Adani Enterprises to Exit Indonesian Subsidiary in USD 125 Million Deal with Dubai’s Energico FZCO

Adani Enterprises has announced it will divest its entire stake in PT Adani Global (Indonesia) to Dubai-based ENERGICO FZCO for USD 125 million, with completion expected by November 30, 2025.

Adani Enterprises filed a disposal/divestiture notice on November 6, 2025, confirming the sale of its stake in PT Adani Global (Indonesia) to ENERGICO FZCO for USD 125 million. Media outlets such as ScanX News reported the same details, citing the official filing and highlighting that the divested entity contributed only 0.83% of consolidated revenue and 1.11% of net worth.  

Key Highlights of the Transaction

• Seller: Adani Enterprises Limited (AEL), through subsidiaries in Mauritius and Singapore.
• Buyer: ENERGICO FZCO, a Dubai-based company not affiliated with the Adani Group.
• Deal Value: USD 125 million.
• Completion Timeline: Expected by November 30, 2025.
• Impact on AEL: PT Adani Global (Indonesia) contributed only 0.83% of consolidated revenue and 1.11% of net worth.

Strategic Context

• Portfolio Rationalization: Adani Enterprises has been restructuring global holdings, focusing on core infrastructure, energy, and digital ventures.
• Regulatory Compliance: Buyer is independent of Adani Group, ensuring clean regulatory clearance.
• Capital Allocation: Divestment frees up capital for high-growth projects such as airports, green hydrogen, and data centers.

Broader Implications

• Indonesia Exit: Marks a shift away from coal-linked operations in Southeast Asia, aligning with Adani’s energy transition narrative.
• Investor Sentiment: Small financial impact suggests strategic signaling rather than immediate balance sheet gains.
• Global Footprint: Adani Enterprises continues refining its international presence, balancing risk management with expansion in emerging sectors.

Why It Matters

This move underscores Adani Enterprises’ pivot toward cleaner, scalable businesses while trimming non-core assets. For investors and regulators, it signals a commitment to transparency and compliance in cross-border transactions.

Adani Group Moves to Acquire Sahara’s Premium Assets Pending Court Nod

Image - Bloomberg

The Adani Group is preparing to acquire four marquee properties from the beleaguered Sahara Group in a deal estimated at ₹5,000 crore, pending Supreme Court approval, said a report exclusive to India Today. Here's a breakdown of the situation and what it could mean:

The Four Flagship Properties

• Aamby Valley: A luxury township near Lonavala
• Hotel Sahara Star: A prominent hotel near Mumbai airport
• Sahara City Homes (Lucknow): A large-scale residential project
• Sahara Mall (Gurgaon): A commercial property in a prime location of Gurugram. 

These assets are part of a broader package of 87–88 properties Adani seeks to acquire, including hotels, malls, and land parcels across India.

Legal and Financial Hurdles

• The Supreme Court is overseeing the transaction due to Sahara’s long-standing legal battles over investor refunds.
• The Employees’ Provident Fund Organisation (EPFO) has issued a ₹1,567 crore notice to Adani, demanding settlement of Sahara’s unpaid PF dues before the acquisition proceeds.
• Adani may need to provide an undertaking to clear these dues post-acquisition if not settled upfront.

Strategic Implications

• For Adani, the acquisition aligns with its strategy to expand its real estate and hospitality footprint.
• For Sahara, this could be a final attempt to resolve its decade-long financial crisis and repay investors.

The goal of this possible acquisition is said to help Sahara repay ₹9,000 crore in investor dues, stemming from a long-running Supreme Court-monitored dispute over illegal bond schemes.

As mentioned above, the EPFO has issued a ₹1,567 crore notice to Adani, citing unpaid PF dues by Sahara entities dating back to 1982. Under Indian law, Adani must either settle these dues before acquisition or provide a binding undertaking to pay them afterward.

The Supreme Court bench led by Chief Justice B.R. Gavai is reviewing the proposal. It has directed the Ministry of Finance and Ministry of Cooperation to be impleaded, given the scale and complexity of the case. The court emphasized that Sahara employees, many unpaid since 2014, must be considered before any deal is finalized.

The acquisition would significantly expand Adani’s real estate footprint, especially in high-value urban and resort zones. Adani Properties Pvt. Ltd., the group’s unlisted real estate arm, is leading the bid.

SEBI Exonerates Adani Group in Hindenburg Case, Dismisses All Allegations

In a landmark ruling that concludes nearly three years of regulatory scrutiny, the Securities and Exchange Board of India (SEBI) has cleared the Adani Group and its top executives of all allegations made by US-based short-seller Hindenburg Research. The regulator’s final orders dismissed claims of stock manipulation, undisclosed related-party transactions, and violations of securities laws.

The investigation stemmed from Hindenburg’s explosive January 2023 report, which accused the Adani conglomerate of routing funds through obscure entities—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—to inflate stock prices and conceal financial dealings. The report triggered a massive sell-off, erasing over $150 billion in market value across Adani’s listed companies.

SEBI’s Key Findings

• The alleged fund transfers were genuine commercial loans, fully repaid with interest before the investigation began.
• The entities involved were not classified as “related parties” under the Listing Obligations and Disclosure Requirements (LODR) regulations applicable at the time.
• No violations were found under Section 12A of the SEBI Act or the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
• Insider trading and manipulation claims were deemed unsubstantiated.

SEBI emphasized that applying newer definitions of related-party transactions retroactively would be legally impermissible. The regulator disposed of all proceedings without imposing penalties or further directions.

Market Reaction

• Adani Total Gas rallied over 13%
• Adani Power jumped 9%
• Adani Enterprises rose nearly 5% on the BSE

The verdict restored investor confidence and marked a dramatic turnaround for the conglomerate.

Gautam Adani Responds

“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained—that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report.”

Broader Implications

The SEBI ruling not only vindicates the Adani Group but also closes one of the most contentious chapters in India’s corporate history. It underscores the importance of regulatory due process and may influence future discourse on short-seller activism and corporate governance in emerging markets.

Adani Ports Unlocks New Export Corridor for Indian Rail Tech

Mundra Port, the crown jewel of Adani Ports and SEZ Ltd, has just handled its first export shipment of hi-tech locomotives—a powerful symbol of India's industrial ascent and logistical prowess.

Key Highlights:

• Shipment Details: Four state-of-the-art locomotives were shipped to Morebaya, Guinea aboard the vessel MV BBC WASHINGTON.
• Manufacturer: These locomotives were built by Wabtec Locomotive Pvt Ltd at its plant in Marhowrah, Saran, Bihar, in collaboration with Indian Railways.
• Export Plan: This is the first of a planned 150 locomotives to be exported, with 1–2 units expected monthly.
• Gauge Conversion: Since India uses broad-gauge tracks and Guinea requires standard gauge (1.435 meters), a complex bogie conversion was executed at Mundra using hydraulic trailers and heavy-duty cranes.

Strategic Impact:

This initiative aligns with the Atmanirbhar Bharat vision—“Made in India for the World”—and showcases India’s growing capability in precision manufacturing and high-value industrial exports.

Why It Matters:

This isn’t just about locomotives—it’s about India stepping into the global spotlight as a trusted supplier of advanced rail technology. Mundra’s ability to handle such technically demanding cargo reinforces its role as a strategic export gateway.

Adani Power to Build 1,600 MW Ultra-Supercritical Plant in MP Under DBFOO Model

Adani Power has clinched a major win by securing a 1,600 MW ultra-supercritical thermal power project from MP Power Management Company Ltd (MPPMCL). The project will be developed in Anuppur district under the Design, Build, Finance, Own, and Operate (DBFOO) model, with a total investment of ₹21,000 crore. Earlier, the company had received LoA for supply of 800 MW power.

This marks the first use of the greenshoe mechanism in India’s thermal power sector—a notable innovation in public-private energy contracts.

This innovative inclusion of a greenshoe mechanism in coal-based power procurement will help Madhya Pradesh in meeting its ever-growing electricity demand owing to increased industrialization and urbanisation, enhancing energy security for the state.

Key Highlights:

• Capacity Split: 800 MW initially awarded, followed by another 800 MW under the Greenshoe Option—a first-of-its-kind move in Indian thermal tenders.
• Tariff: Both allocations are priced at ₹5.838/kWh.
• Timeline: Commissioning expected within 60 months from the appointed date.
• Fuel Security: Coal linkage secured under the SHAKTI Policy of the Government of India.
• Employment Impact: Estimated 9,000–10,000 jobs during construction and 2,000 jobs during operations.

Strategic Implications:

This deal not only boosts Adani Power’s total awarded capacity to 7,200 MW in the past year, but also strengthens Madhya Pradesh’s energy security amid rising industrial and urban demand. The greenshoe mechanism—borrowed from capital markets—signals a new era of flexibility in power procurement.

While Adani Power has existing thermal operations across 12 plants nationwide, including one in Madhya Pradesh, the Anuppur project appears to be its primary active expansion in the state.

The company’s broader energy portfolio includes solar, wind, and transmission infrastructure, but no additional MP-specific projects have been publicly confirmed beyond this thermal initiative.

Adani Power Greenlights Stock Split: ₹10 Shares to Become ₹2 Units

Adani Power shareholders have approved a 1:5 stock split through e-voting, a move aimed at boosting liquidity and retail investor participation.

Key Details:

• Split Ratio: Each ₹10 equity share will be split into five ₹2 shares, fully paid-up.
• Voting Period: E-voting ran from August 6 to September 4, 2025, with overwhelming support—99.9993% votes in favor.
• Capital Structure Impact:
• Authorized Capital remains ₹28,000 crore.
• Paid-up Capital shifts from 385.69 crore shares of ₹10 to 1,928.47 crore shares of ₹2, keeping the total paid-up value unchanged at ₹3,856.94 crore.
• Record Date: Yet to be announced by the board.

Strategic Rationale:

• Affordability: Lower face value makes shares more accessible to small investors.
• Liquidity Boost: More tradable shares in the market.
• Retail Participation: Encourages broader ownership and engagement.

Earlier this year, Paras Defence & Space Technologies executed a 1:2 stock split reducing its face value from ₹10 to ₹5. The record date was July 4, 2025, and the intent was to make shares more affordable for retail investors, aligning with its growing visibility in the defence-tech space.

Similarly, Cool Caps Industries opted for a 1:5 split, mirroring Adani Power’s structure. With a record date also set for July 4, 2025, the company aimed to increase its tradable float and attract smaller investors, especially in the packaging and thermal insulation segments.

India Glycols Ltd, known for its green chemistry and bio-based products, approved a 1:2 split from ₹10 to ₹5, with the record date falling on August 12, 2025. The move was designed to enhance market accessibility and broaden its investor base.

In the financial services sector, Bajaj Finance Ltd carried out a 1:2 split, lowering its face value from ₹2 to ₹1. The record date was June 16, 2025. This decision was part of a broader strategy to improve liquidity and align its share price with peer valuations, making it more attractive to retail investors.

Lastly, Coforge Ltd, a mid-cap IT services firm, implemented a 1:5 split from ₹10 to ₹2 on June 4, 2025. The split was positioned as a signal of growth confidence and a way to broaden its investor base amid rising demand for digital transformation services.

Adani Unveils ₹600 Crore Smart Logistics Park in Kochi — A Game-Changer for Kerala’s Industrial Future

In a bold move to reshape Kerala’s logistics landscape, Adani Ports and Special Economic Zone Ltd. (APSEZ) has launched a cutting-edge logistics park in Kalamassery, Kochi—an investment exceeding ₹600 crore that signals a new era of smart, sustainable supply chain infrastructure.

Unveiled by Chief Minister Pinarayi Vijayan under the “Invest in Kerala” initiative, the park spans 70+ acres and houses 1.3 million sq. ft. of integrated logistics space. But this isn’t just another industrial facility—it’s a strategic leap toward making Kerala a hub for next-gen logistics.

Built for the Future: Smart, Green, and Sector-Ready

From EV charging stations to zero-touch operations and digital integration, the park is engineered for speed, sustainability, and scale. It’s tailored to serve high-growth sectors like:

• E-commerce
• FMCG/FMCD
• Pharmaceuticals
• Automotive
• Retail

This isn’t just infrastructure—it’s an ecosystem designed to empower businesses and energize Kerala’s industrial ambitions, –said an APSEZ spokesperson.

1,500+ Jobs and a Boost for Local SMEs

The facility is expected to create over 1,500 jobs, with a strong emphasis on local employment and SME empowerment. By offering plug-and-play logistics solutions, Adani aims to help small and medium enterprises scale faster and compete smarter.

Adani’s National Logistics Vision

The Kochi park is part of Adani’s aggressive push to expand its logistics footprint across India. From 3.1 million sq. ft. today to 20 million sq. ft., APSEZ plans to build 30 logistics parks nationwide, transforming from a port-centric player into a fully integrated transport and logistics powerhouse.

Why It Matters

• For Kerala: A strategic boost to industrial growth, job creation, and SME competitiveness
• For India: A step toward smarter, greener logistics infrastructure. 
• For Adani: A bold pivot from ports to pan-India supply chain dominance

Sindri Goes Solar: ACC and Adani Foundation Build a Blueprint for Rural Self-Reliance and Clean Energy Access

• ACC and the Adani Foundation install solar-powered irrigation and drinking water systems in Chhatatand and nearby villages of Sindri.
• Solar irrigation systems enable uninterrupted farming on 15+ acres, saving ₹30,000 per farmer per season.
• Solar water pumps ensure clean drinking water access for 150 families, improving health and reducing daily hardship.

ACC, the cement and building materials company of the diversified Adani Portfolio, along with the Adani Foundation, has implemented solar-powered irrigation and water systems across the Gram Panchayat of Chhatatand and nearby villages in Sindri, Jharkhand.

ACC Sindri - solar drinking water

These clean energy interventions are helping small farmers reduce irrigation costs, boost productivity, and are also ensuring safe drinking water access for more than 150 families in the region.

Until recently, erratic electricity and rising diesel prices made farming unreliable, while daily access to clean water remained a major challenge for many households. To address this, ACC installed 5 HP solar irrigation pumps across 15 acres of farmland in Chhatatand and Samlapur, enabling low-cost, uninterrupted irrigation.

At the same time, six 2 HP solar drinking water systems were installed across five villages, including Simatand, Kushberia and Jamadoba Basti. The systems pump water into overhead tanks, offering families a sustainable and safe source of drinking water close to home.

By integrating renewable energy into rural infrastructure, ACC and the Adani Foundation are advancing long-term self-reliance, improved health outcomes, and climate-friendly livelihoods in Jharkhand’s Sindri region.

Adani Airports Launches ₹20,000 Crore Cityside Development Drive, Anchored by Mega Projects in Mumbai Region

In a bold move to reshape India’s airport infrastructure and revenue model, Adani Airports has unveiled a ₹20,000 crore cityside development programme, with nearly ₹14,000 crore earmarked for large-scale real estate ventures near Mumbai and Navi Mumbai airports. The initiative marks a strategic pivot toward boosting non-aeronautical revenues, which the group aims to grow to 70% of total income by 2030, up from the current industry average of 50%.

Mixed-Use Airport Cities Inspired by Global Models

The centrepiece of this transformation is a 240-acre mixed-use development at the upcoming Navi Mumbai International Airport, scheduled to begin operations in October. The first phase, spanning 50 acres, will feature:

• Five hotels with a combined 1,000 rooms
• A high-capacity shopping mall
• Three premium office towers
• Service apartments integrated with hotel facilities

Inspired by global airport cities like Amsterdam’s Schiphol, Zurich’s The Circle, and Sydney Airport, Adani’s model aims to create walkable business districts that serve both travelers and local residents.

Strategic Shift Toward Commercial Real Estate

The cityside programme spans 655 acres across eight airports, but Mumbai and Navi Mumbai will receive nearly 70% of the total investment. According to Amit Grover, CEO of City Side Development at Adani Airports, the goal is to flip the traditional airport revenue model, making retail, hospitality, and real estate the primary growth drivers.

Financing and Growth Momentum

To fund the expansion, Adani Airports recently raised $750 million through external commercial borrowings, aimed at refinancing debt and scaling up its retail, F&B, and duty-free operations. The airport business reported ₹2,715 crore in revenue for Q1FY26, marking a 25% year-on-year growth, driven by higher passenger footfalls and stronger commercial leasing.

Urban Impact and Future Outlook

Industry analysts suggest that Adani’s cityside developments could transform surrounding regions into high-demand real estate corridors, positioning airports as economic and cultural anchors rather than mere transit hubs. The projects are expected to integrate green building standards, pedestrian-friendly layouts, and long-term lease opportunities for corporate tenants and hospitality brands.

With construction advancing rapidly, Mumbai and Navi Mumbai are poised to lead India’s evolution toward global-style airport business hubs, redefining how cities interact with transport infrastructure.

Adani Power to Invest $3 Billion in Bihar Thermal Plant After Securing 2,274 MW Contract

Adani Power Ltd. has clinched a major infrastructure deal to construct a $3 billion ultra-supercritical thermal power plant in Bihar, following its successful bid to supply 2,274 MW of electricity to the state’s distribution companies. The project marks one of the largest private-sector power investments in eastern India and is expected to significantly bolster Bihar’s energy capacity and industrial growth.

Project Details

The proposed plant will be located in Pirpainti village, Bhagalpur district, and will feature three units of 800 MW each, totaling 2,400 MW in capacity. Adani Power emerged as the lowest bidder in a competitive auction, offering a tariff of ₹6.075 per kWh under the Design, Build, Finance, Own, and Operate (DBFOO) model.

The plant will utilize ultra-supercritical technology, known for its higher thermal efficiency and reduced carbon emissions compared to conventional coal-fired systems. Fuel supply will be secured through coal linkages under the Government of India’s SHAKTI policy, ensuring long-term viability.

Timeline & Execution

According to bid terms:

• The first unit is expected to be commissioned within 48 months of the appointed date.
• The entire plant is slated for completion within 60 months.

Adani Power will sign a Power Supply Agreement (PSA) with Bihar’s North and South distribution companies — NBPDCL and SBPDCL — following the issuance of the Letter of Award (LoA).

Economic Impact

The project is anticipated to generate:

• 10,000–12,000 jobs during the construction phase
• 3,000 permanent jobs during operations

Local industries are expected to benefit from improved energy reliability, potentially attracting further investment into Bihar’s manufacturing and services sectors.

Strategic Significance

This development aligns with India’s broader energy goals of expanding capacity while transitioning to more efficient technologies. For Bihar, which has faced persistent power shortages, the project represents a leap toward energy security and industrial competitiveness.

Adani Group Pledges $10 Billion Investment in Vietnam, Eyes Ports, Power & Digital Expansion

In a bold move that underscores its global ambitions, the Adani Group has committed up to $10 billion in long-term investments across Vietnam, spanning infrastructure, energy, logistics, and digital technology. The announcement was made during a high-level meeting between Adani Chairman Gautam Adani and Vietnamese Communist Party General Secretary To Lam in Hanoi.

The investment marks one of the largest foreign commitments in Vietnam’s recent history and signals a deepening of the India–Vietnam Comprehensive Strategic Partnership, originally established in 2016.

Strategic Focus Areas

Adani’s investment blueprint includes:

• Infrastructure: Development of seaports, airports, and transport corridors
• Energy: Renewable and thermal power projects, national grid upgrades
• Logistics: Smart warehousing and supply chain hubs
• Digital Technology: AI-driven platforms, smart city infrastructure, and digital transformation initiatives

The group has already received in-principle approval for a $2 billion deep-sea port project in Da Nang, and is exploring additional ventures such as the Vinh Tan 3 Thermal Power Plant and airport development projects.

Adani has extensive experience in operating large-scale projects across ports, airports, logistics, energy, and digital tech. We are ready to contribute to Vietnam’s development – said Gautam Adani.

Vietnam welcomes Adani’s long-term investment and will provide favorable conditions for its operations,” affirmed General Secretary To Lam.

The Vietnam commitment comes amid Adani’s broader $100 billion domestic investment plan in India, and follows recent setbacks in the US and Kenya due to legal investigations. The move signals a strategic pivot toward Southeast Asia, where Vietnam’s pro-business reforms and digital ambitions align with Adani’s growth trajectory.

Adani Green Energy Projects Cancelled in Andhra Pradesh

The Andhra Pradesh government has officially cancelled two major pumped hydro storage projects allotted to Adani Green Energy Ltd (AGEL), following a formal request from the company, reported news agency PTI. The decision, approved by the State Investment Promotion Board (SIPB) on July 17, stems from unresolved boundary disputes between Andhra Pradesh and neighboring Odisha that have stalled project development.

Projects Cancelled:

• Kurukutti Pumped Hydro Storage Project – 1,200 MW
• Karrivalasa Pumped Hydro Storage Project – 1,000 MW

Both were located in Parvathipuram Manyam district and allotted to Adani Green Energy Ltd (AGEL).

Why Were They Cancelled?

• AGEL requested cancellation due to boundary disputes between Andhra Pradesh and Odisha, which hindered surveys and investigations.
• The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) confirmed the challenges and stated that AGEL was not at fault.
• The State Investment Promotion Board (SIPB) approved the cancellation on July 17, 2025, after reviewing AGEL’s proposal.

Financial Adjustments Requested

• AGEL paid ₹12.98 crore in facilitation charges for the two projects.
• The company requested either a refund or adjustment of these charges toward two other allotted projects:
• Pedakota PSP – 1,000 MW
• Raiwada PSP – 600 MW

Background

• The projects were approved under the YSRCP government on June 29, 2022. 
• Feasibility reports were prepared by TCE Ltd, and AGEL was responsible for the Detailed Project Report (DPR) and surveys.

Broader Implications

• The cancellation highlights the risks of inter-state land disputes in infrastructure planning.
• It underscores the need for clear land acquisition strategies and local stakeholder engagement, especially in Schedule-5 tribal regions.

Adani Group Shuts Down Super App Ambitions Amid Financial Losses and Internal Turmoil

The Adani Group has reportedly pulled the plug on its ambitious Super App project, Adani One, marking a strategic retreat from its digital consumer play, said a report by Bloomberg. Launched in December 2022 by Adani Digital Labs, the app was envisioned as a one-stop platform for travel, hospitality, and airport services, modeled after global super apps like WeChat and domestic counterparts such as Tata Neu.

Despite initial traction and a user base of over 30 million by early 2024, the app failed to meet profitability benchmarks. Sources close to the development revealed that Adani One processed transactions worth ₹750 crore (~$90 million) by March 2024, but struggled to scale sustainably. The group had set an ambitious target of 500 million users by 2030—a goal that now appears out of reach.

The decision to shutter the app was accelerated by internal disagreements over its direction and scope. The exit of Chief Digital Officer Nitin Sethi, amid an internal probe into operational mismanagement, further destabilized the project. Leadership churn and strategic misalignment ultimately led to the app’s integration into Adani’s airport business, effectively ending its standalone digital journey.

The move signals a broader shift in Adani Group’s priorities. Alongside the app’s cancellation, the conglomerate is also exiting the FMCG space, having sold its stake in AWL Agri Business (Adani Wilmar). The group is now refocusing on its core strengths—energy, infrastructure, logistics, and urban redevelopment.

Industry analysts view the development as a cautionary tale for Indian conglomerates venturing into digital ecosystems. Like Tata Neu and Reliance’s MyJio, Adani One struggled with fragmented services, low user retention, and unclear value propositions.

With the digital detour behind it, Adani Group appears poised to double down on its infrastructure-led growth strategy, backed by multi-billion-dollar investments in airports, ports, and renewable energy.

Reason	Details
Financial Losses	Despite ₹750 crore (~$90M) in transactions by March 2024, the app failed to become profitable.
Low User Growth	Target: 500 million users by 2030; Reality: only 30 million users by 2024.
Internal Disagreements	Disputes over app direction and scope led to leadership churn.
Leadership Exit	Chief Digital Officer Nitin Sethi resigned amid an internal probe into mismanagement.
Strategic Refocus	Adani merged the digital unit into its airport business, shifting focus back to core infrastructure sectors.

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Adani’s Manorview Developers to Build Paytm’s IT Complex in Noida

Adani Group's Manorview Developers will develop IT and ITes complex of fintech firm One97 Communications, which owns Paytm brand, in Noida, the company said in a regulatory filing.

Here's a detailed breakdown of the latest development involving Adani Group and Paytm:

Project Overview

• Developer: Manorview Developers Pvt Ltd, a wholly-owned subsidiary of Adani Infrastructure and Developers.
• Client: One97 Communications Ltd, the parent company of Paytm.
• Location: Sector 159, Noida.
• Size: 10-acre plot allotted by the Noida Authority in 2018.
• Purpose: Construction of an advanced IT and IT-enabled services (ITES) complex to support Paytm’s long-term tech operations.

Shift in Development Strategy

• Original Plan: Paytm had entered a Joint Development Agreement (JDA) with ACE Builders and Promoters in January 2024.
• ACE was expected to raise capital and lead the development.
• Why the Change?: The JDA with ACE Builders was scrapped due to non-compliance with Noida rules and byelaws.
• New Approach: Paytm will now develop the project independently, appointing Manorview Developers as the Engineering, Procurement, and Construction (EPC) contractor.

Strategic Implications

• Signals Paytm’s commitment to expanding its tech infrastructure.
• Strengthens Adani Group’s footprint in digital infrastructure and fintech collaboration.
• Expected to boost local employment and contribute to Noida’s growing tech ecosystem.

India’s fintech infra is maturing from fragmented innovation to institutional-grade development, with players like Adani entering the fray. Paytm’s move signals a shift from startup-style agility to enterprise-grade infrastructure, aligning with global fintech maturity trends. Adani’s involvement could catalyze more private-sector participation in fintech infra, especially in Tier-1 cities.

Adani Power Completes Acquisition of 600 MW Vidarbha Power for ₹4000 Cr

Adani Power Ltd. has officially completed the ₹4,000 crore acquisition of Vidarbha Industries Power Ltd. (VIPL), a 600 MW coal-fired power plant located in Butibori, Nagpur district, Maharashtra.

Key Highlights of the Acquisition

• Deal Value: ₹4,000 crore
• Plant Capacity: 2×300 MW (600 MW total)
• Location: Butibori, Nagpur, Maharashtra
• Route: Acquired under the Insolvency and Bankruptcy Code (IBC)
• Approval: Resolution plan approved by the Mumbai Bench of NCLT on June 18, 2025
• Implementation Date: July 7, 2025

Strategic Impact

• New Total Capacity: Adani Power’s operational capacity now stands at 18,150 MW
• 2030 Target: On track to reach 30,670 MW by FY30 through a mix of brownfield and greenfield projects
• CEO Statement: SB Khyalia called it a “key milestone” in Adani Power’s strategy to revive stressed assets and support India’s “Electricity for All” vision

Expansion Projects Underway

• Building six 1,600 MW ultra-supercritical thermal power plants in Madhya Pradesh, Chhattisgarh, and Rajasthan
• Developing a 1,600 MW greenfield project in Mirzapur, Uttar Pradesh
• Reviving a 1,320 MW supercritical plant at Korba

Adani Lays the Foundation to Dethrone Reliance in India’s PVC Arena

Adani Group is entering the petrochemicals sector with a ₹50,000 crore PVC plant at Mundra, Gujarat, aiming to challenge Reliance Industries’ dominance.

• Location: Mundra, Gujarat
• Initial Capacity: 1 million tonnes per annum (expandable to 2 million)
• Commissioning Target: FY 2028
• Technology: Acetylene and carbide-based PVC production
• Integrated Units: Chlor-alkali, calcium carbide, and acetylene production
• Sustainability: Zero liquid discharge, renewable energy use, gold-based catalyst for VCM
• Financing: SBI-led consortium
• Strategic Goal: Reduce India’s PVC import dependency and meet rising demand

India’s PVC demand is around 4 million tonnes annually, with domestic capacity at just 1.59 million tonnes—half of which is produced by Reliance.

• Growth Drivers: Agriculture, infrastructure, housing, packaging, and pharma
• India’s PVC demand growing at 8–10% CAGR

This marks a direct challenge to Reliance, India’s largest PVC producer with plants in Hazira, Dahej, and Vadodara.

• Adani and Reliance are increasingly competing across sectors—from clean energy to petrochemicals

The project was paused in 2023 after the Hindenburg fallout but resumed after Adani raised over $5 billion and repaid share-backed loans.

• Environmental and establishment clearances already secured

Strategically located near Mundra Port, the plant benefits from reduced logistics costs and vertical integration with Adani’s infrastructure ecosystem.

• Port access, land availability, and synergy with Adani’s logistics and power arms offer long-term advantages

Adani Enterprises Announces ₹1,000 cr NCD Issue Offering up to 9.30% P.A.

Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and India’s largest listed business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its second public issuance of secured, rated, listed redeemable, non-convertible debentures. AEL’s first NCD issuance of ₹800 crore, launched in September last year, was fully subscribed on the first day.

“The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group’s consistent delivery and financial robustness,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “As the incubator of India’s most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India’s journey toward a $5 trillion economy,” he added.

AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story. With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors. 

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings first upgraded the credit rating of AEL on 19 February 2025 and reaffirmed the rating on 18 June 2025. ICRA assigned ‘“[ICRA]AA- (Stable)’ rating on 28 March 2025 and reaffirmed it on 17 June 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

The base size issue is ₹500 crore, with an option to retain over-subscription up to an additional ₹500 crore (“Green Shoe Option”) aggregating up to ₹1,000 crore (“Issue” or “Issue Size”). The Issue will open on 9 July 2025, and close on 22 July 2025, with an option of early closure or extension.

The NCDs have a face value of ₹1000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be ₹10,000.

At least 75% of the proceeds from the issuance will be utilized towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the Company, and the balance (up to a maximum of 25%) for general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Tenor	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories	8.95%	NA	8.85%	9.15%	NA	9.00%	9.30%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	8.95%	8.95%	9.14%	9.14%	9.15%	9.30%	9.29%	9.30%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	₹ 1,000	₹ 1,187.01	₹ 1,000	₹ 1,000	₹ 1,300.70	₹ 1,000	₹ 1,000	₹ 1,560.30
Maturity/Redemption Date (from the Deemed Date of Allotment)	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Put and Call Option	Not Applicable
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
Minimum Application size and in multiples of NCD thereafter	₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.
Mode of Interest Payment	Through various modes available
Nature of Indebtedness	Secured

*The Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.

Adani’s Fintech Foray: Decoding the Paytm Talks and the Race for India’s Super-App Crown

Conversations in boardrooms from Mumbai to Abu Dhabi are buzzing: Adani’s next frontier could be payments. For veterans who’ve lived through UPI’s explosive rise, the pursuit of Paytm isn’t just another M&A story—it’s a calculated move on a digital chessboard.

After ports, airports and power plants, Gautam Adani is quietly steering his empire toward digital finance—and according to trusted reports Adani is targeting one of the sector’s earliest disruptors: Paytm.

1. The Sub-25% Play: Influence Without the Open-Offer Drag

Navigating SEBI’s takeover regulations is second nature to you. Adani’s bid to cap the stake just below 25% in One97 Communications buys boardroom influence and strategic access—without triggering the costly open-offer requirement that kicks in at 25%+. It’s a familiar trick, yet few execute it at this scale.

Why sub-25%? Any investor crossing the 25% threshold under SEBI rules must launch an open offer for at least 26% of public shares—an expensive, time-consuming process. By structuring the deal just below that line, Adani can secure board influence and strategic access without triggering a mandatory takeover bid.  

2. Why Paytm Still Matters to Payments Insiders

Paytm’s ecosystem isn’t just about QR codes or P2P transfers. It’s a sprawling network of mini-loans, insurance referrals and bill payments.

More than just UPI, Paytm still commands mindshare. From QR-code scans in chai shops to utility-bill payments and movie tickets, its app touches hundreds of millions of Indians every month.

For Adani, plugging into Paytm infrastructure could shave off years of go-to-market effort:

• Instant Reach – Leverage Paytm’s 350 M+ MAUs to accelerate customer acquisition.
• Revenue Cross-Sell – Bundle payments, lending and commerce into the Adani One super-app.

3. Adani One: More Than a Wallet

Veteran payments pros will spot the parallels with other super-app forays. Adani One aims to unify:

• UPI and BBPS bill payments
• Co-branded credit cards (partnering with banks and networks)
• Embedded lending, insurance and wealth products
• ONDC-enabled marketplace services

Launch with Paytm’s rails under the hood and you’ve got an instant contender against Google Pay, PhonePe and Jio Financial.

4. Gulf Partners: Capital and Governance Muscle

Seasoned dealmakers know the value of co-investors. By inviting Gulf sovereigns and PE funds, Adani spreads the equity load and bolsters governance optics—critical when you’re integrating a startup culture into a ₹900 K-crore conglomerate.

• Capital Leverage – Lowers Adani’s equity commitment, unlocking more runway.
• Governance Uplift – Institutional partners bring boardroom rigor and regulatory comfort.

5. Market Signals: Denials vs. Price Action

You’ve seen this play before: public denials followed by share spikes. One97’s 5% jump post-rumor suggests the market’s arbitrageurs trust the whispers over formal statements. In fintech, price action often trumps press releases.

6. Stakes for the Payments Ecosystem

A closed deal shifts the competitive landscape:

• For Adani: A shortcut to B2C finance, diversifying away from CAPEX-heavy assets.
• For Paytm: Strategic capital, enterprise integration and product expansion.
• For Incumbents: Fresh rivalry, faster innovation cycles and pressure on margins.

Regulatory clearances, shareholder nods and the cultural integration of startup agility into corporate scale remain the linchpins.

7. Milestones to Watch

• SEBI Filings – Any acquisition over 5% triggers disclosures and waiting periods.
• 25% Threshold Decision – Will Adani test the open-offer waters or steer clear?
• Adani One Rollouts – Early lending and card partnerships will reveal how deep the play goes.
• Co-Investor Announcements – Gulf fund commitments will signal deal momentum.

For payments professionals, the Adani-Paytm dialogue is more than boardroom chatter—it’s a live case study in strategic positioning, regulatory navigation and the art of super-app execution.

Granthik Acquisition Sets the Stage for AdaniConneX’s AI-Ready Future

AdaniConneX, the strategic joint venture between Adani Enterprises and EdgeConneX, has taken another decisive step in expanding its digital infrastructure footprint by acquiring Granthik Realtors Pvt Ltd for ₹85.99 crore. Executed on June 26, 2025, through a share purchase agreement with Windson Projects LLP and its nominees, the acquisition highlights AdaniConneX’s focus on fast-tracking data center development across India.

Though Granthik Realtors is not yet operational, it possesses significant land holdings and the requisite regulatory clearances—making it a valuable asset in AdaniConneX’s mission to build a 1GW data center platform by 2030. This move allows the joint venture to bypass the usual bureaucratic hurdles of land acquisition and licensing, significantly accelerating project timelines for infrastructure development.

This isn’t AdaniConneX’s first such acquisition. In May 2024, the company acquired Terravista Developers—another strategic land-holding entity. While details on Terravista's holdings are limited, the pattern is clear: the company is focusing on acquiring land-rich firms that provide a springboard for rapid infrastructure deployment.

Such moves serve a dual purpose. First, they enable strategic land banking in urban hotspots like Chennai, Navi Mumbai, Noida, Hyderabad, and Vizag—future-proofing AdaniConneX’s ambitions amid India's digital transformation. Second, they reinforce vertical integration, giving AdaniConneX greater control over timelines, development standards, and alignment with sustainability goals.

With the broader Indian tech ecosystem gearing up for an era of AI-driven growth and cloud adoption, AdaniConneX’s acquisitions reflect a long-term play for digital sovereignty and hyperscale readiness. These quiet acquisitions may not dominate headlines, but they’re laying the groundwork for India’s next-generation digital backbone.

Adani Enterprises to Raise ₹1,000 Crore via NCD Issue

Adani Enterprises has announced a public issue of non-convertible debentures (NCDs) to raise up to ₹1,000 crore. This includes a base issue size of ₹500 crore with a green shoe option for an additional ₹500 crore, all carrying a face value of ₹1,000. The draft prospectus has been filed with BSE, NSE, and SEBI. This fundraising is part of a broader ₹2,000 crore capital plan approved in October 2024.

While the draft offer document does not specifically earmark use of proceeds, the issuance aligns with Adani’s aggressive infrastructure investment strategy. The group is investing ₹15–20 billion annually across its energy, transport, and digital businesses. A major focus is its airport vertical, particularly the modernization of Mumbai International Airport (MIAL), under its subsidiary Adani Airports Holdings Ltd.

Recently, the company secured $1 billion in project finance for MIAL to support its capacity enhancement and sustainability initiatives. Key efforts include upgrading terminals and runways, integrating advanced digital systems to enhance passenger experiences, and achieving net-zero emissions by 2029.

The NCD issuance not only strengthens Adani’s financial flexibility but also reinforces its pivotal role in driving India’s infrastructure transformation. With growing emphasis on renewable energy, green mobility, and smart airports, this move positions Adani Enterprises at the forefront of the country’s next wave of development.