Kenya, Raila Odinga said he was introduced to Adani Group by Narendra Modi who organised a visit by Kenyan delegation to the projects of the company.

In November 2024, Kenya's President William Ruto has cancelled two significant deals with India's Adani Group: a lease agreement for Jomo Kenyatta International Airport, the country's main international airport, and a contract with the Kenya Electricity Transmission Company. This announcement came during Ruto's state of the nation address, just a day after Adani's directors faced charges in a New York court for alleged bribery and fraud. The airport deal, valued at $2.5 billion, involved a 30-year lease of JKIA and had been approved by the Kenya Airports Authority without public hearings. Experts had advised conducting a public tender for such a significant agreement. The proposal from Adani sought "favorable tax policies" from the Kenyan government, which raised concerns among critics. The deal had sparked significant backlash, leading to anti-government protests and a strike by airport workers. Before the cancellation, President Ruto had dismissed reports about the airport deal as "fake news." Just a week prior, Kenya's transport cabinet secretary defended the Adani Group and the airport agreement in parliament. The cancellation has been welcomed by some Kenyans, including whistleblower Nelson Amenya, who views it as a victory for citizen empowerment and an indication that change is possible in the country.

Arms export to Israel

In 2018, Adani Defence & Aerospace announced a joint venture with Elbit Systems, Israel's primary defence manufacturer, to produce Hermes 900 military drones in India. In February 2024, 20 Hermes 900 drones were supplied to Israel. In April 2024, the Indian government under the BJP abstained from the UN vote calling for an arms embargo on Israel. This decision has been linked to Adani's military exports to Israel.

Manipulating Wikipedia entries

A February 2023 article in The Signpost said that the Adani team has been manipulating Wikipedia entries using sock puppet accounts to insert promotional material and remove or edit criticism.

Bribery charges

In March 2024, the United States expanded its probe into Adani Group, particularly focusing on founder Gautam Adani's conduct and potential bribery by his group companies in exchange for favourable treatment regarding an energy project. The investigation is being handled by the United States Attorney for the Eastern District of New York and the United States Department of Justice Criminal Division's fraud unit in Washington. On 20 November 2024, federal prosecutors in New York charged Gautam Adani and his associates with multiple counts of fraud, including bribing Indian government officials with over $250 million to secure solar energy contracts.

In March 2025, the Indian government initiated proceedings to deliver a US Securities and Exchange Commission (SEC) summons to Gautam Adani concerning the alleged bribery scheme. The summons requires Adani or his legal representative to appear in the US case.

On 12 September 2024, the chief manufacturing officer of Ambuja Cement, a subsidiary of the Adani Group, was arrested over an alleged bribery attempt. In January 2026, Adani group's shares fell down by 10%, incurring a loss of $12.5 billion, following SEC's request to the Indian court to issue email summons to the defendants in the bribery case.

Coal price inflation

According to an investigation by the Financial Times, Adani group had imported $5 billion worth of coal at more than double the market prices through offshore intermediaries in Singapore, Taiwan and Dubai. A notice by Directorate of Revenue Intelligence also accused five Adani group companies of artificially inflating the value of imported coal from Indonesia by 50% to 100% in order to overcharge power companies. Adani group has also managed to block the release of documents to Indian government agencies for investigation in Singapore.

A May 2024 investigation by OCCRP and Financial Times indicated that Adani Group fraudulently inflated the price of coal that it supplied to domestic utility companies, by falsifying low-grade coal as high-grade coal.

In February 2025, it was revealed that the Adani Group paid £4 million to sponsor the green energy wing of London's Science Museum. This sponsorship faced criticism due to the company's involvement in coal mining and recent fraud allegations.

Media control

In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcaster NDTV, and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company's founders, former journalist Radhika Roy and her economist husband Prannoy Roy and that the deal was done "without discussion, consent or notice." This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime Minister Narendra Modi's ruling Bharatiya Janata Party. By December 2022, Adani was described as controlling the largest shareholding in NDTV. The Economist said that before Adani bought NDTV, the news channel was "critical of the government but is now supine."

In 2022, Ravi Nair, a freelance journalist was allegedly issued an 'arrest warrant' by the Delhi police without any prior summons after Adani group filed a defamation case against him.

In December 2023, Adani Group acquired majority stake in Indo-Asian News Service. Independent News Service (INS), the parent company which owns India TV is also backed by Gautam Adani, the chairman of Adani group.

Affiliated companies

Sports

Teams owned by Adani Group

Adani also sponsored various other sports initiatives, including a 2016 nationwide programme to prepare athletes for Rio Olympics called Garv Hai (). It was re-launched for a second time to groom athletes for 2020 Tokyo Olympics, 2022 Asian Games and Commonwealth Games. The programme focuses on archery, shooting, athletics, boxing, and wrestling. Beneficiaries of the Garv Hai pilot project in 2016 include Ankita Raina (tennis), Pinki Jangra (boxing), Shiva Thapa (boxing), Khushbir Kaur (athletics), Inderjeet Singh (athletics), Mandeep Jangra (boxing), Malaika Goel (shooting), Deepak Punia (wrestling), KT Irfan (Racewalking) and Sanjivani Jadhav (athletics).

Adani Group has naming rights on Hegvold Stadium (now known as Adani Arena) in Rockhampton and the pavilion end of the Narendra Modi Stadium in Ahmedabad.

In July 2022, Adani Sportsline was designated as an official partner of the Indian Olympic Association (IOA) for the Birmingham Commonwealth Games 2022, Hangzhou Asian Games 2022, and Paris Olympic Games 2024. Previously, Adani Sportsline supported the Indian team at the Tokyo Olympics in 2021. Through its GarvHai initiative, the organisation has supported over 28 athletes, including silver medalist wrestler Ravi Kumar Dahiya.

References

References

1. Tyagi, Prince. (28 May 2024). "How has Adani Group performed in 5 years?".
2. "About us {{!}} Growth with Goodness".
3. "Financials {{!}} Adani Enterprises Limited".
4. "Financials {{!}} Adani Ports and Logistics".
5. "Financials {{!}} Adani Power".
6. "Financials {{!}} Adani Transmission".
7. "Financials {{!}} Adani Total Gas".
8. "Financials {{!}} Adani Wilmar".
9. "Financials {{!}} Ambuja Cement".
10. "Financials {{!}} ACC Limited".
11. "Financials {{!}} NDTV".
12. (30 March 2016). "After ADAG, Adani enters defence sector, signs up with Israeli firm".
13. (1 March 2023). "Modi govt allowed Adani coal deals it knew were 'inappropriate'".
14. Krishnan, Murali. (7 February 2023). "India: Is the Adani crisis becoming a liability for Modi? – DW – 02/07/2023".
15. (17 September 2022). "Adani beats Tatas to be most valued group".
16. (10 July 2023). "Gautam Adani: the Indian billionaire vs the short seller".
17. (24 May 2024). "Adani Group mcap rises to Rs 17.5 trn, highest since Hindenburg incident". Business Standard.
18. (2024-09-13). "Swiss prosecutors freeze $310mn as part of Adani investigation".
19. Roy, Saumya. (13 November 2020). "'Modi's Rockefeller': Gautam Adani and the concentration of power in India". Financial Times.
20. "Gautam Adani Biography- About family, children, education, wife, age, and more".
21. (23 November 2012). "Adani to bring Wilmar products to India".
22. "Petronet LNG Limited : Solid Cargo Port".
23. (3 January 2012). "Adani Petronet expands Dahej port capacity".
24. (27 October 2010). "Adani bags rights to develop Orissa coal block".
25. Readfearn, Graham. (8 January 2022). "After Adani: whatever happened to Queensland's Galilee basin coal boom?". The Guardian.
26. (22 February 2012). "Adani Group to have new identity, logo".
27. Gadgil, Makarand. (3 April 2014). "Adani Power commissions 4th unit of Tiroda power plant in Gujarat".
28. (4 April 2014). "Adani Power becomes India's largest private power producer".
29. (17 May 2014). "Adani Ports acquires Dhamra Port on east coast of India for Rs 5,500 crore". The Economic Times.
30. (17 May 2014). "Adani acquires Dhamra Port for Rs 5,500 crore". Business Standard India.
31. (16 May 2014). "Adani Ports acquires Dhamra Port for Rs.5,500 cr". The Hindu.
32. (17 May 2014). "Adani Ports buys Dhamra Port from Tata Steel, L&T for Rs 5,500 crore".
33. (16 June 2015). "Adani to set up country's largest solar park of 10,000 MW in Rajasthan".
34. (18 August 2015). "Adani in Pact with Kerala for Vizhinjam Port".
35. Patra, Shakti. (21 December 2017). "Reliance Infrastructure sells Mumbai power business to Adani Transmission for Rs18,800 crore".
36. (14 October 2019). "Total buys 37.4 per cent stake in Adani Gas for Rs 6,155 crore". Business Line.
37. "Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times.
38. "Adani takes over MIAL, Navi Mumbai airports after a 2-year tussle with GVK". Business Line.
39. "Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74%". www.businesstoday.in.
40. (19 May 2021). "Adani Green buys SB Energy from Softbank and Bharti; firm valued at $3.5 bn". Business Standard India.
41. (16 May 2022). "Adani Group becomes India's 2nd largest cement maker with $10.5 billion acquisition of Ambuja-ACC".
42. "Three Adani Group companies receive $2 billion from Abu Dhabi's IHC". The Economic Times.
43. (17 May 2022). "Abu Dhabi's IHC invests ₹15,400 crore in three Adani firms".
44. (14 June 2022). "French energy giant TotalEnergies to invest $12.5 bn in Adani Group's new firm". [[Mint (newspaper).
45. (16 May 2025). "Adanis terminate deal with Chinese company DragonPass". The Times of India.
46. "Carmichael Mine {{!}} Bravus Mining & Resources".
47. Milman, Oliver. (17 November 2014). "Carmichael mine: environmental impact will be unknown for years". The Guardian.
48. Oliver Milman. (28 July 2014). "Largest coal mine in Australia: federal government gives Carmichael go-ahead". [[The Guardian]].
49. Gulliver, Robyn. (11 October 2022). "Australian Campaign Case Study: Stop Adani, 2012 - 2022".
50. (1 August 2018). "How a 3 year campaign moved Westpac to rule out new coal basins".
51. [[Australian Conservation Foundation]]. (2017). "An incredible moment for the #StopAdani campaign.".
52. (28 April 2017). "Big four banks distance themselves from Adani coalmine as Westpac rules out loan".
53. (29 November 2018). "Adani's Carmichael mine, rail project to be financed through group's resources". Business Standard India.
54. Robertson, Joshua. (12 November 2015). "Boss of Adani's Australian arm linked to mining pollution in Zambia". The Guardian.
55. Willacy, Mark. (20 January 2016). "Adani 'made mistake' in failing to disclose CEO ran polluting mine". ABC News.
56. Slezak, Michael. (21 January 2016). "Adani to face no action over Australian CEO's link to Zambia mine pollution". The Guardian.
57. (16 March 2020). "ACF challenges Morrison Government decision to not apply water trigger to Adani pipeline".
58. (12 November 2020). "Carmichael Coal Mine and Rail Project".
59. Philpott, Meech. (5 November 2020). "Adani Mining changes name to Bravus in Australia". ABC News.
60. "''Carmichael's first export ready to sail''".
61. (24 August 2022). "Media freedom fears in India after Modi ally Adani buys 29% stake in NDTV". [[The Guardian]].
62. (13 December 2022). "For India, the Adani Group is growing too big to fail".
63. (30 March 2012). "CAG slams Modi regime for financial irregularities". The Hindu.
64. (5 July 2024). "Win for villagers: 108 hectares of grazing land given to Adani to be taken back, Guj govt tells HC".
65. . (26 January 2023). ["Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A 'Corporate Con'?"](https://www.forbes.com/sites/forbeswealthteam/2023/01/26/who-is-gautam-adani-the-indian-billionaire-that-short-seller-hindenburg-says-is-running-a-corporate-con/).
66. Jayakumar, P. B.. (1 January 2017). "King of Ports".
67. Manoj, P.. (3 August 2017). "APSEZ set to become top container port operator".
68. Mujawar, Madeeha. (9 February 2023). "Adani's winning bids for six airports: Former privatisation panel head explains key policy changes".
69. Roy, Arundhati. (18 February 2023). "Modi's model is at last revealed for what it is: violent Hindu nationalism underwritten by big business".
70. (19 September 2024). "Modi leads, Adani follows: Is India's diplomacy in lockstep with a private group's global expansion?".
71. (23 February 2024). "Gautam Adani's ties with India's Narendra Modi spur scrutiny of overseas deals".
72. Roy, Shubhajit. (12 September 2024). "Top member of Dhaka interim govt says Adani power deal under scrutiny".
73. (24 October 2025). "India's $3.9 billion plan to help Modi's mogul ally after U.S. charges". The Washington Post.
74. (1 February 2023). "'Extreme leverage'? Adani's debt-driven expansion under scrutiny". Financial Times.
75. (24 August 2022). "Explained: Fitch says Adani is 'over leveraged' — what does over leveraging mean in business?".
76. (23 August 2022). "Adani's empire is 'deeply overleveraged,' Fitch Group unit warns".
77. (8 September 2022). "Adani Group debt data tweaked by CreditSights in toned down note". Bloomberg.
78. Narayan, Khushboo. (10 January 2020). "Court overturns clean chit to Adanis in share-rigging case".
79. Sharma, Arunabh Saikia & Supriya. (4 April 2023). "Adani got coal mine in auction where only other bidder was firm linked to Hindenburg storm".
80. (15 September 2024). "'Rigged deal': Congress attacks Mahayuti government over Adani winning bid to supply power to Maharashtra".
81. (15 September 2024). "'Shocking details soon': Congress alleges 'rigging' by Mahayuti government in Adani power deal".
82. (27 February 2010). "Adani Enterprises MD arrested for custom duty evasion – Times of India ►".
83. (17 June 2017). "Modi Government's ₹500 Crore Bonanza to Adani Group Company".
84. (19 June 2017). "Modi Government's Rs 500-Crore Bonanza to the Adani Group".
85. (18 July 2017). "Adani Group 'SLAPP' Pushes EPW Editor Out of His Job".
86. (20 July 2017). "EPW Editor Steps Down After Legal Notice by Adani Group".
87. Safi, Michael. (21 February 2018). "Adani mining giant facing renewed claims of $600m fraud in India".
88. "Adani document".
89. Safi, Michael. (15 August 2017). "Adani mining giant faces financial fraud claims as it bids for Australian coal loan".
90. Rajagopal, Krishnadas. (11 September 2023). "Petitioner in SC accuses SEBI of 'concealing' 2014 DRI alert on Adani". The Hindu.
91. Tripathi, Ashish. "Sebi suppressed facts about Adani stock manipulation, Supreme Court told".
92. Online, ET. (13 September 2024). "Adani-Hindenburg saga: Adani Group rejects allegations concerning $310 mn frozen funds in Swiss bank accounts, terms them baseless".
93. (13 September 2024). "Adani proxy's $311 million frozen by Swiss authorities".
94. (2025-10-07). "Exclusive: India probes Adani Defence for tax evasion on missile parts imports, sources say". Reuters.
95. Bhan, Indu. (2025-10-10). "SC to hear customs appeal against Adani over alleged tax, export violations". The Economic Times.
96. (12 December 2023). "Adani Contractor Probed by India Resurfaces Under a New Name". Bloomberg.com.
97. (12 December 2023). "Adani-Linked Contractor Under Scrutiny, Reemerges With A New Identity, Says Report".
98. "Adani Group's Ties with Controversial Contractor Howe Raise Governance Concerns: Report".
99. (25 January 2023). "India's Richest Man Accused of Pulling the 'Largest Con in Corporate History'".
100. Madhok, Diksha. (30 January 2023). "Adani slams US short seller 'attack on India' as stock rout hits $70 billion {{!}} CNN Business".
101. (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". [[Reuters]].
102. (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". [[The New York Times]].
103. (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". [[Financial Times]].
104. (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". [[CNBC]].
105. (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". [[Bloomberg News]].
106. "Adani Rout Crosses $51 Billion as Stocks Plunge by Daily Limits".
107. Barrett, Jonathan. (1 February 2023). "Why has the Adani Group shed US$90bn in value and what do short sellers have to gain?". The Guardian.
108. (27 January 2023). "Bill Ackman says Hindenburg's Adani report 'highly credible'". [[Reuters]].
109. (27 January 2023). "Bill Ackman Calls Hindenburg's Adani Report 'Highly Credible'". [[Bloomberg News]].
110. (25 January 2023). "Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious'". CNN Business.
111. (29 January 2023). "Adani's 413-Page Reply to Hindenburg After $51 Billion Wipeout". [[Bloomberg News]].
112. Barrett, Jonathan. (30 January 2023). "Adani claims US investment firm's fraud allegations are an 'attack on India'". The Guardian.
113. (30 January 2023). "Hindenburg Says Adani's Nationalist Rebuttal Ignores Allegations". [[Bloomberg News]].
114. (February 2023). "Adani Enterprises Calls Off FPO, Money To Be Returned To Investors".
115. (2 February 2023). "RBI looking at banks' exposure to Adani group companies, seeks present status: Sources".
116. Daga, Anshuman. (2 February 2023). "Citigroup stops margin loans against India Adani's securities - source". Reuters.
117. Ray, Siladitya. (1 February 2023). "Credit Suisse Reportedly Assigns Zero Lending Value To Adani Group Bonds Following Hindenburg Allegations". [[Forbes]].
118. (1 February 2023). "Credit Suisse's Wealth Unit Halts Margin Loans on Adani Debt". [[Bloomberg News]].
119. Lee, Jihye. (3 February 2023). "S&P Dow Jones is knocking Adani Enterprises off its sustainability index".
120. Livemint. (9 February 2023). "Norway wealth fund sold stakes in Adani companies". [[Mint (newspaper).
121. Lundgren, Kari. (9 February 2023). "Norway Wealth Fund Unloads Rest of Its Adani Group Holding". BNN Bloomberg, Canada.
122. (19 May 2023). "Sebi probe into Adani drew blank: SC-appointed panel".
123. (19 May 2023). "Supreme Court Panel's Clean Chit To Adani Group: Prima Facie No Violation". [[NDTV.
124. (29 April 2023). "SEBI asks SC for six more months to complete probe into Hindenburg report". The Hindu.
125. "SC Gives SEBI Time Till Mid-August to Investigate Hindenburg Claims on Adani Group".
126. (22 June 2023). "Adani Group Draws Regulatory Scrutiny in the US After Short Seller Report". Bloomberg.com.
127. (23 June 2023). "Adani Group stocks tumble after report says US regulators probing conglomerate".
128. (31 August 2023). "Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock". The Hindu.
129. Agarwal, Nikhil. (31 August 2023). "Adani Group rejects 'recycled allegations' made by George Soros-funded OCCRP". The Economic Times.
130. (30 August 2023). "Modi-linked Adani family secretly invested in own shares, documents suggest". The Guardian.
131. (30 August 2023). "Secret paper trail reveals hidden Adani investors". Financial Times.
132. "Documents Provide Fresh Insight Into Allegations of Stock Manipulation That Rocked India's Powerful Adani Group".
133. Srivats, K. R.. (25 October 2023). "NFRA asks for audit files from Adani Group firm auditors".
134. (26 October 2023). "Adani shares crack up to 7.5% on reports of auditor facing NFRA scrutiny".
135. (14 October 2023). "Adani Group says government probing accounts of two Mumbai airports".
136. (3 January 2024). "Top India Court Clears Adani From More Probes in Hindenburg Saga". [[Bloomberg News]].
137. Rajagopal, Krishnadas. (3 January 2024). "Supreme Court upholds SEBI probe, turns focus on 'conduct' of Hindenburg".
138. Mahapatra, Dhananjay. (4 January 2024). "No inadequacy in Sebi probe: Supreme Court".
139. (3 January 2024). "Adani Hindenburg Case Updates: SC directs Sebi to complete probe within 3 months in remaining two cases".
140. (3 May 2024). "Seven Adani group firms say received SEBI show cause notices".
141. (27 September 2024). "Adani Group's post-Hindenburg saviour GQG Partners charged by US SEC".
142. (20 November 2024). "Adani Group shares plunge after US SEC charges, Adani Green down 16%".
143. Otieno, Bonface. (18 July 2024). "Senator turns up heat on KAA over alleged JKIA agreement".
144. (11 September 2024). "Strike at Kenya's airport causing flight delays as Adani deal suspended".
145. (1 October 2024). "Adani refutes allegations by whistleblower who exposed the group's secret talks about Kenyan airport".
146. (16 September 2024). "Adani Group gets contract to build power lines in Kenya with $1.3 billion concession".
147. (25 October 2024). "Kenyan court suspends $736 million Adani power line deal".
148. (14 October 2024). "Raila reveals ties to Adani after Sh95bn energy deal".
149. "Kenya Nixes Deals with India's Adani Group, Citing Corruption Evidence".
150. Ramachandran, R.. (17 April 2024). "India's Refusal to Back UN Arms Embargo on Israel May Be Linked to Adani Drone Exports".
151. Bhushan, Bharat. (28 June 2024). "India is firing the engine of war in Gaza while preaching peace".
152. (14 February 2024). "India sends Adani-made drones to Israel; 5 things to know".
153. (21 February 2023). "Wikipedia says Adani team manipulated articles on the group". [[The Economic Times]].
154. (23 February 2023). "Adani Group 'almost certainly' manipulated its entries on Wikipedia, alleges site's newspaper". [[Scroll.in]].
155. (21 February 2023). "Did Adani systematically manipulate Wikipedia entries?". [[Mint (newspaper).
156. "Adani Group Under US Bribery Probe: Shadow Over Indian Green Giant?".
157. (16 March 2024). "US probing Adani Group and founder over potential bribery: Report".
158. (15 March 2024). "US Probing Indian Billionaire Gautam Adani and His Group Over Potential Bribery". Bloomberg.com.
159. (20 November 2024). "U.S. Charges Indian Billionaire Adani With Fraud Over Bribery Scheme". The New York Times.
160. "India to deliver US summons to Adani for alleged bribery". [[Reuters]].
161. Mukherjee, Vasudha. (12 September 2024). "Adani-backed Ambuja Cement's officer arrested for bribery attempt in Odisha".
162. https://www.reuters.com/world/india/adani-group-shares-tumble-after-us-sec-seeks-bypass-indian-government-serve-2026-01-23
163. (12 October 2023). "The mystery of the Adani coal imports that quietly doubled in value".
164. Arpan Chaturvedi, Aditya Kalra. (17 November 2023). "Exclusive: India seeks to restart stalled Adani coal imports probe".
165. (21 May 2024). "Adani suspected of fraud by selling low-grade coal as high-value fuel". Financial Times.
166. (22 May 2024). "New Evidence Bolsters Allegations Adani Group Overcharged for Coal".
167. (14 February 2025). "Adani paid £4mn to sponsor green energy wing of London's Science Museum". Financial Times.
168. "Fears for independent media in India as tycoon eyes major news channel". The Washington Post.
169. "The World's Second-Biggest Fortune Deserves a Keener Spotlight". [[Bloomberg News]].
170. (24 August 2022). "India tycoon Adani in hostile bid for news channel NDTV". BBC News.
171. (17 December 2022). "India: Why is Gautam Adani so interested in NDTV?". [[Al Jazeera English.
172. (23 December 2022). "Billionaire Adani to control nearly 65% of NDTV as founders sell stake". [[Reuters]].
173. (9 February 2023). "The humbling of Gautam Adani is a test for Indian capitalism". [[The Economist]].
174. Sodhi, Tanishka. (22 July 2022). "Arrest warrant against journalist for defaming Adani group".
175. (16 December 2023). "Adani acquires 50.5% stake in IANS, making presence stronger in media sector".
176. (1 December 2016). "Rajat Sharma's path to becoming India's most powerful editor-entrepreneur".
177. (16 December 2023). "Adani Group acquires majority stake in news agency IANS".
178. "Gujarat Giants About". Gujarat Giants.
179. "Gujarat Giants {{!}} Official Website {{!}} Kabaddi, kho kho, cricket and more".
180. "Adani Teams".
181. (21 December 2019). "Indian Boxing League: Gujarat Giants beats Punjab Panthers to win title".
182. "Gujarat Giants".
183. "Goodbye Hegvold Stadium, hello Adani Arena". The Morning Bulletin.
184. (25 February 2021). "World's Biggest Cricket Arena That Hosted Trump Is Renamed After Modi". [[Bloomberg News]].
185. Ambwani, Meenakshi Verma. (30 June 2022). "Adani Sportsline is principal sponsor of Indian Olympic Association".
186. Nair, Sangeeta. (23 July 2021). "Adani Group joins as one of IOA's sponsors for Tokyo Olympics 2020: Check Full List of Indian Sponsors".
187. Hyatt, John. "Inside Gautam And Vinod Adani's Controversial Conglomerate—And Why It May Be Too Politically Connected To Fail".
188. (22 September 2016). "Adani's 648-MW solar plant inaugurated". The Hindu.
189. (27 June 2019). "Adani Group announces training aid for hidden sports talents".
190. "Adani Group acquires franchise in Legends League Cricket". livemint.
191. "Adani Group makes landmark foray into franchise cricket acquiring rights to a franchise in UAE's flagship T20 league". Emirates cricket.
192. (2 December 2022). "Gautam Adani: The school dropout's high-risk journey to become Asia's richest man". BBC News.
193. "How political will often favors a coal billionaire and his dirty fossil fuel". The Washington Post.
194. link. (16 March 2015 (version projecting a 90-year exploitation))
195. (24 January 2023). "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". [[Hindenburg Research]].
196. "Adani Group launches Garv Hai project to groom potential medallists". Sportstar.
197. "Adandi: Business of Success".