View source for Adani Group

{{Short description|Indian multinational conglomerate}}
{{for|other uses or companies named Adani|Adani (disambiguation)}}
{{Use Indian English|date=July 2025}}
{{Use dmy dates|date=July 2025}}
{{Infobox company
| name = Adani Group
| logo = Adani Group logo.svg
| logo_size = 230px
| caption = 
| image = 
| image_size = 
| image_caption = 
| type = [[Corporate group]]
| traded_as = 
| ISIN = 
| fate = 
| predecessor = 
| successor = 
| foundation = {{Start date and age|1988|07|20|df=yes}}
| founder = [[Gautam Adani]]
| defunct = 
| location_city = [[Ahmedabad]], [[Gujarat]]
| location_country = India
| area_served = Worldwide
| key_people = [[Gautam Adani]] ([[chairman]])
| revenue = {{up}} {{INRconvert|3.09|lc|lk=on}}<ref name =bt2024>{{cite web | last=Tyagi | first=Prince | title=How has Adani Group performed in 5 years? | website=Business Today | date=28 May 2024 | url=https://www.businesstoday.in/markets/company-stock/story/how-has-adani-group-performed-in-5-years-431160-2024-05-28/ | access-date=31 May 2024|quote =Data available from ACE Equity showed that the Adani Group has posted a record Rs 42,396 crore profit after tax (PAT) in FY24 from its 10 firms. While the top line for the group stands at Rs 3.09 lakh crore on consolidated basis and it has paid Rs 6,482 crore as taxes in FY24.| archive-url = https://web.archive.org/web/20240529095424/https://www.businesstoday.in/markets/company-stock/story/how-has-adani-group-performed-in-5-years-431160-2024-05-28|archive-date =29 May 2024| url-status =live }}</ref>
| revenue_year = 2024
| profit = {{up}} {{INRconvert|41263|c}}<ref name =bt2024/>
| profit_year = 2024
| industry = [[Conglomerate (company)|Conglomerate]]
| products = 
| services = {{hlist|[[Port management]] |[[Electric power industry|Electric power]] |[[Mining]] |[[Renewable energy]] |[[Airport#Management|Airport operations]] |[[Oil and gas]] |[[Food processing]] |[[Infrastructure]]<ref name="Financials"/>}}
| owner = <!--Public Limited{{citation needed|date=February 2023}}-->
| num_employees = ~36,000 (2024)<ref name="Financials">{{cite web |url=https://www.adani.com/About-us |title=About us {{!}} Growth with Goodness |access-date=13 December 2020 |archive-date=23 June 2022 |archive-url=https://web.archive.org/web/20220623183756/https://www.adani.com/About-us |url-status=live }}</ref>
| parent = 
| subsid = {{plainlist|
* [[Adani Enterprises]]
* [[Adani Ports & SEZ]]
* [[Adani Green Energy]]
* [[Adani Power]]
* [[Adani Energy Solutions]]
* Adani Total Gas
* Adani Defence and Aerospace
* Adani University
* [[Ambuja Cements]]
* [[ACC (company)|ACC]]
* [[NDTV]]
* [[Jaiprakash Associates]]
* [[Abbot Point|North Queensland Export Terminal]]
* Adani Foundation
}}
| homepage = {{URL|https://www.adani.com/|adani.com}}
| footnotes = <ref>{{Cite web |title=Financials {{!}} Adani Enterprises Limited |url=https://www.adanienterprises.com/investors/investor-downloads |access-date=13 April 2023 |website=[[Adani Enterprises]] |language=en |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140035/https://www.adanienterprises.com/investors/investor-downloads |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Adani Ports and Logistics |url=https://origin-webapp.adaniports.com/investors/investor-downloads |access-date=13 April 2023 |website=[[Adani Ports & SEZ]] |language=en |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140037/https://origin-webapp.adaniports.com/investors/investor-downloads |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Adani Power |url=https://www.adanipower.com/investors/investor-downloads |access-date=13 April 2023 |website=[[Adani Power]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140036/https://www.adanipower.com/investors/investor-downloads |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Adani Transmission |url=https://www.adanitransmission.com/investors |access-date=13 April 2023 |website=[[Adani Transmission]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140035/https://www.adanitransmission.com/investors |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Adani Total Gas |url=https://www.adanigas.com/investors/investor-downloads |access-date=13 April 2023 |website=www.adanigas.com |language=en |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140036/https://www.adanigas.com/investors/investor-downloads |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Adani Wilmar |url=https://www.adaniwilmar.com/investors/annual-reports |access-date=13 April 2023 |website=www.adaniwilmar.com |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140045/https://www.adaniwilmar.com/investors/annual-reports |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} Ambuja Cement |url=https://www.ambujacement.com/investors/annual-reports |access-date=13 April 2023 |website=[[Ambuja Cements]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140043/https://www.ambujacement.com/investors/annual-reports |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} ACC Limited |url=https://www.acclimited.com/investor-relations/financial-annual-results |access-date=13 April 2023 |website=[[ACC (company)]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140038/https://www.acclimited.com/investor-relations/financial-annual-results |url-status=live }}</ref><ref>{{Cite web |title=Financials {{!}} NDTV |url=https://www.ndtv.com/convergence/ndtv/corporatepage/annual_reports.aspx |access-date=13 April 2023 |website=[[NDTV]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413140034/https://www.ndtv.com/convergence/ndtv/corporatepage/annual_reports.aspx |url-status=live }}</ref>
}}

'''Adani Group''' ({{IPA|hi|əd̪aːniː|lang}}, {{IPA|gu|əd̪aɳiː|lang}}) is an Indian [[Multinational corporation|multinational]] [[Conglomerate (company)|conglomerate]], headquartered in [[Ahmedabad]]. Founded by [[Gautam Adani]] in 1988 as a [[commodity trading]] business, the Group's businesses include [[port|sea]] and [[airport]] management, [[electricity generation]] and [[Electric power transmission|transmission]], [[mining]], [[natural gas]], [[food processing|food]], [[Military technology|weapons]], and [[infrastructure]].<ref>{{cite web|url=https://www.thehindubusinessline.com/companies/after-adag-adani-enters-defence-sector-signs-up-with-israeli-firm/article8414039.ece|title=After ADAG, Adani enters defence sector, signs up with Israeli firm|date=30 March 2016|access-date=25 June 2018|archive-date=2 February 2021|archive-url=https://web.archive.org/web/20210202210530/https://www.thehindubusinessline.com/companies/after-adag-adani-enters-defence-sector-signs-up-with-israeli-firm/article8414039.ece|url-status=live}}</ref> It is particularly active in metal commodity exchange. More than 60% of its revenue is derived from coal-related businesses.<ref name="godda" />

Noted for its close association with the ruling [[Bharatiya Janata Party]],<ref name="Aljazeera230301">{{cite web | title=Modi govt allowed Adani coal deals it knew were 'inappropriate' | website=Al Jazeera | date=1 March 2023 | url=https://www.aljazeera.com/economy/2023/3/1/modi-govt-allowed-adani-coal-deals-it-knew-were-inappropriate | access-date=26 October 2024}}</ref><ref name="dw20230702">{{cite web | last=Krishnan | first=Murali | title=India: Is the Adani crisis becoming a liability for Modi? – DW – 02/07/2023 | website=Deutsche Welle | date=7 February 2023 | url=https://www.dw.com/en/india-is-adani-crisis-becoming-a-political-liability-for-modi/a-64632399 | access-date=26 October 2024}}</ref> Adani was the largest Indian conglomerate as of 2022 with a US$206 billion market capitalisation, surpassing [[Tata Group]].<ref name=":0">{{cite news|url=https://timesofindia.indiatimes.com/business/india-business/adani-beats-tatas-to-be-most-valued-group/articleshow/94255942.cms|access-date=17 September 2022|title=Adani beats Tatas to be most valued group|website=Times of India|date=17 September 2022|language=en|archive-date=17 September 2022|archive-url=https://web.archive.org/web/20220917015055/https://timesofindia.indiatimes.com/business/india-business/adani-beats-tatas-to-be-most-valued-group/articleshow/94255942.cms|url-status=live}}</ref> It lost more than $104 billion in value after [[#Stock manipulation and accounting fraud allegations|fraud and market manipulation allegations]] by short-seller firm [[Hindenburg Research]].<ref name="report" /><ref>{{cite web |title=Gautam Adani: the Indian billionaire vs the short seller |date=10 July 2023 |url=https://www.ft.com/video/5de54044-3095-4670-83d4-84dce3a57845 |access-date=11 July 2023 |language=en-GB}}</ref> In May 2024, the Adani Group's market capitalisation returned to over $200 billion after the [[Supreme Court of India|Supreme Court]] directed the [[Securities and Exchange Board of India]] (SEBI) to expedite its investigation.<ref>{{Cite news |date=24 May 2024 |title=Adani Group mcap rises to Rs 17.5 trn, highest since Hindenburg incident |url=https://www.business-standard.com/companies/news/adani-group-mcap-rises-to-rs-17-5-trn-highest-since-hindenburg-incident-124052301431_1.html |access-date=5 July 2024 |work=Business Standard}}</ref>

The Adani Group has also attracted other [[#Controversies|controversies]] due to reports suggesting [[stock manipulation]], [[accounting irregularities]], exporting [[military drone]]s to Israel for its [[Gaza war|war in Gaza]], [[political corruption]], [[cronyism]], [[tax evasion]], [[environmental damage]], [[Strategic lawsuit against public participation|suing journalists]] and [[money laundering]].<ref name="r843">{{cite web | title=Swiss prosecutors freeze $310mn as part of Adani investigation | website=Financial Times | date=2024-09-13 | url=https://www.ft.com/content/85a68905-826a-4f9d-b020-bcb202ef6842 | access-date=2025-09-24}}</ref><ref name=":3">{{cite news |last1=Findlay |first1=Stephanie |last2=Lockett |first2=Hudson |title='Modi's Rockefeller': Gautam Adani and the concentration of power in India |url=https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b |access-date=24 January 2023 |publisher=Financial Times |date=13 November 2020 |archive-date=24 January 2023 |archive-url=https://web.archive.org/web/20230124073449/https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b |url-status=live}}<br/>{{cite news |last1=Madhok |first1=Diksha |title=Gautam Adani was a college dropout. Now he may be too big to fail |url=https://edition.cnn.com/2022/10/10/business/gautam-adani-india-risk-takers-22/index.html |access-date=24 January 2023 |work=CNN|date=13 November 2020 |archive-date=24 January 2023 |archive-url=https://web.archive.org/web/20230124073451/https://edition.cnn.com/2022/10/10/business/gautam-adani-india-risk-takers-22/index.html |url-status=live}}{{cite web |last=Roy |first=Saumya |title=Q&A: 'Chilling': Journalist sued by Adani, cited by Hindenburg |url=https://www.aljazeera.com/news/2023/4/21/qa-chilling-journalist-sued-by-adani-cited-by-hindenburg |website=Aljazeera |language=en |access-date=24 April 2023}}</ref><ref name="Exclusive: Was Adani's associate in China involved in violating UN Security Council sanctions against North Korea?" />

== History ==
Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. With a capital of ₹5 [[lakhs]], the company was established as a partnership firm with the flagship company Adani Enterprises, previously Adani Exports.<ref>{{cite web|url=https://business.mapsofindia.com/business-leaders/gautam-adani.html|title=Gautam Adani Biography- About family, children, education, wife, age, and more|website=business.mapsofindia.com|access-date=25 June 2018|archive-date=3 July 2019|archive-url=https://web.archive.org/web/20190703183848/https://business.mapsofindia.com/business-leaders/gautam-adani.html|url-status=live}}</ref>
In 1990, the Adani Group developed its own port in [[Mundra]] to provide a base for its trading operations. It began construction at Mundra in 1995. In 1998, it became the top net foreign exchange earner for India Inc.<ref name="superbrandsindia.com" /> The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar.<ref name="dnaindia.com">{{cite web|url=http://www.dnaindia.com/business/report-adani-to-bring-wilmar-products-to-india-1768311|title=Adani to bring Wilmar products to India|date=23 November 2012|access-date=25 June 2018|archive-date=23 April 2022|archive-url=https://web.archive.org/web/20220423184928/https://www.dnaindia.com/business/report-adani-to-bring-wilmar-products-to-india-1768311|url-status=live}}</ref>

Adani handled 4&nbsp;Mt of cargo at Mundra in 2002, becoming the largest private port in India. Later in 2006, the company became the largest [[coal]] importer in India with 11&nbsp;Mt of coal handling.<ref name="superbrandsindia.com" />
The company expanded its business in 2008, purchasing [[Bunyu]] Mine in Indonesia which has 180&nbsp;Mt of coal reserves. In 2009 the firm began generating 330&nbsp;MW of thermal power. It also built an edible oil refining capacity in India of 2.2&nbsp;Mt per annum.<ref name="superbrandsindia.com" />

In 2010, Adani group with help of [[Petronet LNG]] will set up a solid cargo port through a Joint Venture company namely Adani Petronet (Dahej) Port Private Ltd., has already commenced its Phase 1 operations from August 2010 at Dahej Port. solid cargo port terminal would have facilities to import/export bulk products like coal, steel and fertiliser. PLL has 26% equity in this JV.<ref>{{cite web |url=https://petronetlng.in/solid-cargo-ports.php |title=Petronet LNG Limited : Solid Cargo Port |access-date=11 April 2023 |archive-date=11 April 2023 |archive-url=https://web.archive.org/web/20230411060725/https://petronetlng.in/solid-cargo-ports.php |url-status=live}}</ref><ref>{{cite web |url=https://www.moneycontrol.com/news/business/companies/-1078713.html |title=Adani Petronet expands Dahej port capacity |date=3 January 2012 |access-date=11 April 2023 |archive-date=11 April 2023 |archive-url=https://web.archive.org/web/20230411060727/https://www.moneycontrol.com/news/business/companies/-1078713.html |url-status=live}}</ref>

The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010.<ref name=":5">{{cite web |url=http://articles.economictimes.indiatimes.com/2010-10-27/news/27576926_1_coal-block-chhattisgarh-mineral-development-corporation-adani-enterprises |title=Adani bags rights to develop Orissa coal block |date=27 October 2010 |website=Economic Times |archive-url=https://web.archive.org/web/20121015035046/http://articles.economictimes.indiatimes.com/2010-10-27/news/27576926_1_coal-block-chhattisgarh-mineral-development-corporation-adani-enterprises |archive-date=15 October 2012 |url-status=dead |access-date=16 December 2018}}</ref> Operations at the [[Port of Dahej]] commenced in 2011 and its capacity subsequently grew to 20&nbsp;Mt. The company also bought [[Galilee Basin]] mine in [[Australia]] with 10.4 gigatonnes (Gt) of coal reserves.<ref>{{cite news |last=Readfearn |first=Graham |date=8 January 2022 |title=After Adani: whatever happened to Queensland's Galilee basin coal boom? |language=en-GB |work=The Guardian |url=https://www.theguardian.com/australia-news/2022/jan/09/after-adani-whatever-happened-to-queenslands-galilee-basin-coal-boom |access-date=15 August 2023 |issn=0261-3077}}</ref> More than 60 per cent of the Adani Group's revenue is derived from coal-related businesses.<ref name="godda" />

In 2011, the Adani group also bought [[Abbot Point]] port in Australia with 50&nbsp;Mt of handling capacity. It commissioned India's largest solar power plant with a capacity 40&nbsp;MW. As the firm achieved 3,960&nbsp;MW capacity, it became the largest private sector thermal power producer in India. In 2012 The company shifted its focus on three business clusters – resources, logistics and energy.<ref>{{cite web|url=https://www.thehindubusinessline.com/companies/adani-group-to-have-new-identity-logo/article23064221.ece|title=Adani Group to have new identity, logo|date=22 February 2012|access-date=25 June 2018|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410214649/https://www.thehindubusinessline.com/companies/adani-group-to-have-new-identity-logo/article23064221.ece|url-status=live}}</ref>

Adani Power emerged as India's largest private power producer in 2014.<ref>{{cite web|url=https://www.livemint.com/Industry/Jv2Ih444FhQCbWRNfZpGkI/Adani-power-commissions-fourth-unit-of-Tiroda-power-plant.html|title=Adani Power commissions 4th unit of Tiroda power plant in Gujarat|first=Makarand|last=Gadgil|date=3 April 2014|access-date=25 June 2018|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410220146/https://www.livemint.com/Industry/Jv2Ih444FhQCbWRNfZpGkI/Adani-power-commissions-fourth-unit-of-Tiroda-power-plant.html|url-status=live}}</ref> Adani Power's total installed capacity then stood at 9,280&nbsp;MW.<ref>{{cite web |url=http://articles.economictimes.indiatimes.com/2014-04-04/news/48866632_1_power-generation-capacity-power-sector-adani-power |title=Adani Power becomes India's largest private power producer |date=4 April 2014 |website=[[The Economic Times]] |archive-url=https://web.archive.org/web/20140407064138/http://articles.economictimes.indiatimes.com/2014-04-04/news/48866632_1_power-generation-capacity-power-sector-adani-power |archive-date=7 April 2014 |url-status=dead |access-date=16 December 2018}}</ref> On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for {{INRConvert|5500|c|lk=|year=2014}}.<ref>{{cite news|url=http://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/adani-ports-acquires-dhamra-port-on-east-coast-of-india-for-rs-5500-crore/articleshow/35206023.cms|title=Adani Ports acquires Dhamra Port on east coast of India for Rs 5,500 crore|first1=Megha|last1=Mandavia|first2=Arijit|last2=Barman|date=17 May 2014|access-date=25 June 2018|newspaper=The Economic Times|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410214656/https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/adani-ports-acquires-dhamra-port-on-east-coast-of-india-for-rs-5500-crore/articleshow/35206023.cms|url-status=live}}</ref> Dhamra Port was a 50:50 joint venture between [[Tata Steel]] and [[Larsen & Toubro|L&T Infrastructure]] Development Projects, which has been acquired by Adani Ports. The port began operations in May 2011 and handled a total cargo of 14.3&nbsp;Mt in 2013{{ndash}}14.<ref>{{cite news|url=http://www.business-standard.com/article/companies/adani-acquires-dhamra-port-for-rs-5-500-crore-114051601060_1.html|title=Adani acquires Dhamra Port for Rs 5,500 crore|newspaper=Business Standard India|date=17 May 2014|access-date=25 June 2018|via=Business Standard|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410220159/https://www.business-standard.com/article/companies/adani-acquires-dhamra-port-for-rs-5-500-crore-114051601060_1.html|url-status=live}}</ref> With the acquisition of [[Dhamra Port]], the group is planning to increase its capacity to over 200&nbsp;Mt by 2020.<ref>{{cite news|url=http://www.thehindu.com/business/Industry/adani-ports-acquires-dhamra-port-for-rs5500-cr/article6017248.ece|title=Adani Ports acquires Dhamra Port for Rs.5,500 cr|newspaper=The Hindu|date=16 May 2014|access-date=25 June 2018|via=www.thehindu.com|archive-date=21 May 2014|archive-url=https://web.archive.org/web/20140521105727/http://www.thehindu.com/business/Industry/adani-ports-acquires-dhamra-port-for-rs5500-cr/article6017248.ece|url-status=live}}</ref><ref>{{cite web|url=https://www.businesstoday.in/current/deals/adani-buys-dhamra-port-from-tata-steel-l-and-t/story/206299.html|title=Adani Ports buys Dhamra Port from Tata Steel, L&T for Rs 5,500 crore|website=businesstoday.in|date=17 May 2014|access-date=25 June 2018|archive-date=21 June 2021|archive-url=https://web.archive.org/web/20210621003141/https://www.businesstoday.in/current/deals/adani-buys-dhamra-port-from-tata-steel-l-and-t/story/206299.html|url-status=live}}</ref>

[[File:Krishnapatnam_port_cranes_unloadng_a_ship.jpg|thumb|[[Krishnapatnam Port]] in Andhra Pradesh]]
In 2015, the Adani Group's Adani Renewable Energy Park signed a pact with the [[Government of Rajasthan|Rajasthan Government]] for a 50:50 joint venture to set up India's largest solar park with a capacity of 10,000&nbsp;MW.<ref>{{cite web|url=http://www.dnaindia.com/business/report-adani-to-set-up-country-s-largest-solar-park-of-10000-mw-in-rajasthan-2095988|title=Adani to set up country's largest solar park of 10,000&nbsp;MW in Rajasthan|date=16 June 2015|access-date=25 June 2018|archive-date=25 June 2018|archive-url=https://web.archive.org/web/20180625190641/http://www.dnaindia.com/business/report-adani-to-set-up-country-s-largest-solar-park-of-10000-mw-in-rajasthan-2095988|url-status=live}}</ref> In November 2015, the Adani group began construction at the port in [[Vizhinjam]], [[Kerala]].<ref>{{cite web|url=https://www.marinelink.com/news/vizhinjam-kerala-adani396369|title=Adani in Pact with Kerala for Vizhinjam Port|date=18 August 2015|access-date=25 June 2018|archive-date=26 April 2022|archive-url=https://web.archive.org/web/20220426093220/https://www.marinelink.com/news/vizhinjam-kerala-adani396369|url-status=live}}</ref>

Adani Aero Defence signed a pact with the Israeli arms manufacturer, [[Elbit]]-ISTAR, and Alpha Design Technologies to work in the field of Unmanned Aircraft Systems (UAS) in India in 2016. In April, Adani Enterprises secured approval from the [[Government of Gujarat]] to begin work on building a solar power equipment plant. In September, [[Adani Green Energy]] ([[Tamil Nadu]]), the renewable wing of the Adani Group, began operations in [[Kamuthi]] in [[Ramanathapuram]], Tamil Nadu with a capacity of 648&nbsp;MW at an estimated cost of {{INRConvert|4550|c|lk=|year=2016}}.<ref name="auto1" /> In the same month, the Adani Group inaugurated a 648&nbsp;MW single-location solar power plant. It was the world's largest solar power plant at the time it was set up.<ref name="auto1" />

On 22 December 2017, the Adani Group acquired the power arm of [[Reliance Infrastructure]] for {{INRconvert|18800|c|year=2017|mode=historical}}.<ref>{{cite web|url=http://www.livemint.com/Companies/9bKCuIrmHj5gHLINdSO7XO/Reliance-Infra-sells-Mumbai-power-business-to-Adani-Transmis.html|title=Reliance Infrastructure sells Mumbai power business to Adani Transmission for Rs18,800 crore|first=Shakti|last=Patra|date=21 December 2017|access-date=25 June 2018|archive-date=25 July 2021|archive-url=https://web.archive.org/web/20210725052344/https://www.livemint.com/Companies/9bKCuIrmHj5gHLINdSO7XO/Reliance-Infra-sells-Mumbai-power-business-to-Adani-Transmis.html|url-status=live}}</ref>

In October 2019, [[France|French]] oil and gas company [[TotalEnergies]] bought a 37.4% stake in Adani Gas for {{INRconvert|6155|c|year=2019|mode=historical}} and obtained joint control of the company.<ref>{{cite news |last1=Manoj |first1=P. |title=Total buys 37.4 per cent stake in Adani Gas for Rs 6,155 crore |url=https://www.thehindubusinessline.com/companies/total-buys-374-stake-in-adani-gas-for-rs-5662-crore/article29678364.ece |access-date=5 July 2021 |work=Business Line |date=14 October 2019 |language=en |archive-date=10 April 2022 |archive-url=https://web.archive.org/web/20220410221723/https://www.thehindubusinessline.com/companies/total-buys-374-stake-in-adani-gas-for-rs-5662-crore/article29678364.ece |url-status=live }}</ref> Total also invested {{USD}}510 million in a subsidiary of Adani Green Energy in February 2020.<ref>{{cite news |title=Adani Green Energy surges after signing deal with Total for $510 million |url=https://economictimes.indiatimes.com/small-biz/productline/power-generation/adani-green-energy-surges-after-signing-deal-with-total-for-510-million/articleshow/74133215.cms |access-date=6 July 2021 |work=The Economic Times |archive-date=10 April 2022 |archive-url=https://web.archive.org/web/20220410220144/https://economictimes.indiatimes.com/small-biz/productline/power-generation/adani-green-energy-surges-after-signing-deal-with-total-for-510-million/articleshow/74133215.cms |url-status=live }}</ref>

[[File:NIGHT - Jaipur International Airport (13-07-2022) 01.jpg|thumb|[[Jaipur International Airport]]]]

In August 2020, Adani Group obtained a majority stake in [[Chhatrapati Shivaji Maharaj International Airport|Mumbai]] and [[Navi Mumbai International Airport|Navi Mumbai]] airports after entering a debt acquisition agreement with [[GVK Industries|GVK Group]].<ref name="tussle">{{cite news |title=Adani takes over MIAL, Navi Mumbai airports after a 2-year tussle with GVK |url=https://www.thehindubusinessline.com/companies/gvk-in-deal-with-adani-group-for-mumbai-international-airport/article32484211.ece |access-date=5 June 2021 |work=Business Line |language=en |archive-date=2 June 2022 |archive-url=https://web.archive.org/web/20220602100733/https://www.thehindubusinessline.com/companies/gvk-in-deal-with-adani-group-for-mumbai-international-airport/article32484211.ece |url-status=live}}</ref> Through a [[concession (contract)|concession agreement]] with the [[Airports Authority of India]], Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports.<ref name="hikeown">{{cite news |title=Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74% |url=https://www.businesstoday.in/current/corporate/adani-group-completes-acquisition-of-235-stake-in-mumbai-airport-to-hike-ownership-to-74/story/430554.html |access-date=25 April 2021 |work=www.businesstoday.in |archive-date=3 June 2021 |archive-url=https://web.archive.org/web/20210603151256/https://www.businesstoday.in/current/corporate/adani-group-completes-acquisition-of-235-stake-in-mumbai-airport-to-hike-ownership-to-74/story/430554.html |url-status=live }}</ref>

In May 2021, Adani Green Energy acquired SB Energy, a joint venture of [[SoftBank Group]] and [[Bharti Enterprises]], for {{USD}}3.5 billion.<ref>{{cite news |last1=Jai |first1=Shreya |title=Adani Green buys SB Energy from Softbank and Bharti; firm valued at $3.5 bn |url=https://www.business-standard.com/article/companies/adani-green-buys-sb-energy-from-softbank-and-bharti-firm-valued-at-3-5-bn-121051900157_1.html |access-date=5 July 2021 |work=Business Standard India |date=19 May 2021 |archive-date=9 July 2021 |archive-url=https://web.archive.org/web/20210709182645/https://www.business-standard.com/article/companies/adani-green-buys-sb-energy-from-softbank-and-bharti-firm-valued-at-3-5-bn-121051900157_1.html |url-status=live }}</ref>

In May 2022, the Adani Group acquired [[Ambuja Cements]] and [[ACC (company)|ACC]] for $10.5 billion. The deal will make the Adani Group the second largest cement maker in India.<ref>{{Cite web |last3= |first3= |title=Adani Group becomes India's 2nd largest cement maker with $10.5 billion acquisition of Ambuja-ACC |url=https://www.indiatoday.in/business/story/adani-group-india-2nd-largest-cement-maker-acquires-10-5-billion-ambuja-acc-holcim-1949859-2022-05-16 |access-date=16 May 2022 |website=India Today |date= 16 May 2022|language=en |archive-date=16 May 2022 |archive-url=https://web.archive.org/web/20220516073134/https://www.indiatoday.in/business/story/adani-group-india-2nd-largest-cement-maker-acquires-10-5-billion-ambuja-acc-holcim-1949859-2022-05-16 |url-status=live }}</ref>

In May 2022, UAE-based conglomerate International Holding Company (IHC), headed by Syed Basar Shueb, invested {{USD}}2 billion in three Adani Group companies, namely Adani Green Energy, Adani Transmission and Adani Enterprises.<ref>{{cite news | url=https://economictimes.indiatimes.com/industry/energy/power/three-adani-group-companies-receive-2-billion-from-abu-dhabis-ihc/articleshow/91620861.cms | title=Three Adani Group companies receive $2 billion from Abu Dhabi's IHC | newspaper=The Economic Times | access-date=30 June 2022 | archive-date=30 June 2022 | archive-url=https://web.archive.org/web/20220630093301/https://economictimes.indiatimes.com/industry/energy/power/three-adani-group-companies-receive-2-billion-from-abu-dhabis-ihc/articleshow/91620861.cms | url-status=live }}</ref><ref>{{cite web | url=https://www.livemint.com/companies/news/abu-dhabi-s-ihc-invests-rs-15-400-crore-in-three-adani-firms-11652779640296.html | title=Abu Dhabi's IHC invests ₹15,400 crore in three Adani firms | date=17 May 2022 | access-date=30 June 2022 | archive-date=30 June 2022 | archive-url=https://web.archive.org/web/20220630093259/https://www.livemint.com/companies/news/abu-dhabi-s-ihc-invests-rs-15-400-crore-in-three-adani-firms-11652779640296.html | url-status=live }}</ref> In June 2022, [[TotalEnergies]] acquired a 25% stake in Adani New Industries, the newly formed [[green hydrogen]] subsidiary of [[Adani Enterprises]], for {{USD}}12.5 billion.<ref>{{cite news |last1=Laskar |first1=Anirudh |title=French energy giant TotalEnergies to invest $12.5 bn in Adani Group's new firm |url=https://www.livemint.com/companies/news/french-energy-giant-totalenergies-to-invest-12-5-bn-in-adani-group-s-new-firm-11655186103383.html |access-date=1 July 2022 |work=[[Mint (newspaper)|Mint]] |date=14 June 2022 |language=en |archive-date=1 July 2022 |archive-url=https://web.archive.org/web/20220701143143/https://www.livemint.com/companies/news/french-energy-giant-totalenergies-to-invest-12-5-bn-in-adani-group-s-new-firm-11655186103383.html |url-status=live }}</ref>

In May 2025, Adani Group abruptly ended its partnership with China-based lounge provider DragonPass, days after announcing it, stating DragonPass users would no longer access Adani airport lounges, with no impact on other customers.<ref name="TOI2025">{{cite news |title=Adanis terminate deal with Chinese company DragonPass |url=https://timesofindia.indiatimes.com/india/adanis-terminate-deal-with-chinese-company-dragonpass/articleshow/121196330.cms |work=The Times of India |date=16 May 2025 |access-date=16 May 2025}}</ref>

== Criticism ==
=== Coal mining in Australia ===
{{main|Carmichael coal mine}}
[[File:Adani's Abbot Point coal spill photos (33962498356).jpg|thumb|Coal spill at [[Abbot Point]], Australia, after [[Cyclone Debbie]] in 2017]]
The Adani Group launched in 2014, with the support of the [[Australian Government|Australian]] and [[Queensland Government]]s, a mining and rail project, the [[Carmichael coal mine]], in [[Queensland]]'s [[Galilee Basin]], for $21.5 billion<!---AUD or USD?---> over the life of the project, i.e. 60 years.<ref name="DescriptionAdani90ans" /> Its annual capacity would be 10&nbsp;Mt of thermal coal.<ref>{{cite web|title=Carmichael Mine {{!}} Bravus Mining & Resources|url=https://www.bravus.com.au/carmichael-mine/|access-date=18 May 2021|website=Carmichael Mine {{!}} Bravus Mining & Resources|language=en|archive-date=25 March 2022|archive-url=https://web.archive.org/web/20220325025450/https://www.bravus.com.au/carmichael-mine/|url-status=dead}}</ref>

In response to pressure by environmental activists, some international banks refused to finance it.<ref>{{cite news|url=https://www.theguardian.com/environment/2014/nov/18/carmichael-mine-environmental-impact-unknown-for-years|title=Carmichael mine: environmental impact will be unknown for years|first=Oliver|last=Milman|newspaper=The Guardian|date=17 November 2014|via=www.theguardian.com|access-date=9 September 2019|archive-date=20 October 2017|archive-url=https://web.archive.org/web/20171020003431/https://www.theguardian.com/environment/2014/nov/18/carmichael-mine-environmental-impact-unknown-for-years|url-status=live}}</ref> The mine has drawn criticism for its environmental impacts on the [[Great Barrier Reef]], water usage, and [[carbon emissions]],<ref name="lcmia">{{Cite news |url=https://www.theguardian.com/environment/2014/jul/28/largest-coal-mine-in-australia-federal-government-gives-carmichael-go-ahead |title=Largest coal mine in Australia: federal government gives Carmichael go-ahead |author=Oliver Milman |access-date=2 August 2014 |date=28 July 2014 |work=[[The Guardian]]  |archive-date=29 July 2014 |archive-url=https://web.archive.org/web/20140729120833/http://www.theguardian.com/environment/2014/jul/28/largest-coal-mine-in-australia-federal-government-gives-carmichael-go-ahead |url-status=live }}</ref> leading to a campaign known as [[Stop Adani]], which put pressure on the [[Big Four (banking)|Big Four banks]] in Australia not to finance the mine.<ref>{{Cite web |last=Gulliver |first=Robyn |date=11 October 2022 |title=Australian Campaign Case Study: Stop Adani, 2012 - 2022 |url=https://commonslibrary.org/australian-campaign-case-study-stop-adani-2012-2022/ |access-date=10 November 2022 |website=The Commons Social Change Library |language=en-AU |archive-date=10 November 2022 |archive-url=https://web.archive.org/web/20221110031949/https://commonslibrary.org/australian-campaign-case-study-stop-adani-2012-2022/ |url-status=live }}</ref><ref>{{cite web | title=How a 3 year campaign moved Westpac to rule out new coal basins | website=Stop Adani | date=1 August 2018 | url=https://www.stopadani.com/how_a_3_year_campaign_moved_westpac | access-date=29 May 2024}}</ref><ref>{{cite web | title=An incredible moment for the #StopAdani campaign. | via=Free Online Library | date=2017 |author=[[Australian Conservation Foundation]] | url=https://www.thefreelibrary.com/An+incredible+moment+for+the+%23StopAdani+campaign-a0510482303 | access-date=29 May 2024}}</ref><ref>{{Cite web|date=28 April 2017|title=Big four banks distance themselves from Adani coalmine as Westpac rules out loan|url=http://www.theguardian.com/environment/2017/apr/28/big-four-banks-all-refuse-to-fund-adani-coalmine-after-westpac-rules-out-loan|access-date=10 July 2021|website=[[The Guardian]]|language=en}}</ref> In November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources.<ref>{{Cite news|agency=Press Trust of India|date=29 November 2018|title=Adani's Carmichael mine, rail project to be financed through group's resources|work=Business Standard India|url=https://www.business-standard.com/article/pti-stories/adani-s-carmichael-mine-rail-project-to-be-financed-through-group-s-resources-118112900349_1.html|access-date=18 May 2021|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410220147/https://www.business-standard.com/article/pti-stories/adani-s-carmichael-mine-rail-project-to-be-financed-through-group-s-resources-118112900349_1.html|url-status=live}}</ref>

In 2015, the then-head of Adani's Australian mining division came under scrutiny due to his association with a mining pollution incident in [[Zambia]], sparking renewed concerns about Adani's suitability to manage the Carmichael coal mine. According to a collaborative report from [[Environmental justice in Australia|Environmental Justice Australia]], Jeyakumar Janakaraj held significant positions at a mining company that faced criminal charges related to the contamination of the [[Kafue River]] in Zambia. This occurred before he assumed leadership role of Adani's operations in Australia. Specifically, Janakaraj served as the operations director at [[Konkola Copper Mines]] in 2010, when the company faced legal charges concerning the discharge of hazardous wastewater into the river.<ref>{{Cite news |last=Robertson |first=Joshua |date=12 November 2015 |title=Boss of Adani's Australian arm linked to mining pollution in Zambia |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2015/nov/13/boss-adani-australian-arm-linked-mining-pollution-zambia |access-date=21 August 2023 |issn=0261-3077}}</ref> However, the Australian Government characterised Adani's omission of Janakaraj's involvement in the African pollution incident as a "mistake."<ref>{{Cite news |last=Willacy |first=Mark |date=20 January 2016 |title=Adani 'made mistake' in failing to disclose CEO ran polluting mine |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2016-01-21/adanis-non-disclosure-of-ceos-pollution-history-a-mistake/7102270 |access-date=21 August 2023}}</ref> Although, under section 489 of Australia's ''[[Environment Protection and Biodiversity Conservation Act 1999]]'', presenting inaccurate or deceptive information could potentially constitute an offence, the federal government opted not to pursue any legal action against Adani.<ref>{{Cite news |last=Slezak |first=Michael |date=21 January 2016 |title=Adani to face no action over Australian CEO's link to Zambia mine pollution |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2016/jan/21/adani-to-face-no-action-over-australian-ceos-link-to-zambia-mine-pollution |access-date=21 August 2023 |issn=0261-3077}}</ref>

The [[Australian Government]] has been taken to the [[Federal Court of Australia]] by the [[Australian Conservation Foundation]] twice, once in 2018 and once in March 2020 (still ongoing {{as of|lc=yes|September 2020}}), relating to its contravention and alleged contravention of the ''[[Environment Protection and Biodiversity Conservation Act 1999]]'' with respect to the impact of the Carmichael mine on [[groundwater]] and the country's [[water resources]].<ref name="acf2020">{{cite web |title=ACF challenges Morrison Government decision to not apply water trigger to Adani pipeline |website=Australian Conservation Foundation |date=16 March 2020 |url=https://www.acf.org.au/acf_challenges_morrison_govt_decision_to_not_apply_water_trigger_to_adani_pipeline |access-date=31 August 2020 |archive-date=15 March 2022 |archive-url=https://web.archive.org/web/20220315190040/https://www.acf.org.au/acf_challenges_morrison_govt_decision_to_not_apply_water_trigger_to_adani_pipeline |url-status=live}}</ref> In July 2019, the project received its final approvals from the government, and construction of the mine commenced.<ref>{{cite web|url=https://www.statedevelopment.qld.gov.au/coordinator-general/assessments-and-approvals/coordinated-projects/completed-projects/carmichael-coal-mine-and-rail-project.html|title=Carmichael Coal Mine and Rail Project|website=statedevelopment.qld.gov.au|date=12 November 2020|access-date=5 February 2020|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125021707/https://statedevelopment.qld.gov.au/coordinator-general/assessments-and-approvals/coordinated-projects/completed-projects/carmichael-coal-mine-and-rail-project.html|url-status=live}}</ref>

In 2020, Adani Mining changed its name to Bravus Mining and Resources.<ref>{{cite news |last=Philpott |first=Meech |date=5 November 2020 |title=Adani Mining changes name to Bravus in Australia |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2020-11-05/adani-changes-name-to-barvus-mining-and-resources/12851592 |access-date=19 September 2022 |archive-date=26 December 2022 |archive-url=https://web.archive.org/web/20221226193234/https://www.abc.net.au/news/2020-11-05/adani-changes-name-to-barvus-mining-and-resources/12851592 |url-status=live }}</ref>

On 29 December 2021, Bravus announced that the first shipment of high-quality coal from the Carmichael mine had been assembled at the [[North Queensland Export Terminal]] (NQXT) in [[Bowen, Queensland|Bowen]] ready for export as planned.<ref>{{Cite web |url=https://www.bravus.com.au/carmichael-s-first-export-ready-to-sail-yzj7r4/ |title=''Carmichael's first export ready to sail'' |access-date=2 January 2022 |archive-date=2 January 2022 |archive-url=https://web.archive.org/web/20220102083113/https://www.bravus.com.au/carmichael-s-first-export-ready-to-sail-yzj7r4/ |url-status=dead }}</ref>

=== Cronyism ===
[[File:Narendra Modi by Rangilo 03.JPG|thumb|[[Narendra Modi]] in 2012]]
Chairman and MD Gautam Adani has been described as being close to former [[Chief Minister of Gujarat]] and Indian Prime Minister [[Narendra Modi]] and his ruling [[Bharatiya Janata Party]] (BJP).<ref name="Farrer">{{cite news |last1=Farrer |first1=Martin |title=Media freedom fears in India after Modi ally Adani buys 29% stake in NDTV |url=https://www.theguardian.com/world/2022/aug/24/media-freedom-fears-in-india-after-modi-ally-adani-buys-29-stake-in-ndtv |access-date=31 December 2022 |work=[[The Guardian]] |date=24 August 2022 |archive-date=30 December 2022 |archive-url=https://web.archive.org/web/20221230214325/https://www.theguardian.com/world/2022/aug/24/media-freedom-fears-in-india-after-modi-ally-adani-buys-29-stake-in-ndtv |url-status=live }}</ref> This has led to allegations of [[cronyism]] as his firms have won many Indian energy and infrastructure government contracts.<ref>{{Cite web |date=13 December 2022 |title=For India, the Adani Group is growing too big to fail |url=https://qz.com/for-india-the-adani-group-is-growing-too-big-to-fail-1849873489 |access-date=13 December 2022 |website=Quartz |language=en |archive-date=13 December 2022 |archive-url=https://web.archive.org/web/20221213224509/https://qz.com/for-india-the-adani-group-is-growing-too-big-to-fail-1849873489 |url-status=live }}</ref> In 2012, an Indian government audit accused Modi of giving low cost fuel from a Gujarat state-run gas company to the Adani group and other companies.<ref>{{Cite news |date=30 March 2012 |title=CAG slams Modi regime for financial irregularities |language=en-IN |work=The Hindu |url=https://www.thehindu.com/news/national/other-states/cag-slams-modi-regime-for-financial-irregularities/article3263639.ece |access-date=13 December 2022 |issn=0971-751X |archive-date=13 December 2022 |archive-url=https://web.archive.org/web/20221213232523/https://www.thehindu.com/news/national/other-states/cag-slams-modi-regime-for-financial-irregularities/article3263639.ece |url-status=live}}</ref><ref name="BBC News" /> In Jharkhand, the BJP-led state government made an exception to its energy policy for Adani's [[Godda Thermal Power Station|Godda power plant]].<ref name="godda" /> Both the Adani Group and Modi's government have denied allegations of cronyism.<ref name="BBC News" />

The ''Forbes Asia'' noted that Adani Group has over the years leased almost 7,350 hectares of land from the government for the amount as small as " one U.S. cent a square meter (the rate maxed out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as $11 a square meter". Between 2005 and 2007, Adani group acquired around 1200 hectares of land meant for grazing (gauchar) from the villagers for Adani SEZ. In Kutch, Adani group acquired 930,770 square meters of land from the villagers for 19 cents per square meter for its power plant leading to significant environmental damage. Villagers living in Adani SEZ alleged that the land was signed off by village chiefs without their knowledge.<ref>{{cite news|url=https://indianexpress.com/article/cities/ahmedabad/108-hectares-grazing-land-adani-taken-back-guj-govt-9435650/|title=Win for villagers: 108 hectares of grazing land given to Adani to be taken back, Guj govt tells HC|access-date=16 September 2024|date=5 July 2024}}</ref><ref name="forbesasia">{{cite news|url=https://www.forbes.com/sites/forbeswealthteam/2023/01/26/who-is-gautam-adani-the-indian-billionaire-that-short-seller-hindenburg-says-is-running-a-corporate-con/|title=Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A 'Corporate Con'?|author=<!--Staff writer(s); no by-line.-->|date=26 January 2023|access-date=16 September 2024}}</ref> Adani group's subsidiary, [[Adani Ports & SEZ]] currently operates 15 ports across all Indian states.<ref name="businesstoday.in">{{Cite news|last=Jayakumar |first=P. B. |date=1 January 2017 |title=King of Ports |url=https://www.businesstoday.in/magazine/exclusive/india's-best-ceos-2016/indias-biggest-private-sector-port-infrastructure-company-is-on-an-expansion-spree/story/242147.html |url-status=live |archive-url=https://web.archive.org/web/20220924001442/https://www.businesstoday.in/specials/indias-best-ceos-2016/story/indias-biggest-private-sector-port-infrastructure-company-is-on-an-expansion-spree-65303-2016-12-12 |archive-date=24 September 2022 |website=Business Today}}</ref><ref name="Manoj">{{Cite news |last=Manoj |first=P. |date=3 August 2017 |title=APSEZ set to become top container port operator |language=en |website=@businessline |url=https://www.thehindubusinessline.com/economy/logistics/apsez-set-to-become-top-container-port-operator/article9801005.ece |url-status=live |url-access=subscription |access-date=16 September 2024 |archive-url=https://web.archive.org/web/20220208181220/https://www.thehindubusinessline.com/economy/logistics/apsez-set-to-become-top-container-port-operator/article64278870.ece |archive-date=8 February 2022}}</ref> The Adani group controls seven airports in India, six of which were acquired for 50 years in a bid after an alleged change of rules by the Modi government that had disallowed the group from bidding.<ref>{{cite news|url=https://www.cnbctv18.com/aviation/adani-winning-bids-for-six-airports-former-head-of-privatisation-panel-explains-key-policy-changes-15898141.htm|title=Adani's winning bids for six airports: Former privatisation panel head explains key policy changes|date=9 February 2023|access-date=16 September 2024|first=Madeeha|last=Mujawar}}</ref><ref>{{cite news|url=https://www.theguardian.com/commentisfree/2023/feb/18/narendra-modi-hindu-nationalism-india-gautam-adani|first=Arundhati|last=Roy|date=18 February 2023|access-date=16 September 2024|title=Modi's model is at last revealed for what it is: violent Hindu nationalism underwritten by big business}}</ref>

Most Adani Group projects outside of India were announced after Narendra Modi's visits to said countries or meetings with their heads of state.<ref name="scroll1">{{cite news|first1=Ayush|last1=Tiwari|first2=Supriya |last2=Sharma|url=https://scroll.in/article/1073452/modi-leads-adani-follows-is-indias-diplomacy-in-lockstep-with-a-private-firms-global-expansion|title=Modi leads, Adani follows: Is India's diplomacy in lockstep with a private group's global expansion?|website=Scroll.in|access-date=19 September 2024|date=19 September 2024}}</ref> In 2021, after a meeting with Modi, Sri Lankan President [[Gotabaya Rajapaksa]] told an official from the electricity board that Modi had pressured him to transfer a wind energy project to the Adani Group.<ref name="scroll1" /><ref name="ft1">{{cite news|url=https://www.ft.com/content/38ff5ff6-aebe-46ae-bb97-c8071818b55d|first1=John|last1=Reed|first2=Benjamin|last2=Parkin|date=23 February 2024|access-date=19 September 2024|website=Financial Times|title=Gautam Adani's ties with India's Narendra Modi spur scrutiny of overseas deals}}</ref> After Modi's visit to Bangladesh, the Bangladeshi government under [[Sheikh Hasina]] signed a deal with the Adani Group to import electricity from [[Jharkhand]]. The opposition later argued that the deal was signed under pressure from the Modi government. The deal is currently under scrutiny of Bangladesh's interim government.<ref name="scroll1"/><ref>{{cite news|url=https://indianexpress.com/article/india/top-member-of-dhaka-interim-govt-says-adani-power-deal-under-scrutiny-9563005/|title=Top member of Dhaka interim govt says Adani power deal under scrutiny|first= Shubhajit|last=Roy|date=12 September 2024|access-date=19 September 2024|website=Indian Express}}</ref><ref name="ft1" />
A report by [[The Washington Post]] revealed that in May 2025, India’s state insurer [[LIC India]] proposed investing $3.9 billion in Adani shares. Subsequently, LIC invested $585 million in Adani Ports when the company needed to pay off its existing debt. This move highlighted Adani’s influence within India’s Modi government and was criticized as a misuse of public funds.<ref>{{cite news | last1=Verma | first1=Pranshu | last2=Nair | first2=Ravi | title=India's $3.9 billion plan to help Modi's mogul ally after U.S. charges | newspaper=The Washington Post | date=24 October 2025 | url=https://www.washingtonpost.com/world/2025/10/24/india-adani-group-modi-lic/ | access-date=25 October 2025}}</ref>

=== Leverage ===
The company's [[corporate debt]] totalled $30 billion in 2022.<ref>{{Cite news|url=https://www.ft.com/content/ba4f4249-c445-4369-a8fb-e7b0b0c13055|title='Extreme leverage'? Adani's debt-driven expansion under scrutiny|newspaper=Financial Times|date=1 February 2023|access-date=3 February 2023|archive-date=3 February 2023|archive-url=https://web.archive.org/web/20230203160017/https://www.ft.com/content/ba4f4249-c445-4369-a8fb-e7b0b0c13055|url-status=live}}</ref> In August 2022, CreditSights, a unit of [[Fitch Ratings]], warned that Adani's recent aggressive expansion had hurt the group's [[Operating cash flow|cash flow]] and [[Credit rating|credit metrics]]. It also stated that a potential "worst-case scenario" could lead the group to end up in a [[debt trap]] and a potential [[Default (finance)|default]].<ref>{{Cite web |date=24 August 2022 |title=Explained: Fitch says Adani is 'over leveraged' — what does over leveraging mean in business? |url=https://indianexpress.com/article/explained/everyday-explainers/explained-fitch-says-adani-is-over-leveraged-what-does-over-leveraging-mean-in-business-8108575/ |access-date=13 December 2022 |website=The Indian Express |language=en |archive-date=13 December 2022 |archive-url=https://web.archive.org/web/20221213230644/https://indianexpress.com/article/explained/everyday-explainers/explained-fitch-says-adani-is-over-leveraged-what-does-over-leveraging-mean-in-business-8108575/ |url-status=live }}</ref><ref>{{Cite web |date=23 August 2022 |title=Adani's empire is 'deeply overleveraged,' Fitch Group unit warns |url=https://indianexpress.com/article/business/companies/adani-empire-deeply-overleveraged-fitch-group-creditsights-warns-8106772/ |access-date=13 December 2022 |website=The Indian Express |language=en |archive-date=13 December 2022 |archive-url=https://web.archive.org/web/20221213230646/https://indianexpress.com/article/business/companies/adani-empire-deeply-overleveraged-fitch-group-creditsights-warns-8106772/ |url-status=live }}</ref> The CreditSights report garnered significant attention for its dire assessment of Adani's "deeply [[Leverage (finance)|overleveraged]]" book; after outreach by Adani, CreditSights softened its language but kept its main conclusion.<ref>{{cite news |title=Adani Group debt data tweaked by CreditSights in toned down note |url=https://timesofindia.indiatimes.com/business/india-business/adani-group-debt-data-tweaked-by-creditsights-in-toned-down-note/articleshow/94071192.cms |access-date=10 January 2023 |work=The Times of India |publisher=Bloomberg |date=8 September 2022 |language=en |archive-date=10 January 2023 |archive-url=https://web.archive.org/web/20230110182937/https://timesofindia.indiatimes.com/business/india-business/adani-group-debt-data-tweaked-by-creditsights-in-toned-down-note/articleshow/94071192.cms |url-status=live }}</ref>

=== Stock market rigging ===
In 2007, the [[Securities and Exchange Board of India]] (SEBI) prohibited multiple Adani companies from engaging in the purchase or sale of securities for a period of two years.<ref name=":1" /> This action was taken due to their involvement in a manipulation scheme that occurred between 1999 and 2001 to artificially influence stock prices. This manipulation was carried out through entities overseen by [[Ketan Parekh]], the stockbroker who was the main accused in India's biggest stock market scandal.<ref>{{Cite web |last=Narayan |first=Khushboo |date=10 January 2020 |title=Court overturns clean chit to Adanis in share-rigging case |url=https://indianexpress.com/article/business/companies/court-overturns-clean-chit-to-adanis-in-share-rigging-case-6209072/ |access-date=25 June 2023 |website=The Indian Express |language=en}}</ref> After paying a fine of $140,000, the companies were eventually permitted to recommence their trading activities.<ref name=":1" />

===Allegations of bid rigging===
In March 2023, Adani group won a bid for the coal block North West of Madheri, where the only other bidder was Cavill Mining Private Limited, a minimum of two bidders are required for the first time auction of a commercial mine. According to an investigation by [[Scroll.in]], Cavill Mining Private Limited is the main promoter of Adicorp Enterprises. Adicorp Enterprises has also been alleged by Hindenburg to have funnelled funds between Adani companies. This has raised concerns of [[bid rigging]] and collusion.<ref name="c492">{{cite web | last=Sharma | first=Arunabh Saikia & Supriya | title=Adani got coal mine in auction where only other bidder was firm linked to Hindenburg storm | website=Scroll.in | date=4 April 2023 | url=https://scroll.in/article/1046739/adani-got-coal-mine-in-auction-where-only-other-bidder-was-firm-linked-to-hindenburg-storm | access-date=28 October 2024}}</ref> Adani group also faced accusations of bid-rigging by the [[Indian National Congress]] after winning a contract to supply 6,600 MW of electricity to [[Maharashtra]].<ref name="s375">{{cite web | title='Rigged deal': Congress attacks Mahayuti government over Adani winning bid to supply power to Maharashtra | website=The Hindu | date=15 September 2024 | url=https://www.thehindu.com/news/national/maharashtra/rigged-deal-congress-attacks-mahayuti-government-over-adani-winning-bid-to-supply-power-to-maharashtra/article68645859.ece | access-date=28 October 2024}}</ref><ref name="z716">{{cite web | title='Shocking details soon': Congress alleges 'rigging' by Mahayuti government in Adani power deal | website=The Times of India | date=15 September 2024 | url=https://timesofindia.indiatimes.com/india/shocking-details-soon-congress-alleges-rigging-by-mahayuti-government-in-adani-power-deal/articleshow/113369308.cms | access-date=28 October 2024}}</ref>

=== Tax evasion ===
On 27 February 2010, [[Central Bureau of Investigation]] arrested Rajesh Adani, managing director of Adani Enterprises Ltd., on charges of custom duty evasion amounting to ₹80 [[lakh]].<ref>{{cite news|title=Adani Enterprises MD arrested for custom duty evasion – Times of India ►|url=https://timesofindia.indiatimes.com/business/india-business/Adani-Enterprises-MD-arrested-for-custom-duty-evasion/articleshow/5623927.cms|access-date=7 April 2019|website=The Times of India|date=27 February 2010|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410214657/https://timesofindia.indiatimes.com/business/india-business/adani-enterprises-md-arrested-for-custom-duty-evasion/articleshow/5623927.cms|url-status=live}}</ref>

[[Paranjoy Guha Thakurta]], an Indian journalist working for the [[Economic and Political Weekly]], co-authored an article <ref>{{cite journal |date=17 June 2017 |title=Modi Government's ₹500 Crore Bonanza to Adani Group Company |url=http://www.epw.in/journal/2017/24/web-exclusives/modi-governments-%E2%82%B9500-crore-bonanza-adani-group-company.html |url-status=dead |website=EPW.in |archive-url=https://web.archive.org/web/20170712165050/http://www.epw.in/journal/2017/24/web-exclusives/modi-governments-%E2%82%B9500-crore-bonanza-adani-group-company.html |archive-date=12 July 2017 }}</ref><ref>{{cite web|url=https://thewire.in/149156/modi-government-adani-group/|title=Modi Government's Rs 500-Crore Bonanza to the Adani Group|date=19 June 2017|website=TheWire.in}}</ref> about the Adani Group's [[tax evasion]] following which [[Adani Power]] sent a legal notice to the [[Economic and Political Weekly]]. Fearing an expensive lawsuit by one of India's biggest corporate houses [[Economic and Political Weekly|EPW]] then decided to take down the article,<ref>{{cite web|url=https://thewire.in/159090/adani-group-slapps-epw-editor-job/|title=Adani Group 'SLAPP' Pushes EPW Editor Out of His Job|date=18 July 2017|website=TheWire.in}}</ref> prompting Paranjoy Guha Thakurta's resignation.<ref>{{cite web|url=https://www.thequint.com/news/india/epw-paranjoy-guha-thakurta-resigns-as-editor-defamation-case|title=EPW Editor Steps Down After Legal Notice by Adani Group|date=20 July 2017|website=TheQuint}}</ref>
In August 2017, [[Central Board of Excise and Customs|Indian customs]] alleged the Adani Group was diverting millions of funds from the company's books to Adani family tax havens overseas. Adani was accused of using a [[Dubai]] shell company to divert the funds.<ref>{{cite web|last=Safi|first=Michael|date=21 February 2018|title=Adani mining giant facing renewed claims of $600m fraud in India|url=https://www.theguardian.com/business/2018/feb/22/adani-mining-giant-facing-renewed-claims-of-600m-in-india|access-date=25 June 2018|website=The Guardian|language=en|archive-date=10 April 2022|archive-url=https://web.archive.org/web/20220410214645/https://www.theguardian.com/business/2018/feb/22/adani-mining-giant-facing-renewed-claims-of-600m-in-india|url-status=live}}</ref> The details of a $235 million diversion were obtained and published by ''[[The Guardian]]''.<ref>{{cite web|title=Adani document|url=https://www.scribd.com/document/356317230/Adani-document|access-date=25 June 2018|website=Scribd|language=en|archive-date=28 September 2021|archive-url=https://web.archive.org/web/20210928080702/https://www.scribd.com/document/356317230/Adani-document|url-status=live}}</ref> In 2014, the [[Directorate of Revenue Intelligence]] (DRI) mapped out a complex money trail from [[India]] through [[South Korea]] and [[Dubai]], and eventually to an offshore company in [[Mauritius]] allegedly owned by [[Vinod Shantilal Adani]], the older brother of [[Gautam Adani]].<ref>{{cite web|last=Safi|first=Michael|date=15 August 2017|title=Adani mining giant faces financial fraud claims as it bids for Australian coal loan|url=https://www.theguardian.com/world/2017/aug/16/adani-mining-giant-faces-financial-claims-as-it-bids-for-australian-coal-loan|access-date=25 June 2018|website=[[The Guardian]]|language=en|archive-date=5 June 2022|archive-url=https://web.archive.org/web/20220605110325/https://www.theguardian.com/world/2017/aug/16/adani-mining-giant-faces-financial-claims-as-it-bids-for-australian-coal-loan|url-status=live}}</ref> Same year, DRI forwarded a letter to the then SEBI chairperson,[[U. K. Sinha]], along with a CD containing evidence suggesting the improper diversion of Rs. 2,323 crore.<ref>{{Cite news |last=Rajagopal |first=Krishnadas |date=11 September 2023 |title=Petitioner in SC accuses SEBI of 'concealing' 2014 DRI alert on Adani |language=en-IN |work=The Hindu |url=https://www.thehindu.com/news/national/petitioner-in-sc-accuses-sebi-of-concealing-2014-dri-alert-on-adani/article67295917.ece |access-date=12 September 2023 |issn=0971-751X}}</ref> Additionally, they provided two investigative notes, cautioning that the group might be involved in manipulating the stock market through funds allegedly siphoned off using the strategy of overvaluing power equipment imports. However, SEBI did not publicly acknowledge the receipt of this letter and the accompanying evidence from DRI until September 2023, when it was disclosed before the [[Supreme Court of India]].<ref>{{Cite web |last=Tripathi |first=Ashish |title=Sebi suppressed facts about Adani stock manipulation, Supreme Court told |url=https://www.deccanherald.com/india/sebi-suppressed-facts-and-slept-over-dri-information-on-stock-manipulation-by-adani-petitioner-tells-sc-2681801 |access-date=12 September 2023 |website=Deccan Herald |language=en}}</ref>

Between December 2021 and November 2023, Swiss authorities froze a total of $310 million in five different accounts linked to Adani group following investigations into money laundering.<ref>{{cite news|url=https://m.economictimes.com/news/india/adani-hindenburg-saga-continues-six-swiss-bank-accounts-relating-to-gautam-adani-were-frozen-reveals-federal-criminal-court/articleshow/113300554.cms|title=Adani-Hindenburg saga: Adani Group rejects allegations concerning $310 mn frozen funds in Swiss bank accounts, terms them baseless|first=ET|last=Online|date=13 September 2024|access-date=16 September 2024}}</ref><ref>{{cite news|url=https://www.newslaundry.com/2024/09/13/adani-proxys-311-million-frozen-by-swiss-authorities|title=Adani proxy's $311 million frozen by Swiss authorities|first1=Ravi|last1=Nair|first2=NBR|last2=Arcadio|date=13 September 2024|access-date=17 September 2024|website=NewsLaundary}}</ref>

On October 7 2025, Reuters reported that India’s DRI initiated an investigation into Adani Defence in March 2025 over alleged customs duty evasion totaling approximately {{INRConvert|77|c}}. According to two government sources and a document reviewed by Reuters, the case concerns the company’s alleged misclassification of certain missile components as exempt from import duties and taxes.<ref>{{Cite news |last1=Ohri |first1=Nikunj |last2=Kalra |first2=Aditya |date=2025-10-07 |title=Exclusive: India probes Adani Defence for tax evasion on missile parts imports, sources say |url=https://www.reuters.com/sustainability/boards-policy-regulation/india-probes-adani-defence-tax-evasion-missile-parts-imports-sources-say-2025-10-07/ |access-date=2025-10-07 |work=Reuters |language=en}}</ref>
===Evasion of Customs Duty===
In October 2025, the Supreme Court of India issued a notice to Adani Enterprises while hearing a plea by the Customs Department, which alleged that the company had imported gold and silver without paying tariffs by using duty-free credit entitlement certificates issued by the Directorate General of Foreign Trade.<ref>{{Cite news |last=Bhan |first=Indu |date=2025-10-10 |title=SC to hear customs appeal against Adani over alleged tax, export violations |url=https://economictimes.indiatimes.com/news/company/corporate-trends/sc-to-hear-customs-appeal-against-adani-over-alleged-tax-export-violations/articleshow/124456854.cms?from=mdr |access-date=2025-10-16 |work=The Economic Times |issn=0013-0389}}</ref>

=== Corporate governance issue ===
According to [[Bloomberg News]], the group has been found to be maintaining dubious business relations with an engineering contracting firm, Howe Engineering Projects.<ref>{{Cite news |last1=Palepu |first1=Advait |last2=Wang |first2=Cindy |last3=Srivastava |first3=Shruti |date=12 December 2023 |title=Adani Contractor Probed by India Resurfaces Under a New Name |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-12-12/adani-contractor-probed-by-india-resurfaces-under-a-new-name |access-date=13 December 2023}}</ref> This firm acquired the engineering business of PMC Project in 2016. In the past, PMC Projects, an Adani contractor, was accused of inflating the value of imported power and infrastructure goods by nearly ₹1,500 crore. Howe, now a separate entity, continues to work as an Adani contractor (just like PMC Projects) for major ports and railway lines being built in India. [[Deloitte]] raised concerns in May 2023 about payments made by Adani's ports company to Howe, unable to determine whether Howe should be considered a related party.<ref>{{Cite web |date=12 December 2023 |title=Adani-Linked Contractor Under Scrutiny, Reemerges With A New Identity, Says Report |url=https://business.outlookindia.com/news/adani-linked-contractor-under-scrutiny-reemerges-with-a-new-identity-says-report |access-date=13 December 2023 |website=Outlook Business |language=en}}</ref> Also, Adani Group had not publicly disclosed these payments until Deloitte highlighted them.<ref>{{Cite web |title=Adani Group's Ties with Controversial Contractor Howe Raise Governance Concerns: Report |url=https://thewire.in/business/adani-groups-ties-with-controversial-contractor-howe-raise-governance-concerns-report |access-date=13 December 2023 |website=The Wire}}</ref>

===Stock manipulation and accounting fraud allegations===
In January 2023, [[Hindenburg Research]] published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. The report accused Adani of pulling "the largest [[Confidence trick|con]] in corporate history"<ref name="report" /><ref>{{cite magazine |title=India's Richest Man Accused of Pulling the 'Largest Con in Corporate History' |url=https://time.com/6250052/adani-hindenburg-fraud/ |access-date=2 February 2023 |magazine=Time |date=25 January 2023 |language=en |archive-date=3 February 2023 |archive-url=https://web.archive.org/web/20230203022347/https://time.com/6250052/adani-hindenburg-fraud/ |url-status=live}}</ref> and "brazen stock manipulation and accounting fraud scheme over the course of decades".<ref name="report" /><ref>{{cite web |last=Madhok |first=Diksha |date=30 January 2023 |title=Adani slams US short seller 'attack on India' as stock rout hits $70 billion {{!}} CNN Business |url=https://www.cnn.com/2023/01/30/investing/india-adani-rebuttal-hindenburg-allegations-intl-hnk/index.html |access-date=2 February 2023 |website=CNN |language=en |archive-date=2 February 2023 |archive-url=https://web.archive.org/web/20230202204545/https://www.cnn.com/2023/01/30/investing/india-adani-rebuttal-hindenburg-allegations-intl-hnk/index.html |url-status=live}}</ref> Hindenburg also disclosed that it was holding [[Short (finance)|short positions]] on Adani Group companies.<ref>{{cite news |last1=Thomas |first1=Chris |last2=Kalra |first2=Aditya |title=Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge |url=https://www.reuters.com/markets/asia/hindenburg-says-holds-short-positions-indias-adani-flags-risks-2023-01-25/ |access-date=25 January 2023 |work=[[Reuters]] |date=25 January 2023 |language=en |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125035231/https://www.reuters.com/markets/asia/hindenburg-says-holds-short-positions-indias-adani-flags-risks-2023-01-25/ |url-status=live }}</ref><ref>{{cite news |last1=Sorkin |first1=Andrew Ross |last2=Mattu |first2=Ravi |last3=Warner |first3=Bernhard |last4=Kessler |first4=Sarah |last5=de la Merced |first5=Michael J.  |last6=Hirsch |first6=Lauren |last7=Livni |first7=Ephrat |title=A Short Seller Takes Aim at an Indian Corporate Giant |url=https://www.nytimes.com/2023/01/25/business/dealbook/short-seller-hindenburg-adani.html |access-date=25 January 2023 |work=[[The New York Times]] |date=25 January 2023 |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125132007/https://www.nytimes.com/2023/01/25/business/dealbook/short-seller-hindenburg-adani.html |url-status=live }}</ref><ref>{{cite news |last1=Lockett |first1=Hudson |title=Adani shares take $10.8bn hit after Hindenburg bets against group |url=https://www.ft.com/content/4aedaaf9-9ee8-4334-945c-12ac08429d6a |access-date=25 January 2023 |work=[[Financial Times]] |date=25 January 2023 |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125044405/https://www.ft.com/content/4aedaaf9-9ee8-4334-945c-12ac08429d6a |url-status=live }}</ref> Bonds and shares of companies associated with Adani experienced a decline of more than $104 billion in market value after the accusations,<ref>{{cite news |last1=Lee |first1=Jihye |title=Adani shares fall as short seller firm Hindenburg announces short position |url=https://www.cnbc.com/2023/01/25/adani-group-hindenburg-short-position.html |access-date=25 January 2023 |work=[[CNBC]] |date=25 January 2023 |language=en |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125060624/https://www.cnbc.com/2023/01/25/adani-group-hindenburg-short-position.html |url-status=live }}</ref><ref>{{cite news |last1=Kay |first1=Chris |last2=Vishnoi |first2=Abhishek |last3=Joshi |first3=Ashutosh |title=Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff |url=https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position |access-date=25 January 2023 |work=[[Bloomberg News]] |date=25 January 2023 |language=en |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125040759/https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position |url-status=live }}</ref><ref>{{Cite web |title=Adani Rout Crosses $51 Billion as Stocks Plunge by Daily Limits |url=https://news.bloomberglaw.com/capital-markets/adani-group-stocks-plunge-extend-rout-from-short-seller-report |access-date=27 January 2023 |website=Bloomberg Law |language=en |archive-date=27 January 2023 |archive-url=https://web.archive.org/web/20230127144810/https://news.bloomberglaw.com/capital-markets/adani-group-stocks-plunge-extend-rout-from-short-seller-report |url-status=live }}</ref> representing approximately half of the market value.<ref>{{Cite news |last=Barrett |first=Jonathan |date=1 February 2023 |title=Why has the Adani Group shed US$90bn in value and what do short sellers have to gain? |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2023/feb/02/why-has-the-adani-group-shed-us90bn-in-value-and-what-do-short-sellers-have-to-gain |access-date=2 February 2023 |issn=0261-3077 |archive-date=2 February 2023 |archive-url=https://web.archive.org/web/20230202190133/https://www.theguardian.com/business/2023/feb/02/why-has-the-adani-group-shed-us90bn-in-value-and-what-do-short-sellers-have-to-gain |url-status=live }}</ref> Hedge fund manager [[Bill Ackman]] said Hindenburg's Adani Report was "highly credible and extremely well researched."<ref>{{cite news |title=Bill Ackman says Hindenburg's Adani report 'highly credible' |url=https://www.reuters.com/business/bill-ackman-says-hindenburgs-adani-report-highly-credible-2023-01-27/ |access-date=29 January 2023 |work=[[Reuters]] |date=27 January 2023 |language=en |archive-date=28 January 2023 |archive-url=https://web.archive.org/web/20230128222727/https://www.reuters.com/business/bill-ackman-says-hindenburgs-adani-report-highly-credible-2023-01-27/ |url-status=live }}</ref><ref>{{cite news |last1=Aravindan |first1=Aradhana |last2=Sanjai |first2=P R |title=Bill Ackman Calls Hindenburg's Adani Report 'Highly Credible' |url=https://www.bloomberg.com/news/articles/2023-01-27/ackman-likens-adani-response-to-herbalife-short |access-date=29 January 2023 |work=[[Bloomberg News]] |date=27 January 2023 |language=en |archive-date=28 January 2023 |archive-url=https://web.archive.org/web/20230128061512/https://www.bloomberg.com/news/articles/2023-01-27/ackman-likens-adani-response-to-herbalife-short |url-status=live }}</ref> Adani denied the fraud allegations as without merit.<ref name="madhok-2023">{{cite news |last1=Madhok |first1=Diksha |date=25 January 2023 |title=Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious' |language=en |work=CNN Business |location=Atlanta, Georgia, USA |url=https://www.cnn.com/2023/01/25/business/india-adani-shares-plunge-hindenburg-report-hnk-intl/index.html |access-date=25 January 2023 |archive-date=25 January 2023 |archive-url=https://web.archive.org/web/20230125144606/https://www.cnn.com/2023/01/25/business/india-adani-shares-plunge-hindenburg-report-hnk-intl/index.html |url-status=live}}</ref>

On 29 January, Adani released a 413-page response to the Hindenburg report, calling Hindenburg's conduct a "calculated securities fraud"<ref>{{cite news |last1=Sanjai |first1=P R |last2=Shukla |first2=Sidhartha |title=Adani's 413-Page Reply to Hindenburg After $51 Billion Wipeout |url=https://www.bloomberg.com/news/articles/2023-01-29/adani-says-hindenburg-conduct-is-calculated-securities-fraud |access-date=29 January 2023 |work=[[Bloomberg News]] |date=29 January 2023 |archive-date=29 January 2023 |archive-url=https://web.archive.org/web/20230129232251/https://www.bloomberg.com/news/articles/2023-01-29/adani-says-hindenburg-conduct-is-calculated-securities-fraud |url-status=live }}</ref> and the report a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India."<ref>{{Cite news |last=Barrett |first=Jonathan |date=30 January 2023 |title=Adani claims US investment firm's fraud allegations are an 'attack on India' |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2023/jan/30/adani-claims-us-investment-firm-hindenburg-research-allegations-attack-on-india |access-date=2 February 2023 |issn=0261-3077 |archive-date=2 February 2023 |archive-url=https://web.archive.org/web/20230202191755/https://www.theguardian.com/business/2023/jan/30/adani-claims-us-investment-firm-hindenburg-research-allegations-attack-on-india |url-status=live }}</ref> Hindenburg characterised the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism.<ref>{{cite news |last1=Kay |first1=Chris |title=Hindenburg Says Adani's Nationalist Rebuttal Ignores Allegations |url=https://www.bloomberg.com/news/articles/2023-01-30/hindenburg-says-adani-s-nationalist-rebuttal-ignores-allegations?srnd=premium&sref=CIpmV6x8 |access-date=30 January 2023 |work=[[Bloomberg News]] |date=30 January 2023 |language=en }}</ref> On 1 February, Adani cancelled its planned $2.5 billion (Rs 20,000 crore) [[Follow-on public offer|Follow-on Public Offer]] (FPO) citing market volatility, and announced that it would return the FPO money to investors.<ref>{{Cite web |title=Adani Enterprises Calls Off FPO, Money To Be Returned To Investors |date=February 2023 |url=https://www.ndtv.com/business/adani-enterprises-wont-go-ahead-with-its-fully-subscribed-fpo-3744979 |access-date=2 February 2023 |archive-date=1 February 2023 |archive-url=https://web.archive.org/web/20230201221614/https://www.ndtv.com/business/adani-enterprises-wont-go-ahead-with-its-fully-subscribed-fpo-3744979 |url-status=live }}</ref> [[Reserve Bank of India]] sought details from banks on exposure to Adani firms.<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/rbi-looking-at-banks-exposure-to-adani-group-companies-seeks-present-status-sources-9988011.html|title=RBI looking at banks' exposure to Adani group companies, seeks present status: Sources|website=Moneycontrol|date=2 February 2023 |access-date=3 February 2023|archive-date=3 February 2023|archive-url=https://web.archive.org/web/20230203080222/https://www.moneycontrol.com/news/business/rbi-looking-at-banks-exposure-to-adani-group-companies-seeks-present-status-sources-9988011.html|url-status=live}}</ref> [[Citigroup]]'s wealth unit stopped extending margin loans to its clients against securities of Adani Group.<ref>{{Cite news|url=https://www.reuters.com/business/finance/citigroup-wealth-unit-stops-margin-loans-against-india-adanis-securities-source-2023-02-02/|title=Citigroup stops margin loans against India Adani's securities - source|first=Anshuman|last=Daga|newspaper=Reuters|date=2 February 2023|via=www.reuters.com|access-date=3 February 2023|archive-date=3 February 2023|archive-url=https://web.archive.org/web/20230203080231/https://www.reuters.com/business/finance/citigroup-wealth-unit-stops-margin-loans-against-india-adanis-securities-source-2023-02-02/|url-status=live}}</ref> [[Credit Suisse]] Group AG stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients.<ref>{{Cite news|date=1 February 2023|url=https://www.forbes.com/sites/siladityaray/2023/02/01/credit-suisse-reportedly-assigns-zero-lending-value-to-adani-group-bonds-following-hindenburg-allegations/|title=Credit Suisse Reportedly Assigns Zero Lending Value To Adani Group Bonds Following Hindenburg Allegations|first=Siladitya|last=Ray|work=[[Forbes]]|access-date=3 February 2023|archive-date=3 February 2023|archive-url=https://web.archive.org/web/20230203080222/https://www.forbes.com/sites/siladityaray/2023/02/01/credit-suisse-reportedly-assigns-zero-lending-value-to-adani-group-bonds-following-hindenburg-allegations/|url-status=live}}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2023-02-01/credit-suisse-s-private-bank-halts-margin-loans-on-adani-bonds|title=Credit Suisse's Wealth Unit Halts Margin Loans on Adani Debt|date=1 February 2023|work=[[Bloomberg News]]|first1=Denise|last1=Wee|first2=Chanyaporn|last2=Chanjaroen|access-date=7 February 2023|archive-date=2 February 2023|archive-url=https://web.archive.org/web/20230202051758/https://www.bloomberg.com/news/articles/2023-02-01/credit-suisse-s-private-bank-halts-margin-loans-on-adani-bonds|url-status=live}}</ref> [[S&P Dow Jones Indices]] removed Adani Enterprises from its sustainability index.<ref>{{Cite web|url=https://www.cnbc.com/2023/02/03/sp-to-remove-adani-enterprises-from-sustainability-index.html|title=S&P Dow Jones is knocking Adani Enterprises off its sustainability index|first=Jihye|last=Lee|website=CNBC|date=3 February 2023 |access-date=3 February 2023|archive-date=3 February 2023|archive-url=https://web.archive.org/web/20230203080220/https://www.cnbc.com/2023/02/03/sp-to-remove-adani-enterprises-from-sustainability-index.html|url-status=live}}</ref>

[[Government Pension Fund of Norway|Norway's Oil Fund]], which had already shed a bulk of its Adani shares pre-Hindenburg report, divested its entire stake following the report.<ref>{{Cite web |last=Livemint |date=9 February 2023 |title=Norway wealth fund sold stakes in Adani companies |url=https://www.livemint.com/companies/news/norway-wealth-fund-sold-stakes-in-adani-companies-11675938689993.html |access-date=9 February 2023 |work=[[Mint (newspaper)|Mint]] |language=en |archive-date=9 February 2023 |archive-url=https://web.archive.org/web/20230209212413/https://www.livemint.com/companies/news/norway-wealth-fund-sold-stakes-in-adani-companies-11675938689993.html |url-status=live }}</ref><ref>{{Cite news |last=Lundgren |first=Kari |date=9 February 2023 |title=Norway Wealth Fund Unloads Rest of Its Adani Group Holding |url=https://www.bnnbloomberg.ca/norway-wealth-fund-unloads-rest-of-its-adani-group-holding-1.1881549 |access-date=9 February 2023 |work=BNN Bloomberg, Canada |archive-date=9 February 2023 |archive-url=https://web.archive.org/web/20230209113748/https://www.bnnbloomberg.ca/norway-wealth-fund-unloads-rest-of-its-adani-group-holding-1.1881549 |url-status=live }}</ref>

On 19 May, on ''[[prima facie]]'', a committee formed by the [[Supreme Court of India]] communicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. This was primarily due to the insufficient information provided in the explanations by the [[Securities and Exchange Board of India|SEBI]]'s investigation.<ref>{{cite web |date=19 May 2023 |title=Sebi probe into Adani drew blank: SC-appointed panel |url=https://theprint.in/economy/sebi-probe-into-adani-drew-blank-sc-appointed-panel/1583510/ |access-date=25 June 2023 |website=ThePrint |language=en-US}}</ref><ref>{{cite news|title=Supreme Court Panel's Clean Chit To Adani Group: Prima Facie No Violation|url=https://www.ndtv.com/india-news/supreme-court-panels-clean-chit-to-adani-group-prima-facie-no-violation-steps-taken-to-comfort-retail-investors-4048167|date=19 May 2023 |work=[[NDTV|ndtv]].com |url-status=live |archive-url=https://web.archive.org/web/20230519091832/https://www.ndtv.com/india-news/supreme-court-panels-clean-chit-to-adani-group-prima-facie-no-violation-steps-taken-to-comfort-retail-investors-4048167 |archive-date=19 May 2023 |access-date=15 August 2023}}</ref> Earlier on 29 April, SEBI requested a six-month extension to conclude its investigation, instead of the initially given two months provided on 2 March.<ref>{{cite news |date=29 April 2023 |title=SEBI asks SC for six more months to complete probe into Hindenburg report |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/sebi-seeks-6-month-extension-to-complete-adani-probe/article66793487.ece |access-date=25 June 2023 |issn=0971-751X}}</ref> However, the Supreme Court granted a three-month extension and directed SEBI to complete the probe by 14 August 2023.<ref>{{cite web |title=SC Gives SEBI Time Till Mid-August to Investigate Hindenburg Claims on Adani Group |url=https://thewire.in/law/sebi-adani-probe-extension-supreme-court |access-date=25 June 2023 |website=The Wire}}</ref>

On 24 June 2023, Adani Group's share value took a significant dive, following reports that [[United States Department of Justice]] and [[US Securities and Exchange Commission]] were investigating the corporation's communications with its US-based investors, spurred by a report from a short seller.<ref>{{Cite news |last1=Benny-Morrison |first1=Ava |last2=Beyoud |first2=Lydia |last3=Hurtado |first3=Patricia |date=22 June 2023 |title=Adani Group Draws Regulatory Scrutiny in the US After Short Seller Report |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-06-22/adani-group-statements-to-investors-draw-us-regulatory-scrutiny |access-date=24 June 2023}}</ref><ref>{{Cite web |date=23 June 2023 |title=Adani Group stocks tumble after report says US regulators probing conglomerate |url=https://indianexpress.com/article/business/market/adani-group-stocks-tumble-us-regulators-probe-8681496/ |access-date=24 June 2023 |website=The Indian Express |language=en}}</ref>

On 31 August 2023, [[Organised Crime and Corruption Reporting Project]] (OCCRP) put forth allegations asserting that a substantial amount of funds, in the hundreds of millions of dollars, were directed into publicly traded stocks of the Adani Group.<ref>{{Cite news |date=31 August 2023 |title=Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani stock |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/hindenburg-20-occrp-alleges-mauritius-based-opaque-funds-invested-millions-of-dollars-in-adani-stock/article67254422.ece |access-date=31 August 2023 |issn=0971-751X}}</ref><ref>{{Cite news |last=Agarwal |first=Nikhil |date=31 August 2023 |title=Adani Group rejects 'recycled allegations' made by George Soros-funded OCCRP |url=https://economictimes.indiatimes.com/markets/stocks/news/adani-group-rejects-recycled-allegations-made-by-george-soros-funded-occrp/articleshow/103230293.cms?from=mdr |access-date=12 August 2024 |work=The Economic Times |issn=0013-0389}}</ref> These investments purportedly occurred by means of investment funds situated in Mauritius, which are characterised as possessing a lack of transparency. These funds were reportedly associated with partners connected to the promoter family.<ref>{{Cite news |last1=Ellis-Petersen |first1=Hannah |last2=Goodley |first2=Simon |date=30 August 2023 |title=Modi-linked Adani family secretly invested in own shares, documents suggest |language=en-GB |work=The Guardian |url=https://www.theguardian.com/world/2023/aug/31/modi-linked-adani-family-secretly-invested-in-own-shares-documents-suggest-india |access-date=31 August 2023 |issn=0261-3077}}</ref> Supporting evidence presented in the report indicates that these entities engaged in protracted activities involving the acquisition and divestiture of Adani stock through offshore mechanisms, thereby concealing their active participation.<ref>{{Cite news |last1=McCrum |first1=Dan |last2=Reed |first2=John |date=30 August 2023 |title=Secret paper trail reveals hidden Adani investors |work=Financial Times |url=https://www.ft.com/content/8d46b435-9725-46d4-80be-2cb3e276c4c9 |access-date=31 August 2023}}</ref> This covert engagement apparently yielded significant financial gains. Additionally, the documentation suggests that the overseeing investment firm compensated a company belonging to Vinod Adani for advisory services pertinent to their investment pursuits.<ref>{{Cite web |last1=Mangnale |first1=Anand |last2=Nair |first2=Ravi |last3=Arcadio |first3=NBR |title=Documents Provide Fresh Insight Into Allegations of Stock Manipulation That Rocked India's Powerful Adani Group |url=https://www.occrp.org/en/investigations/documents-provide-fresh-insight-into-allegations-of-stock-manipulation-that-rocked-indias-powerful-adani-group |access-date=31 August 2023 |website=OCCRP |language=en}}</ref>
[[File:Ilham Aliyev met with Founder and Chairman of Adani Group in Davos 01.jpg|thumb|[[Gautam Adani]] with [[Azerbaijan]]'s President [[Ilham Aliyev]] in Davos, Switzerland, 19 January 2023]]
In October 2023, the [[National Financial Reporting Authority]] initiated an investigation, reaching out to several audit firms involved in examining the financial records of the Adani Group's listed companies.<ref>{{Cite web |last=Srivats |first=K. R. |date=25 October 2023 |title=NFRA asks for audit files from Adani Group firm auditors |url=https://www.thehindubusinessline.com/economy/nfra-seeks-audit-files-of-adani-group-auditors/article67458833.ece |access-date=27 October 2023 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |date=26 October 2023 |title=Adani shares crack up to 7.5% on reports of auditor facing NFRA scrutiny |url=https://www.moneycontrol.com/news/business/markets/adani-shares-crack-up-to-7-5-on-reports-of-auditor-facing-nfra-scrutiny-11602341.html |access-date=27 October 2023 |website=Moneycontrol |language=en}}</ref> The Adani group also reported that the government was probing financial records of Mumbai International Airport and Navi Mumbai International Airport, both operated by the group.<ref name="h638">{{cite web | title=Adani Group says government probing accounts of two Mumbai airports | website=mint | date=14 October 2023 | url=https://www.livemint.com/companies/news/ministry-probing-accounts-of-adani-enterprises-two-airports-mumbai-and-navi-mumbai-airport-11697244889820.html | access-date=28 October 2024}}</ref>

On 3 January 2024, the Supreme Court ordered SEBI to complete its probe within 90 days (3 months),<ref>{{Cite news |last1=Mahajan |first1=Shruti |last2=PR |first2=Sanjai |date=3 January 2024 |title=Top India Court Clears Adani From More Probes in Hindenburg Saga |url=https://www.bloomberg.com/news/articles/2024-01-03/top-india-court-asks-sebi-to-close-adani-probe-in-three-months |access-date=12 January 2024 |work=[[Bloomberg News]]}}</ref> sparked by allegations from short-seller [[Hindenburg Research]]. The Court dismissed requests for an SIT or [[Central Bureau of Investigation|CBI]] investigation and shifted focus to Hindenburg's conduct.<ref name="Rajagopal 2024 k104">{{cite web | last=Rajagopal | first=Krishnadas | title=Supreme Court upholds SEBI probe, turns focus on 'conduct' of Hindenburg | website=The Hindu | date=3 January 2024 | url=https://www.thehindu.com/news/national/supreme-court-asks-sebi-to-probe-if-hindenburg-report-violated-law-caused-harm-to-investors/article67700963.ece | access-date=6 January 2024}}</ref><ref name="Mahapatra 2024 n794">{{cite web | last=Mahapatra | first=Dhananjay | title=No inadequacy in Sebi probe: Supreme Court | website=The Times of India | date=4 January 2024 | url=https://timesofindia.indiatimes.com/india/no-inadequacy-in-sebi-probe-supreme-court/articleshow/106528128.cms | access-date=6 January 2024}}</ref><ref name="Hindustan Times 2024 c564">{{cite web | title=Adani Hindenburg Case Updates: SC directs Sebi to complete probe within 3 months in remaining two cases | website=Hindustan Times | date=3 January 2024 | url=https://www.hindustantimes.com/india-news/adani-hindenburg-case-live-updates-supreme-court-stocks-share-market-101704250137629.html | access-date=6 January 2024}}</ref>

In March 2024, Seven Adani group firms were issued show cause notices by the SEBI for alleged "violation of related party transactions and non-compliance in listing regulations ."<ref name="b582">{{cite web | title=Seven Adani group firms say received SEBI show cause notices | website=The Hindu | date=3 May 2024 | url=https://www.thehindu.com/business/Industry/seven-adani-group-firms-say-received-sebi-show-cause-notices/article68135988.ece | access-date=28 October 2024}}</ref>

After Hindenburg's allegations of fraud against the Adani group, GQG Partners LLC, an investment firm founded by Rajiv Jain purchased shares worth $4.6 billion in six Adani group subsidiaries. In September 2024, GQG Partners was charged by the [[Securities and Exchange Commission]] for hindering whistleblower protections, through its restrictive [[Non-disclosure agreements]] that disallowed employees from reporting potential violations.<ref name="thenewsminute">{{cite web |last1=Nair |first1=Ravi |last2=Arcadio |first2=NBR |last3=Mangnale |first3=Anand |date=27 September 2024 |title=Adani Group's post-Hindenburg saviour GQG Partners charged by US SEC |url=https://www.thenewsminute.com/news/adani-groups-post-hindenburg-saviour-gqg-partners-charged-by-us-sec |access-date=30 September 2024 |website=The News Minute}}</ref>

Shares of the Adani Group fell sharply, with Adani Green Energy dropping 16% on 20 November 2024, after the [[US Securities and Exchange Commission]] (SEC) alleged violations, including hindering whistleblower protections. The allegations added to growing concerns over corporate governance within the conglomerate.<ref name="hindustantimes">{{cite web | title=Adani Group shares plunge after US SEC charges, Adani Green down 16% | website=Hindustan Times | date=20 November 2024 | url=https://www.hindustantimes.com/business/adani-group-shares-plunges-after-us-sec-charges-adani-green-down-16-101732159210911.html | access-date=21 November 2024}}</ref>

=== Presence in Kenya ===
[[File:Kenya Airways Flight.jpg|thumb|[[Jomo Kenyatta International Airport]]]]
In July 2024, a whistleblower alleged that the Kenya Airports Authority had signed a $1.85 billion deal for the Adani Group to manage the [[Jomo Kenyatta International Airport]] for a period of 30 years in a [[build–operate–transfer]] move. The alleged deal was brokered by ALG Global, a Spanish firm, and would be financed majorly by Kenyan taxpayers with full control of the airport granted to Adani Group for the 30 years.<ref>{{Cite web |last=Otieno |first=Bonface |date=18 July 2024 |title=Senator turns up heat on KAA over alleged JKIA agreement |url=https://www.businessdailyafrica.com/bd/corporate/companies/senator-heat-on-kaa-over-alleged-jkia-agreement-4693822 |url-status=live |archive-url=https://web.archive.org/web/20240718115345/https://www.businessdailyafrica.com/bd/corporate/companies/senator-heat-on-kaa-over-alleged-jkia-agreement-4693822 |archive-date=18 July 2024 |access-date=18 July 2024 |website=Business Daily |language=en}}</ref> Following widespread protests, in September 2024, the Kenyan High Court temporarily suspended the proposal, to allow for judicial review.<ref>{{cite news|url=https://www.business-standard.com/world-news/strike-at-kenya-s-main-airport-causing-flight-delays-cancellations-124091100444_1.html|title=Strike at Kenya's airport causing flight delays as Adani deal suspended|date=11 September 2024|access-date=19 September 2024|website=Business Standard}}</ref> The whistleblower, Nelson Amenya, fears for his life.<ref name="w766">{{cite web | title=Adani refutes allegations by whistleblower who exposed the group's secret talks about Kenyan airport | website=The Economic Times | date=1 October 2024 | url=https://economictimes.indiatimes.com/news/international/world-news/kenya-airport-deal-allegedly-including-gautam-adani-sparks-controversy-whistleblower-fears-for-his-safety/articleshow/113835900.cms?from=mdr | access-date=1 October 2024}}</ref>

On 16 September 2024, Adani group and [[Africa50]] were given a $1.3 billion concession in a public-private partnership by the Kenyan government to build power transmission lines.<ref>{{cite news|url=https://www.hindustantimes.com/business/adani-group-gets-contract-to-build-power-lines-in-kenya-with-1-3-billion-concession-101726457625517.html|title=Adani Group gets contract to build power lines in Kenya with $1.3 billion concession|website=Hindustan Times|date=16 September 2024|access-date=16 September 2024}}</ref> On 25 October, Kenyan court suspended $736 million deal between Kenya Electrical Transmission Company and Adani Group's Adani Energy Solutions.<ref name="reuters251024">{{cite web | title=Kenyan court suspends $736 million Adani power line deal | website=Reuters | date=25 October 2024 | url=https://www.reuters.com/business/energy/kenyan-court-suspends-736-million-adani-power-line-deal-2024-10-25/ | access-date=26 October 2024}}</ref>

In October 2024, former Prime Minister of Kenya, [[Raila Odinga]] said he was introduced to Adani Group by Narendra Modi who organised a visit by Kenyan delegation to the projects of the company.<ref name="y408">{{cite web | last1=Obara | first1=Valentine | last2=Maundu | first2=Pius | title=Raila reveals ties to Adani after Sh95bn energy deal | website=Nation | date=14 October 2024 | url=https://nation.africa/kenya/news/politics/raila-reveals-ties-to-adani-after-sh95bn-energy-deal-4793446#story | access-date=15 October 2024}}</ref>

In November 2024, Kenya's President [[William Ruto]] has cancelled two significant deals with India's Adani Group: a lease agreement for [[Jomo Kenyatta International Airport]], the country's main international airport, and a contract with the [[Kenya Electricity Transmission Company]]. This announcement came during Ruto's state of the nation address, just a day after Adani's directors faced charges in a New York court for alleged bribery and fraud.
The airport deal, valued at $2.5 billion, involved a 30-year lease of [[Jomo Kenyatta International Airport|JKIA]] and had been approved by the Kenya Airports Authority without public hearings. Experts had advised conducting a public tender for such a significant agreement. The proposal from Adani sought "favorable tax policies" from the Kenyan government, which raised concerns among critics. The deal had sparked significant backlash, leading to anti-government protests and a strike by airport workers.
Before the cancellation, President Ruto had dismissed reports about the airport deal as "fake news." Just a week prior, Kenya's transport cabinet secretary defended the Adani Group and the airport agreement in parliament. The cancellation has been welcomed by some Kenyans, including whistleblower Nelson Amenya, who views it as a victory for citizen empowerment and an indication that change is possible in the country.<ref>{{Cite web |title=Kenya Nixes Deals with India's Adani Group, Citing Corruption Evidence |url=https://www.occrp.org/en/news/kenyas-president-ruto-cancels-adani-airport-deal |url-status=live |archive-url=https://web.archive.org/web/20241208095307/https://www.occrp.org/en/news/kenyas-president-ruto-cancels-adani-airport-deal |archive-date=8 December 2024 |access-date=14 December 2024 |website=OCCRP |language=en-US }}</ref>

===Arms export to Israel===
{{see also|List of companies involved in the Gaza war}}
In 2018, Adani Defence & Aerospace announced a joint venture with [[Elbit Systems]], Israel's primary defence manufacturer, to produce Hermes 900 military drones in India. In February 2024, 20 Hermes 900 drones were supplied to Israel. In April 2024, the Indian government under the BJP abstained from the UN vote calling for an arms embargo on Israel. This decision has been linked to Adani's military exports to Israel.<ref>{{cite news|url=https://thewire.in/government/indias-refusal-to-back-un-arms-embargo-on-israel-may-be-linked-to-adani-drone-exports|first=R.|last=Ramachandran|title=India's Refusal to Back UN Arms Embargo on Israel May Be Linked to Adani Drone Exports|date=17 April 2024|access-date=22 September 2024|website=The Wire}}</ref><ref>{{cite news|url=https://www.deccanherald.com/opinion/india-is-firing-the-engine-of-war-in-gaza-while-preaching-peace-3084659|date=28 June 2024|access-date=22 September 2024|first=Bharat|last=Bhushan|website=Deccan Herald|title=India is firing the engine of war in Gaza while preaching peace}}</ref><ref>{{cite web|url=https://www.deccanherald.com/india/india-sends-adani-made-drones-to-israel-5-things-to-know-2893895|title=India sends Adani-made drones to Israel; 5 things to know|website=Deccan Herald|date=14 February 2024|access-date=22 September 2024}}</ref>

=== Manipulating Bharatpedia entries ===

A [[Project:Bharatpedia Signpost/2023-02-20/Disinformation report|February 2023 article]] in ''[[The Signpost]]'' said that the Adani team has been manipulating Bharatpedia entries using [[sock puppet account]]s to insert promotional material and remove or edit criticism.<ref>{{Cite news |title=Bharatpedia says Adani team manipulated articles on the group |first1=Nikhil |last1=Agarwal |date=21 February 2023 |url=https://economictimes.indiatimes.com/markets/stocks/news/adani-vs-hindenburg-Bharatpedia-editors-blame-billionaires-team-for-manipulating-wiki-entries/articleshow/98121928.cms |work=[[The Economic Times]] |access-date=21 February 2023 |archive-date=21 February 2023 |archive-url=https://web.archive.org/web/20230221143504/https://economictimes.indiatimes.com/markets/stocks/news/adani-vs-hindenburg-Bharatpedia-editors-blame-billionaires-team-for-manipulating-wiki-entries/articleshow/98121928.cms |url-status=live }}</ref><ref>{{cite news |url=https://scroll.in/latest/1044453/Bharatpedia-newspaper-says-articles-on-adani-group-may-have-been-manipulated |title=Adani Group 'almost certainly' manipulated its entries on Bharatpedia, alleges site's newspaper |date=23 February 2023 |newspaper=[[Scroll.in]] |access-date=25 February 2023 |archive-date=25 February 2023 |archive-url=https://web.archive.org/web/20230225122055/https://scroll.in/latest/1044453/Bharatpedia-newspaper-says-articles-on-adani-group-may-have-been-manipulated |url-status=live }}</ref><ref>{{cite news |url=https://www.livemint.com/news/india/did-adani-systematically-manipulate-Bharatpedia-entries-11676954241598.html |title=Did Adani systematically manipulate Bharatpedia entries? |date=21 February 2023 |first1=Jyoti |last1=Banthia |newspaper=[[Mint (newspaper)|Mint]] |access-date=25 February 2023 |archive-date=28 February 2023 |archive-url=https://web.archive.org/web/20230228034008/https://www.livemint.com/news/india/did-adani-systematically-manipulate-Bharatpedia-entries-11676954241598.html |url-status=live }}</ref>

=== Bribery charges ===
In March 2024, the United States expanded its probe into Adani Group, particularly focusing on founder [[Gautam Adani]]'s conduct and potential bribery by his group companies in exchange for favourable treatment regarding an energy project.<ref>{{cite web |last1=Pal |first1=Priyasi |title=Adani Group Under US Bribery Probe: Shadow Over Indian Green Giant? |url=https://www.brutimes.com/news/business/adani-group-under-us-bribery-probe-shadow-over-indian-green-giant |website=Bru Times News |language=en}}</ref><ref>{{Cite web |date=16 March 2024 |title=US probing Adani Group and founder over potential bribery: Report |url=https://indianexpress.com/article/business/companies/us-probing-adani-bribery-charges-9217165/ |access-date=16 March 2024 |website=The Indian Express |language=en}}</ref> The investigation is being handled by the [[United States Attorney for the Eastern District of New York]] and the [[United States Department of Justice Criminal Division]]'s fraud unit in Washington.<ref>{{Cite news |last1=Schoenberg |first1=Tom |last2=Benny-Morrison |first2=Ava |date=15 March 2024 |title=US Probing Indian Billionaire Gautam Adani and His Group Over Potential Bribery |url=https://www.bloomberg.com/news/articles/2024-03-15/us-prosecutors-widen-investigation-into-adani-group-focus-on-potential-bribery |access-date=16 March 2024 |work=Bloomberg.com |language=en}}</ref> On 20 November 2024, federal prosecutors in New York charged Gautam Adani and his associates with multiple counts of fraud, including bribing Indian government officials with over $250 million to secure solar energy contracts.<ref>{{cite news |last1=Grant |first1=Nico |title=U.S. Charges Indian Billionaire Adani With Fraud Over Bribery Scheme |url=https://www.nytimes.com/2024/11/20/technology/gautam-adani-bribery-charges.html |access-date=21 November 2024 |work=The New York Times |date=20 November 2024}}</ref>

In March 2025, the Indian government initiated proceedings to deliver a US Securities and Exchange Commission (SEC) summons to Gautam Adani concerning the alleged bribery scheme. The summons requires Adani or his legal representative to appear in the US case.<ref>{{Cite news |title=India to deliver US summons to Adani for alleged bribery |url=https://www.reuters.com/world/india/india-deliver-us-summons-adani-alleged-bribery-2025-03-13/ |access-date=19 March 2025 |work=[[Reuters]]}}</ref>

On 12 September 2024, the chief manufacturing officer of [[Ambuja Cement]], a subsidiary of the Adani Group, was arrested over an alleged bribery attempt.<ref>{{cite news|url=https://www.business-standard.com/companies/people/adani-backed-ambuja-cement-s-officer-arrested-for-bribery-attempt-in-odisha-124091200175_1.html|title=Adani-backed Ambuja Cement's officer arrested for bribery attempt in Odisha|first=Vasudha|last=Mukherjee|date=12 September 2024|access-date=17 September 2024|website=Business Standard}}</ref>
In January 2026, Adani group's shares fell down by 10%, incurring a loss of $12.5 billion, following SEC's request to the Indian court to issue email summons to the defendants in the bribery case.<ref>https://www.reuters.com/world/india/adani-group-shares-tumble-after-us-sec-seeks-bypass-indian-government-serve-2026-01-23</ref>

=== Coal price inflation ===
According to an investigation by the Financial Times, Adani group had imported $5 billion worth of coal at more than double the market prices through offshore intermediaries in Singapore, Taiwan and Dubai. A notice by Directorate of Revenue Intelligence also accused five Adani group companies of artificially inflating the value of imported coal from Indonesia by 50% to 100% in order to overcharge power companies.<ref name="a666">{{cite web | last1=McCrum | first1=Dan | last2=Cook | first2=Chris | last3=Sheppard | first3=David | last4=Harlow | first4=Max | title=The mystery of the Adani coal imports that quietly doubled in value | website=Financial Times | date=12 October 2023 | url=https://www.ft.com/content/7aadb3d7-4a03-44ba-a01e-8ddd8bce29ed | access-date=28 October 2024}}</ref> Adani group has also managed to block the release of documents to Indian government agencies for investigation in Singapore.<ref name="b022">{{cite web | last=Arpan Chaturvedi | first=Aditya Kalra | title=Exclusive: India seeks to restart stalled Adani coal imports probe | website=Reuters | date=17 November 2023 | url=https://www.reuters.com/world/india/india-seeks-restart-stalled-adani-coal-imports-probe-2023-11-17/ | access-date=28 October 2024}}</ref>

A May 2024 investigation by OCCRP and ''[[Financial Times]]'' indicated that Adani Group fraudulently inflated the price of coal that it supplied to domestic utility companies, by falsifying low-grade coal as high-grade coal.<ref>{{cite web |author1=Dan McCrum |author2=Chris Cook |author3=John Reed |title=Adani suspected of fraud by selling low-grade coal as high-value fuel |url=https://www.ft.com/content/7451f2de-91fa-49f3-acb3-e83ab5c00eff |publisher=Financial Times |access-date=22 May 2024 |date=21 May 2024}}</ref><ref>{{cite web |author1=Anand Mangnale |title=New Evidence Bolsters Allegations Adani Group Overcharged for Coal |url=https://www.occrp.org/en/investigations/new-evidence-bolsters-allegations-adani-group-overcharged-for-coal |website=occrp.org |access-date=22 May 2024 |date=22 May 2024}}</ref>

In February 2025, it was revealed that the Adani Group paid £4 million to sponsor the green energy wing of [[Science Museum, London|London's Science Museum]]. This sponsorship faced criticism due to the company's involvement in coal mining and recent fraud allegations.<ref>{{Cite news |last1=Peel |first1=Michael |last2=Kay |first2=Chris |date=14 February 2025 |title=Adani paid £4mn to sponsor green energy wing of London's Science Museum |url=https://www.ft.com/content/631b3059-0737-42c2-a7ce-077384ba0c64 |access-date=19 March 2025 |work=Financial Times}}</ref>

===Media control===
In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcaster [[NDTV]], and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company's founders, former journalist [[Radhika Roy]] and her economist husband [[Prannoy Roy]] and that the deal was done "without discussion, consent or notice."<ref>{{Cite news |title=Fears for independent media in India as tycoon eyes major news channel |language=en-US |newspaper=The Washington Post|first1=Gary|last1=Shih|first2=Niha|last2=Masih |url=https://www.washingtonpost.com/world/2022/08/24/india-ndtv-adani-media-takover/ |access-date=26 August 2022 |issn=0190-8286}}</ref> This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime Minister [[Narendra Modi]]'s ruling [[Bharatiya Janata Party]].<ref name="Keener Spotlight">{{cite news |last1=Mukherjee |first1=Andy |title=The World's Second-Biggest Fortune Deserves a Keener Spotlight |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |access-date=15 October 2022 |work=[[Bloomberg News]]}}</ref><ref name="bbc-24Aug22">{{cite news|url=https://www.bbc.com/news/business-62655446 | title=India tycoon Adani in hostile bid for news channel NDTV | date=24 August 2022 | publisher= BBC News  |access-date=24 August 2022 }}</ref> By December 2022, Adani was described as controlling the largest shareholding in NDTV.<ref>{{cite news |url=https://www.aljazeera.com/program/the-listening-post/2022/12/17/india-why-is-gautam-adani-so-interested-in-ndtv |work=[[Al Jazeera English|Al Jazeera]] |title=India: Why is Gautam Adani so interested in NDTV? |first1=Ravi |last1=Nair |first2=Raksha |last2=Kumar |first3=Atul |last3=Chaurasia |first4=Kapil |last4=Komireddi |date=17 December 2022}}</ref><ref>{{cite news |url=https://www.reuters.com/business/media-telecom/indias-ndtv-founders-transfer-most-their-stake-adani-2022-12-23/ |date=23 December 2022 |work=[[Reuters]] |title=Billionaire Adani to control nearly 65% of NDTV as founders sell stake |first1=Chris |last1=Thomas |editor1-first=Devika |editor1-last=Syamnath }}</ref> [[The Economist]] said that before Adani bought NDTV, the news channel was "critical of the government but is now supine."<ref name="economist-09Feb23">{{cite news |url=https://www.economist.com/leaders/2023/02/09/the-humbling-of-gautam-adani-is-a-test-for-indian-capitalism |newspaper=[[The Economist]] |date=9 February 2023 |title=The humbling of Gautam Adani is a test for Indian capitalism }}</ref>

In 2022, Ravi Nair, a freelance journalist was allegedly issued an 'arrest warrant' by the Delhi police without any prior summons after Adani group filed a defamation case against him.<ref>{{cite news|url=https://www.newslaundry.com/2022/07/26/arrest-warrant-against-journalist-for-defaming-adani-group|title=Arrest warrant against journalist for defaming Adani group|first=Tanishka|last=Sodhi|date=22 July 2022|access-date=17 September 2024|website=NewsLaundary}}</ref>

In December 2023, Adani Group acquired majority stake in [[Indo-Asian News Service]].<ref name="h084">{{cite web |title=Adani acquires 50.5% stake in IANS, making presence stronger in media sector |website=mint |date=16 December 2023 |url=https://www.livemint.com/companies/news/adani-acquires-50-5-stake-in-ians-making-presence-stronger-in-media-sector-11702713804149.html |access-date=4 October 2024}}</ref> Independent News Service (INS), the parent company which owns [[India TV]] is also backed by Gautam Adani, the chairman of Adani group.<ref name="f053">{{cite web |last1=Dev |first1=Atul |last2=Donthi |first2=Praveen |title=Rajat Sharma's path to becoming India's most powerful editor-entrepreneur |website=The Caravan |date=1 December 2016 |url=https://caravanmagazine.in/reportage/man-studio-rajat-sharma-india-tv |access-date=4 October 2024}}</ref>

== Affiliated companies ==
{| class="wikitable"
|+
!Industry
!Company
!Notes
!Ref
|-
| rowspan="4" |'''Energy'''
|[[Adani Green Energy]]
|
|
|-
|[[Adani Power]]
|
|
|-
|Adani New Industries (ANI)
|
* Green hydrogen production
* Battery manufacturing
* Wind turbines
* Solar modules
|
|-
|Adani Total Gas (ATG)
|
|
|-
| rowspan="3" |'''Utilities'''
|[[Adani Energy Solutions]]
|
|
|-
|Adani Electricity
|Power distribution in Mumbai with over 3M+ consumers
|
|-
|Adani Total Gas (ATG)
|
|
|-
| rowspan="2" |'''Cement'''
|[[Ambuja Cements]]
| rowspan="2" |Acquired from [[Holcim Group]] on 15 May 2022
|
|-
|[[ACC (company)|ACC]]
|
|-
| rowspan="4" |'''Transport & Logistics'''
|[[Adani Ports & SEZ]]
|
|
|-
|Adani Airports Holdings (AAH)
* [[Chhatrapati Shivaji Maharaj International Airport]]
* [[Navi Mumbai International Airport]]
* [[Chaudhary Charan Singh International Airport]]
* [[Mangalore International Airport]]
* [[Thiruvananthapuram International Airport]]
* [[Lokpriya Gopinath Bordoloi International Airport]]
* [[Sardar Patel International Airport]]
* [[Jaipur International Airport]]
|
* AAH has secured lease, operate, and development rights for 50 years.
* The airports are not owned by the Adani Group.
|
|-
|Adani Road Transport (ART)
|
|
|-
|North Queensland Export Terminal (NQXT)
|
|
|-
|'''Technology & Data Centers'''
|Adani Connex
|Hyperscale Data Center service provider. All DCs run on 100% renewable energy.
* Chennai
* Mumbai (Planned)
* Noida (Planned)
* Hyderabad (Planned)
* Pune (Planned)
* Vizag (Planned)
|
|-
| rowspan="2" |'''Consumer & B2C'''
|Adani Digital Labs (ADL)
* AdaniOne
|Multi-purpose super-app to book train tickets, flights, hotels and collect rewards.
* Alpha development stage, see [https://www.adanione.com www.adanione.com]{{Dead link|date=August 2025 |bot=InternetArchiveBot |fix-attempted=yes }}
* Acquisitions
** Trainman, a train reservation platform
** SIBIA Analytics, based in Kolkata
|
|-
|Adani Realty
|Residential & Commercial real estate development
|
|-
| rowspan="2" |'''Media'''
|[[NDTV]]
|Acquired [[BQ Prime]] from Quint Digital Media and rebranded it as NDTV Profit, see [https://www.ndtvprofit.com www.ndtvprofit.com]
|
|-
|[[Indo-Asian News Service|IANS India]]
|Acquired IANS, a News Agency and News Wire
|<ref>{{Cite web |date=16 December 2023 |title=Adani Group acquires majority stake in news agency IANS |url=https://www.businesstoday.in/latest/corporate/story/adani-group-acquires-majority-stake-in-news-agency-ians-409670-2023-12-16 |access-date=2 January 2024 |website=Business Today |language=en}}</ref>
|-
|'''Real Estate'''
|Adani Properties
|
* Redevelopment of Dharavi Slum in Mumbai
|
|-
|'''Aviation Services'''
|[[Air Works]]
|
|
|}

==Sports==

[[File:Adani Arena Rockhampton.jpg|thumb|Adani Arena in Rockhampton, Australia]]In addition to its industrial interests, the Adani group owns several sports teams, such as the [[Gujarat Giants (kabaddi)|Gujarat Giants]] team in the [[Pro Kabaddi League]].<ref>{{cite news|title=Gujarat Giants About|url=https://www.gujaratgiants.com/about-gujarat-giants|work=Gujarat Giants|language=en|access-date=26 August 2022|archive-date=26 August 2022|archive-url=https://web.archive.org/web/20220826050656/https://www.gujaratgiants.com/about-gujarat-giants|url-status=dead}}</ref> In 2022, Adani Group acquired the Gulf Giants team in UAE's [[International League T20]].<ref name="auto4" /> In August 2022, It also purchased a franchise in Legends League Cricket.<ref name="auto3" /> In 2023, it purchased a team in the [[Women's Indian Premier League|Women's Premier League]] based in Ahmedabad.

=== Teams owned by Adani Group ===
{| class="wikitable"
! Team
! Sports
! League
! Refs
|-
|[[Gujarat Giants (kabaddi)|Gujarat Giants]]
|[[Kabaddi]]
|[[Pro Kabaddi League]]
|<ref>{{Cite web |title=Gujarat Giants {{!}} Official Website {{!}} Kabaddi, kho kho, cricket and more |url=https://www.gujaratgiants.com/ |access-date=31 January 2023 |website=Gujarat Giants |language=en |archive-date=26 August 2022 |archive-url=https://web.archive.org/web/20220826100835/https://www.gujaratgiants.com/ |url-status=live }}</ref>
|-
|[[Gujarat Giants (WPL)|Gujarat Giants]]
|[[Cricket]]
|[[Women's Premier League (cricket)|Women's Premier League]]
|<ref>{{Cite web |title=Adani Teams |url=https://adanisportsline.com/our-teams |website=adanisportsline.com |access-date=31 January 2023 |archive-date=31 January 2023 |archive-url=https://web.archive.org/web/20230131092728/https://adanisportsline.com/our-teams |url-status=live }}</ref>
|-
|[[Gulf Giants]]
|[[Cricket]]
|[[International League T20]]
|<ref name="auto4" />
|-
|Gujarat Giants
|[[Cricket]]
|Legends League Cricket
|<ref name="auto3" />
|-
|Gujarat Giants
|[[Boxing]]
|Big Bout Boxing League
|<ref>{{Cite web |date=21 December 2019 |title=Indian Boxing League: Gujarat Giants beats Punjab Panthers to win title |url=https://sportstar.thehindu.com/boxing/big-bout-indian-boxing-league-gujarat-giants-beats-punjab-panthers-to-win-title-amit-panghal-sonia-lather/article30369247.ece |access-date=31 January 2023 |website=sportstar.thehindu.com |language=en |archive-date=31 January 2023 |archive-url=https://web.archive.org/web/20230131092726/https://sportstar.thehindu.com/boxing/big-bout-indian-boxing-league-gujarat-giants-beats-punjab-panthers-to-win-title-amit-panghal-sonia-lather/article30369247.ece |url-status=live}}</ref>
|-
|Gujarat Giants
|[[Kho kho]]
|[[Ultimate Kho Kho]]
|<ref>{{cite web |title=Gujarat Giants |url=https://www.ultimatekhokho.com/teams/gujarat-giants-profile-38/players |access-date=31 January 2023 |website=Ultimate Kho Kho |language=en |archive-date=31 January 2023 |archive-url=https://web.archive.org/web/20230131092724/https://www.ultimatekhokho.com/teams/gujarat-giants-profile-38/players |url-status=live }}</ref>
|}

Adani also sponsored various other sports initiatives, including a 2016 nationwide programme to prepare athletes for [[2016 Summer Olympics|Rio Olympics]] called ''Garv Hai'' ({{Translation|We are proud}}). It was re-launched for a second time to groom athletes for [[2020 Summer Olympics|2020 Tokyo Olympics]], [[2022 Asian Games]] and [[Commonwealth Games]]. The programme focuses on archery, shooting, athletics, boxing, and wrestling.<ref name="auto2" /><ref name="sports" /> Beneficiaries of the ''Garv Hai'' pilot project in 2016 include [[Ankita Raina]] (tennis), [[Pinki Jangra]] (boxing), [[Shiva Thapa]] (boxing), [[Khushbir Kaur]] (athletics), [[Inderjeet Singh]] (athletics), [[Mandeep Jangra]] (boxing), [[Malaika Goel]] (shooting), [[Deepak Punia (wrestler)|Deepak Punia]] (wrestling), [[K. T. Irfan|KT Irfan]] (Racewalking) and [[Sanjivani Jadhav]] (athletics).<ref name="auto2" /><ref name="sports" />

Adani Group has [[naming rights]] on Hegvold Stadium (now known as Adani Arena) in [[Rockhampton]]<ref>{{cite news |title=Goodbye Hegvold Stadium, hello Adani Arena |url=https://www.themorningbulletin.com.au/news/goodbye-hegvold-stadium-hello-adani-arena/3712737 |access-date=22 July 2021 |work=The Morning Bulletin |archive-date=22 August 2019 |archive-url=https://web.archive.org/web/20190822062416/https://www.themorningbulletin.com.au/news/goodbye-hegvold-stadium-hello-adani-arena/3712737/ |url-status=dead }}</ref> and the [[Cricket pavilion|pavilion end]] of the [[Narendra Modi Stadium]] in Ahmedabad.<ref>{{cite news |title=World's Biggest Cricket Arena That Hosted Trump Is Renamed After Modi |url=https://www.bloomberg.com/news/articles/2021-02-25/india-cricket-arena-that-hosted-trump-named-after-narendra-modi |date=25 February 2021 |first1=Archana |last1=Chaudhary |access-date=22 July 2021 |work=[[Bloomberg News]] |archive-date=28 April 2022 |archive-url=https://web.archive.org/web/20220428010209/https://www.bloomberg.com/news/articles/2021-02-25/india-cricket-arena-that-hosted-trump-named-after-narendra-modi |url-status=live }}</ref>

In July 2022, Adani Sportsline was designated as an official partner of the Indian Olympic Association (IOA) for the Birmingham Commonwealth Games 2022, Hangzhou Asian Games 2022, and Paris Olympic Games 2024. Previously, Adani Sportsline supported the Indian team at the Tokyo Olympics in 2021. Through its GarvHai initiative, the organisation has supported over 28 athletes, including silver medalist wrestler Ravi Kumar Dahiya.<ref name="w544">{{cite web | last=Ambwani | first=Meenakshi Verma | title=Adani Sportsline is principal sponsor of Indian Olympic Association | website=BusinessLine | date=30 June 2022 | url=https://www.thehindubusinessline.com/news/sports/adani-sportsline-is-principal-sponsor-of-indian-olympics-association/article65585050.ece | access-date=1 September 2024}}</ref><ref name="l279">{{cite web | last=Nair | first=Sangeeta | title=Adani Group joins as one of IOA's sponsors for Tokyo Olympics 2020: Check Full List of Indian Sponsors | website=Jagranjosh.com | date=23 July 2021 | url=https://www.jagranjosh.com/current-affairs/adani-group-joins-as-one-of-ioas-sponsors-for-tokyo-olympics-2020-check-full-list-of-indian-sponsors-1627047911-1 | access-date=1 September 2024}}</ref>

==See also==
* [[List of companies of India]]

==References==
{{Reflist|refs=

<ref name=":1">{{cite web |last=Hyatt |first=John |title=Inside Gautam And Vinod Adani's Controversial Conglomerate—And Why It May Be Too Politically Connected To Fail |url=https://www.forbes.com/sites/johnhyatt/2023/03/30/inside-gautam-and-vinod-adanis-controversial-conglomerate-and-why-it-may-be-too-politically-connected-to-fail/ |access-date=25 June 2023 |website=Forbes |language=en}}</ref>

<ref name="auto1">{{cite news|url=http://www.thehindu.com/news/national/tamil-nadu/Adani%E2%80%99s-648-MW-solar-plant-inaugurated/article14993341.ece|title=Adani's 648-MW solar plant inaugurated|first1=D. j Walter|last1=Scott|newspaper=The Hindu|date=22 September 2016|access-date=25 June 2018|via=www.thehindu.com|archive-date=9 July 2022|archive-url=https://web.archive.org/web/20220709232959/https://www.thehindu.com/news/national/tamil-nadu/Adani%E2%80%99s-648-MW-solar-plant-inaugurated/article14993341.ece|url-status=live}}</ref>

<ref name="auto2">{{cite web|url=https://www.thequint.com/news/hot-news/adani-group-announces-training-aid-for-hidden-sports-talents|title=Adani Group announces training aid for hidden sports talents|date=27 June 2019|website=The Quint|access-date=9 July 2019|archive-date=24 November 2021|archive-url=https://web.archive.org/web/20211124174335/https://www.thequint.com/news/hot-news/adani-group-announces-training-aid-for-hidden-sports-talents|url-status=live}}</ref>

<ref name="auto3">{{cite news|title=Adani Group acquires franchise in Legends League Cricket|url=https://www.livemint.com/companies/news/adani-gmr-buy-franchises-in-legends-league-cricket-11661413452291.html|access-date=25 August 2022|work=livemint|archive-date=25 August 2022|archive-url=https://web.archive.org/web/20220825124213/https://www.livemint.com/companies/news/adani-gmr-buy-franchises-in-legends-league-cricket-11661413452291.html|url-status=live}}</ref>

<ref name="auto4">{{cite news|title=Adani Group makes landmark foray into franchise cricket acquiring rights to a franchise in UAE's flagship T20 league|url=https://emiratescricket.com/news-detail/OyLkQWjnegZ6dwZ1p0GD|access-date=16 May 2022|work=Emirates cricket|archive-date=4 July 2022|archive-url=https://web.archive.org/web/20220704204252/https://emiratescricket.com/news-detail/OyLkQWjnegZ6dwZ1p0GD|url-status=live}}</ref>

<ref name="BBC News">{{cite news |date=2 December 2022 |title=Gautam Adani: The school dropout's high-risk journey to become Asia's richest man |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-asia-india-63817883 |access-date=13 December 2022 |archive-date=13 December 2022 |archive-url=https://web.archive.org/web/20221213235520/https://www.bbc.com/news/world-asia-india-63817883 |url-status=live}}</ref>

<ref name="godda">{{cite news |author1=Gerry Shih |author2=Niha Masih |author3=Anant Gupta |title=How political will often favors a coal billionaire and his dirty fossil fuel |newspaper=The Washington Post |url=https://www.washingtonpost.com/world/2022/12/09/india-coal-gautam-adani-godda/ |access-date=9 December 2022 |archive-date=9 December 2022 |archive-url=https://web.archive.org/web/20221209192922/https://www.washingtonpost.com/world/2022/12/09/india-coal-gautam-adani-godda/ |url-status=live}}</ref>

<ref name="DescriptionAdani90ans">ADANI, [http://www.adaniaustralia.com.au/pdf_details.php?pid=63 "Description of the mine project" by the Adani, PDF, 110 pages] {{Webarchive|url=https://web.archive.org/web/20150316183555/http://www.adaniaustralia.com.au/pdf_details.php?pid=63 |date=16 March 2015}} (version projecting a 90-year exploitation)</ref>

<ref name="Exclusive: Was Adani's associate in China involved in violating UN Security Council sanctions against North Korea?">{{cite web |title=Exclusive: Was Adani's associate in China involved in violating UN Security Council sanctions against North Korea? |url=https://www.adaniwatch.org/exclusive_was_adani_s_associate_in_china_involved_in_violating_un_security_council_sanctions_against_north_korea |access-date=2 March 2023 |website=Adani Watch |language=en |archive-date=2 March 2023 |archive-url=https://web.archive.org/web/20230302022029/https://www.adaniwatch.org/exclusive_was_adani_s_associate_in_china_involved_in_violating_un_security_council_sanctions_against_north_korea |url-status=live}}</ref>

<ref name="report">{{cite web |url=https://hindenburgresearch.com/adani/ |title=Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History |date=24 January 2023 |website=hindenburgresearch.com |publisher=[[Hindenburg Research]] |access-date=24 January 2023 |archive-date=24 February 2023 |archive-url=https://web.archive.org/web/20230224145548/https://hindenburgresearch.com/adani/ |url-status=live}}</ref>

<ref name="sports">{{cite news |title=Adani Group launches Garv Hai project to groom potential medallists |url=https://sportstar.thehindu.com/other-sports/adani-group-garv-hai-project-sports-grooming-training-india/article28246243.ece |access-date=2 July 2021 |work=Sportstar |language=en |archive-date=18 August 2021 |archive-url=https://web.archive.org/web/20210818032629/https://sportstar.thehindu.com/other-sports/adani-group-garv-hai-project-sports-grooming-training-india/article28246243.ece |url-status=live}}</ref>

<ref name="superbrandsindia.com">{{cite web |url=http://www.superbrandsindia.com/images/brand_pdf/business_3rd_edition_2011/ADANI.pdf |title=Adandi: Business of Success |website=superbrandsindia.com |access-date=16 December 2018 |archive-url=https://web.archive.org/web/20180501225757/http://www.superbrandsindia.com/images/brand_pdf/business_3rd_edition_2011/ADANI.pdf |archive-date=1 May 2018 |url-status=dead}}</ref>

}}

==External links==
* {{official website}}

{{Adani Group|state=collapsed}}
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