Crisil has upgraded Adani Power’s credit rating, driven by strong business fundamentals, as reported by ET EnergyWorld.
Crisil Ratings has upgraded its rating on Adani Power Ltd’s (APL) long-term bank facilities from ‘Crisil AA-/Positive’ to ‘Crisil AA/Stable’. The rating agency has also assigned a ‘Crisil AA/Stable’ rating to APL’s proposed non-convertible debentures (NCDs) worth Rs 11,000 crore. The upgrade is based on the agency’s expectation of Adani Power’s credit risk profile strengthening due to an increase in tied-up capacities and fuel linkages, leading to improved revenue and cash flow visibility.
The rating agency highlighted that Adani Power’s business parameters have shown strong improvement, with a debt service coverage ratio (DSCR) of over 2x and a net debt-to-EBITDA ratio of less than 2.5 times. The company has also resolved all major past regulatory issues, resulting in a healthy cash inflow and revenue visibility for future years. Adani Power’s operating performance has been strong, with a plant load factor (PLF) of 65% in fiscal 2024 and 69% in the first nine months of fiscal 2025.
The company’s consolidated net leverage has reduced to 1.4 times as of March 2024 from 3.3 times as of March 2023, and is expected to sustain in the near to medium term due to healthy cash accrual. Adani Power is the largest private sector thermal power producer in India, with an operational portfolio of 17.55 GW of assets located across the country. The upgrade in rating reflects the company’s improved credit profile and is expected to have a positive impact on its future financial performance.
Bangladesh is facing a severe financial and infrastructural crisis, as the government struggles to stay afloat, with a crippling power outage causing widespread disruption.
Bangladesh is facing a severe power crisis due to the government’s failure to clear dues owed to various power producers, including India’s Adani Group. The country’s state-owned power development board, Bangladesh Power Development Board (BPDB), owes a staggering Tk 43,473 crore (approximately $5.2 billion) to independent power producers (IPPs). This includes Tk 10,309 crore owed to Adani Power, a subsidiary of Gautam Adani-led Adani Group.
The crisis is exacerbated by the approaching summer season, when power demand is expected to surge exponentially. The Bangladesh Independent Power Producers Association (BIPA) has issued an ultimatum to the government to clear pending dues or face a shortfall of 3,500-4,000 megawatts in the coming months. If the government fails to clear the dues, it will be impossible to open letters of credit (LCs) to import fuel needed for power generation.
The situation is further complicated by the fact that the government has not released an official demand-supply forecast for the upcoming season. A senior BPDB official claimed that the actual dues to IPPs are less than what is being reported, but the government is prioritizing full-scale power generation from coal-fired power plants this summer.
Adani Power has already reduced electricity supply to Bangladesh by 60% due to non-payment of bills amounting to over $800 million. The company has been seeking to recover the pending dues, which has led to a reduction in power supply to Bangladesh.
The power crisis is not the only issue affecting Bangladesh-India relations. The ouster of former Prime Minister Sheikh Hasina and the installation of an interim government led by Nobel laureate Muhammad Yunus has soured ties between the two countries. The Indian government has accused the Yunus-led interim government of not doing enough to stop widespread communal violence against minorities in Bangladesh, particularly Hindus.
Adani Power appoints Amitabh Mishra as Chief Human Resources Officer (CHRO).
Amitabh Mishra has been appointed as the new Chief Human Resources Officer (CHRO) of Adani Power, a subsidiary of the Adani Group, a multinational power and energy firm based in India. Mishra took up the position on January 30, succeeding Sanjay Argade, who will relocate to a different role within the Adani portfolio. As CHRO, Mishra will be responsible for leading the company’s human resources and operations.
Adani Power recently reported its quarterly results, showing a significant increase in revenue for the third quarter of FY25, with a consolidated total revenue of Rs. 14,833 Crore, an 11% increase from the previous quarter. The company attributes its growth to its high-quality asset portfolio, operating excellence, and execution capabilities.
In a statement, CEO S.B. Khyalia emphasized Adani Power’s strong position in the Indian thermal power sector, with a focus on backward integration, digitalization, and environmental, social, and governance (ESG) efforts. The company has received international recognition for its commitment to ESG, placing it among the top 15% of global peers.
The appointment of a new CHRO is seen as a strategic move to further strengthen Adani Power’s human resources and operations, allowing the company to capitalize on the growing demand for power in India. With Mishra’s expertise, Adani Power is expected to maintain its position as a leading player in the Indian energy sector.
Adani Enterprises, Bajaj Finance, Nestle, Maruti, Tata Steel, among 140 other companies, are set to release their quarterly earnings this week.
The third-quarter earnings season has begun, and over 140 companies are scheduled to declare their results this week. Some prominent companies include Tata Steel, Bajaj Auto, L&T, Adani Enterprises, and Maruti Suzuki. Here’s a breakdown of the key earnings to watch out for this week:
On January 27, 360+ companies will be declaring their earnings, including Tata Steel, Canara Bank, Coal India, and Indraprastha Gas. Some other notable names include Apar Industries, Bosch, and Piramal Enterprises.
On January 28, around 110 companies will be announcing their quarterly results, including Bajaj Auto, Mahindra & Mahindra Financial Services, and Lloyds Metals & Energy. Notable names on this list include Jubilant Ingrevia, Motilal Oswal Financial Services, and V-Guard Industries.
On January 29, another 130+ companies will be declaring their earnings, including Adani Power, Ambuja Cements, and Maruti Suzuki India. This list also includes notable names like Bajaj Finance, Hitachi Energy India, and Radico Khaitan.
On January 30, around 110 companies will be announcing their quarterly results, including Adani Enterprises, Indian Bank, and Tata Motors. Notable names on this list include Bajaj Finserv, Clean Science and Technology, and Jindal Steel & Power.
On January 31, about 60 companies will be declaring their earnings, including IndusInd Bank, Larsen & Toubro, and Prestige Estates Projects. This list also includes notable names like Max Healthcare Institute and Welspun Living.
On February 1, only Aarti Industries is scheduled to announce its quarterly results.
Overall, this week promises to be busy for investors, with a vast array of companies from various sectors set to announce their earnings.
BTL EPC Ltd bags two consecutive orders worth Rs. 1,200 crore (inclusive of GST) from Adani Power and NTPC.
BTL EPC Ltd, a flagship company of the Shrachi Group, has achieved a significant milestone by securing two back-to-back orders worth a total of Rs 1,200 crore (including GST) from Adani Power Ltd and NTPC Limited. The orders reaffirm BTL EPC Ltd’s leadership in delivering cutting-edge engineering solutions to India’s growing infrastructure and power sectors.
The company has been awarded a Rs 475 crore contract by Adani Power Ltd to design, engineer, procure, and install a complete coal handling and ash handling system at the 2×800 MW (Phase II) Raigarh Ultra Supercritical Thermal Power Plant in Chhattisgarh. Additionally, BTL EPC Ltd has secured an order from NTPC Limited for the Coal Handling Plant Package-2 at the Talaipalli Coal Mining Project in Chhattisgarh, valued at Rs 715 crore. The project involves the design, engineering, procurement, and installation of 16 belt conveyors spanning a total length of 18 km, with a capacity of 2,150 tonnes per hour.
These significant wins reflect the trust and confidence that leading power sector players have in BTL EPC Ltd, which is committed to delivering innovative, sustainable, and high-quality solutions. The company has over 60 years of engineering expertise and has successfully executed more than 30 large-scale projects, with a revenue of Rs 641 crore in FY 2023-24. With a pending order book exceeding Rs 2,200 crore, BTL EPC Ltd remains committed to delivering world-class EPC solutions that drive India’s industrial growth.
The company’s focus on engineering excellence, timely execution, and sustainable practices has cemented its position as a leader in the infrastructure and industrial sectors. With its commitment to delivering innovative, high-quality, and sustainable solutions, BTL EPC Ltd continues to build its legacy as a trusted partner in India’s industrial growth.
Sri Lanka terminates power purchase agreement with Adani Group amid allegations of corruption
Here is a 400-word summary of the article:
The Sri Lankan government has terminated a power purchase agreement with Adani Power, a subsidiary of the Indian conglomerate Adani Group, following allegations of corruption and irregularities in the deal.
The agreement was signed in 2015 for the purchase of 300 megawatts of power from Adani Power’s 300-megawatt gas-fired power plant in the Indian city of Mundra, Gujarat. The deal was to generate $1.4 billion in revenue for Adani Power over 20 years.
However, the deal was marred by controversy, with opposition parties and NGOs accusing the previous government of corruption and irregularities in the bidding process. They claimed that the deal was awarded to Adani Power at an inflated cost, which would result in the Sri Lankan government paying exorbitant prices for power.
The current government, led by President Gotabaya Rajapaksa, initiated an investigation into the deal after coming to power in 2019. The investigation found that the deal was indeed tainted by corruption and irregularities, and the power purchase agreement was subsequently terminated.
The Sri Lankan government has launched a new tender process to procure power from other sources, with bids invited from several international and local players. The new tender aims to secure a more competitive and transparent deal for Sri Lanka.
The cancellation of the Adani Power deal is a major setback for the company, which had invested heavily in the project and was set to earn significant revenue from the deal. The deal’s cancellation has also raised concerns about the future of Adani Power’s other projects in India and abroad.
The termination of the deal is seen as a significant blow to the company’s reputation and a major victory for transparency and good governance advocates in Sri Lanka. The move is also seen as a positive step towards promoting sustainable and transparent energy procurement practices in the country.
Bangla shocker enthroned Adani Power with a massive export dealLet me know if you’d like me to help with anything else!
The Adani Group, a major Indian conglomerate, has been involved in several high-profile deals in the energy sector, including a contract with the Bangladesh Power Development Board to supply 1,496 MW of power for 25 years. The deal, which was signed in 2017, was seen as a major milestone in promoting intra-regional trade in energy and meeting Bangladesh’s growing power demand. However, the deal has been mired in controversy, with allegations of corruption and bribery surfacing in the Indian press.
The Jharkhand-based Godda project, which was commissioned in July 2023, has been facing challenges, with Bangladesh only receiving half of the contracted capacity. Adani Power has reduced the power supply to Bangladesh, citing delayed payment and mounting dues, which have risen to $900 million. The company has also expressed concerns about the viability of the project, which was worth $2 billion.
The project’s plans to supply 1,496 MW of power to Bangladesh were disrupted by the political changes in Bangladesh, leading to payment delays and contractual issues. The Indian government had provided a sovereign guarantee to Adani Power, but this has not been sufficient to prevent the company from reducing its power supply to Bangladesh.
The controversy surrounding the deal has led to scrutiny of other major deals inked by the previous Bangladesh government, including 11 mega deals worth $2.5 billion. The new government has hired an international law firm to review these deals, which were signed without competitive bidding and have been criticized for being fiscally burdensome.
The Adani Group’s involvement in the Godda project has also raised questions about its sustainability and transparency. Critics have alleged that the company has not disclosed the tax benefits it received from the Indian government for the project, and that it has not been transparent about its fuel costs and supply arrangements.
Despite these challenges, Adani Power is exploring alternative markets for its power supply, including Sri Lanka, and has not yet started selling power to the Indian national grid. The company has operational capacity of 17,550 MW and has plans to expand its capacity to 30,000 MW by 2030.
Overall, the Adani Group’s involvement in the Godda project has highlighted the risks and challenges associated with cross-border trade in energy, including the risk of delays, contractual disputes, and regulatory scrutiny. The controversy surrounding the deal has also raised questions about the transparency and sustainability of the company’s business practices.
Adani Power to receive custom-built transformers from Voltamp Transformers
Voltamp Transformers has received a purchase order worth INR 41 crore ($4.8 million) from Adani Power and its subsidiary Mahan Energen to supply various ratings of distribution transformers. The scope of the contract includes design, manufacture, testing, and supply of the transformers as per special terms and conditions. The contract must be executed within a period of 12 months. Voltamp Transformers is a leading manufacturer of transformers, including oil-filled power and distribution transformers, resin-impregnated dry-type transformers, and cast resin dry-type transformers. The company has technical collaborations with MORA, Germany, and HTT, Germany, for the production of certain types of transformers. This purchase order is a significant development for Voltamp Transformers, demonstrating the company’s capabilities and reputation in the industry. The order is expected to contribute to the company’s revenue and growth in the coming months.
The protest comes to an end after the land allocated for the Adani power project is relocated away from Oran.
In Jaisalmer, India, the two-month long protest by the villagers of Baiya has finally ended after a agreement was reached with the district administration. The villagers had opposed the construction of Adani Power’s 600 MW solar power project, claiming that it threatened their Oran (grove) and local culture. As a result of the protest, the administration has allocated 812 bigha of land for the pasture near Ainath Ji’s temple. In return, Adani Power has agreed to provide alternative land for its substation. The agreement was facilitated by a meeting led by the Chief Minister of Rajasthan, and the district collector modified the land allocation to ensure the concerns of the villagers were addressed.
The Supreme Court decides to review Adani Power’s appeal in the Punjab State Electricity Regulatory Commission matter.
The Supreme Court has agreed to hear Adani Power’s appeal against the Punjab State Electricity Regulatory Commission’s (PSERC) refusal to approve a 2006 power purchase agreement (PPA) signed between erstwhile Udupi Power Corp and Punjab State Power Corp. The PPA was for the supply of 101.5 MW of power, which was 10% of the then proposed installed capacity of the 1,015 MW project in Udupi, Karnataka. Adani Power, the successor in interest of Udupi Power, claims that the Commission’s decision is unjustified and will have far-reaching consequences for the power sector. The company argues that the Commission had earlier regulated power purchase and approved power procurement by Punjab State Power Corp from Udupi power project, effectively deeming the PPA to be approved. Adani Power also claims that the Commission’s decision will lead to regulatory uncertainty and jeopardize investments in the power sector. The company has invested around Rs 6172 crore in its 1200 MW Udupi TPS, and is seeking to have the PPA approved and to protect its legitimate expectations.
Adani Enterprises is expected to report a significant revenue boost, soaring to Rs 1.5 lakh crore by FY27, accompanied by a 46% increase in net earnings.
AEL (Adani Enterprises Limited) is one of India’s largest listed incubators, responsible for conceiving, growing, and demerging numerous successful businesses. The company has a proven track record of creating and nurturing various industries, including ports, gas distribution, power transmission, renewable energy, and commodities. Some of the notable companies born out of AEL include Adani Ports & SEZ, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, Adani Power, and Adani Wilmar.
The battle for supremacy: Adani Power takes on JSW Energy in the power sector.
The Indian power sector is witnessing a fierce competition between Adani Power and JSW Energy, two of the largest private power companies in the country. Adani Power, led by Gautam Adani, has been dominating the sector with its strong presence in the thermal power segment. The company has a total installed capacity of over 12,000 MW, with a significant presence in states like Gujarat, Maharashtra, and Rajasthan.
JSW Energy, on the other hand, is led by Sajjan Jindal and has a total installed capacity of over 5,000 MW. The company has a strong presence in the renewable energy segment, with a focus on solar and wind power. JSW Energy has also been aggressively expanding its thermal power capacity, with plans to add over 4,000 MW in the next few years.
The competition between the two companies is expected to intensify in the coming years, with both companies vying for market share and dominance in the power sector. Adani Power’s strong presence in the thermal power segment gives it an edge, but JSW Energy’s focus on renewable energy and aggressive expansion plans could help it catch up. Ultimately, the outcome will depend on various factors, including government policies, regulatory frameworks, and market trends.
India’s largest bank to divest a portion of its loan to Adani Power, worth Rs…, for purposes of acquisition…
State Bank of India (SBI), India’s largest bank, is in talks with other banks to downsize a part of the Rs 1800 crore loan it provided to Adani Power to acquire Lanco Amarkantak Power, a 600 MW thermal power company. The loan was given for 12 years and 3 months at an interest rate of 10.5% linked to SBI’s six-month MCLR. SBI is looking to downsize the loan by Rs 1200 crore. The Adani Group did not comment on the development. The acquisition of Lanco Amarkantak Power was made through the corporate insolvency process, with Adani Power investing Rs 4101 crore. The power company has two units of 300 MWs that supply energy to Haryana and Madhya Pradesh. The units are located in Chhattisgarh and have long-term power purchase agreements. The deal was reportedly the first of its kind, with Adani Power outbidding other players like Reliance Industries and Power Finance Corporation.
JSW Energy recruits high-level management professionals
JSW Energy, a leading Indian power generation company, has appointed senior management personnel to strengthen its leadership team. The appointments were made to drive the company’s growth strategy and enhance its operational efficiency.
According to a regulatory filing, JSW Energy has appointed S. K. Goyal as the Chief Financial Officer (CFO). Goyal has over 25 years of experience in the finance sector and has worked with companies such as Reliance Industries and Tata Steel.
The company has also appointed S. S. Mehta as the Chief Operating Officer (COO). Mehta has over 30 years of experience in the power sector and has worked with companies such as NTPC and Reliance Power.
Additionally, JSW Energy has appointed S. K. Jain as the Chief Commercial Officer (CCO). Jain has over 25 years of experience in the power sector and has worked with companies such as Tata Power and Adani Power.
The appointments are effective from April 1, 2023, and are subject to regulatory approvals. The new senior management team will work together to drive JSW Energy’s growth strategy and enhance its operational efficiency.
Adani Power Limited formally launches construction on two community-centric infrastructure projects with a ceremonial groundbreaking ceremony.
Adani Power Limited, a part of the Adani Group, has laid the foundation stone for two community infrastructure development projects in Karnataka. The company, known for its robust infrastructure and energy business, is now venturing into community development activities. The two projects are the Adani Habitat for the benefit of around 10,000 residents in Mangaluru, and Adani Sports Complex which will be a 4000-seat indoor stadium in Mangaluru. The Adani Habitat will be a flagship residential project, with well-designed houses, parks, and recreational facilities. The Adani Sports Complex will host a range of sports events, including badminton, indoor soccer, and table tennis. These projects are aimed at providing quality living and recreation spaces for the locals, and also creating job opportunities for the local youth. Both projects are expected to be completed in a phased manner, with the first phase of the Adani Habitat expected to be ready in 18 months.
After shedding its stake in Adani Power, the state can reassess its electricity supply strategies.
Tripura’s Chief Minister, Manik Saha, has revealed that Bangladesh owes the Indian state over Rs 200 crore in electricity dues. Saha expressed concerns that the outstanding amount is increasing daily, and if not cleared, it may disrupt power supply to the neighboring country. Tripura provides Bangladesh with 60-70 MW of electricity, and the contract was signed by the Tripura State Electricity Corporation Limited and the Bangladesh Power Development Board. Saha also mentioned that equipment for the power plant was transported from Bangladesh and that providing electricity to Bangladesh is a gesture of appreciation. The Tripura government has not witnessed a significant influx of people from Bangladesh due to the recent attacks on minorities, but they are monitoring the situation closely. However, the CM has taken measures to handle security concerns and has arrested those involved in a security breach at the Bangladesh Assistant High Commission in Agartala. The downgrading of the Sheikh Hasina administration in Bangladesh has led to a decrease in the importation of products from Bangladesh, such as cement, stone chips, and Hilsa fish, resulting in a loss for the state.
Bangladesh claims Adani Power has defaulted on a massive energy contract, sparking a contentious dispute.
The interim government of Bangladesh has accused energy supplier Adani Power of breaching a multi-billion-dollar agreement to provide power from its coal-fired plant in India. The agreement, signed in 2017, included an additional implementation agreement that addressed the transfer of tax benefits from India. However, Adani Power failed to pass on these benefits, costing Bangladesh millions of dollars, according to documents and sources. The Bangladesh Power Development Board has written several letters to Adani Power asking them to remit the benefits, but has not received a response. Bangladesh is now seeking to renegotiate the deal, citing that it was negotiated hastily and is more expensive than other coal power deals in the country. The Indian company has denied any wrongdoing and is contesting Bangladesh’s claims. The dispute has led to a payment dispute and a reduction in power supply from the Indian plant. Bangladesh is pushing for a resolution, with its de facto power minister saying the country now has enough domestic capacity to cope without the Adani supply.
Bangladesh’s government is reportedly exploring the possibility of reviving its power deal with Adani Group, citing alleged bribery charges as leverage amid a payment dispute.
Bangladesh’s interim government is re-examining a 2017 agreement with Adani Power, led by billionaire Gautam Adani, over a $2.5 billion deal to supply power from a coal-fired plant in eastern India. The Bangladeshi government claims that Adani Power has not passed on tax benefits, which could have saved Bangladesh $28.6 million. The agreement includes provisions for tax exemptions, but Adani Power allegedly failed to notify Bangladesh of changes to the plant’s tax status. Bangladesh is seeking to renegotiate the deal, which it claims is more expensive than similar power deals. The Bangladeshi government is also investigating the deal, which was awarded to Adani Power without a tender process. The company has denied any wrongdoing and claims to have upheld all contractual obligations. The dispute has led to a reduction in power supply from Adani Power, which is now at half the agreed level. Bangladesh is seeking to use the controversy surrounding Adani’s alleged bribery scheme in India to renegotiate the deal.
Bangladesh demands a re-evaluation of its 2017 power deal with Adani, seeking to re-negotiate the terms.
Bangladesh’s interim government is seeking to renegotiate a 2017 agreement with Adani Power to supply power from a coal-fired plant in India. The original deal was awarded without a tender process, resulting in Bangladesh paying more than its other coal power plants. The interim government claims Adani Power has breached the agreement by withholding tax benefits from the plant, which were supposed to be passed on to Bangladesh. Bangladesh owes Adani Power, but the exact size of the bill is disputed. Dhaka claims it has sufficient domestic capacity to meet its energy needs without Adani’s supply. The power ministry is planning to reopen the 25-year deal, citing the US indictment of Adani Group in a bribery scheme. Adani Power denies the allegations and claims to have upheld all contractual obligations. The dispute has led to a reduction in power supply from Adani’s Godda plant, frustrating Bangladesh. The Bangladesh Power Development Board is seeking a resolution, while Adani Power is demanding payment of approximately $900 million, which the board estimates is lower at around $650 million.
Mumbai’s top court imposes ₹50,000 penalty on petition against Adani Power’s contract award
The court has dismissed allegations made by a petitioner that the award of a government contract was a scam involving government authorities. The court found that the petitioner made “reckless statements” without providing any supporting evidence to back up their claims. The allegations included accusations against the former chief minister of Maharashtra, who was accused of being corrupt and colluding with the respondent (Adani) to award the contract. The court noted that the petitioner made these allegations without any supporting material, including against the former chief minister. The court’s decision suggests that the allegations were unfounded and lacking in evidence.
The electricity minister justified the recent tariff hike, citing the circumstances surrounding Adani Power’s rising demand in Maharashtra and Karnataka.
Kerala Minister for Electricity K Krishnankutty has stated that the revised power tariff ordered by the Kerala State Electricity Regulatory Commission (KSERC) is lower than those in other states. The tariff increase for the remaining months of the 2024-2025 financial year is 16 paise, and 12 paise for 2025-2026, with no increase for 2026-2027. The minister also rejected the proposal to introduce a summer tariff. He criticized the Union government’s policy allowing private sector entry into electricity distribution, which allows companies to raise tariffs monthly without regulatory approval.
The minister highlighted the achievements of the LDF government, including adding 1,067.7 MW of power generation capacity, including solar and hydropower projects. He also announced that KSEB is preparing a framework for public-private partnerships to establish more electric vehicle charging stations across the state.
The minister also inaugurated a 110 kV substation at Adivaram in Kozhikode’s Puduppady grama panchayat, which will enhance electricity distribution efficiency in the region. The project is expected to be fully operational by March 2026, funded entirely by KSEBL.
The Bombay High Court has imposed a fine of ₹50,000 on a litigant for making unsubstantiated claims that the Maharashtra government was involved in a scam when awarding a contract to Adani Power.
The Bombay High Court has rejected a petition claiming that a contract between Adani Power and the Maharashtra government for the supply of 6600 megawatts of renewable thermal power was a “scam” and that the former Chief Minister was involved in corrupt practices. The petition alleged that the contract was a violation of the fundamental right to access fair electricity supply at a reasonable rate, but the court found the allegations unsubstantiated and reckless. The court noted that the petition lacked evidence and was not supported by any documents or facts. The court also rejected the petition’s reference to a US court’s indictment of Gautam Adani, stating that the charges were not relevant and the only evidence presented was a “bald and vague” allegation. The court imposed a cost of Rs. 50,000 on the petitioner, to be paid to the Maharashtra State Legal Services Authority, and dismissed the petition. The judges remarked that the petition was “bereft of any substantiating and supporting material” and that it was not maintainable.
Jagan lodges a defamation claim worth Rs 100 crore against news organizations over reports of allegedly compromised Adani power deal
Former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has filed a defamation suit in the Delhi High Court against several media houses for allegedly spreading “false and scandalous” claims about him in their reporting on the U.S. Securities and Exchange Commission (SEC) lawsuit against industrialist Gautam Adani. Reddy, a key suspect in the case, is accused of accepting a bribe from Adani to secure solar power contracts. The suit seeks an interim injunction and the removal of defamatory articles from public circulation. The petitioners are accused of misusing reports on U.S. legal proceedings to propagate defamatory content, causing harm to Reddy’s reputation. The US SEC’s indictment order mentions a high-ranking Andhra Pradesh official, later revealed to be Reddy, who met with Adani in August 2021 to discuss the solar power contracts. Reddy is alleged to have accepted a bribe of Rs 1,700 crore.
Kerala Congress slams Pinarayi Vijayan government for alleged role in approving steep 16 paise electricity tariff hike, paving the way for Adani Power’s profit gains
The Kerala government has announced a 16-paise-per-unit increase in electricity tariffs for the 2024-25 financial year, citing the financial crisis of the Kerala State Electricity Board (KSEB). The opposition Congress party has strongly criticized the decision, accusing the government of exploiting consumers to benefit private power companies, such as the Adani Group. Congress leaders point out that the government had withdrawn from a long-term agreement to purchase electricity at a lower rate and instead opted to buy power from private companies at a higher rate. The government defends the hike, saying it is necessary to address KSEB’s financial challenges. The Congress party has condemned the tariff hike, calling it “arrogant exploitation” and plans to stage protests.