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BUSINESS EYE MAY 31, 2024 | The Indian Eye 36

Adani Group stocks continue to rise as

FT’s allegations on coal quality fall flat

The Adani group denied all allegations and questioned the timing of the latest

report when general elections are going on in the country

OUR BUREAU
Mumbai

ndian markets appear to have dis-
missed coal invoicing allegations
Iby Financial Times and OCCRP
against the Adani Group. Adani
Group’s market capitalization con-
tinued to gain for the ninth consecu-
tive day on Wednesday. The group’s
market capitalization crossed Rs 16.5
lakh crore on Wednesday, gaining
10.6 per cent in the past nine trading
sessions.
The gain continued on a day
when London-based Financial Times,
citing documents from George So-
ros-backed Organized Crime and
Corruption Reporting Project (OC-
CRP), in a report, charged the Adani
group of fraud and selling low-grade
coal as high-value fuel in the year
2013 to Tamil Nadu Generation and
Distribution Company. Adani group chairman Gautam Adani addressing the opening of Adani Green Energy Gallery at the Science Museum in London (ANI)
This suggests that the markets
have dismissed the report on the has increased by 56.6 per cent in the tions are going on in the country. gress and Jairam Ramesh of Con-
group by OCCRP and Financial last year, outperforming the broader The latest report is based on coal gress to demand a probe by Joint
Times and it continues to see value market Nifty, which has gained 23.3 supply transactions of 2012-13 when Parliamentary Committee into the
in the Adani group stocks. per cent during the same period. the UPA government was at the cen- alleged wrongdoing.
The consistent rise in the group’s This is the third time that two ter. The market appears to be view- However, the strength and resil-
market capitalization over the past foreign media platforms have pub- ing it as an external interference to ience shown by Adani group stocks
year shows that despite allegations, lished negative reports on the group. influence the Indian voters. suggest that the investors seem un-
investors have reposed faith in the The Adani group denied all allega- The news report was cited by influenced by these kinds of attacks
Adani group companies. tions and questioned the timing of opposition leaders including Mahua on the group and continue to back
Group’s market capitalization the latest report when general elec- Moitra of All India Trinamool Con- Adani group.

Adani Energy Solutions Fully Acquires Essar’s Mahan-Sipat Assets

OUR BUREAU line linking Mahan in Madhya Pradesh to Sipat ity to recognize and tap market opportunities
pooling substation in Chhattisgarh. The project within the areas of interest continues to propel
Ahmedabad
operates under the Central Electricity Regulatory and position AESL at the forefront of energy
dani Energy Solutions Ltd (AESL), Commission (CERC) regulated return framework transition in India,” it added.
which is into power transmission and and was commissioned in September 2018. AESL has presence across 17 states of In-
Adistribution, has acquired 100 per cent The acquisition of the Mahan-Sipat transmis- dia and a cumulative transmission network of
stake in Essar Transco Limited after obtaining sion network will consolidate its presence in cen- 21,182 ckm and 57,011 MVA transformation
requisite regulatory and other approvals for an tral India with four operating assets having 3,373 capacity.
enterprise value of Rs 1,900 crores. ckt km in the region. In its distribution business, AESL serves
The share acquisition preceded defini- The acquisition is consistent with the compa- more than 12 million consumers in metropolitan
tive agreements signed back in June 2022, the ny’s philosophy of augmenting its existing capaci- Mumbai and the industrial hub of Mundra SEZ.
Adani Group company informed in a release ties and bringing in efficiency through operational AESL said it is ramping up its smart me-
on Thursday. synergies and creating network effect, it said in the tering business and is on course to become In-
The acquisition covers a fully operational release. dia’s leading smart metering integrator with an
400 kV, 673 ckt kms inter-state transmission “Along with a robust energy demand, the abil- order book of over 22.8 million meters.

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