Adani Ports and Special Economic Zone Limited
FormerlyMundra Port and Special Economic Zone Limited[1]
TypePublic
ISININE742F01042
IndustryInfrastructure
Founded26 May 1998 (1998-05-26)
FounderGautam Adani
HeadquartersAdani House,
Navarangpura, Ahmedabad, Gujarat, India
Area served
Worldwide
Key people
Products
RevenueIncrease ₹22,405 crore (US$2.8 billion) (2023)[3][4]
Increase ₹5,489 crore (US$690 million) (2023)[3]
Increase ₹4,861 crore (US$610 million) (2023)[3]
Total assetsIncrease ₹1.15 lakh crore (US$14 billion) (2023)[3]
Total equityIncrease ₹46,922 crore (US$5.9 billion) (2023)[3]
Number of employees
3,052 (2023)
ParentAdani Group
Subsidiaries
  • Adani Logistics[5]
  • Sarguja Rail Corridor[6]
Websitewww.adaniports.com
Footnotes / references
[7]

Adani Ports and Special Economic Zone Limited is an Indian multinational port operator and logistics company, based in Ahmedabad, India.[8][9] A subsidiary of Adani Group, APSEZ is India's largest private port operator with a network of 12 ports and terminals, including India's first deep water Transshipment Port Vizhinjam International Seaport Thiruvananthapuram and India's first port-based SEZ at Mundra.[10][11]

Operations

As of 2017, APSEZ operated 3 inland container depots (ICD) through its subsidiary Adani Logistics Ltd.[12] In August 2022, they acquired an additional ICD from Navkar Corporation in Tumb, Gujarat.[13]

It holds Category 1 License for the Indian Railways that helps in pan-India cargo movement.[14][12] The trains owned by Adani Logistics were used to dispatch 30,000 tonnes of food grains to feed over 60 lakh citizens across the states of Tamil Nadu, Karnataka, West Bengal, and Maharashtra, during the 2020 COVID-19 lockdown.[15]

APSEZ provides dredging and reclamation solutions, primarily for port and harbor construction.[16] The Adani Group started investing in developing a dredging fleet in 2005. As of 2018, APSEZ operated a fleet of 19 dredgers, the largest capital dredging fleet in India.[17]

APSEZ has undertaken mangrove afforestation activities totalling 2885 Ha (as of August 2018) with a survival rate of over 85%.[18] In 2016, the company announced that all ports and townships were being prepared to run on 100% renewable energy by 2018 using a mix of solar and wind energy.[18]

In August 2017, a Morgan Stanley analysis described APSEZ as "stacking up well compared to its global peers: On operating metrics such as revenue growth, margins, EBIDTA growth, net income growth and return ratios (RoCE/ RoE), and based on bottom-up estimates by Morgan Stanley analysts covering global ports, APSEZ is expected to be in the top quartile across various operating metrics despite the tax holiday for Mundra port coming to an end".[19]

Private equity firm Warburg Pincus acquired a 0.49% stake in Adani Ports for ₹800 crore (US$100 million) on 7 March 2021.[20]

In April 2022, it was announced that APSEZ (through its subsidiary, The Adani Harbour Services Ltd.) had acquired the third-party marine services provider, Ocean Sparkle Ltd.[21]

In July 2022, APSEZ alongside the Gadot Group won the privatisation bid for Israel's Port of Haifa for US$1.18 billion.[22][23] Where Adani Ports and Gadot Group respectively hold 70%:30% of the shares.[22][23]

In September 2022, Adani Ports secured a US$3.1 billion deep-sea port construction project with the West Bengal government.[24]

Ports and terminals

The company commenced operations at Mundra Port and currently operates 15 ports across all Indian states.[10][25] Its ports have 45 berths and 14 terminals.[10][25]

Vizhinjam International Seaport Thiruvananthapuram (Trivandrum Seaport)

APSEZ won a bid with the Kerala government to construct the Vizhinjam International Seaport Thiruvananthapuram in 2015.[26] While the initial completion date was projected for 2020[27] the construction has experienced multiple delays due to the COVID-19 pandemic and cyclones.[28] Adani sought an extension to 2024 but this led to disputes with the Kerala government.[28][29]

Mundra Port

Mundra Port is a deep-water, all-weather, berthing on arrival port in the Gulf of Kutch. With 26 berths and dedicated terminals for different cargo and commodity types, it has an annual capacity to handle 231 MMT cargo. The port is connected to National Highway (NH) network through State Highways 48 via Anjar and SH-6. It has a privately developed rail network of 69  km connecting Adipur to Mundra port, which in-turn provides nationwide connectivity. It is capable of berthing fully loaded Capesize vessels, VLCC and ULCC. It handles dry bulk, break bulk, project cargo, liquid, containers, automobiles, and crude.

Since 2013, Mundra Port is India's largest private commercial port[25] and hosts the world's largest coal import terminal. Mundra Port was known for introducing technological advancements that led to a high level of automation to enhance the efficiency of cargo handling.

As of August 2016, approximately 20,000 ships had docked at Mundra without a single accident representing the high safety standards implemented by the port authorities. Mundra Port had two single-point mooring (SPM) facilities to evacuate crude oil.[10] Efforts to build a new container terminal in Mundra in partnership with French shipping giant CMA Terminals were underway as of January 2017.[10][30]

Krishnapatnam Port

Krishnapatnam Port Company Limited (KPCL) is a multi-cargo facility port located near Nellore, Andhra Pradesh. KPCL was acquired by Adani Ports in October 2020 for INR 13,000 cr. from the CVR Group.[31][32][33] Originally, they had a 75% stake but by April 2021 they acquired the remaining 25% stake from Vishwasmudra Holdings.[31][34]

Karaikal Port

May 2021.Adani Ports and Special Economic Zone Ltd (APSEZ) is looking to buy Karaikal port in Puducherry at a valuation of ₹1,500-2,000 crore but multiple sources said that the deal is “not easy” to consummate given the ownership structure and the debt.

Hazira Port

The Hazira Port is a deep-water port located in the Gulf of Khambat, Surat, Gujarat.[35][36] The port has been operational since 2005 and is a strategic port for Shell Energy India.[36] Adani developed additional container jetties and multipurpose jetties.[36] However, in 2016, APSEZ faced setbacks to further development due to environmental complaints from the Hazira Fishermen Committee.[37]

Dhamra Port

Dhamra Port, Bhadrak, Odisha is a deep-water, all-weather, multi-user, a multi-cargo port located between Haldia and Paradeep ports on India's eastern coast.[38] It was acquired by Adani in 2014 for Rs 5,500 crore which was the largest port sector deal at the time.[38] It can handle dry bulk, breakbulk, project cargo, and containers.[39] It has an annual capacity of 40 MMT cargo which can go up to 100 MMT in the future. It is located near the mineral belts of Odisha, Jharkhand, and West Bengal.[39] It is connected by a 62 km railway line to Ranital Link Cabin which connects the main Howrah-Chennai line.[39] It features a fully integrated conveyor system for import and export, a coastal circuit for fast cargo transit, and rapid loading silos with 4000 TPH capacity.[39] Situated between Haldia in West Bengal and Paradip in Odisha, the Port is located 215 km from Bhubaneshwar.[40] The port serves as a gateway to Nepal, Bangladesh, Myanmar and the entire geopolitical region, including the ASEAN region.[40]

Dahej Port

The Dahej Port is a deep-water, multi-cargo port in the Gulf of Khambat, Bharuch, Gujarat.[41] It houses two dry and breaks bulk berths and dedicated facilities for handling project cargo.[41] It has a capacity to handle 2 crore (20 million) tonnes per year. It handles all kinds of dry bulk and breakbulk cargo including coal, fertiliser, Agri products, steel cargo, and minerals.[41] Additionally, it is capable of berthing capesize and Panama vessels. Dahej Port has a dedicated railway line that connects to the national railway network and it is also connected to National Highway 8.[41] It is connected to the contiguous industrial hubs of Gujarat, Maharashtra and eastern Madhya Pradesh.[41]

Dahej Port is equipped with India's first high speed elevated triangular gallery overload conveying system for coal transportation which reduces dust pollution.[41] It accommodates a Ro-Ro Jetty for project cargo movement of 9.8 km long fully integrated high-speed conveyor.[41]

Gangavaram Port

Adani Ports announced on 3 March 2021 that it had acquired a 31.5% stake in Gangavaram Port from Windy Lakeside Investment, an affiliate of Warburg Pincus, for ₹1,954 crore (US$240 million).

Adani Ports may acquire a 58.1% stake in Gangavaram Port from DVS Raju Group, for undisclosed amount

Vizag Terminal

APSEZ formerly owned a coal terminal in the Visakhapatnam Port.[42] In 2022, only a few years into a 30-year contract they returned it to the Visakhapatnam Port Authority.[42]

Mormugao Terminal

Mormugao Terminal is a one-berth terminal located on the south-west coast of India.[43] It has a capacity of 7 MMT cargo. It can handle coal cargo, Panamax and capsize vessels.[43] Its main feature is a mechanized material handling system of conveyor systems and stacker cum reclaimers.[43] It is connected to Maharashtra and Karnataka hinterlands via South Central Railways and Konkan Railways.[43]


Kattupalli Port

Kattupalli Port lies 24 km north of Chennai Port and can handle 18 MMT cargo, including containers, breakbulk, and project cargo.[44] It can berth fully loaded Capesize vessels and container vessels. It has a DPD warehouse within the container for movement of AEO and DPD consignments and a 45,000 sq. ft. warehouse with off-dock CFS. Kattupalli Port is connected to all CFSs/ICDs/SEZs in Chennai for imports and exports.[44]

Kamarajar Port

Kamarajar Port(formerly known as Ennore Port) is a container terminal located in the northern suburbs of Chennai.[45] It can handle 12 MMT cargo. It is connected to the hinterland by roads, including the upcoming EMRIP project and Northern Port Access Road.[45]

Tuna Terminal

In 2012, the Kandla Port Trust (KPT), longtime operator of Kandla Port (20km to the northeast of Tuna Tekra) proposed to improve access for larger vessels by authorizing construction of a modern, four-berth, deep draft terminal at Tuna Tekra. Kandla Port reached an agreement with Adani Ports & SEZ for construction of a new, mechanized, four-berth terminal with direct unloading facilities for coal, iron ore, and other dry bulk goods.[46]

Tuna Port is an all-weather, berthing on arrival port with the largest coal import terminal of 35,000 MT/Day discharge rate near Kandla Port.[47] It has a capacity of 2 crore (20 million) tonnes per year and can handle 1,30,00 DWT vessels at berth. It can handle all kinds of dry bulk and breakbulk cargo including coal, fertilizer, agri-products, steel cargo, and minerals, and it is equipped with a fully integrated high-speed conveyor system.[47] It is connected to National Highway (NH) 8A.[47]

Agardana Shipyard & Terminals

Agardanda Terminal is an under construction 150000 MT Container terminal located in Agardanda, Maharashtra which was previously built as a shipyard and container terminal under the agreement with the Maharashtra Maritime Board, State Government of Maharashtra. Adani tookover the project in 2021.[48][49]

Dighi Port

Dighi Port was acquired by APSEZ in February 2021, with the intention of being an alternative to the Jawaharlal Nehru Port, in Navi Mumbai.[50][51]

Awards and recognition

In 2019, the organisation won an 'Honorary Special Mention' award at the first-ever National Corporate Responsibility (CSR) Award ceremony.[52][53][54][55] The award was presented by Finance Minister Nirmala Sitharaman and her deputy, Anurag Thakur.[56][53][54][55]

Controversies

Violation of environmental norms

A committee chaired by Sunita Narain of the Centre for Science and Environment, was set up by the Union Ministry of Environment and Forests to inspect the ship-breaking facility of APSEZ near Mundra West Port in Gujarat's Kutch district.[57][58] The committee, which submitted its report on 18 April 2013, found incontrovertible evidence of destruction, blocking of creeks, and non-compliance of other clearance conditions.[57][58] Subsequently, on 29 July 2013, a public hearing for the project was held where people from four project-affected villages and nearby locations attended the public hearing at Tunda village in Mundra taluka and posed questions about the project and its impact on the environment. The public hearing was successfully completed with the answers to each question asked by villagers. APSEZ was fines Rs 200 crore by the Ministry of Environment and Forests.[57]

Myanmar activities

On 30 March 2021, the group of activists Justice for Myanmar released a press statement regarding the international activities of Adani Ports & SEZ.[59] They accused Adani of building a container port in Yangon, Myanmar on land leased from the Myanmar Economic Corporation (MEC), a military-run business conglomerate, which was directly contributing financially to the Myanmar Junta after the 2021 coup.[59] The Australian Broadcasting Corporation corroborated the reporting of Justice for Myanmar including video evidence.[60] MEC and its subsidiaries are sanctioned by US, UK and EU.[59] On 7 March 2022, the Government Pension Fund of Norway placed the company under observation due to "unacceptable risk that the company contributes to or is responsible for serious violations of individuals’ rights in situations of war or conflict".[61][62] In October 2021, APSEZ announced that they would be "exiting the company's investment in Myanmar" after a risk management committee's review.[63]

CWC land grabbing

The Supreme Court of India overturned an order given by the Gujarat High Court that allowed Adani Ports SEZ to reportedly take over 34 acres of land owned by Central Warehousing Corporation adjacent to the latter's Mundra Port.[64] The highest court in India issued a rebuke to Gujarat High Court for "adopting dual standards" when making its decision in favour of a business group.[65][66]

Allegations of stock manipulation

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices.[67][68][69][70] Hindenburg also disclosed that it was holding short positions on Adani Group companies.[67][68][69][70] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[71][72] Adani denied the fraud allegations as 'unfounded and ill intentioned'.[73]

Auditor's concerns

In May 2023, the company's auditor, Deloitte, issued a qualified opinion on the company's financial reports, indicating a question on the accuracy of the reports. Deloitte cited the ongoing review by regulators of Adani's financial and general business practices.[74] In August 2023, Deloitte resigned as the company's auditor citing its inability to scrutinize the company's transactions with other group companies of which it was not a statutory auditor.[75][76]

See also

References

  1. ↑ Pandit, Virendra (9 January 2012). "Mundra Port co is now Adani Ports and SEZ Ltd". The Hindu Business Line. Archived from the original on 2 February 2020. Retrieved 4 May 2020.
  2. ↑ "Adani Ports dredging fleet emerges as India's largest: APSEZ". The Economic Times. 8 January 2018. Retrieved 22 February 2023.
  3. 1 2 3 4 5 .
  4. ↑ "Stock share price of Adani Ports & SEZ". BSE India.
  5. ↑ Dhanjal, Swaraj Singh (17 August 2022). "Adani Logistics to buy Navkar's inland container depot in Gujarat for ₹835 cr". mint. Retrieved 4 February 2023.
  6. ↑ "NCLT approves APSEZ's composite scheme to acquire Sarguja Rail Corridor". The Economic Times. 30 January 2022. Retrieved 4 February 2023.
  7. ↑ "Adani Port Special Economic Zone". Adani Group. Retrieved 13 April 2023.
  8. ↑ "Adani Ports & SEZ raises Rs 500 crore through allotment of NCDs". The Economic Times. 27 May 2020.
  9. ↑ Manoj, P. (17 April 2020). "Adani Ports suspends direct port delivery of containers". The Hindu Business Line. Archived from the original on 20 April 2020. Retrieved 4 May 2020.
  10. 1 2 3 4 5 Jayakumar, P. B. (1 January 2017). "King of Ports". Business Today. Archived from the original on 24 September 2022.
  11. ↑ "Mundra Port and SEZ Ltd | Private Operated Ports | Ports in Gujarat | Ports | Home | GMB Ports". 4 June 2013. Archived from the original on 4 June 2013. Retrieved 4 May 2020.
  12. 1 2 Chowdhury, Anirban (5 April 2017). "Adani Ports will go green, focus on logistics business". The Economic Times. Retrieved 4 May 2020.
  13. ↑ "Adani Logistics to buy inland container depot Tumb for Rs 835 crore". The Economic Times. 17 August 2022. ISSN 0013-0389. Archived from the original on 16 August 2022. Retrieved 2 March 2023.
  14. ↑ "Adaniports Institutional Ownership - Adani Ports and Special Economic Zone Ltd. Stock". fintel.io. Retrieved 4 May 2020.
  15. ↑ "Adani Agri Logistics Dispatches 30,000 Tonnes of Food Grains For PMGKAY". Businessworld. Retrieved 12 May 2020.
  16. ↑ Chatterjee, Adrija; Sanjai, P. R. (21 September 2022). "Adani Ports secures $3.1 billion port project in eastern India state". The Economic Times.
  17. ↑ "Adani Ports dredging fleet emerges as India's largest: APSEZ". The New Indian Express. Retrieved 4 May 2020.
  18. 1 2 Karunakaran, Naren (11 August 2016). "How Adani Group is moving towards corporate responsibility from controversies". The Economic Times. Retrieved 4 May 2020.
  19. ↑ "Adani Ports and SEZ: Morgan Stanley has this to say". The Financial Express. 28 August 2017. Retrieved 4 May 2020.
  20. ↑ "Warburg Pincus Arm To Invest Rs 800 Crore For 0.49% Stake In Adani Ports". Moneycontrol. 7 March 2021. Retrieved 7 March 2021.
  21. ↑ Casey, Jessica (26 April 2022). "Adani acquires Ocean Sparkle". Dry Bulk. Retrieved 26 April 2022.
  22. 1 2 "Adani And Gadot Win Tender To Privatise Israel's Haifa Port". Adani. 15 July 2022.
  23. 1 2 Mukherjee, Saurav (14 July 2022). "Adani Ports seal Israel's Haifa Port bid with Gadot for $1.18 billion". livemint.
  24. ↑ Times, Economic. "Adani Ports secures $3.1 billion port project in eastern India state".
  25. 1 2 3 Manoj, P. (3 August 2017). "APSEZ set to become top container port operator". @businessline. Archived from the original on 8 February 2022. Retrieved 4 May 2020.
  26. ↑ "Kerala in pact with Adani for Rs 7,525-crore Vizhinjam port project". The Economic Times. 17 August 2015. ISSN 0013-0389. Retrieved 2 March 2023.
  27. ↑ "Adani Vizhinjam Port: Phase 1 to come up by 2020". Financialexpress. 15 February 2019. Retrieved 2 March 2023.
  28. 1 2 Manoj, P. (21 September 2021). "Adani Ports seeks five years extension for completing Vizhinjam port". www.thehindubusinessline.com. Retrieved 2 March 2023.
  29. ↑ "Vizhinjam port: Govt appoints Kurian Joseph as arbitrator". The Times of India. 22 February 2021. ISSN 0971-8257. Retrieved 2 March 2023.
  30. ↑ Adhikari, Anand; John, Nevin (24 April 2016). "The Port King". Business Today Magazine. Retrieved 4 May 2020.
  31. 1 2 "Adani Ports and SEZ Ltd. completes Rs. 12000 cr acquisition of Krishnapatnam Port Company Ltd. (KPCL)". Adani Ports. 5 October 2020. Retrieved 24 February 2021.
  32. ↑ Manoj, P. (3 January 2020). "Adani Ports buys Krishnapatnam Port from CVR Group for ₹13,500 crore". @businessline. Archived from the original on 3 January 2020. Retrieved 24 February 2021.
  33. ↑ "Adani buying Krishnapatnam port for $770m". Seatrade Maritime. 5 December 2019. Retrieved 24 February 2021.
  34. ↑ "Adani Ports increases its ownership from 75% to 100% in Krishnapatnam Port by acquiring Vishwasamudra Holdings' 25% stake for Rs. 2,800 CRS". Adani Ports. 5 April 2021. Archived from the original on 20 June 2021. Retrieved 15 June 2021.
  35. ↑ "Hazira Port, Surat". Adani Ports. Retrieved 2 March 2023.
  36. 1 2 3 "Brief Summary". www.shell.in. Retrieved 2 March 2023.
  37. ↑ Langa, Mahesh (16 January 2016). "NGT lambasts Adani group for environment damage in Hazira". The Hindu. ISSN 0971-751X. Archived from the original on 2 September 2019. Retrieved 2 March 2023.
  38. 1 2 Mandavia, Megha; Barman, Arijit (17 May 2014). "Adani Ports acquires Dhamra Port on east coast of India for Rs 5,500 crore". The Economic Times. ISSN 0013-0389. Retrieved 2 March 2023.
  39. 1 2 3 4 "Dhamra Port, Odisha". Adani Ports. Retrieved 2 March 2023.
  40. 1 2 "Adani Ports inaugurates phase II of Dhamra Port". The Economic Times. 7 April 2018. Retrieved 4 May 2020.
  41. 1 2 3 4 5 6 7 "Dahej Port, Gujarat | Adani Ports and SEZ Ltd". www.adaniports.com. Retrieved 2 March 2023.
  42. 1 2 Manoj, P. (14 March 2022). "Adani Ports returns a coal terminal to Vizag Port Authority". Business Line. Archived from the original on 14 March 2022. Retrieved 2 March 2023.
  43. 1 2 3 4 "Mormugao Terminal | Adani Ports and SEZ". www.adaniports.com. Retrieved 2 March 2023.
  44. 1 2 "Kattupalli Port | Adani Ports and SEZ". www.adaniports.com. Retrieved 2 March 2023.
  45. 1 2 "Ennore Container Terminal, Chennai, Tamil Nadu". www.adaniports.com. Retrieved 2 March 2023.
  46. ↑ "Adani Ports gets nod to build dry bulk terminal at Kandla". The Economic Times. 27 February 2012.
  47. 1 2 3 "Tuna Terminal | Adani Ports and Logistics". www.adaniports.com. Retrieved 2 March 2023.
  48. ↑ "GK Marine | Ports & Infra SEZ PVT Ltd".
  49. ↑ "Port & Terminal Information Book" (PDF). Adani Ports. 1 March 2023.
  50. ↑ Jaiswal, Priya (17 February 2021). "Adani Ports acquires Dighi Port, earmarks Rs 10K cr for new gateway into Maharashtra". www.indiatvnews.com. Retrieved 17 February 2021.
  51. ↑ "Adani acquires Dighi Port for Rs 705 crore - OrissaPOST". Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST. 17 February 2021. Retrieved 17 February 2021.
  52. ↑ "National CSR Awards". National CSR Portal. Retrieved 2 March 2023.
  53. 1 2 "Adani Ports & SEZ gets National CSR award". Devdiscourse. Retrieved 4 May 2020.
  54. 1 2 "Adani Ports & SEZ gets National CSR award". Business Standard. Press Trust of India. 1 November 2019. Retrieved 4 May 2020.
  55. 1 2 "Adani Ports & SEZ gets National CSR award - Times of India". The Times of India. 1 November 2019. Retrieved 4 May 2020.
  56. ↑ Zaidi, Ammar (2 November 2019). "Adani Ports & SEZ gets National CSR award". Yahoo News. Archived from the original on 4 November 2019. Retrieved 4 May 2020.
  57. 1 2 3 "Environment ministry slaps Rs 200 crore fine on Adani group". The Economic Times. 4 September 2013. ISSN 0013-0389. Retrieved 2 March 2023.
  58. 1 2 Narain, Sunita; Ramesh, R.; Mehrotra, A.; Kapur, Lalit; Gnanamuthu, Antony (April 2013), REPORT OF THE COMMITTEE FOR INSPECTION OF M/s ADANI PORT & SEZ LTD. MUNDRA, GUJARAT (PDF), New Delhi: Ministry of Environment and Forests, retrieved 2 March 2023
  59. 1 2 3 "PORT OF COMPLICITY: ADANI IN MYANMAR". Justice for Myanmar. 30 March 2021. Retrieved 1 April 2021.
  60. ↑ Robertson, Josh (29 March 2021). "Adani denies engaging with Myanmar's military leaders over port deal but video suggests otherwise". ABC News. Retrieved 2 March 2023.
  61. ↑ "Decisions on observation and exclusion". Norges Bank Investment Management. 7 March 2022.
  62. ↑ "Adani Ports & Special Economic Zone Ltd". Council on Ethics, Government Pension Fund Global. 7 March 2022.
  63. ↑ R, Sethuraman N.; Varadhan, Sudarshan (27 October 2021). "India's Adani Ports scraps Myanmar container terminal plans". Reuters. Retrieved 2 March 2023.
  64. ↑ "Dispute between state-run CWC and Adani Ports". Financialexpress. 14 October 2022. Retrieved 14 October 2022.
  65. ↑ Dhananjay Mahapatra (14 October 2022). "Supreme Court stops Adani takeover of CWC warehouse, raps HC | India News - Times of India". The Times of India. Retrieved 14 October 2022.
  66. ↑ Mishra, Bhavini (13 October 2022). "SC grants relief to CWC in row with Adani Ports on alleged land takeover". www.business-standard.com. Retrieved 14 October 2022.
  67. 1 2 "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
  68. 1 2 Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters. Retrieved 25 January 2023.
  69. 1 2 Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. Retrieved 25 January 2023.
  70. 1 2 Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. Retrieved 25 January 2023.
  71. ↑ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. Retrieved 25 January 2023.
  72. ↑ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News. Retrieved 25 January 2023.
  73. ↑ Madhok, Diksha (25 January 2023). "Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious'". CNN Business. Atlanta, Georgia, USA. Retrieved 25 January 2023.
  74. ↑ Melin, Anders; Antony, Anto (22 June 2023). "Hindenburg's Adani Strike Adds Pressure on India's Already Wary Auditors". Bloomberg. Retrieved 23 June 2023.
  75. ↑ Cornish, Chloe (13 August 2023). "Deloitte resigns from Adani Ports as auditor". Financial Times. Retrieved 10 September 2023.
  76. ↑ "Deloitte's resignation from Adani Ports: Convincing or unconvincing? – ETCFO". The Economic Times. Retrieved 10 September 2023.
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