Adani Group Clarifies on Kenyan Project Cancellations Amid Allegations

25 Nov 2024 CW Team

Adani Energy Solutions Ltd. has clarified that Kenya鈥檚 cancellation of a $736 million transmission line project does not necessitate regulatory disclosure under Indian stock exchange rules. The company stated this was within its "ordinary course of business" and had no material impact on operations.

This clarification followed a Reuters report that Kenyan President William Ruto had ordered the termination of the 30-year public-private partnership agreement.

Meanwhile, Kenya also scrapped a separate procurement process concerning the management and upgrade of Nairobi's Jomo Kenyatta International Airport. The airport project, valued at approximately $2 billion, included plans for a second runway and terminal enhancements. Adani Energy Solutions denied involvement, stating, 鈥淣either the Company nor its subsidiaries have any contract related to Kenya鈥檚 airport.鈥�

Adding to the controversy, U.S. authorities indicted Adani Group founder Gautam Adani and seven others, alleging $265 million in bribes to Indian officials. The group has denied the allegations.

Infrastructure Urban

13 Jun 2025

Reliance, Diehl Advance Pact for Precision-Guided Munitions

Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..

Infrastructure Urban

13 Jun 2025

Modis Navnirman to Migrate to Main Board, Merge Subsidiary

Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..

Infrastructure Urban

13 Jun 2025

Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025

The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..