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Ahmedabad, Deepening its <keyword id="116175" type="ORGANIZATION" weightage="20" keywordseo="strategic-alliance">strategic alliance</keyword> in India's sustainable energy space, French energy major Total proposes to acquire 20% minority interest in Adani Green Energy Ltd. (AGEL). The deal will be completed with Total acquiring shares held by the Adani Promoter Group in AGEL. The transaction marks the deepening partnership between the <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword> and Total -- in the transition and green energy fields in India. The investment in AGEL is another step in the strategic alliance between Adani Group and Total, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India. In 2018, Total and Adani embarked on the energy partnership with investment by Total in <keyword id="5214668" type="COMPANY" weightage="20" keywordseo="Adani-Gas-Limited">Adani Gas Limited</keyword>, city gas distribution business, associated LNG terminal business and gas marketing business. Total acquired 37.4% stake in Adani Gas Limited and 50 per cent stake in Dhamra LNG project. During the development of this partnership, it was further agreed that Total and Adani shall continue this alliance into the wider sustainable energy space. Total and Adani agreed the acquisition of a 50 per cent stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL for a global investment of $ 2.5 Billion. India has set a policy target of setting up 450 GW of renewable power capacity by 2030. In this context, Adani Group and Total have joined hands to develop green power sources at affordable prices and to deliver transformational energy solutions. AGEL, started in 2015 with the world's largest single location solar power project located in Kamuthi, Tamil Nadu (648 MW) has come a long way to be ranked as the number one global solar power generation asset developer by Mercom Capital. As on date, AGEL has over 14.6 GW of contracted <keyword id="4400882" type="PERSON" weightage="20" keywordseo="renewable-capacity">renewable capacity</keyword>, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025. Speaking on the occasion, Adani Group Chairman, Gautam Adani, said, "We are delighted to deepen our strategic alliance with Total, a global energy major, and welcome them as a significant shareholder in <keyword id="4543956" type="COMPANY" weightage="20" keywordseo="adani-green-energy-limited">Adani Green Energy Limited</keyword>. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India's vision for 450 GW renewable energy by 2030." Speaking on the occasion, Total CEO, Patrick Pouyanne, said, "This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India. Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture 2.3GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas." The Adani Promoter Group was represented by Clifford Chance and Cyril Amarchand Mangaldas. Total was represented by Latham &amp; Watkins and AZB Partners. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-rakesh-jhunjhunwala-backed-nazara-technologies-is-preparing-for-its-big-ipo-debut/articleshow/80321946.cms">The startup behind Chhota Bheem, Motu Patlu and Shikari Shambhu is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms?upcache=2">The ₹4,600 crore IPO from IRFC is ‘attractive,’ and the best thing about the borrowing arm for Indian Railways is the assured margin</a>

French energy major Total proposes to acquire 20% stake in Adani Green Energy

Leading bourses NSE and BSE have said that <keyword id="3179546" type="General" weightage="80" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> will be put under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday. In two separate circulars, the bourses said <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28. The move also comes close on the heels of the two exchanges moving two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday. On March 17, both exchanges put Adani Green Energy and <keyword id="6420486" type="General" weightage="50" keywordseo="ndtv" source="Orion">NDTV</keyword> under the first stage of the long-term ASM framework. Meanwhile, all the 10 listed firms of the Adani group on Monday ended the day in the negative territory, with <keyword id="45417" type="General" weightage="50" keywordseo="adani-power" source="Orion">Adani Power</keyword>, Adani Transmission, Adani Wilmar and Adani Total Gas each falling nearly 5 per cent. Many of the group firms hit their lower circuit limits during the day. The Adani group stocks have taken a beating on the exchanges since a report by US-based short-seller <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> was published in January this year. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

NSE, BSE put Adani Green Energy under second stage of longterm ASM framework from Mar 28

<ul class="summary-list"><li>The combined market value of Adani Group's companies fell below $100 billion on Tuesday, per Bloomberg.</li><li>The 10 listed companies have wiped out over $136 billion in market cap since a short-seller's bombshell report.</li></ul>India's Adani Group has seen the market value of its listed companies fall below $100 billion as the conglomerate struggles to calm investor nerves in the wake of a bombshell short-seller's report.The rout in Adani stocks continued to deepen Tuesday, even after Gautam Adani, the tycoon who spearheads the group, <a href="https://www.ft.com/content/f6e608e3-9b37-4c74-b8d6-257e28cfc204" target="_blank" rel="noopener">played down the losses</a> as "temporary" volatility last week. The Indian conglomerate's 10 listed companies — with businesses ranging from power, ports, transmission, gas, green energy, and food — now have a combined equity market value under $100 billion, <a href="https://www.bloomberg.com/news/articles/2023-02-21/adani-group-market-value-drops-below-100-billion-as-rout-widens" target="_blank" rel="noopener">Bloomberg reported</a>. Shares in Adani Enterprises dropped about 3.2% to just over 1,568 rupees ($18.94) in Mumbai on Tuesday, while those in Adani Green Energy, Adani Transmission and Adani Total Gas all fell by their daily lower limit of 5%. But Adani Power was up 5%, and Adani Ports edged 0.6% higher.The group's companies have collectively lost more than $136 billion in market capitalization since US short-seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/adani-group-hindenburg-research-short-report-4th-richest-person-world-2023-1">released a scathing report</a> in January alleging the Adani Group engaged in stock manipulation and accounting fraud. It accused the Indian conglomerate of "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">pulling the largest con in corporate history</a>." The Adani Group has denied the claims repeatedly and <a href="https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report" target="_blank" rel="noopener">dismissed</a> the report as "misinformation and stale, baseless and discredited allegations." Last week, the Adani electricity unit called off an $847 million acquisition of a power station, in a sign of a spending slowdown, <a href="https://www.ft.com/content/694736a5-5e1a-4281-b80e-d4ae7abb7c4c" target="_blank" rel="noopener">per the Financial Times</a>. And on Monday, Adani decided against bidding for a stake in Indian electricity trader PTC in a move to keep hold of cash, Bloomberg reported.Indian industrialist and billionaire founder Adani has cut expenses, repaid debt, and hired legal and communications teams to try to ease investor concerns about the group's financial health and access to funds.He is also working on <a href="https://markets.businessinsider.com/news/stocks/adani-short-seller-hindenburg-gautam-stock-rout-india-conglomerate-2023-2?_gl=1*1s67qf8*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3Njk2NzczMi4xNDMuMS4xNjc2OTcwNzgwLjAuMC4w">improving financial oversight of the companies that control his business empire</a> by appointing a financial controller to oversee his various trusts and other privately held companies.

Beaten-up Adani stocks have now fallen below $100 billion in market value after coming under short-seller attack

<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

The NCLAT has upheld the fair trade regulator CCI's order, holding <keyword id="5214668" type="COMPANY" weightage="20" keywordseo="Adani-Gas-Limited">Adani Gas Limited</keyword> (AGL) "guilty of of abuse of dominant position" while supplying piped natural gas to industrial customers in Faridabad.However, a two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya reduced the quantum of penalty from four per cent of the average annual turnover of the relevant three years to one per cent, observing that it would be "commensurate with and proportionate to the level of proved abusive conduct of AGL". <keyword id="139820" type="COMPANY" weightage="20" keywordseo="Competition-Commission">Competition Commission</keyword> of India (CCI) had on July 3, 2014 imposed a penalty of Rs 25.67 crore on AGL after finding its Gas Supply Agreement (GSA) imposing unfair conditions upon the complaints of <keyword id="487072" type="COMPANY" weightage="20" keywordseo="Faridabad-Industries-Association">Faridabad Industries Association</keyword>. CCI had also directed AGL to cease and desist from indulging in conduct found to be in contravention of the provisions of the Competition Act. This was challenged by AGL before the NCLAT, which is an appellate authority over the CCI. Faridabad Industries Association, an informant before CCI, also appealed before the tribunal. The <keyword id="6396354" type="ORGANIZATION" weightage="20" keywordseo="national-company-law-appellate-tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) also found AGL's GSA imposed unfair conditions on the industrial customers of Faridabad. "Having found that AGL, being the only supplier of natural gas and there being no gaseous substitute for the same, we find that AGL abused its dominant position qua the Industrial Customers by imposing unfair conditions upon the buyers under GSA as it existed in original form," the bench said. The tribunal observed that under clause 13 (Billing and Payment) of GSA, the terms and conditions provides that an excess payment by the buyer to the seller due to erroneous billing/ invoicing on the part of seller would give rise to no liability whatsoever on the part of the seller, including interest whereas a delayed payment by the buyer renders him liable to pay interest and there being no corresponding obligation on the part of AGL to pay interest in terms of Clause 13.7. Besides, the NCLAT also found some other clauses of GSA imposing unfair conditions. "Both the appeals are accordingly disposed of upholding the impugned order passed by the Commission holding AGL guilty of abuse of dominant position with the orders and directions passed by the Commission with modification in imposition of penalty on AGL as indicated hereinabove. "Balance amount of the penalty as reduced be deposited by AGL within thirty days of pronouncement of this judgment. All other orders/directions given by the Commission shall remain intact. The revised GSA as approved by us shall be made operational with immediate effect," the NCLAT said. The appellate tribunal noted that GSA was revised by AGL during the course of investigation, to make it more consumer friendly and to protect the interests of Industrial Consumers. "Keeping that in view we are of the considered opinion that reducing the penalty imposed on AGL from 4 per cent of the average annual turnover of the relevant three years to 1 per cent would be commensurate with and proportionate to the level of proved abusive conduct of AGL. "We are of the firm opinion that this reduction would meet the ends of justice and achieve the desired object of the statue in the peculiar facts and circumstances of the case," it said. AGL operates City Gas Distribution (CGD) Networks to supply piped natural gas (PNG) to the industrial, commercial, domestic (residential) and <keyword id="130566" type="ORGANIZATION" weightage="20" keywordseo="Compressed-Natural-Gas">compressed natural gas</keyword> (CNG) to the transport sector.

Adani Gas abused dominant position says company law board but reduces penalty

<ul><li><keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> and family, the founders of <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> of companies, has slipped out from the <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> list of top 20 <keyword id="6393637" type="UNKNOWN" weightage="20" keywordseo="Billionaires">billionaires</keyword>.</li><li>Adani and family had entered the top 20 in April this year as his wealth went up from $16.2 billion to $59.9 billion.</li><li>Ma Huateng, chairman of internet giant Tencent Holdings, overtook Adani on Friday.</li></ul>Gautam Adani, the founder and owner of the Adani Group of firms, has slipped out of the top 20 global billionaires list, as per Forbes’ real-time billionaires list. Ma Huateng, chairman of internet giant Tencent Holdings, overtook Adani and family on Friday. Adani’s net worth stood at $56.1 billion, as of 3.30 p.m., and is ranked 22, currently. In mid-June, shares of Adani Group fell sharply on the stock market as National Securities Depository Limited (NSDL) froze the accounts of <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">foreign investment firms</a> who had stakes worth ₹43,500 crore in Adani’s four listed companies — Adani Enterprises, Adani Green Energy, Adani Total Gas and Adani Transmission. The 59-year old Adani entered the Forbes list of top 20 in<a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-has-entered-the-top-20-list-of-worlds-billionaires-as-per-forbes/slidelist/81925728.cms"> April</a> this year, as his wealth leapfrogged from $16.2 billion to $59.9 billion. Adani Group was the third indian conglomerate to cross the $100 million market cap after <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> and <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Group. The Adani Group saw a meteoric rise on the domestic stock market last year, making Gautam Adani and family Asia’s second richest on May 14, according to Bloomberg Billionaires Index. The family’s overseas assets include Carmichael coal in Australia, which got the permission after a 9-year wait to start the work. Despite heavy criticism from various sections of the population and banks refusing to fund, Adani Group went ahead with the project including the construction of a new railway line which will connect Australian port to the mine, 300 kilometres away from the city of Queensland. One of the reasons behind the <a href="https://www.businessinsider.in/stock-market/news/adani-group-listed-stocks-every-10000-invested-last-year-is-now-worth-52000/articleshow/82968072.cms">stock surge</a> of Adani Group last year was the acquisition of 74% stake made by the company in India’s second busiest airport — Mumbai International Airport. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-is-working-on-a-new-app-to-let-you-store-your-medical-records/articleshow/84059948.cms">Google is working on a new app to let you store your medical records</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-official-download-link-how-to-update-bgmi-rewards/articleshow/84058116.cms">Battlegrounds Mobile India launched officially – here’s how to update, claim rewards and more</a> <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a>

Gautam Adani and family slip out of world’s top 20 billionaires, as per Forbes

<ul class="summary-list"><li>Short-seller Hindenburg has attacked Adani's use of small auditors in a report alleging fraud.</li><li>The Indian conglomerate dropped Deloitte for the 12th largest auditor in the UK, per Accountancy Age.</li></ul>Adani Group cut its audit bill in the UK nearly in half by dropping Big 4 accounting group Deloitte for the country's 12th largest firm.<a href="https://www.ft.com/content/dd03f08a-a7e5-4120-bff0-30e910191695" target="_blank" rel="noopener">Corporate filings first analyzed by the Financial Times</a> and seen by Insider show the embattled Indian conglomerate, in turmoil following a report by short-seller Hindenburg into its business practices, used <a href="https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/RCmugfYqOdFp-d_f91g_e2vIbxSoG8J7JBcuNANLyBE/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Credential=ASIAWRGBDBV3G5DDJNWT%2F20230206%2Feu-west-2%2Fs3%2Faws4_request&amp;X-Amz-Date=20230206T090651Z&amp;X-Amz-Expires=60&amp;X-Amz-Security-Token=IQoJb3JpZ2luX2VjELX%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJGMEQCIHlUXQ8FBGpU80VbkPZdOIWQDxwpjka1XzjrBhOuuhBkAiAgIOopE%2BtKx1jOkBNSD0M%2Fzqc7UkBi5JNb4%2BRTx%2FSVAirNBAg9EAQaDDQ0OTIyOTAzMjgyMiIM9o6EyAmSFIbRX%2BqBKqoEjDm38sIePEaH%2FSBwfNg33mdXJkNnqX95C1mLIy0eNpLWII9vLcRKBz6WAIN0VnweML9PjXaYcdchNCFv64Iru1RnrXMIk5E2Dp4yyt8xSU5kTZ7lIwZ5MtbrGr3tmFrLI%2BIGL6F7nbfYPRWbQjdZ571zM45abk7GHOtQnvVcBI%2BuDpmeifK%2FSBqzjjwx24eecb6r%2BS52n5oT1lMf6%2Fm0SYeaSZmkg%2FV4IY0ge1Ksg2dYj6TLhphfKfldwAv1JZ%2BzKRVV3x7mNhUIQ0naAmCFkm2Vas8ZokovfzZJd6zP2mgHogr%2Fosant3gEv9F%2BHKNYcr3dg0GrNLSvdWHv63TrtzPYQ15fNk8KDZUY005uQhU7ZiPXPekAInp%2FRqM%2F8%2BqJFp3doDSXp9aHSQSBTf%2FOHvt%2BNMrnTHgfCRAkOUUAa3lURc8c2Pciauz%2FkpAb51nZDVgGJDW2%2B5QUGXGwo6ejoWphtlPgo9bwlfNw9eGPiSkCDQEPVz%2FsRF5u4Knw4d5IclpbnnUiON%2BuhsrBBvHROWDK7pP9a0AZSP%2FubG%2BFaW4DGlbDFkul27zcH2Od87egin5kuoJYSV0VKqjMtl6wcJYD26xj0jN3TQB7yA20Mqq%2B3cFfhiaYX0hbffTAL3oHYgPYx1ORfcny80DCVVhodpFiU6SJ5faYFBr64mA0AMK%2Bdqmywju3aGKY6NW9Ps8Ym%2FZ0JVSaXk%2BoT0gqYhaXHjdCP4xa5S5dAD0w8f2BnwY6qgHJakJ4y12PscBeUKzRI%2Fq%2BELkERaI90kqeSxlXI0bySDTzVkjhfAplcQNJGzcUwnQVB3wrAnddPFqVH5RBPlU9UYJgxrj4DfxKDGPPmlT6AI9LK2UPYUlOIz7mtdaMnqsS9cib2gWWUM9EvG0KNhveaJKx8Z4F%2BGJmfPII8Chk8AeyS97BbEc%2BnHWcztdYFBaOnbaKJcb3LM88cFKdr9C6yX0L4UvHx8VlJg%3D%3D&amp;X-Amz-SignedHeaders=host&amp;response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&amp;X-Amz-Signature=0597164d39e9269216f87fab6778f7bceec8a96d2686470b78dd0bc100dde584" target="_blank" rel="noopener">Deloitte for audits of its 10 UK-listed companies under Adani Energy Holdings Limited in 2021</a>.Last year, the <a href="https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/97OpF7n4uSfv50UjmVGGofF7KFROWQePqXH5rDv5RRA/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Credential=ASIAWRGBDBV3P4CNJAY4%2F20230206%2Feu-west-2%2Fs3%2Faws4_request&amp;X-Amz-Date=20230206T090649Z&amp;X-Amz-Expires=60&amp;X-Amz-Security-Token=IQoJb3JpZ2luX2VjELj%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJHMEUCIGeNUlu8%2F8CGiRXyzmoW4dBoyP5aE4lFrSx3gMLXiFuWAiEAhhWeB8K3dbLWuIJK045Zd9FZ2zH%2F2g1GE12%2FvSrjsKkqzQQIQBAEGgw0NDkyMjkwMzI4MjIiDE%2BHCe%2FCbKN7iPPRGSqqBMetEsHS0J%2FtzUkHJwmPlNOBJyBtFez6zBMuRea%2B%2BlkDJGZ3NPiAZHuIWqsiStxYt7oxUYPmGgHQOrSUmLVkXXwXEiaYbBUVi3zRVyWfWOkiuYaczOSJhURCus4C0eLtErxVLcmIZ5miTtcZ%2Bbt%2B8ENTA3JEaW14aW4AWy1J%2BBbxuRrp%2B5qkZ0hUDSfYpyPxJAi%2FPRRA1p8JIoDeX7Pyrqhmy5gib2oKaCbSecJYp8pURfN5KofSXX1v3wHfPEYpeBl9CWfIbO9yl9sqyNR5FYSL2a0IMCirKMREbu2ZzDVYdQdxq4h%2BDAWKKLOG%2F8hjuOwg2qNRvpft1ziHNXWILO4PbQs2o2kdNfDqVOoTjyYTRdQJJWcTZYSBIMNSD3QhZUdBcfBftWRZa4iU4sBUkjO5j5bfMmRnT0bnrltGnOAz4VV54RnsGnWjpeGnNMwNvWNmXFzavrNn5o291257UHV0PA4%2Bir9oiZg2u29wP%2BHGJkgb9vby60gMmN2rshkhpLVmoZjspcn5EFqCERP33EpJj%2BTM2WCq7fg9XGfwsfLhbIY9KM8857oyhhu%2FSFCUubsE%2FJemTMzbg6xmxdZdqAu1J%2FnqdsNNibmofHyC8rSlp2jWt5p%2F8ebqYpYNw000xwLMRKohM80%2FIgMWyeKDbwe0qN4XXMte9yNCiFrYMgrUwGhcCg35tuni5m8LmFOZHj0DuxZDC08AkRIoQf61yCY6%2Bqe7XKAmV4WNMLPRgp8GOqkBTY5TWqy6jLvmGVb%2FU5nHWwsZhkbb%2BpAJkP6bMmpnsbCrf70O%2FfUUWNBRjiAQ4B2dnq66VJaLSHDSGyoyrVtzMEaqMhMChhQu0OrM%2FFjmwRf0kEGMoxlqNHHHgagYhfeEpGCiD7FhntJ581ZGIwMBrF8GUHrOExCu4t3knlhhrH%2BQuhpiIufcfgvmcwa98fbaO%2FljLT0keNFdm7Yqa0FOIxwPCoIu78eMJw%3D%3D&amp;X-Amz-SignedHeaders=host&amp;response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&amp;X-Amz-Signature=9b6781af95d9f2075de410134cf778fe8b32777ff0ded5d4c013af76fb552803" target="_blank" rel="noopener">group switched to Crowe UK to handle its audits</a>. Adani's audit bill subsequently dropped from £257,000 (around $309,000) in 2021 to £143,000 (around $172,000) in 2022. Crowe UK audited Adani's UK-listed renewable energy companies after the Indian group switched from Deloitte, following its acquisition of the group of power plants for <a href="https://www.adanigreenenergy.com/newsroom/media-releases/agel-completed-the-acquisition-of-sb-energy-holdings-ltd" target="_blank" rel="noopener">$3.5 billion from SoftBank Group and Bharti Enterprises in 2021</a>.<a href="https://www.crowe.com/uk/about-us/industry-recognition-" target="_blank" rel="noopener">According to its website</a>, Crowe UK is the country's ninth-largest accounting firm by a measure of fee income. A <a href="https://www.accountancyage.com/rankings/top-5050-accountancy-firms-2022/" target="_blank" rel="noopener">ranking by trade publication Accountancy Age</a> listed Crowe as the 12 biggest firm in the UK. The global arm of Crowe <a href="https://www.accountancyage.com/rankings/top-25-international-networks-2022/" target="_blank" rel="noopener">sits outside the world's top six accountancy firms</a> in Accountancy Age's international ranking.This clashes with <a href="https://www.adanienterprises.com/-/media/Project/Enterprises/Media/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en" target="_blank" rel="noopener">Adani's 413-page rebuttal</a> to Hindenburg's report, where it said its portfolio companies "follow a stated policy of having global big 6 or regional leaders as Statutory Auditors."Hindenburg has accused the Indian conglomerate of stock market manipulation and fraud and highlighted several unusual business practices, as it revealed it held a short position on Adani stocks. One of the "key accounting red flags" outlined by Hindenburg in its scathing report into Adani was the <a href="https://markets.businessinsider.com/news/stocks/adani-young-auditors-23-years-old-100-billion-companies-hindenburg-2023-2">group's use of a small audit firm</a> made up of several employees in their early twenties to audit the accounts of Adani Enterprises and Adani Total Gas, which were at one point worth a combined $100 billion in market value. The revelations have prompted one of Adani's partners, France-based TotalEnergies, <a href="https://totalenergies.com/media/news/press-releases/totalenergies-statement-its-investments-india" target="_blank" rel="noopener">to say</a> the Indian giant had asked a Big 4 accounting firm for a "general audit" of its accounts, as it scrambles to recover from a crisis that has wiped out more than <a href="https://fortune.com/2023/02/03/adani-group-enterprises-shares-hindenburg-report-price-stock-chart/" target="_blank" rel="noopener">$118 billion in the groups' collective market value in the last fortnight</a>.Crowe UK and Adani Group didn't immediately respond to Insider's requests for comment.

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