Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US&nbsp;bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens.

"MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement.

Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm.

India's capital markets&nbsp;regulator&nbsp;was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday.

Billionaire US&nbsp;investor&nbsp;Bill Ackman&nbsp;on Thursday described the Hindenburg report "highly credible and extremely well researched".

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research. Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens. "MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement. Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm. India's capital markets regulator was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday. Billionaire US investor Bill Ackman on Thursday described the Hindenburg report "highly credible and extremely well researched".

MSCI seeks feedback on Adani Group over Hindenburg report

The Adani Group shares are in a free fall declining for the second straight day after US short seller Hindenburg research is scathing reports on the conglomerates. The fall in the heavyweight shares weighed on broader Indian Benchmark indexes which have also plunged to three-month laws.

India: After Hindenburg's report, Adani group's shares in free fall

Shares of Indian firm&nbsp;Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale.&nbsp;Seven listed companies of the Adani conglomerate — controlled by one of the world's richest men Gautam Adani — have lost a combined $45 billion in market capitalisation since Wednesday, with the U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens.

The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale which kicked off on Friday.

The Securities and Exchange Board of India (SEBI), the country's capital markets regulator, is studying the Hindenburg report and may use it to aid its own ongoing probe into offshore fund holdings of Adani Group, two sources told Reuters. Spokespersons for the regulator had no immediate comment.

Adani Group has dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. It did not immediately respond to a request for comment on the SEBI's investigations.

With a net worth of $97.6 billion, billionaire Gautam Adani is now the world's seventh richest man, according to Forbes, slipping from the third position he held before the Hindenburg report.

Adani met the county's power minister R.K. Singh on Friday in New Delhi, according to a source familiar with the matter. The agenda of the meeting was not immediately known.

The billionaire hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale. The anchor portion of the sale saw participation from investors, including the Abu Dhabi Investment Authority, on Wednesday.

"There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi.

"This is a classic case of panic selling," he said, noting the concerns were also spreading to Indian banks with exposure to Adani Group's debt.

The index tracking state-run banks slid 6.6%, while the main Nifty Bank index fell 3.5%.

CLSA estimates that Indian banks were exposed to about 40% of the Rs 2 trillion ($24.53 billion) of Adani Group debt in the fiscal year to March 2022.&nbsp;

As of 0818 GMT, investors, mostly retail, had bid for around 266,000 shares of Adani Enterprises, compared with the 45.5 million on offer, according to BSE exchange data. Bidding for retail investors will close on Jan. 31.

The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others.

The firm has set a floor price of Rs 3,112&nbsp;($38.22) a share and a cap of Rs 3,276. But on Friday, the stock had slumped to as low as Rs 2,721.65&nbsp;— well below the lower end of the price offering.

Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd, Adani Total Gas, Adani Green Energy and Adani Ports sinking 20% each.

"The sell-off is seriously extreme ... it has clearly dented the overall investor sentiment in the market," said Saurabh Jain, Assistant Vice-President, Research, at SMC Global Securities.

In its report, Hindenburg said key listed Adani Group companies had "substantial debt", putting the conglomerate on a "precarious financial footing", and that "sky-high valuations" had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.

Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.

Dollar bonds issued by entities of India's Adani Group tumbled on Friday.

Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled "Myths of Short Seller" on Thursday, saying deleveraging by promoters — or key shareholders — was "in a high growth phase".

Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not "see material risk arising to the Indian banking sector".

Adani Group's consolidated gross debt stood at Rs 1.9 trillion ($23.34 billion), Jefferies said.

Adani has said its debt is at a manageable level and that no investor has raised any concern.

The Adani conglomerate has been diversifying its business interests and last year it bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. ACC stock was down 15% on Friday, while Ambuja plunged up to 25%.

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Shares of Indian firm Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.

Shares of Indian firm Adani Enterprises sank nearly 20% on Friday after a scathing report by a U.S. short-seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale. Seven listed companies of the Adani conglomerate — controlled by one of the world's richest men Gautam Adani — have lost a combined $45 billion in market capitalisation since Wednesday, with the U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens. The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale which kicked off on Friday. The Securities and Exchange Board of India (SEBI), the country's capital markets regulator, is studying the Hindenburg report and may use it to aid its own ongoing probe into offshore fund holdings of Adani Group, two sources told Reuters. Spokespersons for the regulator had no immediate comment. Adani Group has dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. It did not immediately respond to a request for comment on the SEBI's investigations. With a net worth of $97.6 billion, billionaire Gautam Adani is now the world's seventh richest man, according to Forbes, slipping from the third position he held before the Hindenburg report. Adani met the county's power minister R.K. Singh on Friday in New Delhi, according to a source familiar with the matter. The agenda of the meeting was not immediately known. The billionaire hails from the western state of Gujarat, the home state of Prime Minister Narendra Modi. The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale. The anchor portion of the sale saw participation from investors, including the Abu Dhabi Investment Authority, on Wednesday. "There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi. "This is a classic case of panic selling," he said, noting the concerns were also spreading to Indian banks with exposure to Adani Group's debt. The index tracking state-run banks slid 6.6%, while the main Nifty Bank index fell 3.5%. CLSA estimates that Indian banks were exposed to about 40% of the Rs 2 trillion ($24.53 billion) of Adani Group debt in the fiscal year to March 2022. As of 0818 GMT, investors, mostly retail, had bid for around 266,000 shares of Adani Enterprises, compared with the 45.5 million on offer, according to BSE exchange data. Bidding for retail investors will close on Jan. 31. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. The firm has set a floor price of Rs 3,112 ($38.22) a share and a cap of Rs 3,276. But on Friday, the stock had slumped to as low as Rs 2,721.65 — well below the lower end of the price offering. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd, Adani Total Gas, Adani Green Energy and Adani Ports sinking 20% each. "The sell-off is seriously extreme ... it has clearly dented the overall investor sentiment in the market," said Saurabh Jain, Assistant Vice-President, Research, at SMC Global Securities. In its report, Hindenburg said key listed Adani Group companies had "substantial debt", putting the conglomerate on a "precarious financial footing", and that "sky-high valuations" had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched." Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall. Dollar bonds issued by entities of India's Adani Group tumbled on Friday. Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled "Myths of Short Seller" on Thursday, saying deleveraging by promoters — or key shareholders — was "in a high growth phase". Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not "see material risk arising to the Indian banking sector". Adani Group's consolidated gross debt stood at Rs 1.9 trillion ($23.34 billion), Jefferies said. Adani has said its debt is at a manageable level and that no investor has raised any concern. The Adani conglomerate has been diversifying its business interests and last year it bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. ACC stock was down 15% on Friday, while Ambuja plunged up to 25%. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Adani Group shares tank, rout touches $45 billion, clouding record share sale

The Adani Group shares are in a free fall declining for the second straight day after US seller Hindenburg research scaling report on the conglomerate.

India: Adani Group shares fall for second day; Adani Power, Wilmar shares hit lower bands

Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. The allegations sent bonds and shares in the conglomerate's companies down.&nbsp;Hindenburg has a track record of finding corporate wrongdoings and placing bets against the companies.

WHAT IS HINDENBURG RESEARCH ?

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. The company invests its own capital.

It was named after the high-profile disaster of the Hindenburg airship in 1937 which ignited as it flew into New Jersey. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit.

WHO IS HINDENBURG'S FOUNDER?

Nathan Anderson, who graduated from the University of Connecticut with a degree in international business, started his career in finance at data company FactSet Research Systems Inc, where he worked with investment management companies.

"I realized they were doing a lot of run-of-the-mill analysis, there was a lot of conformity," he told the Wall Street Journal (WSJ) in 2020. He also did a brief earlier stint as an ambulance driver in Israel. The short-seller says on his LinkedIn page that it gave him "experience thinking and acting under extreme pressure". Anderson has said in interviews that Harry Markpolos, an analyst who first flagged Bernie Madoff's fraud scheme, is his role model.

WHAT IS HINDENBURG'S MOST HIGH-PROFILE BET?

Hindenburg is best known for its bet against electric truck maker Nikola Corp in September 2020, which generated "a big win," he told the WSJ, declining to specify the amount.

The short-seller said Nikola deceived investors about its technological developments. Anderson challenged a video Nikola produced showing its electric truck cruising at high speed — in fact the vehicle was rolled down a hill.

A U.S. jury convicted Nikola's founder Trevor Milton, Nikola's founder last year of fraud over allegations he lied to investors. The company agreed in 2021 to pay $125 million to settle with the U.S. Securities and Exchange Commission over its representations to investors. Nikola debuted as a listed company in June 2020 and its valuation reached $34 billion some days after, surpassing Ford Motor. Now, it is worth $1.34 billion. Hindenburg says whistleblowers and former employees helped it with findings.

HOW MANY COMPANIES HAS HINDENBURG TARGETED?

Hindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website. Last year, it took a short and then a long position in Twitter Inc. In May, Hindenburg said it was short because it believed that Elon Musk's $44-billion offer to take the company private could get repriced lower if the world's richest person walked away from the deal. In July, Anderson disclosed a "significant long position",&nbsp;betting against Musk. The deal for Twitter closed in October at the original price. 
&nbsp;

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Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report.

Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. The allegations sent bonds and shares in the conglomerate's companies down. Hindenburg has a track record of finding corporate wrongdoings and placing bets against the companies. WHAT IS HINDENBURG RESEARCH ? Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. The company invests its own capital. It was named after the high-profile disaster of the Hindenburg airship in 1937 which ignited as it flew into New Jersey. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. WHO IS HINDENBURG'S FOUNDER? Nathan Anderson, who graduated from the University of Connecticut with a degree in international business, started his career in finance at data company FactSet Research Systems Inc, where he worked with investment management companies. "I realized they were doing a lot of run-of-the-mill analysis, there was a lot of conformity," he told the Wall Street Journal (WSJ) in 2020. He also did a brief earlier stint as an ambulance driver in Israel. The short-seller says on his LinkedIn page that it gave him "experience thinking and acting under extreme pressure". Anderson has said in interviews that Harry Markpolos, an analyst who first flagged Bernie Madoff's fraud scheme, is his role model. WHAT IS HINDENBURG'S MOST HIGH-PROFILE BET? Hindenburg is best known for its bet against electric truck maker Nikola Corp in September 2020, which generated "a big win," he told the WSJ, declining to specify the amount. The short-seller said Nikola deceived investors about its technological developments. Anderson challenged a video Nikola produced showing its electric truck cruising at high speed — in fact the vehicle was rolled down a hill. A U.S. jury convicted Nikola's founder Trevor Milton, Nikola's founder last year of fraud over allegations he lied to investors. The company agreed in 2021 to pay $125 million to settle with the U.S. Securities and Exchange Commission over its representations to investors. Nikola debuted as a listed company in June 2020 and its valuation reached $34 billion some days after, surpassing Ford Motor. Now, it is worth $1.34 billion. Hindenburg says whistleblowers and former employees helped it with findings. HOW MANY COMPANIES HAS HINDENBURG TARGETED? Hindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website. Last year, it took a short and then a long position in Twitter Inc. In May, Hindenburg said it was short because it believed that Elon Musk's $44-billion offer to take the company private could get repriced lower if the world's richest person walked away from the deal. In July, Anderson disclosed a "significant long position", betting against Musk. The deal for Twitter closed in October at the original price. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explainer: Who is behind Hindenburg, the company that is shorting Adani?

Ahead of the launch of the Rs 20,000 crore mega follow-on public offer (FPO) of Adani Enterprises, Adani Group shares lost up to 10% in Wednesday's trade.

Shares of all the 10 Adani group stocks trading lower

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.&nbsp;The group, which is led by Gautam Adani, the world's third richest person according to Forbes, dismissed the U.S. short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering.

The group's flagship firm, Adani Enterprises, will on Friday (January&nbsp;27) launch the country's biggest public secondary share offering, aiming to raise to&nbsp;$2.5 billion&nbsp;to fund capital expenditure and pay off some debt.

Hindenburg, known for having shorted electric truck maker Nikola Corp&nbsp;and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments.

Its research report questioned how the Adani Group has used offshore entities in tax havens like Mauritius and the Caribbean Islands.

It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing", and asserted that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations".

Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement the company was shocked by the report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations."

"The Group has always been in compliance with all laws," the company said, without addressing specific allegations made by Hindenburg.

"The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added.

The report coincided with bidding for Adani's secondary share sale by anchor investors on Wednesday. Abu Dhabi Investment Authority and Morgan Stanley were among investors who bid for shares worth Rs 90 billion&nbsp;($1.1 billion), compared with Rs 60 billion worth of stock on offer,&nbsp;a source told Reuters.

The research report, Hindenburg said, was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents.

India's capital markets regulator, the Securities and Exchange Board of India, did not immediately respond to a request for comment.

Adani has repeatedly dismissed debt concerns. Singh&nbsp;told media&nbsp;on Jan. 21, "Nobody has raised debt concerns to us. No single investor has."

Shares in Adani Ports And Special Economic Zone&nbsp;fell 6.3% while Adani Enterprises ended down 1.5%.

Hindenburg's report said five of seven key listed Adani companies have reported current ratios — a measure of liquid assets minus near-term liabilities — below 1. This, the short-seller said, suggested "a heightened short-term liquidity risk".

Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to Rs 2.2 trillion.

Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd&nbsp;exceeding equity by more than 2,000%.

CreditSights, part of the Fitch Group, described the group last September as "overleveraged". While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage.

Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

"Equity share pledges are an inherently unstable source of lending collateral," it said in the report.

Last year, the Adani Group bought cement firms ACC&nbsp;and Ambuja Cements&nbsp;from Switzerland's Holcim&nbsp;for $10.5 billion. Days later, it pledged shares in the two firms, worth about $12.5 billion at the time, to banks in a non-disposal agreement that prevents it from offloading the shares until lenders agree that debts are paid.

ACC and Ambuja both fell over 7% on Wednesday.

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Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels. The group, which is led by Gautam Adani, the world's third richest person according to Forbes, dismissed the U.S. short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering. The group's flagship firm, Adani Enterprises, will on Friday (January 27) launch the country's biggest public secondary share offering, aiming to raise to $2.5 billion to fund capital expenditure and pay off some debt. Hindenburg, known for having shorted electric truck maker Nikola Corp and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Its research report questioned how the Adani Group has used offshore entities in tax havens like Mauritius and the Caribbean Islands. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing", and asserted that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations". Adani Group's Chief Financial Officer, Jugeshinder Singh, said in a statement the company was shocked by the report, calling it a "malicious combination of selective misinformation and stale, baseless and discredited allegations." "The Group has always been in compliance with all laws," the company said, without addressing specific allegations made by Hindenburg. "The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," it added. The report coincided with bidding for Adani's secondary share sale by anchor investors on Wednesday. Abu Dhabi Investment Authority and Morgan Stanley were among investors who bid for shares worth Rs 90 billion ($1.1 billion), compared with Rs 60 billion worth of stock on offer, a source told Reuters. The research report, Hindenburg said, was based on an investigation over two years that involved speaking with dozens of individuals, including former Adani Group executives as well as a review of documents. India's capital markets regulator, the Securities and Exchange Board of India, did not immediately respond to a request for comment. Adani has repeatedly dismissed debt concerns. Singh told media on Jan. 21, "Nobody has raised debt concerns to us. No single investor has." Shares in Adani Ports And Special Economic Zone fell 6.3% while Adani Enterprises ended down 1.5%. Hindenburg's report said five of seven key listed Adani companies have reported current ratios — a measure of liquid assets minus near-term liabilities — below 1. This, the short-seller said, suggested "a heightened short-term liquidity risk". Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to Rs 2.2 trillion. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd exceeding equity by more than 2,000%. CreditSights, part of the Fitch Group, described the group last September as "overleveraged". While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans. "Equity share pledges are an inherently unstable source of lending collateral," it said in the report. Last year, the Adani Group bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion. Days later, it pledged shares in the two firms, worth about $12.5 billion at the time, to banks in a non-disposal agreement that prevents it from offloading the shares until lenders agree that debts are paid. ACC and Ambuja both fell over 7% on Wednesday. WATCH WION LIVE HERE:

Hindenburg shorts India's Adani Group, cites debt and accounting concerns

The first day of India's biggest spectrum auction for 72 GHz (gigahertz) airwaves ended with four major telecom firms committing a total of Rs 1.45 trillion ($18.2 billion) for 5G airwaves.

Telecom minister Ashwini Vaishnaw on Tuesday said the bid amount exceeded the government’s estimates and added that the auction saw healthy participation between Mukesh Ambani-led Reliance Jio, Sunil Mittal’s Airtel, Vodafone-Idea, and a unit of Gautam Adani's flagship Adani Enterprises.

The previous high was Rs 1.09 trillion that the government received in 2015 when it auctioned 4G airwaves and other bands.

In the first-day auction, the operators have committed to buy 48.3 GHz out of the total 72 GHz spectrum available.

Several frequency bands were put up for auction, ranging from low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), mid (3300 MHz), to high (26 GHz). Among them, the 5G bands 3300 MHz and 26 GHz bands attracted strong bids.

Two bands – 600 MHz and 2,300 MHz – saw zero bids.

Four rounds of bidding took place with the first round starting at 10 am and the last ending at 6 pm on Tuesday.&nbsp;The fifth round of the auction will begin on Wednesday.

According to PTI news agency, the number of days the 5G spectrum auction stretches to will depend on the actual demand for radiowaves and the strategy of individual bidders, although the broad industry consensus is that it may last up to two days.

Minister Vaishnaw said the government is expecting to allocate the spectrum in record time so that the 5G services rollout in some Indian cities by September or October. He said that the target is to allocate the spectrum by August 14.

(With inputs from agencies)

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The first day of India's biggest spectrum auction for 72 GHz (gigahertz) airwaves ended with four major telecom firms committing a total of Rs 1.45 trillion ($18.

The first day of India's biggest spectrum auction for 72 GHz (gigahertz) airwaves ended with four major telecom firms committing a total of Rs 1.45 trillion ($18.2 billion) for 5G airwaves. Telecom minister Ashwini Vaishnaw on Tuesday said the bid amount exceeded the government’s estimates and added that the auction saw healthy participation between Mukesh Ambani-led Reliance Jio, Sunil Mittal’s Airtel, Vodafone-Idea, and a unit of Gautam Adani's flagship Adani Enterprises. The previous high was Rs 1.09 trillion that the government received in 2015 when it auctioned 4G airwaves and other bands. In the first-day auction, the operators have committed to buy 48.3 GHz out of the total 72 GHz spectrum available. Several frequency bands were put up for auction, ranging from low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), mid (3300 MHz), to high (26 GHz). Among them, the 5G bands 3300 MHz and 26 GHz bands attracted strong bids. Two bands – 600 MHz and 2,300 MHz – saw zero bids. Four rounds of bidding took place with the first round starting at 10 am and the last ending at 6 pm on Tuesday. The fifth round of the auction will begin on Wednesday. According to PTI news agency, the number of days the 5G spectrum auction stretches to will depend on the actual demand for radiowaves and the strategy of individual bidders, although the broad industry consensus is that it may last up to two days. Minister Vaishnaw said the government is expecting to allocate the spectrum in record time so that the 5G services rollout in some Indian cities by September or October. He said that the target is to allocate the spectrum by August 14. (With inputs from agencies) WATCH WION LIVE HERE

Day 1 of India’s 5G spectrum auction sees bidding worth $18.2 billion, exceeds govt estimates

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline.

However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29.

This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29.

The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS.

The government has further sweetened the deal and now it will be sold on its enterprise value.

Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so.

A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier.

As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid.

The bid process is being led by Meenakshi Mallik, Commercial Director, Air India.

However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid.

(With inputs from agencies)

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested. The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline. However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29. This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29. The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS. The government has further sweetened the deal and now it will be sold on its enterprise value. Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so. A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier. As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid. The bid process is being led by Meenakshi Mallik, Commercial Director, Air India. However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid. (With inputs from agencies)

Air India privatisation: Tata, Adani and Hinduja in the fray to acquire

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers.

Under the first project of the strategic partnership policy of the Narendra Modi government to develop indigenous industry's defence manufacturing capacity, 111 light helicopters have to be built indigenously through joint ventures between Indian and foreign firms.

"The four Indian firms will now need to partner with foreign original equipment manufacturers including European Airbus Helicopters which has offered two choppers, American Sikorsky-Lockheed Martin and Russian Rosoboronexport," sources in the Navy told ANI.

The Navy will now take the case to the Defence Acquisition Council with the shortlisted names of both Indian and foreign manufacturers for the ambitious project to get the approval from the government for its shortlist and take the process forward.

Sources said a total of eight Indian companies had shown interest in becoming strategic partners including a public sector undertaking but only four have been shortlisted by the force which will use the new choppers to replace its fleet of Cheetah/Chetak helicopters.

The Strategic Partnership model was first envisaged under the leadership of late Manohar Parrikar during his stint as defence minister and gained shape later under Nirmala Sitharaman.

The strategic partnership model envisages tie-up between Indian and foreign firms leading to the acquisition of niche technologies and setting up of modern production facilities in India.

Under the plan, the first 16 helicopters have to be delivered from the OEM's overseas production facility and the remaining 95 helicopters Are to be manufactured in India by the selected strategic partner form.&nbsp;

 
&nbsp;

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers.

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers. Under the first project of the strategic partnership policy of the Narendra Modi government to develop indigenous industry's defence manufacturing capacity, 111 light helicopters have to be built indigenously through joint ventures between Indian and foreign firms. "The four Indian firms will now need to partner with foreign original equipment manufacturers including European Airbus Helicopters which has offered two choppers, American Sikorsky-Lockheed Martin and Russian Rosoboronexport," sources in the Navy told ANI. The Navy will now take the case to the Defence Acquisition Council with the shortlisted names of both Indian and foreign manufacturers for the ambitious project to get the approval from the government for its shortlist and take the process forward. Sources said a total of eight Indian companies had shown interest in becoming strategic partners including a public sector undertaking but only four have been shortlisted by the force which will use the new choppers to replace its fleet of Cheetah/Chetak helicopters. The Strategic Partnership model was first envisaged under the leadership of late Manohar Parrikar during his stint as defence minister and gained shape later under Nirmala Sitharaman. The strategic partnership model envisages tie-up between Indian and foreign firms leading to the acquisition of niche technologies and setting up of modern production facilities in India. Under the plan, the first 16 helicopters have to be delivered from the OEM's overseas production facility and the remaining 95 helicopters Are to be manufactured in India by the selected strategic partner form.

Four Indian firms including Tata, Adani in final race for Rs 25,000 crore chopper deal for Navy

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd.

The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad.

"Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on August 2 and is yet commence its business operations," Adani Enterprises said in regulatory filings at stock exchanges on Saturday.

In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation.

It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru to become the third-largest private airport operator after GMR Group and GVK Group.

The six airports together handled 30 million passengers - 23.6 million domestic and 6.4 million international - last fiscal year, marking a growth of 22 per cent over the previous year.

Last November, the government had cleared the privatisation of these six airports under the Airports Authority of India on the public-private partnership model.

The Adani Group is an integrated business conglomerate in India which consists of six publicly traded companies with combined revenues of 13 billion dollars (about Rs 90,000 crore).

With a presence in agri logistics, bunkering, coal and mining, defence and aerospace, edible oil and food products, it has global footprints across Australia, Bangladesh, China, Dubai, Indonesia, Myanmar, Singapore, and the United States.&nbsp;

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd. The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad.

The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports Ltd. The group's flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad. "Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on August 2 and is yet commence its business operations," Adani Enterprises said in regulatory filings at stock exchanges on Saturday. In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation. It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru to become the third-largest private airport operator after GMR Group and GVK Group. The six airports together handled 30 million passengers - 23.6 million domestic and 6.4 million international - last fiscal year, marking a growth of 22 per cent over the previous year. Last November, the government had cleared the privatisation of these six airports under the Airports Authority of India on the public-private partnership model. The Adani Group is an integrated business conglomerate in India which consists of six publicly traded companies with combined revenues of 13 billion dollars (about Rs 90,000 crore). With a presence in agri logistics, bunkering, coal and mining, defence and aerospace, edible oil and food products, it has global footprints across Australia, Bangladesh, China, Dubai, Indonesia, Myanmar, Singapore, and the United States.

Adani Group sets up new company to manage airport businesses

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project.

Adani has been working for a decade to obtain approvals to develop the Carmichael mine in the remote Galilee Basin, but the process has been slow as the project has become a touchstone for concerns about climate change.

"The Department of Environment and Science (DES) approved Adani's black-throated finch management plan," the Queensland regulator said.

"DES has met regularly with Adani to ensure that the plan is robust and is well-placed to deliver the best outcomes for the protection of the black-throated finch."

Adani said it had received notice that its plan had been approved.

The approval leaves just one permit outstanding, which relates to the management of a sensitive groundwater source. That is expected to be issued by June 13.

Adani has faced difficulties obtaining finance for the mine and accompanying rail project as climate change concerns have discouraged lenders from backing new thermal coal developments while falling prices have also raised doubts about the mine's economics.

But voters worried about jobs in the downtrodden region returned the ruling Liberal-National coalition to power in an Australian election this month, renewing momentum for the project.

A local conservation group condemned Friday's approval, saying in a statement that "Australians should be alarmed by this decision".

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project.

The Australian state of Queensland on Friday approved Adani Enterprise's management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project. Adani has been working for a decade to obtain approvals to develop the Carmichael mine in the remote Galilee Basin, but the process has been slow as the project has become a touchstone for concerns about climate change. "The Department of Environment and Science (DES) approved Adani's black-throated finch management plan," the Queensland regulator said. "DES has met regularly with Adani to ensure that the plan is robust and is well-placed to deliver the best outcomes for the protection of the black-throated finch." Adani said it had received notice that its plan had been approved. The approval leaves just one permit outstanding, which relates to the management of a sensitive groundwater source. That is expected to be issued by June 13. Adani has faced difficulties obtaining finance for the mine and accompanying rail project as climate change concerns have discouraged lenders from backing new thermal coal developments while falling prices have also raised doubts about the mine's economics. But voters worried about jobs in the downtrodden region returned the ruling Liberal-National coalition to power in an Australian election this month, renewing momentum for the project. A local conservation group condemned Friday's approval, saying in a statement that "Australians should be alarmed by this decision".

Adani wins one of last two permits it needs for Australia coal mine

On the main shopping street in the tropical north Australian city of Townsville, dotted with "For Lease" signs, Chrissa Alexion is adamant a planned $4 billion coal mine should be shelved because of its contribution to climate change.

"It's madness," she told Reuters, on holiday from the Queensland state capital. "Jobs are really important but... where I come from in Brisbane, no one wants the mine to go ahead."

Some 380 km (235 miles) into the remote Outback, Ben Houlihan, who runs the pub in Einasleigh (population 37), is in favour of the Carmichael mine in the undeveloped Galilee basin, proposed by India's Adani Enterprises.

"We need the jobs and the royalties... They're playing a political game with people's livelihoods," he said.

The mine has become a lightning rod for voters ahead of next month's general election, dividing the country as well as Australia's major political parties - the conservative Liberal-National coalition government and the opposition Labor Party.

Both Labour and the Coalition constituents on either side of the issue of climate change, which has rocketed up the agenda after a summer of debilitating drought, devastating bushfires and a once-in-a-hundred-year flood.

While opinion polls point to a victory for Labor, the acrimonious debate over coal and climate has driven some voters towards a growing number of independent candidates.

"I think this is going to be a tight race," said Michael McMillan, strategy director for Townsville Enterprise Ltd, a group promoting investment in the biggest town in north Queensland.

"I think what we've seen play out in relation to the Adani mine will have an influence through the election process. Every job counts. When you have potential parties opposed to mining, that will be considered come polling day."

Queensland is set to be a major battleground in the election, with nearly half its seats on a knife's edge. Labour won Townsville's seat at the last election by just 37 votes.

Unemployment in the city, a stepping off point for the Great Barrier Reef, is at 10 per cent and youth unemployment is running at more than 20 per cent.

"We're beginning to join the dots between activity like mining and burning coal and the impacts on climate," said Peter Jones, a social work lecturer leading a Stop Adani campaign in Townsville, which was ravaged by floods in February.

"Jobs shouldn't be coming at the expense of the environment."

MAJOR PARTIES UNDER FIRE

Far to the south, in the cities of Sydney and Melbourne, the ruling conservative Coalition is under fire for failing to do enough to curb carbon emissions.

Prime Minister Scott Morrison famously brandished a lump of coal, Australia's second largest export earner, in parliament when he was treasurer, taunting the opposition over its renewable energy push.

The Liberals last year lost the long-held seat of former prime minister Malcolm Turnbull to an independent who campaigned strongly on climate policies.

Another ex-prime minister, Tony Abbott, also faces an independent looking to oust him from a seat he has held for 25 years, while Treasurer Josh Frydenberg is battling not one but two independents, both pushing for urgent climate action.

Labor, the traditional workers' party, has its own issues.

It is being torn between its allegiance to the mining union and losing votes to the Greens.

"Tell me what my workers are going to do that pays the same wages and conditions and offers for their family?," trade union spokesman Stephen Smyth, a third generation coal miner, of the Construction, Forestry, Maritime, Mining and Energy Union (CFMEU) told Reuters.

Uphill battle

The Carmichael mine, led by Indian billionaire Gautam Adani, has been on the drawing board for nearly a decade, delayed by a long string of legal action from green groups and now held up by regulations under the federal Coalition government and state Labor government.

"We just need the state government to stop shifting the goalposts and get behind us," Adani Mining Chief Executive Lucas Dow said.

"What we are focused on is jobs for people here and in central Queensland. We are tremendously excited and our resolve has hardened if anything," he told Reuters.

But the longer the delay, the more difficult the task for Adani. Worried about a backlash from customers and investors, all of Australia's major banks have declined to fund the project, which has been whittled down to a sixth of its original size.

Both Labor and the Coalition have said the mine needs to stack up on its economic merits and have declined to offer government support.

Last month, one of Australia's top insurers said it would not back any new thermal coal mines, and a judge ruled another coal mine could not go ahead, partly due to emissions targets under the Paris climate agreement.

Meanwhile, Australian coal prices have slumped to $70 from $120 a tonne over the past seven months, raising further questions about whether the project can turn a profit.

This week, Australia's environment minister gave the green light to Adani's groundwater management plan but said the mine still needed nine more approvals.

The lack of support from the capital could trigger a protest vote by those who feel Canberra's decisions do not take their needs into account, said McMillan of Townsville Enterprise.

"We are seeing ourselves again in a two-speed economy. It’s Melbourne and Sydney, and the rest of Australia. And I think you’re going to see that come into play in this next general election."

On the main shopping street in the tropical north Australian city of Townsville, dotted with "For Lease" signs, Chrissa Alexion is adamant a planned $4 billion coal mine should be shelved because of its contribution to climate change.

On the main shopping street in the tropical north Australian city of Townsville, dotted with "For Lease" signs, Chrissa Alexion is adamant a planned $4 billion coal mine should be shelved because of its contribution to climate change. "It's madness," she told Reuters, on holiday from the Queensland state capital. "Jobs are really important but... where I come from in Brisbane, no one wants the mine to go ahead." Some 380 km (235 miles) into the remote Outback, Ben Houlihan, who runs the pub in Einasleigh (population 37), is in favour of the Carmichael mine in the undeveloped Galilee basin, proposed by India's Adani Enterprises. "We need the jobs and the royalties... They're playing a political game with people's livelihoods," he said. The mine has become a lightning rod for voters ahead of next month's general election, dividing the country as well as Australia's major political parties - the conservative Liberal-National coalition government and the opposition Labor Party. Both Labour and the Coalition constituents on either side of the issue of climate change, which has rocketed up the agenda after a summer of debilitating drought, devastating bushfires and a once-in-a-hundred-year flood. While opinion polls point to a victory for Labor, the acrimonious debate over coal and climate has driven some voters towards a growing number of independent candidates. "I think this is going to be a tight race," said Michael McMillan, strategy director for Townsville Enterprise Ltd, a group promoting investment in the biggest town in north Queensland. "I think what we've seen play out in relation to the Adani mine will have an influence through the election process. Every job counts. When you have potential parties opposed to mining, that will be considered come polling day." Queensland is set to be a major battleground in the election, with nearly half its seats on a knife's edge. Labour won Townsville's seat at the last election by just 37 votes. Unemployment in the city, a stepping off point for the Great Barrier Reef, is at 10 per cent and youth unemployment is running at more than 20 per cent. "We're beginning to join the dots between activity like mining and burning coal and the impacts on climate," said Peter Jones, a social work lecturer leading a Stop Adani campaign in Townsville, which was ravaged by floods in February. "Jobs shouldn't be coming at the expense of the environment." MAJOR PARTIES UNDER FIRE Far to the south, in the cities of Sydney and Melbourne, the ruling conservative Coalition is under fire for failing to do enough to curb carbon emissions. Prime Minister Scott Morrison famously brandished a lump of coal, Australia's second largest export earner, in parliament when he was treasurer, taunting the opposition over its renewable energy push. The Liberals last year lost the long-held seat of former prime minister Malcolm Turnbull to an independent who campaigned strongly on climate policies. Another ex-prime minister, Tony Abbott, also faces an independent looking to oust him from a seat he has held for 25 years, while Treasurer Josh Frydenberg is battling not one but two independents, both pushing for urgent climate action. Labor, the traditional workers' party, has its own issues. It is being torn between its allegiance to the mining union and losing votes to the Greens. "Tell me what my workers are going to do that pays the same wages and conditions and offers for their family?," trade union spokesman Stephen Smyth, a third generation coal miner, of the Construction, Forestry, Maritime, Mining and Energy Union (CFMEU) told Reuters. Uphill battle The Carmichael mine, led by Indian billionaire Gautam Adani, has been on the drawing board for nearly a decade, delayed by a long string of legal action from green groups and now held up by regulations under the federal Coalition government and state Labor government. "We just need the state government to stop shifting the goalposts and get behind us," Adani Mining Chief Executive Lucas Dow said. "What we are focused on is jobs for people here and in central Queensland. We are tremendously excited and our resolve has hardened if anything," he told Reuters. But the longer the delay, the more difficult the task for Adani. Worried about a backlash from customers and investors, all of Australia's major banks have declined to fund the project, which has been whittled down to a sixth of its original size. Both Labor and the Coalition have said the mine needs to stack up on its economic merits and have declined to offer government support. Last month, one of Australia's top insurers said it would not back any new thermal coal mines, and a judge ruled another coal mine could not go ahead, partly due to emissions targets under the Paris climate agreement. Meanwhile, Australian coal prices have slumped to $70 from $120 a tonne over the past seven months, raising further questions about whether the project can turn a profit. This week, Australia's environment minister gave the green light to Adani's groundwater management plan but said the mine still needed nine more approvals. The lack of support from the capital could trigger a protest vote by those who feel Canberra's decisions do not take their needs into account, said McMillan of Townsville Enterprise. "We are seeing ourselves again in a two-speed economy. It’s Melbourne and Sydney, and the rest of Australia. And I think you’re going to see that come into play in this next general election."

Adani-owned coal mine a flashpoint for Australian election

Maharashtra Energy Minister Chandrashekhar Bawankule Friday said the state government has directed the MERC to look into the issue of 'increased' electricity bills of Adani Electricity's consumers in Mumbai.

He was speaking to reporters outside the city airport.

"The government has asked the Maharashtra Electricity Regulation (MERC) to sou moto look into the issue raised by BJP leader Ashish Shelar about complaints on high electricity bills based on average energy consumption instead of actual metering in Mumbai," he said.

"Accordingly, the MERC has taken cognisance and given directions to check the complaints and correct the bills," the minister added.

Local MLA Ashish Shelar had met Chief Minister Devendra last Fadnavis Saturday to convey people's concerns over sudden and steep increase in power bills in suburban Mumbai, where Adani Electricity is the electricity distributor.

Adani Electricity Mumbai Limited is a subsidiary of Adani Transmission, formed after acquisition of Reliance Infrastructure's generation, transmission and distribution utilities in Mumbai.

The MERC has appointed a two-member fact-finding committee to look into consumer complaints to ascertain the reasons for the sudden upsurge in consumption as well as bills of Adani Electricity's consumers in the megapolis.&nbsp;

Maharashtra Energy Minister Chandrashekhar Bawankule Friday said the state government has directed the MERC to look into the issue of 'increased' electricity bills of Adani Electricity's consumers in Mumbai.

Maharashtra Energy Minister Chandrashekhar Bawankule Friday said the state government has directed the MERC to look into the issue of 'increased' electricity bills of Adani Electricity's consumers in Mumbai. He was speaking to reporters outside the city airport. "The government has asked the Maharashtra Electricity Regulation (MERC) to sou moto look into the issue raised by BJP leader Ashish Shelar about complaints on high electricity bills based on average energy consumption instead of actual metering in Mumbai," he said. "Accordingly, the MERC has taken cognisance and given directions to check the complaints and correct the bills," the minister added. Local MLA Ashish Shelar had met Chief Minister Devendra last Fadnavis Saturday to convey people's concerns over sudden and steep increase in power bills in suburban Mumbai, where Adani Electricity is the electricity distributor. Adani Electricity Mumbai Limited is a subsidiary of Adani Transmission, formed after acquisition of Reliance Infrastructure's generation, transmission and distribution utilities in Mumbai. The MERC has appointed a two-member fact-finding committee to look into consumer complaints to ascertain the reasons for the sudden upsurge in consumption as well as bills of Adani Electricity's consumers in the megapolis.

MERC asked to look into Adani power bills issue: Minister

Indian resources conglomerate Adani Enterprises Ltd is looking to buy mines in countries such as Indonesia, a company executive told Reuters on Wednesday, despite its struggles to develop a controversial coal project in Australia.

The company already owns a coal mine in Indonesia, but has been unable to secure financing for the long-delayed Carmichael mine in Australia amid numerous court challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.

&quot;We have a mine in Indonesia, and we are looking for more options there,&quot; Rajendra Singh, chief operating officer of Adani&#39;s coal trading business, said on the sidelines of the Coaltrans India conference in the coastal town of Bambolim in Goa state.

&quot;We&#39;re also keeping our eyes open for options in other areas like south African countries, countries like Russia. We are not eyeing for specific grades, we are looking for viable options. We mainly look at reserves, production costs and logistics.&quot;

He said there was &quot;opportunity in the U.S.&quot; as well given that India imports coal from there. Singh, however, did not say if any deal was in the works.

Adani is also India&#39;s biggest trader of coal, with volumes of 81 million tonnes in the fiscal year that ended on March 31, 2017, sourced mainly from Indonesia and Africa. India, the world&#39;s second biggest coal importer after China, brought in a total of 190 million tonnes last fiscal year.

Singh said the company&#39;s market share in coal trading in the country was going to increase after it extended to retail markets, especially brick kilns and sponge irons.

The company has also recently started trading coal in Sri Lanka and Bangladesh, in addition to its operations in Thailand, Taiwan, Vietnam and China, he said.

&quot;Asian countries are going to add a lot of demand in the coal market, especially South Asian countries like Bangladesh and Pakistan,&quot; Singh said. &quot;On the supply side, there are limitations. Tonnages are increasing, but quality is decreasing. And to compensate for quality, they have to increase tonnages.&quot;

Pakistan imported 11.2 million tonnes of coal last year, up from around 3.4 million tonnes bought in 2013. Its purchases are expected to jump to 40 million tonnes by 2025.

Populous and power-starved Bangladesh is also ramping up coal imports to light up new homes in an election year. Adani Group&#39;s Adani Power in November signed a long-term agreement to sell electricity to Bangladesh.

Adani is also India's biggest trader of coal, with volumes of 81 million tonnes in the fiscal year that ended on March 31, 2017, sourced mainly from Indonesia and Africa.

Indian resources conglomerate Adani Enterprises Ltd is looking to buy mines in countries such as Indonesia, a company executive told Reuters on Wednesday, despite its struggles to develop a controversial coal project in Australia. The company already owns a coal mine in Indonesia, but has been unable to secure financing for the long-delayed Carmichael mine in Australia amid numerous court challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef. "We have a mine in Indonesia, and we are looking for more options there," Rajendra Singh, chief operating officer of Adani's coal trading business, said on the sidelines of the Coaltrans India conference in the coastal town of Bambolim in Goa state. "We're also keeping our eyes open for options in other areas like south African countries, countries like Russia. We are not eyeing for specific grades, we are looking for viable options. We mainly look at reserves, production costs and logistics." He said there was "opportunity in the U.S." as well given that India imports coal from there. Singh, however, did not say if any deal was in the works. Adani is also India's biggest trader of coal, with volumes of 81 million tonnes in the fiscal year that ended on March 31, 2017, sourced mainly from Indonesia and Africa. India, the world's second biggest coal importer after China, brought in a total of 190 million tonnes last fiscal year. Singh said the company's market share in coal trading in the country was going to increase after it extended to retail markets, especially brick kilns and sponge irons. The company has also recently started trading coal in Sri Lanka and Bangladesh, in addition to its operations in Thailand, Taiwan, Vietnam and China, he said. "Asian countries are going to add a lot of demand in the coal market, especially South Asian countries like Bangladesh and Pakistan," Singh said. "On the supply side, there are limitations. Tonnages are increasing, but quality is decreasing. And to compensate for quality, they have to increase tonnages." Pakistan imported 11.2 million tonnes of coal last year, up from around 3.4 million tonnes bought in 2013. Its purchases are expected to jump to 40 million tonnes by 2025. Populous and power-starved Bangladesh is also ramping up coal imports to light up new homes in an election year. Adani Group's Adani Power in November signed a long-term agreement to sell electricity to Bangladesh.

Adani looking for foreign coal mines despite challenges in Australia

Gautam Adani-led Adani Enterprises said on Tuesday that it has given final investment approval for the Carmichael mine and rail projects in Queensland.

&quot;The project has final investment decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia&#39;s recent history,&quot; Adani Chairman Gautam Adani said in a statement.

The company has said the project, at an initial cost of $4 billion, would pay billions of dollars in royalties and taxes, create jobs and export coal to India help bring electricity to rural regions.

A group of prominent Australians had earlier urged Adani Enterprises to abandon a giant coal mine project near the Great Barrier Reef, warning it could damage bilateral ties and even affect sporting links.

<a href="http://www.wionews.com/south-asia/chappell-brothers-urge-adani-to-give-up-australia-mine-project-for-environment-13478">Signatories included former Australian Test cricket captains Ian and Greg Chappell, Pulitzer Prize-winning author Geraldine Brooks</a>, Australian-based British comedian Ben Elton, and rock group Midnight Oil.

(WION with Reuters inputs)

 
&nbsp;

The company has said the project would initially cost of $4 billion

Gautam Adani-led Adani Enterprises said on Tuesday that it has given final investment approval for the Carmichael mine and rail projects in Queensland. "The project has final investment decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia's recent history," Adani Chairman Gautam Adani said in a statement. The company has said the project, at an initial cost of $4 billion, would pay billions of dollars in royalties and taxes, create jobs and export coal to India help bring electricity to rural regions. A group of prominent Australians had earlier urged Adani Enterprises to abandon a giant coal mine project near the Great Barrier Reef, warning it could damage bilateral ties and even affect sporting links. Signatories included former Australian Test cricket captains Ian and Greg Chappell, Pulitzer Prize-winning author Geraldine Brooks, Australian-based British comedian Ben Elton, and rock group Midnight Oil. (WION with Reuters inputs)

Adani gives final approval for Australia mine, rail project

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