Gautam Adani: Hindenburg Research short circuited Adani Group! Hindenburg research has given jolt to Gautam Adani many projects have slipped from his hands
[ad_1]
After this report came, the shares of Adani Group were in decline for more than a month. Gautam Adani slipped to number 35 in the list of the rich. Adani Group made all efforts to maintain the confidence of the investors. Focused on reducing debt instead of aggressive expansion. The group is in the process of redeeming its pledged shares. The group also benefited intermittently from this. The bearish streak seems to have stopped for the time being but Hindenburg Research has forced the Adani Group to halt its aggressive expansion. In this affair, he has opted out of many projects one after the other. The latest example of this is the petrochemical project. Adani Group has stopped its work. It is believed that this happened due to lack of money.
Petrochem project work stopped
Work on this project was going on in Mundra, Gujarat. According to sources, the work on this petrochemical project worth Rs 34,900 crore has been stopped. Adani Enterprises, the flagship company of the group, formed Mundra Petrochem Limited in the year 2021 to set up a coal to PVC plant on the land of Adani Ports and Special Economic Zone (APSEZ). The group has asked vendors and suppliers to stop all activities immediately. Adani Group has halved its revenue growth target. Also, to win back the confidence of investors, fresh capital expenditure has been put on hold for the time being.
FPO had to be taken back
Adani Enterprises had to withdraw Rs 20,000 crore FPO after the Hindenburg Research report came out. After this, Adani Power had walked out of the deal done to buy DB Power. When the DB Power deal was announced in 2022, it was Adani Group’s second largest merger and acquisition deal in the electricity sector. This deal was also approved by CCI. The date to complete the deal was extended four times and the final closing date expired on February 15. But the Adani Group, battling the aftershocks of Hindenburg Research, failed to complete the deal.
Gautam Adani: Credit Suisse got the punishment for his deeds in 45 days… Twitter users are enjoying the Swiss bank by taking the name of Adani
Did not bid for PTC
Adani Group has also pulled out of PTC India Ltd. Adani Group was preparing to bid for this government electricity trader company. But he has decided not to bid for it. Four government companies NTPC (NTPC), NHPC (NHPC), Power Grid and Power Finance have stake in PTC India Limited. These companies are in the process of selling their four per cent stake each in PTC India. Had PTC India come into the hands of Adani, it would have strengthened his hold in the country’s energy value chain.
[ad_2]
Source link
