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<ul><li>AEL’s fund raise globally is validation of its governance and capital allocation practices. No regulatory failure asserts the boss of <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> Group.</li><li><keyword id="6379895" type="General" weightage="40" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> is on track and is preparing for operational readiness and airport transition by December 2024.</li><li>New businesses that are being incubated under AEL have accounted for 50% of its EBITDA in FY23</li></ul> In what has been a tumultuous year for billionaire <keyword id="111343" type="General" weightage="70" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, the boss of the Adani Group. Months after Adani Enterprises withdrew its follow-on public offer, Gautam Adani addressed the company’s shareholders at its Annual General Meeting, where he said that the track record spoke for itself. He said that despite the allegations made by the New York-based Hindenburg Research, “...not only did we raise several billions from international investors – but also that – no credit agency – in India or abroad – cut any of our ratings. This is the strongest validation of the belief that the investors have in your company’s governance and capital allocation practices.” All Adani Group companies were trading in the green in morning trade. Among many other new businesses that it is incubating, the airport business is a big one. The boss of Adani Enterprises said on Monday that the Navi Mumbai Airport is on track and is preparing for operational readiness and airport transition by December 2024. <keyword id="8414386" type="General" weightage="20" keywordseo="adani-airports" source="Orion">Adani Airports</keyword>, the new business incubated within AEL has won the mandate to modernise and operate six airports that are in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram through a globally competitive tendering process. Adani Airports also manages the Mumbai airport and is developing the Navi Mumbai Airport. The other major project that is ready to go onstream is the copper smelter. Adani Enterprises is seen as the incubation arm of the group and houses several capital intensive businesses under its umbrella. Through his speech, Adani reiterated the strength of the company’s balance sheet and its governance standards, which were demonstrated by the faith of global marquee investors. Adani said, “Our balance sheet, our assets, and our operating cash flows continue to get stronger and are now healthier than ever before. The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion. Our national and international partnerships are proof of our governance standards.” He also highlighted the company’s success in other international markets such as Australia, Israel, Bangladesh, and Sri Lanka. Adani Enterprises during FY23 grew its operating income by 36% to Rs 57,219 crore and total income by 85% to Rs 2,62,499 crore. Despite being a capital intensive business, the company’s profit after tax grew by 82% to Rs 23,509 crore. He added, “Adani Enterprises Limited, continued to successfully demonstrate its incubation capabilities with new businesses accounting for a massive 50% of its EBITDA in FY23.” Many of its new businesses, which are currently in the process of coming onstream, are expected to drive the flagship company’s operating income. The media foray through the acquisition of NDTV and the data centre business are ready for the next phase of growth. In addition, Adani’s Green Power business is expected to be a game changer as computation becomes the most precious resource in the world. Adani said: “Speaking of green power, the Adani Group is set to play a critical role in India’s net zero journey. Our renewable energy business, Adani Green Energy Limited, commissioned the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan.” The company’s operational renewable energy portfolio has grown by 49% to over 8 GW. This is the largest operational renewable portfolio in India. Our focus remains on producing the lowest cost green electron at scale – and I would like to reaffirm our target of 45 GW of renewable energy capacity by 2030.” AEL is also building the largest hybrid renewables park in the world – right in the middle of the desert – in Khavda. It will be the most complex and ambitious project that we have ever executed. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our execution history.

No credit agency – in India or abroad – cut any of our ratings, says Gautam Adani at AEL AGM

<ul><li>Auditor resignations are typically seen as a red flag by investors but <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> says that replacement with a reputed auditor (top 6) gives some comfort.</li><li>New auditor is also the audit firm for other leading Nifty50 companies and is not a small family-run entity.</li><li>Growth guidance for ports business in FY24 continues to be robust, say analysts.</li></ul> The dirty linen being washed in public by <keyword id="115294" type="General" weightage="50" keywordseo="deloitte-haskins" source="Orion">Deloitte Haskins</keyword> and Sells along with <keyword id="895682" type="General" weightage="80" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> has not ruffled analysts at Jefferies, a foreign investment bank. The research firm which tracks <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Ports has found a silver lining even in this development as it feels that the auditor has been replaced with another “reputed auditor,” which is among the top 6. Auditor resignations are typically seen as a red flag by investors but Jefferies says that replacement with a reputed auditor (top 6) gives some comfort. Operationally, Adani Ports looks set to grow port volumes at a steady clip. The company’s guidance has been maintained. In the June quarter of FY24, Adani Ports gained 200 basis points in market share in India to settle at 26%. The company’s management continues to remain positive on the outlook and maintained volume growth guidance of 9-15% year-on-year at 370-390 mnt. The guidance for operating income has been maintained at 13-17% YoY for FY24. Analysts expect core port EBITDA growth should remain upward of double digits. The company’s board on Friday accepted the resignation of its statutory auditors and new auditors have been appointed from 12 August 2023 till the date of the next AGM in 2024. M/S <keyword id="6358918" type="General" weightage="80" keywordseo="deloitte" source="Orion">Deloitte</keyword> Haskins &amp; Sells and approved the appointment of M/s M S K A &amp; Associates (independent member firm of BDO International). The reason that Adani Ports cited for Deloitte walking out was lack of wider audit role across other group companies. In its resignation letter, as submitted with the company’s exchange release, Deloitte highlighted they are not statutory auditors of a number of other Adani group companies. They were appointed for five years in May 2017 and then reappointed in July 2022 for a term till 2027. The dispute between the company’s management and Deloitte seems tp have arisen after the two did not agree on an external firm looking into allegations made by Hindenburg Research. For the financial year 2023, the accounts carried a qualification by Deloitte in Adani Ports’ annual report that as per a short seller report the company entered an EPC contract, some financing transactions and sale of its Myanmar container terminal to related parties. The qualification mentioned that Adani Ports’ represented that they are not related parties and did not consider it necessary to have an external independent examination given the ongoing SEBI investigation as directed by the Supreme Court. The auditor’s qualification mentioned that the company’s own evaluation did not constitute sufficient appropriate evidence. Typically auditor resignations are seen to be negative for companies as witnessed in the case of UPL when KPMG walked out as auditor in 2020 but Batliboi stayed on. While the stock corrected by 18% in the near term, the stock gradually recovered after 6-12 months, says Jefferies. Replacement with a big audit firm should give comfort to investors in Adani Ports too.

Adani Port replacing Deloitte with another reputed auditor to comfort investors, says Jefferies

<ul><li><keyword id="6379895" type="General" weightage="80" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> is on track and is preparing for operational readiness by December 2024, says <keyword id="76451" type="General" weightage="70" keywordseo="adani" source="Orion">Adani</keyword>.</li><li>Adani invokes 'matrabhumi', again slams Hindenburg for malicious attempt to damage reputation.</li><li>Adani reiterates confidence on company's governance and disclosure standards.</li></ul> Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> on Tuesday said that the Navi Mumbai airport project is on schedule and that it will be operational by 2024 end. The ports-to-energy conglomerate chief was addressing the annual shareholders meeting of Adani Enterprises. For Adani, among many its other new businesses that it is incubating, the airport business is a big one and the Navi Mumbai Airport project is valued at Rs 16,700 crore (US$2.1 billion). The statement confirms what the Secretary of the Ministry of Civil Aviation, <keyword id="347003" type="General" weightage="20" keywordseo="Rajiv-Bansal" source="Orion">Rajiv Bansal</keyword> had said in March when he expressed optimism that the Navi Mumbai Airport was likely to be inaugurated by next year. The announcement also coincides with the Prime Minister Narendra Modi virtually inaugurating the new integrated terminal building (NITB) of the <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-virtually-inaugurates-new-integrated-terminal-building-of-veer-savarkar-international-airport/articleshow/101863342.cms" data-type="tilCustomLink" target="_blank">Veer Savarkar International Airport</a> at Port Blair in Andaman and Nicobar Islands. Adani Airports has won the mandate to modernise and operate six airports that are in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram through a globally competitive tendering process. Adani Airports also manages the Mumbai airport and is developing the Navi Mumbai Airport. The other major project that is ready to go onstream is the copper smelter. A brief history and why it is important The Navi Mumbai Airport was first first conceived in 1997. However, it was in 2008, that the then Maharashtra government granted approval for development of the project. The project after many twists and turns was sold to the Adani Group in 2021, and Adani Group started the construction in August 2021. The airport will serve as the second airport in the financial capital of India. It will be an alternative to Mumbai's existing Chhatrapati Shivaji Maharaj International Airport (CSMIA), becoming the second airport of the Mumbai Metropolitan Region. Other highlights of Adani's speech The conglomerate chief again <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-at-agm-no-credit-agency-cut-adani-enterprises-ratings-even-after-hindenburg-saga/articleshow/101848756.cms" data-type="tilCustomLink" target="_blank">slammed US short-seller Hindenburg</a> for a 'malicious' attempt to damage the reputation of his conglomerate. Adani also said the group's assets and operating cashflows have got stronger and healthier and it will continue to consolidate what it has built while looking at expanding its horizons. He used the same language as he had used in the annual reports of his group's listed firms last month, to hit back at <keyword id="9916845" type="General" weightage="20" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword>'s "malicious" allegations and "false narratives" that "various vested interests tried to exploit". He has reiterated that his conglomerate remains confident in its governance and disclosure standards. Hindenburg on January 24 accused Adani of "brazen stock manipulation and accounting fraud" as well as using a "labyrinthian network" of shell companies for surreptitious money movements, allegations that the conglomerate has strongly denied, calling the report "a calculated attack on India". Adani then turned to his belief in the future of "matrabhumi" (the motherland). He invoked growth prospects of 'matrabhumi' India and the potential it offers for his business empire. "While economic cycles are getting increasingly hard to forecast, there is little doubt that India - already the world's 5th largest economy - will become the world's 3rd largest economy well before 2030 and, thereafter, the world's 2nd largest economy by 2050," he said. Citing the statistics of India's growth story, he said India will start adding a trillion dollar to its GDP every 18 months, putting it on track to be a USD 25 to 30 trillion economy by 2050. Road ahead... Post-Hindenburg, Adani Group has recast its ambitions, scrapped acquisitions, pre-paid debt to address concerns about its cash flows and borrowings, and scaled back its pace of spending on new projects as part of a comeback strategy. Promoters raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies to US-based global equity investment boutique GQG Partners in two tranches. In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors as the group continues to build on a comeback strategy. Adani Enterprises Ltd, the group's flagship firm, plans to raise Rs 12,500 crore through share sale to investors while Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore. (With text inputs from PTI)

Navi Mumbai airport to be ready by 2024 end, says Gautam Adani

<ul><li>RIL’s annual general meetings have been labelled ‘carnivals’ by market experts due to huge attendance.</li><li>The company has been acquiring many companies across sectors, above and beyond the many interests it already holds.</li><li>Here are some of the questions that investors can ask the chairman at the <keyword id="45644" type="General" weightage="80" keywordseo="agm" source="Orion">AGM</keyword> about the future course of the conglomerate. </li></ul>It’s been decades since <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword> famously said that a phone call should be cheaper than a postcard. No one writes postcards anymore. But <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> generations are still experimenting with newer and newer ways to bring people ‘closer’. During the first pandemic year, Isha and Akash Ambani conversed in their 2D and 3D avatars via a holographic call at the company’s 41st annual general meeting; showcasing their futuristic product – <keyword id="9579590" type="General" weightage="50" keywordseo="jio-glass" source="Orion">Jio Glass</keyword>. The twins kept two important traditions alive – announcing the next-big thing of the group’s ever expanding interests; and of course the dazzle factor of AGMs. The celeb factor In 2019, <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> connected to Alphabet CEO Satya Nadella after he announced a deal with Google. Two years later, he ‘welcomed’ Saudi Aramco’s chairman Yasir Al-Rumayyan onto the board. The $15 billion deal with the oil major was cancelled a few months later over valuation mismatch. Yet the optics around the ‘big announcements’ have worked so well that most of the time, RIL stock tends to appreciate ahead of an AGM. Especially since 2016, when telecom’s soft launch kicked off, it never did die down. Most of them also center around technologies of tomorrow – be it shopping via VR or retail going online. The range and depth of Relianceverse It’s not just metaverse or virtual reality that the group is banking on – the sheer number of acquisitions and interest that it has in startups has turned its interests into a mini Relianceverse. While they have acquired interests in over 20 companies since 2019. The ticket size of these acquisitions range from $2 million to $200 million from Sankhya Sutra Labs to Dunzo, respectively. The companies belong to niche specializations – from fluid dynamics software simulation software VR imaging to ERP and SaaS companies, e-commerce companies, creative home solutions to AI powered learning platforms. The latest acquisitions however pertain to lithium and sodium battery solutions as the group ventures into green hydrogen. According to a Bank of America research report, the historical M&amp;As show a pattern – they all were done to add value or fill gaps in RIL’s consumer offerings where management believed it was difficult to build in-house. “All investments fall under five categories– telecom, retail, education, healthcare, and agriculture. A new category of clean-energy was added in 2020-21 where further investments were made with an intention of getting access to clean-tech,” the report said. This BoFA rule however exceptions – the luxury hotel of Mandarin Oriental in New York for $98 million, UK based hotel StokePark for $79 million, SkyTran a clean tech podcar transport system based in the US, and also a smaller acquisition of IMG Reliance, an event management company for $7 million. This is the part that investors seek clarity from the management and the best way to do it is the annual general meeting that’s to be held on August 29, 2022. Questions to be asked Reliance AGMs are blessed with a large and wide attendance, making market watcher S P Tulsian once call it a ‘carnival’. While most people come to get a glimpse of India’s richest family members and some others entertain with shayaris, investors also need to do what AGMs are there for — to ask questions about the direction of the business and the value its creating. Currently, RIL is an oil to telecom to retail to new energy business that’s being driven in different directions. Here are some of the questions that can be answered at the AGM. <ol><li>Why are we acquiring so many companies across business and are we getting into hotels and lifestyle business, especially in international markets? </li><li><keyword id="8508699" type="General" weightage="50" keywordseo="jio-mart" source="Orion">Jio Mart</keyword> is nowhere close to Amazon, Flipkart or even startups like Swiggy Instamart. When can we expect a possible sync with Dunzo and become a serious e-commerce player?? </li><li>Reliance JioTV and JioFibre were launched with the promise of first show movies, but Voot and JioTV are nowhere close to Hotstar, Prime or Netflix. Will the $3 billion IPL media rights be a game changer? </li><li>We paid nearly $11 billion for 5G spectrum, when can we expect the payoff? And, when will we reach the 500 million subscriber target? </li><li>Reliance has plans for green hydrogen, biogas and solar PV manufacturing, which are capital intensive. When can we expect a demerger or fund raising? </li><li>The IPO market has become feeble due to international market conditions. Will that delay the demerger and listing of retail and telecom businesses? </li><li>Akash Ambani has been elevated as the head of telecom business. Is there a complete succession plan in place? </li></ol>SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/research/news/drdo-has-developed-a-facial-recognition-system-that-claims-to-see-through-masks-and-disguise/articleshow/93726351.cms">DRDO has developed a facial recognition system that claims to see through masks and disguise</a>

What should investors ask Mukesh Ambani at his company’s AGM?

<ul><li><keyword id="14295223" type="General" weightage="80" keywordseo="kutch-copper" source="Orion">Kutch Copper</keyword> Ltd (KCL), a subsidiary of the group's flagship Adani Enterprises</li><li>The Rs 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI</li><li>Copper is the third most used industrial metal after steel and aluminium</li></ul> Billionaire Gautam Adani-led group's copper-producing factory at <keyword id="66822" type="General" weightage="80" keywordseo="mundra" source="Orion">Mundra</keyword> in Gujarat will start operations from March next year, helping cut India's dependence on imports and aiding energy transition, sources said. Copper is known as the "metal of electrification" as deeper electrification requires wires, which are primarily made from copper. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the group's flagship <keyword id="258914" type="General" weightage="80" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword> (AEL), is setting up a greenfield copper refinery project for the production of refined copper with 1 million tonnes per annum in two phases. For Phase-1, capacity of 0.5 million tonnes per annum, KCL has achieved financial closure through a syndicated club loan, sources with direct knowledge of the matter said. The first phase is expected to become operational by the end of the current fiscal, they said. Adani, at the company's AGM a few days back, stated, "Of the several projects underway, two of the key ones include the <keyword id="6379895" type="General" weightage="50" keywordseo="navi-mumbai-airport" source="Orion">Navi Mumbai Airport</keyword> and the Copper Smelter, and both are on schedule". The Rs 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI earlier this year, they said, adding the entire debt requirement of Rs 6,071 crore for Phase-1 has been provided by the consortium of banks. The equity for the project has been invested by the parent Adani Enterprises Ltd. In addition, it has got all the major approvals in place to ensure timely execution. Copper is the third most used industrial metal after steel and aluminium, and its demand is rising on the back of fast-growing renewable energy, telecom and electric vehicle industries. India's copper production has been unable to meet this demand, and domestic supply disruptions have led to a higher dependency on imported copper. India's imports have been consistently on the rise for the past five years. For FY23 (April 2022 to March 2023 fiscal), India imported a record 1,81,000 tonnes of copper, while exports plummeted to a record low of 30,000 tonnes, even lower than the pandemic period, according to the data from the government. The country is estimated to have consumed 7,50,000 tonnes of copper in FY23 (612 KT in FY22). The number is expected to rise to 1.7 million tonnes by 2027 on the back of huge demand from the green energy industry. Global demand for copper from solar photovoltaic (PV) installations alone is estimated to double to 2.25 million tonnes in the current decade. Adani group, which is rapidly growing its renewable portfolio, will be a significant consumer of the red metal, sources said. The strategically located plant at Mundra on the west coast will play a crucial part in the green energy infrastructure development, and encourage 'Make in India'. The project has the potential to make the Mundra Special Economic Zone a hub for downstream ecosystems of value-added copper products going forward. Sources said the location provides the additional advantage of access to lower cost and uninterrupted energy supply and logistical infrastructure to cater to domestic and international demand. On the operational front, the company is engaged in long-term supply agreements for the key raw material -- copper concentrate. This, along with strategic location and integrated value chain advantage, will help Kutch Copper to be one of the most sustainable and lowest-cost copper producers in the world, according to sources. Keeping in mind the group's ESG priorities, the plant's sustainable solution-based project design will have zero liquid discharge. It will explore using green power and deploying byproducts for cement and other businesses. In addition, the plant will be producing 25 tonnes per annum old, 250 tonnes of silver and 1,500 kilotonnes per annum (<keyword id="2844568" type="General" weightage="80" keywordseo="ktpa" source="Orion">KTPA</keyword>) sulphuric acid and 250 KTPA phosphoric acid as byproducts. India imports roughly two million tonnes of sulphuric acid, which is a key raw material for manufacturing phosphatic fertilisers, detergents and speciality chemicals. Globally, copper production is more concentrated than oil. The two top producers - Chile and Peru - account for 38 per cent of world production. Demand growth during the energy transition - moving away from fossil fuels to renewable sources of energy - is projected to be pronounced in the US, China and Europe, besides India. By 2035, the US is projected to import up to two-thirds of its copper needs.

Adani's $1.1 bn copper project to start operations from March 2024

Reliance Industries, Tata Motors, Adani Ports and other stocks to watch out for on June 24

<ul><li>Given the size and scale of its portfolio, <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> is targeting a group valuation of $1 trillion.</li><li>Adani Group will play to its strengths and focus on its core verticals – mining, infrastructure and utilities. Businesses that fit well into the group’s overarching superstructure will become adjacencies like cement, copper and aluminum. </li><li>Adani Enterprises will continue to be the group’s incubator that currently houses new businesses. The Group is looking to hive off some of these new businesses like new energy, airports and roads over the next 2-4 years.</li></ul> The Adani Group’s market capitalisation has been the subject of much conversation in recent times, as the returns have taken many by surprise and propelled <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> to the third spot on the list of the world’s richest people. The value of the group’s listed entities have zoomed from $16 bn in 2015 to $240 bn in 2022, but billionaire Gautam Adani’s ambition is to take his group’s value to $1 trillion. All the pieces of this strategy were put in place back in 2015. On 10 October, the group’s Chief Financial Officer Jugeshinder ‘Robbie’ Singh, narrated an incident outlining the group’s gambit to a roomful of high networth individuals in New Delhi. He said: “Whatever you see today, it might look like it has just happened in the last one or two years, but in reality what we have done – both GSA (Gautam Shantilal Adani) and myself – we discussed this in 2015. When the discussion happened, the group’s market cap was around $16 bn in 2015. Given what we had as a set of companies, we believed that if we had assets and companies of that type we should really be a $1 trillion group. So we went through the steps that we needed to take to get to the point.” <div type="image" title="Jugeshinder ‘Robbie’ Singh, Chief Financial Officer, Adani Group" msid="94857724" hostid="261" caption="&amp;lt;p&amp;gt;Jugeshinder &amp;#8216;Robbie&amp;#8217; Singh, Chief Financial Officer, Adani Group&amp;lt;/p&amp;gt;"></div> Since then, the Adani Group has set about building its infrastructure and logistics portfolio in a manner that it could emerge as the top five globally and not just India’s largest player. To achieve this goal, Singh said they took steps to transform the very way the group functioned at every level. “We came to the conclusion that a lot of the steps could be executed, When we concluded that we could (execute) these steps, both of us knew at the stage that if we didn’t achieve this, at least two people – Gautam Adani and me – would know we failed,” he added. Building It Brick By Brick While market experts have at times questioned the Group’s foray into cement, the Group is clear that it will play to its strengths and focus on its core – mining, infrastructure and utilities. And businesses that fit well into the group’s overarching superstructure will become adjacencies. Given that power and logistics are the largest components of any metals and materials business, the group has seen it fit to enter copper, aluminum and cement businesses. Power continues to be core to the Group’s future growth plans. And to this end, Adani Green is redefining the future of renewable energy. In 2020, Adani Green became the largest solar company in the world. Adani New Industries, which is currently within Adani Enterprises, will focus on the Group’s foray into the new energy business. Singh went on to explain to investors that for the first time in India’s history, a portfolio of a group has emerged that is the world’s top five in the entire sector. He said: “If you take the infrastructure portfolio of the Adani Group, then the core is among the top 5 in the world. If you take Adani Green, Adani Ports, Adani Total, Adani Transmission and Adani Power are in total among the world’s top five infra portfolios. It is the fastest growing portfolio. Our primary industry vertical materials, metal and mining again sits next to our core infra portfolio.” Not surprising then that Adani Ports and Special Economic Zones (APSEZ) was the first company to undergo a major transformation from being a mere ports operator to becoming an integrated port services and logistics player. According to Gautam Adani in his AGM speech, “Financial year 2021 was a transformational year. No company runs a port business of such scale and reach.” The company added LNG and LPG business to the portfolio. In all, Adani’s ports business moves $100 bn worth of trade every year. Why Entering The Materials Business Makes Sense for Adani? The Adani Group emerged as a surprise bidder for Holcim’s cement business in India earlier this year. While many believe it was a foray into an unrelated business, the Group has compelling reasons behind it. Whether it is building materials like paints and cement or metals, 74% of the cost in these businesses comprise of three things – transport and logistics, power and extraction. Singh believes that the cement industry is like any materials industry, where infra and energy are core components. Explains Singh, “We never looked at cement as a manufacturing business. We believe that the Indian cement industry is horrifically inefficient. And we can bring efficient logistics and power to it. Anyone who has predicted the EBITDA of ACC and Ambuja will be wrong by a factor in the next 9-12 months. The same thing is true for copper and aluminum.” <div type="image" title="Jugeshinder ‘Robbie’ Singh on Adani Group entering the cement business" msid="94857795" hostid="261" caption="&amp;lt;p&amp;gt;Jugeshinder &amp;#8216;Robbie&amp;#8217; Singh on Adani Group entering the cement business&amp;lt;/p&amp;gt;"></div> Given that Adani Group has all the clearances, it can deliver the key raw materials at a better price.The group already is the largest mining services player in the country and which is why it believes that the development cost of its copper smelter would be a third of the cost of any other developer in the country and aluminum would be the same. “So when you hear we are buying XYZ, I would like you to see in this chart that broadly 100% of our investments are core infra or adjacent areas. We do not do anything outside of this,” said Singh to investors. Surplus Cash &amp; Credit Rating Higher Than Sovereign: Group is generating cash faster than it can deploy Most businesses of the Adani Group enjoy the best in class margins. The ports business has reported operating margins of 70%, while its closest competitor’s margins are at 56%. Adani Total Gas has reported margins of 41%, while Adani Tranmission’s operating margin is at 92%. The businesses are profitable and efficient and generate high levels of free cash flows. The growth, explains Singh, is higher than even some tech companies. The group currently generates earnings before interest, tax, depreciation and amortization of $8 bn. Of this $8 bn, approximately $3.6 bn is spent on servicing debt (interest and principal). Of the remaining $4.4 bn, the group spends $700 mn towards tax. Businesses spend $1.8 bn towards capex, while the remaining the group is unable to deploy. While in absolute terms the Group’s debt has gone up, but so has its EBITDA, explains Singh. Over the last nine years, the Group’s EBITDA has grown 23% CAGR, while debt has grown by 12%. Nearly 41% of Adani’s portfolio has the same credit rating as that of the Government of India. “We are rated higher than the banks so if we keep the money there, then it is a problem for us,” adds Singh. According to the Group’s CFO Robbie Singh, soon enough the group will have a company in its portfolio, with all its business in India, that will be rated higher than the Government of India. Global Relationships and Capital Drive Growth The Group’s portfolio has evoked interest from global partners like TotalEnergies and even global funds like International Holding Company. TotalEnergies has expanded its investment across the portfolio of companies. Total Energies has invested $4 bn across <keyword id="4929350" type="General" weightage="20" keywordseo="adani-group-companies" source="Orion">Adani Group companies</keyword> and it is the French company’s largest single minority position in the world. IHC has also invested $2 bn across group companies. The Adani Group has deep relationships with most Indian banks, but since they have group exposure limits, Group Adani cannot grow if it is only dependent on Indian banks. Almost the entire European banking system has relationships with Adani Group along with leading investment banks from the US and Japan. The group has not only raised $16 bn capital in the last three years to fuel growth, but has also run one of the largest equity capital programmes, which is almost the same size as that of Reliance Jio. Adani Enterprises to act as the Group’s Incubator Adani Enterprises has been positioned as the group’s incubator. The group is currently nurturing several new businesses under the aegis of AEL till they become independent and can fund their own capital expenditure plans. The Group believes that it should not be valued on the basis of P/E multiple as its business is the incubation of new businesses. For instance, Adani New Industries is the green hydrogen business under AEL for which the Group has committed capex of $50 bn over the next 10 years. Apart from the new energy venture, data centers, airports and the roads businesses will sit inside AEL till they can be independent and support their own growth ambitions. The Group is looking to hive off some of these new businesses over the next 2-4 years. To be outside of Adani Enterprises, businesses need to meet two conditions: 1) They can sustain their growth on their own and not need money from shareholders. 2) There can be no financial cross holdings. When a business can stand on its feet, it will be demerged from AEL, explains Singh. In the next 2-3 years, hydrogen, airports and transmission businesses can be demerged when they can be independent. But from the look of it, Adani Group’s transformation is a 25-year story of growth and ambition. <div type="image" title="Adani: A world class infrastructure and utility portfolio" msid="94857846" hostid="261" caption="&amp;lt;p&amp;gt;Adani: A world class infrastructure and utility portfolio&amp;lt;/p&amp;gt;"></div>SEE ALSO <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT majors cut down their hiring by half despite high attrition</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/infosys-shares-surge-after-q2-results-9300-buyback-announcement/articleshow/94850939.cms">Infosys shares surge after Q2 results, ₹9,300 crore buyback announcement</a>

Gautam Adani puts in place plan to take Group valuation to $1 trillion

<keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman, <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has said that the combined Group market capitalisation this year exceeded $200 billion. "We were able to raise billions of dollars from the international markets, a direct validation of confidence in the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> growth story. Our growth and success have been recognised around the world. Several foreign governments are now approaching us to work in their geographies and help build their infrastructure. Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India's boundaries," he said at the annual general meeting (AGM) of Adani Enterprises Limited (<keyword id="236769" type="General" weightage="50" keywordseo="ael" source="Orion">AEL</keyword>). The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India, said Gautam Adani. "The best evidence which showcased our confidence and belief in the future, is our investment of $70 billion in facilitating India's green transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future. We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. "While we now hold a major global renewable energies portfolio, we have made also remarkable progress in several other industries over the past 12 months. In one stroke, we have become the largest airport operator in India. "Around these airports that we operate today we are engaged in the adjacent businesses of developing aero-tro-polises and creating localised community based economic centres. We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in business such as ports, logistics, transmission and distribution, city gas and piped natural gas. "Our successful IPO of Adani Wilmar makes us the largest FMCG company in the country. And following the acquisition of Holcim's assets in India that include two of the most recognised brand names across the country, <keyword id="6374289" type="General" weightage="50" keywordseo="acc" source="Orion">ACC</keyword> and <keyword id="105382" type="General" weightage="50" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>, we are now the second largest cement manufacturer in India. This is a classic example of our adjacency based business model at work. In addition, we have also made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials, all aligned with the government's vision of an Atmanirbhar Bharat," he says. Gautam Adani said the group's rising market capitalisation has been supported by a robust and sustained growth in our cash flows. "Our focus on operational excellence across our portfolio and the accretive capacity addition delivered an EBITDA growth of 26 per cemt. Portfolio EBITDA stood at Rs 42,623 crore. This diversified growth was reflected across our range of businesses. Our utility portfolio grew by 26 per cent, our transport and logistics portfolio grew by 19 per cent, our FMCG portfolio grew by 34 per cent, and Adani Enterprises Limited, our incubator business, grew by 45 per cent. AEL's unique business model has no parallel and we intend to leverage this further." The high growth of AEL provides the Group with a reliable foundation for the continued development of new businesses for yet another big decade. "While we may look back and feel content, it is only now that we are gathering real momentum. What we have been able to achieve in two decades, is become India's largest integrated infrastructure business based on a rapid extension into adjacent businesses. This has resulted in our transformation into an integrated 'platform of platforms' that combines an energy platform with a logistics platform, both of which help us with unprecedented access to the Indian consumer. I today know of no company that has such an unique business model with potential access to an unlimited B2B and B2C market for the next several decades," Gautam Adani said.

Our group's combined market cap exceeds $200 billion, says Gautam Adani

As India and other countries take concrete steps to adopt 5G, the number of job postings by telcos related to 5G increased by 65 per cent last month, from 5,265 job postings in January to 8,667 in July, a report showed on Wednesday. Active jobs were up by 46 per cent, whereas job closures went up by 75 per cent in the same period, according to GlobalData's analysis of 175 companies globally. <keyword id="6354504" type="General" weightage="100" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> is hiring for 'Lead 5G Core &amp; Cloud Architecture' to support diverse use cases and core products for 5G. Vodafone Idea's posting for an 'AGM-Practice Lead-Smart Mobility' will be required to have experience in the smart mobility vertical and 5G-connected cars and electric vehicles. "India's 5G spectrum auction ended with Reliance Jio emerging as the top bidder along with Bharti Airtel, Vodafone Idea, and <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>. Bharti Airtel is planning to launch 5G services in India before the end of August," said <keyword id="14742572" type="General" weightage="50" keywordseo="sherla-sriprada" source="Orion">Sherla Sriprada</keyword>, business fundamentals analyst at GlobalData. Major players such as Ericsson, China Telecom, Deutsche Telekom and American Tower were discussing investment around CapEx and 5G production in 2022. Several tech companies are looking to hire engineers for developing 5G use cases. "For jobs such as network administration, testing and software development the firms are likely to hire experts in areas such as infrastructure development, equipment, network operations, and spectrum services," <keyword id="12694249" type="General" weightage="80" keywordseo="sriprada" source="Orion">Sriprada</keyword> added. <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> has also advertised roles in the 5G protocols layer and is hiring for 'RF Systems Architect', which looks at defining and researching emerging 6G spectrum policy, use cases and trends for radio access networks in advance for 6G radios. Nokia has also opened a 5G Industrial Incubation Lab in South Australia and posted a '<keyword id="14742573" type="General" weightage="50" keywordseo="graduate-engineer-in-technology" source="Orion">Graduate Engineer in Technology</keyword>' role. "It's not only 5G investments that companies are looking at as they have also shown an interest in 6G investments and related roles," said Sriprada. Over 130 jobs were posted between January 2022 to July 2022 based on 6G as a title search. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rupee-gains-22-paise-against-the-dollar-as-crude-prices-ease-fpis-come-back/articleshow/93619085.cms">Rupee gains 22 paise against the dollar as crude prices ease, FPIs come back</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cabinet-clears-proposal-to-raise-eclgs-corpus-to-rs-5-lakh-cr-for-tourism-and-hospitality-sector/articleshow/93618831.cms">Cabinet clears proposal to raise ECLGS corpus to Rs 5 lakh cr for tourism and hospitality sector</a>

Reliance Jio, Voda step up hiring as 5G related job postings up 65%

From Ambanis and <keyword id="261423" type="COMPANY" weightage="100" keywordseo="Adanis">Adanis</keyword> to <keyword id="3686670" type="UNKNOWN" weightage="20" keywordseo="premjis">Premjis</keyword> and <keyword id="242899" type="ORGANIZATION" weightage="20" keywordseo="Khorakiwalas">Khorakiwalas</keyword>, several generation-next leaders of India's leading family-run businesses have joined crorepati club when it comes to their salaries and other perks. 
 
With a number of corporate houses promoting sons and daughters of their promoters to leadership positions, many of these companies have begun giving hefty remuneration packages to them for their "increased responsibilities" and "active involvement" in exploring new business opportunities, as per a news report by an agency. 
 Still, the annual pay of these next-generation leaders remains relatively low, as against the overall average payout of over Rs 20 crore for CEOs of India's top-listed companies forming part of <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and only a fraction of the same in the US at close to $20 million (about Rs 130 crore). 
 <keyword id="6369979" type="COMPANY" weightage="20" keywordseo="Gujarati">Gujarati</keyword> industrialist <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>'s son <keyword id="443" type="ENTERTAINMENT" weightage="20" keywordseo="Karan">Karan</keyword>, who was appointed CEO of <keyword id="1016113" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone-Ltd">Adani Ports and Special Economic Zone Ltd</keyword>, did not draw any remuneration from the company for fiscal 2015-16, but the board has approved an annual remuneration for him of up to Rs 1.5 crore, including salary, perks and other benefits, with effect from September 1, 2016. 
 
As Chairman and Managing Director of the company, Gautam Adani got total remuneration of Rs 2.8 crore in 2015-16, while Whole Time Director Malay Mahadevia got Rs 10.7 crore. 
 In case of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>'s son <keyword id="141180" type="PERSON" weightage="20" keywordseo="Anmol">Anmol</keyword>, who was recently appointed as Director on the board of the group's financial services arm <keyword id="6360090" type="CITY" weightage="20" keywordseo="Reliance-Capital">Reliance Capital</keyword>, the company has proposed a salary of Rs 10 lakh per month. 
 Reliance <keyword id="36749" type="ORGANIZATION" weightage="20" keywordseo="capital">Capital</keyword> will seek shareholders' approval on the upcoming AGM on September 27 for various proposals, including <keyword id="3591294" type="PERSON" weightage="20" keywordseo="Anmol-Ambani">Anmol Ambani</keyword>'s appointment as Executive Director for a period of five years as well as for the remuneration to be paid. 
 
In the shareholders' notice, the company said his salary would be Rs 10 lakh per month. 
 In addition to the salary, perquisites and allowances, he will also be entitled to receive commission based on next profit of the company. Anmol,24, has been working in various financial services businesses within Reliance Capital since 2014 and has a degree from <keyword id="174907" type="ORGANIZATION" weightage="20" keywordseo="Warwick-Business-School">Warwick Business School</keyword> in the UK. 
 Salaries of <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s children -- <keyword id="8372" type="PERSON" weightage="20" keywordseo="Akash">Akash</keyword> and <keyword id="2464" type="PERSON" weightage="20" keywordseo="Isha">Isha</keyword> -- could not be ascertained, though they are said to be playing key roles in <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> group's telecom and retail ventures. 
 <keyword id="267060" type="PERSON" weightage="20" keywordseo="Sudarshan-Venu">Sudarshan Venu</keyword>, son of TVS Motor's <keyword id="130465" type="PERSON" weightage="20" keywordseo="Venu-Srinivasan">Venu Srinivasan</keyword>, got annual remuneration of Rs 9.59 crore for 2015-16, while the company last month sought shareholders' approval for revising his remuneration as Joint Managing Director. 
 
Explaining the proposal, the company said in its AGM notice, "The board reviewed the remuneration payable to him after taking into consideration his active involvement in all spheres of management for exploring business opportunities both in India and abroad and felt that, JMD can be compensated by way of enhanced commission. 
 
"The board was of the opinion that the existing remuneration was considerably inadequate, when compared with the industry norms and similarly placed senior management personnel of the company."

The new generation of Ambanis
and Adanis joins the crorepati club

363.75Ultratech <keyword id="20109851" type="General" weightage="20" keywordseo="cement" source="keywords">Cement</keyword>, owned by <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Aditya Birla Group" meta.hostid="261" meta.entityid="Aditya Birla Group">Aditya Birla Group</keyword>, acquired a majority stake in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Cement on Sunday (July 28). The deal made headlines and piqued the interest of business analysts as well as consumers. This <keyword id="19901090" type="General" weightage="20" keywordseo="acquisition" source="keywords">acquisition</keyword> marks <keyword id="19969319" type="General" weightage="20" keywordseo="Ultratech" source="keywords">UltraTech</keyword>’s expansion in the South market. The deal came right after UltraTech acquired a 23% “non-controlling financial stake” of India Cement. “The promoter group approached us as they wanted to sell their holding in the company, and we found it appropriate to acquire their stake,” UltraTech had said earlier in a statement. <h2>Deal value</h2>The deal is worth around 3,954 crore, with <keyword id="19963567" type="General" weightage="100" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> buying a 32.72% stake in <keyword id="20415123" type="General" weightage="20" keywordseo="India-Cements" source="keywords">India Cements</keyword> at Rs 390 per share from the promoters and their associates. This will require a mandatory open offer at Rs 390 per share. The open offer will take place after getting all the necessary regulatory approvals. Earlier, a report by ET stated that UltraTech might spend about Rs 7,000 crore in total to buy the stake of India Cement chairman N. Srinivasan and to finance the open offer. <h2>Effect on Ultratech’s market and capacity</h2>India Cements facilities can produce a total of 14.45 million tons per year (mtpa) of grey cement, with 12.95 mtpa located in the South (mainly in Tamil Nadu) and 1.5 mtpa in Rajasthan. Meanwhile, UltraTech has 154.86 million tonnes per annum (MTPA) of grey cement. According to a report in Livemint, buying India Cements will increase UltraTech Cement’s capacity by 9 percent and raise its share of the overall market in India by 2 percent. After the acquisition, UltraTech's total capacity is expected to grow to 214 million tons by FY27. This acquisition also puts the firm unquestionably ahead in the <a href="https://www.businessinsider.in/business/news/cementing-dominance-birla-vs-adani-of-chaebols-conglomerates-and-national-champions/articleshow/112170126.cms">race for market domination in the Indian cement sector</a>. While Ultratech has been a market leader for the past several years, the Adani Group’s acquisition of ACC, Abuja Cement, and Penna Cement, had shrunk substantially. In the South, UltraTech’s share of cement capacity is expected to nearly double from about 13 percent to over 25 percent by FY25, according to a report by Emkay Global which was published right after the deal announcement. According to the Business Standard report, Aditya Birla Group Chairman <keyword id="20019610" type="General" weightage="20" keywordseo="kumar-mangalam-birla" source="keywords">Kumar Mangalam Birla</keyword> said that the India Cements acquisition is “exciting” because UltraTech will be able to “serve the Southern markets more effectively.” He added that the deal accelerates their path to “200+ million tonnes per annum capacity.” Meanwhile, during the company’s 23rd Annual General Meeting (AGM) in August last year, Birla said that UltraTech was looking forward to achieving 200 million tonnes per annum production capacity and becoming a global cement giant. The acquisition of India Cement seems to be a step towards fulfilling this aim. <h2>Impact on revenue</h2>In FY24, UltraTech’s revenue was 70,908 crore with a growth rate of 12.13%, while India Cements had a revenue of 5,112 crore with a decline of 8.84%. The acquisition is expected to boost revenue growth by increasing production capacity and expanding market reach. Talking about India Cements, investors should watch how the company performs after the acquisition since its previous capacity issues hindered its ability to control costs and set prices. With UltraTech's involvement, these issues should improve. As of August 1, 2024, UltraTech's share was trading at Rs 11,864.00, down by 0.20% in early trade today, while India Cements share was down to Rs 363.75, down by 0.14%.

Ultratech acquires majority stake in India Cements: What are the implications, all you need to know

Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> virtually inaugurated the new integrated terminal building (NITB) of the <keyword id="2050989" type="General" weightage="20" keywordseo="Veer-Savarkar-International-Airport" source="Orion">Veer Savarkar International Airport</keyword> at <keyword id="107932" type="General" weightage="100" keywordseo="port-blair" source="Orion">Port Blair</keyword> in <keyword id="73024" type="General" weightage="50" keywordseo="andaman" source="Orion">Andaman</keyword> and <keyword id="171163" type="General" weightage="20" keywordseo="nicobar-islands" source="Orion">Nicobar Islands</keyword> on Tuesday, officials said. Civil Aviation Minister <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword>, who reached the airport, unveiled a statue of V D Savarkar on the premises and took a tour of the establishment. He was accompanied by Union Minister of State for Road, Transport and Highways and Civil Aviation, General (Retd.) V K Singh. The building is shaped like a shell, depicting the natural environs of the islands. The entire terminal will have 100 per cent natural lighting for 12 hours a day which will be achieved through skylights on the roof, they said. Due to a surge in passenger traffic, the <keyword id="54875" type="General" weightage="50" keywordseo="airports-authority-of-india" source="Orion">Airports Authority of India</keyword> (AAI) constructed the NITB at an estimated cost of Rs707.73 crores. With a total built-up area of 40,837 sq metres, the new terminal building will have the capacity to handle 1,200 passengers during peak hours and around 40 lakh passengers annually. The three-storey building will be equipped with 28 check-in counters, three passenger boarding bridges and four conveyor belts. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-at-agm-no-credit-agency-cut-adani-enterprises-ratings-even-after-hindenburg-saga/articleshow/101848756.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-at-agm-no-credit-agency-cut-adani-enterprises-ratings-even-after-hindenburg-saga/articleshow/101848756.cms" target="_blank">No credit agency – in India or abroad – cut any of our ratings, says Gautam Adani at AEL AGM</a><a href="https://www.businessinsider.in/tech/news/money-isnt-elon-musks-number-1-motivator-says-biographer-who-trailed-him-for-3-years/articleshow/101847406.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/money-isnt-elon-musks-number-1-motivator-says-biographer-who-trailed-him-for-3-years/articleshow/101847406.cms" target="_blank">Money isn't Elon Musk's number 1 motivator, says biographer who trailed him for 3 years</a><a href="https://www.businessinsider.in/finance/banks/news/here-is-a-list-of-the-worlds-top-10-banks/slidelist/101856475.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/here-is-a-list-of-the-worlds-top-10-banks/slidelist/101856475.cms" target="_blank">HDFC Bank is 7th largest lender post merger: Here is a list of the world’s top 10 banks</a>

PM Narendra Modi virtually inaugurates new integrated terminal building of Veer Savarkar International Airport

The <keyword id="6354756" type="General" weightage="90" keywordseo="BCCI" source="Orion">BCCI</keyword> could lose around Rs 955 crore (USD 116 million) if the central government sticks to its decision to levy a 21.84 per cent <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> surcharge on <keyword id="6355164" type="General" weightage="20" keywordseo="ICC" source="Orion">ICC</keyword>'s broadcast revenue from the 2023 ODI <keyword id="22177" type="General" weightage="20" keywordseo="World-Cup" source="Orion">World Cup</keyword>, according to a Board report. India is to host next year's 50-over showpiece in October-November. Tax surcharge refers to "an additional charge, fee, or tax that is added to the cost of a good or service beyond the initially quoted price". A surcharge is often added to an existing tax and is not included in the stated price of the good or service. As per ICC norms, the host nation is required to get <keyword id="6373715" type="General" weightage="20" keywordseo="tax-exemption" source="Orion">tax exemption</keyword> from the government for hosting tournaments organised by the global body. Since India's tax rules don't allow such exemptions, the BCCI has already lost close to Rs 193 crore (USD 23.5 million) as the government didn't exempt tax surcharge for hosting the 2016 ICC T20 World Cup. The BCCI is still fighting that case in the ICC tribunal. "The next ICC major men's event, which is the ICC Cricket World Cup 2023, is scheduled to be held in India in the month of October &amp; November in 2023. The BCCI was obligated to deliver a tax exemption or a tax solution to the ICC for this event, latest by April 2022," stated the report circulated among state units ahead of the Board's October 18 AGM in Mumbai. "This timeline was further extended by the ICC Board till 31st May 2022. At the start of this financial year, the BCCI had advised the ICC that in line with the tax order for the 2016 event, it was expected that a 10% (excluding surcharges) tax order could be obtained as an interim measure for the 2023 event within the required time frame. "The ICC has now received a 20% (excluding surcharges) tax order for its broadcast revenue for the 2023 event from the tax authorities in India." According to the BCCI document shared with the state bodies, the adverse impact on the Board's revenue from the ICC, if a 21.84 per cent tax is paid, would be USD 116.47 million. It is understood that the BCCI is still trying to negotiate and bring down the tax surcharge percentage to 10.92 per cent from the existing demand of 21.84. If the BCCI can reduce the tax surcharge to 10.92 per cent, then the revenue loss would be around Rs 430 crore (USD 52.23 million). "The BCCI is currently working with the Ministry of Finance, Government of India and have represented against this 20% (excluding surcharges) tax order at the very highest level and are hopeful that a 10% (excluding surcharges) tax order would be forthcoming shortly. "It is to be noted that any tax cost incurred by the ICC for the 2023 event in India will be adjusted with the BCCI's share of the revenue from the ICC," the report further stated. The BCCI's share from the ICC's central revenue pool for the tenure 2016 to 2023 is USD 405 million (Rs 3336 crore approximately). The ICC is expecting USD 533.29 million (Rs 4400 crores approx) from the broadcasting revenue of the 2023 event in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-starts-removing-disney-hotstar-bundled-plans-ahead-of-ipl-season-next-year/articleshow/94857744.cms">Reliance Jio starts removing Disney+ Hotstar bundled plans ahead of IPL season next year</a>

BCCI stands to lose Rs 955 crore if ICC doesn't get tax exemption from govt

<ul><li>The fifth tranche of stimulus measures to revive India's economy revealed today.</li><li>This is part of the ₹20 lakh crore, about $270 billion, package promised by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>.</li><li>Get the latest news and updates on the unravelling COVID-19 crisis on <a data-type="tilCustomLink" target="_blank">Business Insider</a>.</li></ul>The fifth tranche of stimulus measures to revive India's economy revealed today. This is part of the ₹20 lakh crore, about $270 billion, package promised by Prime Minister Narendra Modi. In the first four tranches, the government has already announced expenditure of about ₹18 lakh crore ($240 billion), about 9.3% of India's gross domestic product (GDP), which will widen fiscal deficit by about half a percentage point, according to Nomura. RBI and Finance Ministry have <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms" data-type="tilCustomLink" target="_blank">already spent nearly half</a> of Narendra Modi's ₹20 lakh crore stimulus even before the steps were announced. The Modi administration has used the COVID-19 crisis to push through many long-term reforms like the liberalisation of the <keyword id="6356966" type="UNKNOWN" weightage="20" keywordseo="coal">coal</keyword> and mining sector, higher foreign direct investment (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) limit in defence, opening up more airspace to reduce flying time for airlines, and thereby reducing fuel demand, to name few. ALSO READ: <a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms" data-type="tilCustomLink" target="_blank">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a> Aside from these, there has been short-term cash injection for a wide range of sectors from micro, small and medium (<keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword>) businesses, non-banking financial companies, farming and allied activities including fisheries and animal husbandry, and migrant workers among others. These are the top highlights from Sitharaman's speech on May 17: Today's announcements related to Mahatma Gandhi Rural Employment Guarantee programme (MNREGA), healthcare, decriminalisation in certain aspects under the Companies Act, improving ease of doing business, central <keyword id="182472" type="CITY" weightage="20" keywordseo="Public-sector-enterprises">public sector enterprises</keyword>, and resource allocation between centre and state governments. Mahatma Gandhi Rural Employment Guarantee Act (MNREGA) The government adds ₹40,000 crore to the budgeted allocation to provide employment for migrant workers who have gone back to their villages from the cities. Health infrastructure: Investment in health and wellness centres in rural and urban areas will be ramped up. All districts will have an infectious diseases block. There will be an integrated public health labs in all districts, at the block level labs. A public health unit will also be set up to manage pandemics. National Digital Health Blueprint will also be implemented. On May 16, the Finance Minister said that the government will provide ₹8,100 crore viability gap funding ⁠— increased up to 30% from 20% earlier ⁠— for private investment in social infrastructure like hospitals. Digital education: Prime Minister's e-Vidya (e-education) programme for digital/online education wil be launched immediately. Another programme DIKSHA, for school education to provide digital content and QR-coded text books in states and Union Territories. ‘One class, one channel’ programme will be used to educate children of the same class. One TV channel per class from 1 to 12 has been earmarked. There will be special e-content for visually and hearing impaired. Top 100 universities will be permitted to automatically start online courses by May 30, 2020. Bankruptcy law: "Any indebted situation that comes up because of coronavirus will not be considered as default and no fresh insolvency proceedings will be initiated for the next one year," Finance Minister said. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. The threshold for initiating insolvency proceedings for micro, small, and medium enterprises will be raised by 10-fold to to ₹1 crore. These measures will be enforced via ordinance and then later taken to Parliament for approval. Companies Act: Decriminalisation of Companies Act violations involving minor and technical defaults like shortcomings in CSR reporting, inadequacy in board report, fixing defaults, delay in holding AGM. 40 new sections have been added — it was 18 earlier — to the 'internal adjudication' mechanism to reduce the harrasment of companies, and the pressure of cases on courts. Companies can now list their securities directly in permissible foreign jurisdictions. Private companies which list their non-convertible debentures on stock exchanges will not be regarded as listed companies. Public sector enterprises: There will be 2 categories: Government of India will notify 'strategic sectors' where at least one public sector enterprises will be present while private players will be allowed to. There will be another set of strategic sectors, where there won't be more than four public sector enterprises; private sector will also come in. If there are sectors where there are too many government companies, they will be brought together in such a way ⁠— including via mergers and privatisation ⁠— that there won't be more than four. A detailed policy will soon be issued. Allocation of resources of state governments: RBI has increased Ways and Means Advance limits of States by 60%. Currently, the net borrowing ceiling of states for 2020-21 is ₹6.41 lakh crore — 3% of gross state domestic GSDP. The government has increased the net borrowing from 3% to 5%. This will make ₹4.28 lakh crore available as extra resources to the states. Part of the borrowing will be linked to specific reforms, from 3% to 3.5%, will be unconditionally extended. We will release the 1% in 4 tranches of 0.25% with each tranche linked to clearly specified, measurable and feasible reform actions. The next 0.5% will be given as soon as milestones are achieved in atleast three of four reform areas. The article will be updated as she speaks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/power-utilities-in-union-territories-will-be-privatised/articleshow/75774658.cms">Modi government privatises power utilities in Union Territories ⁠— wants states to follow suit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms">Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/hindalco-jspl-coal-india-companies-that-will-benefit-from-nirmala-sitharamans-reforms/articleshow/75775443.cms">Hindalco, JSPL, Adani, Coal India, and many more stocks that can benefit from India’s sweeping reforms in coal and mineral sector</a>

You Searched For "Adani AGM" and got 14 results

No credit agency – in India or abroad – cut any of our ratings, says Gautam Adani at AEL AGM

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Adani Port replacing Deloitte with another reputed auditor to comfort investors, says Jefferies

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What should investors ask Mukesh Ambani at his company’s AGM?

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Adani's $1.1 bn copper project to start operations from March 2024

PTI

Reliance Industries, Tata Motors, Adani Ports and other stocks to watch out for on June 24

Rounak Jain

Gautam Adani puts in place plan to take Group valuation to $1 trillion

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Our group's combined market cap exceeds $200 billion, says Gautam Adani

IANS

Reliance Jio, Voda step up hiring as 5G related job postings up 65%

IANS

The new generation of Ambanis and Adanis joins the crorepati club

BI India Bureau

Ultratech acquires majority stake in India Cements: What are the implications, all you need to know

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PM Narendra Modi virtually inaugurates new integrated terminal building of Veer Savarkar International Airport

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BCCI stands to lose Rs 955 crore if ICC doesn't get tax exemption from govt

PTI

India's Finance Minister reveals the final lot of Modi's economic stimulus programme

BI India Bureau

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