Adani Green Energy: Difference between revisions

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{{short description|Indian renewable energy company}}
{{short description|Indian renewable energy company}}
{{Use dmy dates|date=June 2022}}
{{Use Indian English|date=June 2022}}
{{Infobox company
{{Infobox company
| name = Adani Green Energy Limited
| name = Adani Green Energy Limited
| logo =  
| logo = Adani_Green_Energy_logo.svg
| logo_size = 200px
| caption =  
| caption =  
| image = KamuthiSolarPark.jpg
| image = KamuthiSolarPark.jpg
| image_size = 260px
| image_caption = Aerial view of [[Kamuthi Solar Power Project]]
| image_caption = Aerial view of [[Kamuthi Solar Power Project]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
Line 15: Line 19:
| predecessor =  
| predecessor =  
| successor =  
| successor =  
| foundation = {{Start date|df=yes|2015}}
| foundation = {{Start date and age|df=yes|2015}}
| founder = [[Gautam Adani]]
| founder = [[Gautam Adani]]
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| location_city = [[Ahmedabad]]
| location_city = [[Ahmedabad]], [[Gujarat]]
| location_country = [[India]]
| location_country = India
| location =  
| location =  
| locations =  
| locations =  
| area_served = [[India]]
| area_served = India
| key_people = Vneet S. Jaain (Managing Director) and ([[CEO]])<ref>{{Cite web|url=https://www.adanigreenenergy.com/about-us/ceo-message|title = Vneet S. Jaain &#124; Managing Director & CEO, Adani Green Energy Ltd}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/news-cm/board-of-adani-green-energy-appoints-md-ceo-120071001364_1.html|title = Board of Adani Green Energy appoints MD& CEO|newspaper = Business Standard India|date = 10 July 2020|last1 = Market|first1 = Capital}}</ref>
| key_people = Vineet S. Jain (Managing Director and [[CEO]])<ref>{{Cite web|url=https://www.adanigreenenergy.com/about-us/ceo-message|title = Vneet S. Jaain &#124; Managing Director & CEO, Adani Green Energy Ltd}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/news-cm/board-of-adani-green-energy-appoints-md-ceo-120071001364_1.html|title = Board of Adani Green Energy appoints MD& CEO|newspaper = Business Standard India|date = 10 July 2020|last1 = Market|first1 = Capital}}</ref>
| industry = [[Renewable energy]]
| industry = [[Renewable energy]]
| products = {{plainlist|  
| products = {{plainlist|  
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*[[Wind energy]]}}
*[[Wind energy]]}}
| services =  
| services =  
| revenue = {{profit}}{{INRConvert|3124|c}}
| revenue = {{profit}} {{INRConvert|10460|c}}<ref name="fy">{{Cite web|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/cfc11906-8490-4143-897d-0bef10e3b5f1.pdf |title = Adani Green Energy Ltd financials|work=moneycontrol.com}}</ref>
| revenue_year = 2021
| revenue_year = 2024
| operating_income = {{profit}}{{INRConvert|2314|c}}
| operating_income = {{profit}} {{INRConvert|1628|c}}<ref name="fy"/>
| income_year = 2021
| income_year = 2024
| net_income = {{profit}}{{INRConvert|210|c}}
| net_income = {{profit}} {{INRConvert|1260|c}}<ref name="fy"/>
| net_income_year = 2021
| net_income_year = 2024
| assets = {{increase}}{{INRConvert|28721|c}}
| assets = {{increase}} {{INRConvert|88538|c}}<ref name="fy"/>
| assets_year = 2021
| assets_year = 2024
| equity =  
| equity = {{increase}} {{INRConvert|17448|c}}<ref name="fy"/>
| owner = [[Adani Group]]
| equity_year = 2024
| num_employees =  
| num_employees = 3,324 (including 1727 off-roll) (2024)
| parent = [[Adani Group]] (54.92%)
| parent = [[Adani Group]] (55%)<br>[[TotalEnergies]] (20%)
[[Total SE]] (20%)
| divisions =  
| divisions =  
| subsid =  
| subsid =  
| homepage = {{URL|www.adanigreenenergy.com/}}
| homepage = {{URL|adanigreenenergy.com}}
| footnotes =  
| footnotes = <ref>{{Cite web |title=Adani Green Energy Limited - Annual Report |url=https://reports.adani.com/Adani-Green-Energy-Limited-Annual-Report/index.html |access-date=2023-04-13 |website=[[Adani Group]] |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413133434/https://reports.adani.com/Adani-Green-Energy-Limited-Annual-Report/index.html |url-status=dead }}</ref>
| intl =  
| intl =  
}}
}}


'''Adani Green Energy Limited (AGEL)''' is an Indian [[renewable energy]] company headquartered in [[Ahmedabad]], [[Gujarat]].<ref>{{Cite web|url=http://m.moneycontrol.com/stock/adanigreenenergylimited/ADANI54145/company-facts/management|title=Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol|website=m.moneycontrol.com|access-date=2020-03-05}}</ref> It is owned by Indian conglomerate [[Adani Group]]. The company operates [[Kamuthi Solar Power Project]], one of the largest [[Solar Photovoltaic|solar photovoltaic]] plants in the world.<ref>{{Cite web|url=https://thenextweb.com/insider/2016/11/30/india-solar-power-plant-huge/|title=India has built the world's largest solar power plant|last=Mix|date=2016-11-30|website=The Next Web|language=en-us|access-date=2020-03-13}}</ref><ref>{{Cite web|url=https://www.nationalgeographic.com/news/2017/11/mega-projects-fail-infrastructure-energy-dams-nuclear/|title=Massive Infrastructure Projects Are Failing at Unprecedented Rates|date=2017-11-20|website=National Geographic News|language=en|access-date=2020-03-13}}</ref><ref>{{Cite web|url=https://interestingengineering.com/india-unveils-worlds-largest-solar-power-plant|title=India Unveils World's Largest Solar Power Plant|date=2016-12-11|website=interestingengineering.com|language=en-US|access-date=2020-03-13}}</ref>
'''Adani Green Energy Limited''' ('''AGEL''') is an Indian [[renewable energy]] company, headquartered in [[Ahmedabad]], India.<ref>{{Cite web|url=http://m.moneycontrol.com/stock/adanigreenenergylimited/ADANI54145/company-facts/management|title=Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol|website=m.moneycontrol.com|access-date=2020-03-05}}</ref> It is majority-owned by the Indian conglomerate [[Adani Group]], which is a major international coal-mining enterprise, and minority-owned by [[TotalEnergies]]. The company operates [[Kamuthi Solar Power Project]], one of the largest [[Solar Photovoltaic|solar photovoltaic]] plants in the world.<ref>{{Cite web|url=https://thenextweb.com/insider/2016/11/30/india-solar-power-plant-huge/|title=India has built the world's largest solar power plant|last=Mix|date=2016-11-30|website=The Next Web|language=en-us|access-date=2020-03-13}}</ref><ref>{{Cite web|url=https://www.nationalgeographic.com/news/2017/11/mega-projects-fail-infrastructure-energy-dams-nuclear/|archive-url=https://web.archive.org/web/20200111163434/https://www.nationalgeographic.com/news/2017/11/mega-projects-fail-infrastructure-energy-dams-nuclear/|url-status=dead|archive-date=11 January 2020|title=Massive Infrastructure Projects Are Failing at Unprecedented Rates|date=2017-11-20|website=National Geographic News|language=en|access-date=2020-03-13}}</ref><ref>{{Cite web|url=https://interestingengineering.com/india-unveils-worlds-largest-solar-power-plant|title=India Unveils World's Largest Solar Power Plant|date=2016-12-11|website=interestingengineering.com|language=en-US|access-date=2020-03-13}}</ref>


== History ==
== History ==


The company was incorporated on January 23, 2015, as Adani Green Energy Limited under the [[Companies Act 2013]].<ref>{{Cite web|url=https://economictimes.indiatimes.com/adani-green-energy-ltd/infocompanyhistory/companyid-64847.cms|title=Adani Green Energy History {{!}} Adani Green Energy Information - The Economic Times|website=economictimes.indiatimes.com|access-date=2020-03-05}}</ref><ref name=":0">{{Cite news|url=https://www.business-standard.com/company/adani-green-70666/information/company-history|title=Adani Green Energy Ltd.|work=Business Standard India|access-date=2020-03-05}}</ref>
The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the [[Companies Act 2013]].<ref>{{Cite web|url=https://economictimes.indiatimes.com/adani-green-energy-ltd/infocompanyhistory/companyid-64847.cms|title=Adani Green Energy History {{!}} Adani Green Energy Information |website=Economic Times|access-date=2020-03-05}}</ref><ref name=":0">{{Cite news|url=https://www.business-standard.com/company/adani-green-70666/information/company-history|title=Adani Green Energy Ltd.|work=Business Standard India|access-date=2020-03-05}}</ref>


During the initial days of existence, AGEL and [[Inox Wind Limited|Inox Wind]] together established a 20 MW capacity wind power project in Lahori, [[Madhya Pradesh]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/inox-wind-bags-two-70-mw-wind-energy-projects-from-adani-green/articleshow/51792352.cms?from=mdr|title=Inox Wind bags two 70-MW wind energy projects from Adani Green|date=2016-04-12|work=The Economic Times|access-date=2020-03-05}}</ref> Also, AGEL bought [[Inox Wind]]'s 50 MW wind power project at Dayapar village in [[Kutch]]. The project was conceived by the latter when it won a [[Solar Energy Corporation of India]]'s capacity bids for wind power projects connected to the [[National Grid (India)|National Grid]].<ref>{{Cite web|url=https://www.bloombergquint.com/business/inox-wind-closes-deal-to-sell-50-mw-wind-project-to-adani-green-energy|title=Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy|website=BloombergQuint|language=en|access-date=2020-03-12}}</ref>
During the initial days of existence, AGEL and Inox Wind together established a 20&nbsp;MW capacity wind power project in Lahori, [[Madhya Pradesh]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/inox-wind-bags-two-70-mw-wind-energy-projects-from-adani-green/articleshow/51792352.cms?from=mdr|title=Inox Wind bags two 70-MW wind energy projects from Adani Green|date=2016-04-12|work=The Economic Times|access-date=2020-03-05}}</ref> Also, AGEL bought Inox Wind's 50&nbsp;MW wind power project at Dayapar village in [[Kutch]]. The project was conceived by the latter when it won a [[Solar Energy Corporation of India]]'s capacity bids for wind power projects connected to the [[National Grid (India)|National Grid]].<ref>{{Cite web|url=https://www.bloombergquint.com/business/inox-wind-closes-deal-to-sell-50-mw-wind-project-to-adani-green-energy|title=Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy|website=BloombergQuint|date=16 October 2019 |language=en|access-date=2020-03-12}}</ref>


In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a [[joint venture]] agreement with the [[Government of Rajasthan]].<ref>{{Cite web|url=https://www.thehindubusinessline.com/news/national/adani-rajasthan-govt-form-jt-venture-to-set-up-solar-park/article7318806.ece|title=Adani, Rajasthan govt form jt venture to set up solar park|website=@businessline|language=en|access-date=2020-03-05}}</ref>
In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a [[joint venture]] agreement with the [[Government of Rajasthan]].<ref>{{Cite web|url=https://www.thehindubusinessline.com/news/national/adani-rajasthan-govt-form-jt-venture-to-set-up-solar-park/article7318806.ece|title=Adani, Rajasthan govt form jt venture to set up solar park|website=@businessline|date=15 June 2015 |language=en|access-date=2020-03-05}}</ref>


In 2017, the company took the complete control of overall solar energy portfolio of [[Adani Enterprises]] and got itself listed at [[National Stock Exchange of India]] and [[Bombay Stock Exchange]].<ref>{{Cite web|url=https://mnacritique.mergersindia.com/adani-renewable-energy-demerger/|title=Adani Enterprises to demerge renewable energy business|last=Jain|first=Hiteshkumar|date=2017-12-11|website=M&A Critique|language=en-US|access-date=2020-03-12}}</ref><ref>{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-enterprises-to-demerge-renewable-energy-business-to-simplify-structure|title=Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure|website=www.saurenergy.com|access-date=2020-03-12}}</ref>
In 2017, the company took the complete control of overall solar energy portfolio of [[Adani Enterprises]] and got itself listed at [[National Stock Exchange of India]] and [[Bombay Stock Exchange]].<ref>{{Cite web|url=https://mnacritique.mergersindia.com/adani-renewable-energy-demerger/|title=Adani Enterprises to demerge renewable energy business|last=Jain|first=Hiteshkumar|date=2017-12-11|website=M&A Critique|language=en-US|access-date=2020-03-12}}</ref><ref>{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-enterprises-to-demerge-renewable-energy-business-to-simplify-structure|title=Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure|website=www.saurenergy.com|access-date=2020-03-12}}</ref>
In 2022, Adani Green Energy Limited had a market cap of Rs. 3,26,635.42 crore.<ref>{{Cite web |title=Top 100 stocks by Market Capitalization {{!}} BSE Listed stocks Market Capitalization |url=https://www.bseindia.com/markets/equity/eqreports/topmarketcapitalization.aspx |access-date=2022-12-19 |website=www.bseindia.com}}</ref>


== Operations ==
== Operations ==


Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of [[India]] namely [[Uttar Pradesh]], [[Rajasthan]], [[Punjab, India|Punjab]], [[Maharashtra]], [[Gujarat]], [[Madhya Pradesh]], [[Chhattisgarh]], [[Andhra Pradesh]], [[Karnataka]], [[Tamil Nadu]], and [[Telangana]]. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.32 GW.<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-energy-arm-bags-130-mw-wind-power-project-from-seci/articleshow/69874616.cms?from=mdr|title=Adani Green Energy arm bags 130-MW wind power project from SECI|date=2019-06-20|work=The Economic Times|access-date=2020-03-05}}</ref>
Currently, the company manages 5,290&nbsp;MW of wind energy and solar power plants including 46 operational projects in 11 states of [[India]] namely [[Uttar Pradesh]], [[Rajasthan]], [[Punjab, India|Punjab]], [[Maharashtra]], [[Gujarat]], [[Madhya Pradesh]], [[Chhattisgarh]], [[Andhra Pradesh]], [[Karnataka]], [[Tamil Nadu]], and [[Telangana]]. AGEL has a current project portfolio of ~5.29&nbsp;GW and an operational capacity of ~2.36&nbsp;GW.<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-energy-arm-bags-130-mw-wind-power-project-from-seci/articleshow/69874616.cms?from=mdr|title=Adani Green Energy arm bags 130-MW wind power project from SECI|date=2019-06-20|work=The Economic Times|access-date=2020-03-05}}</ref>


As of March 31, 2019, AGEL has one joint venture and 39 subsidiaries.<ref>{{Cite web|url=https://www.moneycontrol.com/annual-report/adanigreenenergylimited/directors-report/ADANI54145|title=Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors|website=www.moneycontrol.com|language=en|access-date=2020-03-05}}</ref>
As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.<ref>{{Cite web|url=https://www.moneycontrol.com/annual-report/adanigreenenergylimited/directors-report/ADANI54145|title=Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors|website=www.moneycontrol.com|language=en|access-date=2020-03-05}}</ref>


In May 2020, AGEL won the world's largest solar bid worth $6 billion by the [[Solar Energy Corporation of India]] (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.<ref>{{Cite news|author=<!--Staff writer(s); no by-line.-->|date=2020-06-09|title=Adani Green hits new high on winning world's largest solar bid worth $6 bn|work=Business Standard India|url=https://www.business-standard.com/article/markets/adani-green-hits-new-high-stock-zooms-127-in-three-months-120060900281_1.html|access-date=2020-06-30}}</ref><ref>{{Cite web|date=2020-06-09|title=Adani wins world's largest solar project; to invest Rs 45,000 crore|url=https://www.financialexpress.com/industry/adani-wins-worlds-largest-solar-project-to-invest-rs-45000-crore/1986420/|access-date=2020-06-10|website=The Financial Express|language=en-US}}</ref>
In May 2020, AGEL won the world's largest solar bid worth $6 billion by the [[Solar Energy Corporation of India]] (SECI). The bid entails AGEL building an 8000&nbsp;MW photovoltaic power plant.<ref>{{Cite news|author=<!--Staff writer(s); no by-line.-->|date=2020-06-09|title=Adani Green hits new high on winning world's largest solar bid worth $6 bn|work=Business Standard India|url=https://www.business-standard.com/article/markets/adani-green-hits-new-high-stock-zooms-127-in-three-months-120060900281_1.html|access-date=2020-06-30}}</ref><ref>{{Cite web|date=2020-06-09|title=Adani wins world's largest solar project; to invest Rs 45,000 crore|url=https://www.financialexpress.com/industry/adani-wins-worlds-largest-solar-project-to-invest-rs-45000-crore/1986420/|access-date=2020-06-10|website=The Financial Express|language=en-US}}</ref>


In May 2021, AGEL confirmed its decision to buy [[SoftBank Group|SoftBank Group Corp]] backed SB Energy Holdings Limited for $3.5 billion.<ref>{{Cite web|last=Reuters|first=Contributor Anuron Kumar Mitra|title=India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal|url=https://www.nasdaq.com/articles/indias-adani-green-to-buy-softbank-backed-sb-energy-in-%243.5-billion-deal-2021-05-18|access-date=2021-05-19|website=www.nasdaq.com|language=en}}</ref>
In May 2021, AGEL confirmed its decision to buy [[SoftBank Group|SoftBank Group Corp]] backed SB Energy Holdings Limited for $3.5 billion.<ref name="mitra">{{Cite web|agency=Reuters|author=Anuron Kumar Mitra|title=India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal|url=https://www.nasdaq.com/articles/indias-adani-green-to-buy-softbank-backed-sb-energy-in-%243.5-billion-deal-2021-05-18|access-date=2021-05-19|website=Nasdaq|language=en}}</ref>


== Green Bonds ==
According to media reports, The Khavda renewable energy plant was initiated in December 2022, and its first production occurred on December 31, 2023.The plant covers an area of 538 square kilometers. The hybrid renewable energy cluster generates solar energy during the day and wind energy in the evening, with an operational capacity of 2,000&nbsp;MW of solar energy.<ref name="s355">{{cite web | last=Walia | first=Aggam | title=With core assets in Khavda & Mundra, Kachchh becomes central to Adani’s green ambitions | website=The Indian Express | date=8 Apr 2024 | url=https://indianexpress.com/article/business/economy/with-core-assets-in-khavda-mundra-kachchh-becomes-central-to-adanis-green-ambitions-9257059/ | access-date=20 Aug 2024}}</ref><ref name="r580">{{cite web | title=Adani Green's Khavda power plant world's largest, five times the size of Paris | website=The Economic Times | date=7 Apr 2024 | url=https://economictimes.indiatimes.com/industry/renewables/adani-greens-khavda-power-plant-worlds-largest-five-times-the-size-of-paris/articleshow/109107172.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst | access-date=20 Aug 2024}}</ref>
In late 2019, AGEL became the first Indian company to offer investment-grade US dollar [[green Bonds]] worth US$362.5 million<ref>{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-green-energys-362-5-mn-green-bonds-attracts-strong-interest|title=Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest|website=www.saurenergy.com|access-date=2020-03-12}}</ref> to foreign investors.<ref>{{Cite web|url=https://esg.theasset.com/ESG/39820/the-asset-talk-adani-green-energy-us3625-million-amortizing-senior-secured-green-bond|title=The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond|website=esg.theasset.com|language=en|access-date=2020-03-12}}</ref> The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on October 15, 2019<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/markets/adani-green-energy-arms-to-issue-bonds-worth-362-5-million-4504341.html|title=Adani Green Energy arms to issue bonds worth $362.5 million|website=Moneycontrol|access-date=2020-03-12}}</ref> and it will mature on the same date in 2039.<ref>{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-to-issue-usd-362-50-million-green-bonds-119100400777_1.html|title=Adani Green Energy to issue USD 362.50 million Green Bonds|date=2019-10-04|work=Business Standard India|access-date=2020-03-12}}</ref>
 
The wind turbines used at Khavda had a capacity of 5.2&nbsp;MW each, based on German designs and manufactured at Adani Group facilities near Mundra Port. According to the report, it supplied electricity to millions of households annually and reduced carbon dioxide emissions by an estimated 58 million tonnes per year.<ref name="c758">{{cite web | last=Mishra | first=Lalatendu | title=Adani Green Energy commissions 480 MW solar and wind energy capacity; on track to complete world’s largest RE park at Khavda | website=The Hindu | date=2025-04-01 | url=https://www.thehindu.com/business/Industry/adani-green-energy-commissions-480-mw-solar-and-wind-energy-capacity-on-track-to-complete-worlds-largest-re-park-at-khavda/article69397294.ece | access-date=2025-08-16}}</ref><ref name="w482">{{cite web | title=Adani Green Energy operationalises 250 MW wind capacity at Khavda, Gujarat | website=ETEnergyworld.com | date=2024-07-24 | url=https://energy.economictimes.indiatimes.com/news/renewable/adani-green-energy-operationalises-250-mw-wind-capacity-at-khavda-gujarat/111988510 | access-date=2025-08-16}}</ref> The site also featured waterless robotic cleaning systems for solar panels to reduce water consumption in the arid environment. In 2024, United States Ambassador Eric Garcetti visited the Khavda site and highlighted its role in the US–India partnership on clean energy.<ref name="w004">{{cite web | title=US Ambassador Eric Garcetti hails Adani's Khavda renewable energy project | website=The Economic Times | date=2024-07-18 | url=https://economictimes.indiatimes.com/industry/renewables/us-ambassador-eric-garcetti-hails-adanis-khavda-renewable-energy-project/articleshow/111833102.cms?from=mdr | access-date=2025-08-16}}</ref>
 
== Green bonds ==
In late 2019, AGEL became the first Indian company to offer investment-grade US dollar [[green bond]]s worth US$362.5 million<ref>{{Cite web|url=https://www.saurenergy.com/solar-energy-news/adani-green-energys-362-5-mn-green-bonds-attracts-strong-interest|title=Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest|website=www.saurenergy.com|access-date=2020-03-12}}</ref> to foreign investors.<ref>{{Cite web|url=https://esg.theasset.com/ESG/39820/the-asset-talk-adani-green-energy-us3625-million-amortizing-senior-secured-green-bond|title=The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond|website=esg.theasset.com|language=en|access-date=2020-03-12}}</ref> The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/markets/adani-green-energy-arms-to-issue-bonds-worth-362-5-million-4504341.html|title=Adani Green Energy arms to issue bonds worth $362.5 million|website=Moneycontrol|date=4 October 2019 |access-date=2020-03-12}}</ref> and it will mature on the same date in 2039.<ref>{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-to-issue-usd-362-50-million-green-bonds-119100400777_1.html|title=Adani Green Energy to issue USD 362.50 million Green Bonds|date=2019-10-04|work=Business Standard India|access-date=2020-03-12}}</ref>


== Acquisitions ==
== Acquisitions ==
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.<ref name=":0" /> In 2019, AGEL acquired the rest 51 percent equity share as well.<ref>{{Cite web|url=https://www.thehindubusinessline.com/companies/adani-green-energy-acquires-remaining-51-per-cent-stake-in-kodangal-solar-parks/article25980090.ece|title=Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks|last=PTI|website=@businessline|language=en|access-date=2020-03-12}}</ref><ref>{{Cite news|agency=Press Trust of India|url=https://www.business-standard.com/article/companies/adani-green-energy-acquires-remaining-51-stake-in-kodangal-solar-parks-119011200552_1.html|title=Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks|date=2019-01-12|work=Business Standard India|access-date=2020-03-12}}</ref>
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.<ref name=":0" /> In 2019, AGEL acquired the rest 51 percent equity share as well.<ref>{{Cite web|url=https://www.thehindubusinessline.com/companies/adani-green-energy-acquires-remaining-51-per-cent-stake-in-kodangal-solar-parks/article25980090.ece|title=Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks|last=PTI|website=@businessline|date=12 January 2019 |language=en|access-date=2020-03-12}}</ref><ref>{{Cite news|agency=Press Trust of India|url=https://www.business-standard.com/article/companies/adani-green-energy-acquires-remaining-51-stake-in-kodangal-solar-parks-119011200552_1.html|title=Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks|date=2019-01-12|work=Business Standard India|access-date=2020-03-12}}</ref>


In mid-2019, AGEL acquired [[Essel Group]]'s solar power portfolio of 205MW located in [[Punjab, India|Punjab]], [[Karnataka]] and [[Uttar Pradesh]]  for US$185 million (approx. ₹1,300 crores).<ref>{{Cite web|url=https://www.livemint.com/industry/energy/essel-group-in-talks-with-adani-to-sell-solar-energy-assets-1569517438223.html|title=Essel Group in talks with Adani to sell solar energy assets|last=Thomas|first=Tanya|date=2019-09-26|website=Livemint|language=en|access-date=2020-03-12}}</ref> AGEL has also agreed to buy out the remaining 480MW solar energy portfolio of the former which are under construction.<ref>{{Cite news|last=Laghate|first=Gaurav|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-may-buy-rest-of-essels-480-mw-solar-assets/articleshow/72701862.cms?from=mdr|title=Adani Green may buy rest of Essel's 480-MW solar assets|date=2019-12-15|work=The Economic Times|access-date=2020-03-12}}</ref>
In mid-2019, AGEL acquired [[Essel Group]]'s solar power portfolio of 205&nbsp;MW located in [[Punjab, India|Punjab]], [[Karnataka]] and [[Uttar Pradesh]]  for US$185 million (approx. ₹1,300 crores).<ref>{{Cite web|url=https://www.livemint.com/industry/energy/essel-group-in-talks-with-adani-to-sell-solar-energy-assets-1569517438223.html|title=Essel Group in talks with Adani to sell solar energy assets|last=Thomas|first=Tanya|date=2019-09-26|website=Livemint|language=en|access-date=2020-03-12}}</ref> AGEL has also agreed to buy out the remaining 480&nbsp;MW solar energy portfolio of the former which are under construction.<ref>{{Cite news|last=Laghate|first=Gaurav|url=https://economictimes.indiatimes.com/industry/energy/power/adani-green-may-buy-rest-of-essels-480-mw-solar-assets/articleshow/72701862.cms?from=mdr|title=Adani Green may buy rest of Essel's 480-MW solar assets|date=2019-12-15|work=The Economic Times|access-date=2020-03-12}}</ref>


In early 2020, French energy company [[Total S.A.]] entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.<ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/productline/power-generation/adani-green-energy-surges-after-signing-deal-with-total-for-510-million/articleshow/74133215.cms|title=Adani Green Energy surges after signing deal with Total for $510 million|date=2020-02-14|work=The Economic Times|access-date=2020-03-12}}</ref><ref>{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-signs-deal-for-total-s-investment-of-usd-510-mn-in-solar-venture-120021400317_1.html|title=Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture|date=2020-02-14|work=Business Standard India|access-date=2020-03-12}}</ref>
In early 2020, French energy company TotalEnergies entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.<ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/productline/power-generation/adani-green-energy-surges-after-signing-deal-with-total-for-510-million/articleshow/74133215.cms|title=Adani Green Energy surges after signing deal with Total for $510 million|date=2020-02-14|work=The Economic Times|access-date=2020-03-12}}</ref><ref>{{Cite news|last=Market|first=Capital|url=https://www.business-standard.com/article/news-cm/adani-green-energy-signs-deal-for-total-s-investment-of-usd-510-mn-in-solar-venture-120021400317_1.html|title=Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture|date=2020-02-14|work=Business Standard India|access-date=2020-03-12}}</ref><ref>{{Cite web |date=2021-01-18 |title=Total to Acquire 20% of AGEL the Largest Solar Developer in the World |url=https://totalenergies.com/media/news/press-releases/total-to-acquire-20-percent-of-AGEL-the-largest-solar-developer-in-the-world |access-date=2024-04-27 |website=TotalEnergies.com |language=en}}</ref>
 
In May 2021, AGEL acquired [[SoftBank Group|SoftBank Group Corp]] backed SB Energy Holdings Limited for $3.5 billion.<ref name="mitra"/>


== Controversies ==
== Controversies ==


=== Rajasthan Solar Park ===
=== Rajasthan Solar Park ===
Local farmers have opposed to construction of 1.5GW solar park at [[Pokhran]] after which High Court of Rajasthan has ordered status quo.<ref>{{Cite news|agency=Press Trust of India|date=2020-09-08|title=Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran|work=Business Standard India|url=https://www.business-standard.com/article/companies/raj-hc-temporarily-stays-adani-s-1500-mw-solar-power-project-near-pokhran-120090802001_1.html|access-date=2021-03-10}}</ref>
Local farmers have opposed to construction of 1.5&nbsp;GW solar park at [[Pokhran]] after which High Court of Rajasthan has ordered status quo.<ref>{{Cite news|agency=Press Trust of India|date=2020-09-08|title=Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran|work=Business Standard India|url=https://www.business-standard.com/article/companies/raj-hc-temporarily-stays-adani-s-1500-mw-solar-power-project-near-pokhran-120090802001_1.html|access-date=2021-03-10}}</ref>
 
===Allegations of stock manipulation ===
In January 2023, [[Hindenburg Research]] published the findings of a two-year investigation claiming that Adani had engaged in [[market manipulation]] and accounting malpractices; Hindenburg also disclosed that it was holding [[Short (finance)|short positions]] on Adani Group companies.<ref name="report">{{cite web |url=https://hindenburgresearch.com/adani/ |title=Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History |date=January 24, 2023 |website=hindenburgresearch.com |publisher=[[Hindenburg Research]] |access-date=January 24, 2023 }}</ref><ref>{{cite news |last1=Thomas |first1=Chris |last2=Kalra |first2=Aditya |title=Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge |url=https://www.reuters.com/markets/asia/hindenburg-says-holds-short-positions-indias-adani-flags-risks-2023-01-25/ |access-date=25 January 2023 |work=[[Reuters]] |date=25 January 2023 |language=en}}</ref><ref>{{cite news |last1=Sorkin |first1=Andrew Ross |last2=Mattu |first2=Ravi |last3=Warner |first3=Bernhard |last4=Kessler |first4=Sarah |last5=de la Merced |first5=Michael J.  |last6=Hirsch |first6=Lauren |last7=Livni |first7=Ephrat |title=A Short Seller Takes Aim at an Indian Corporate Giant |url=https://www.nytimes.com/2023/01/25/business/dealbook/short-seller-hindenburg-adani.html |access-date=25 January 2023 |work=[[The New York Times]] |date=25 January 2023}}</ref><ref>{{cite news |last1=Lockett |first1=Hudson |title=Adani shares take $10.8bn hit after Hindenburg bets against group |url=https://www.ft.com/content/4aedaaf9-9ee8-4334-945c-12ac08429d6a |access-date=25 January 2023 |work=[[Financial Times]] |date=25 January 2023}}</ref> Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.<ref>{{cite news |last1=Lee |first1=Jihye |title=Adani shares fall as short seller firm Hindenburg announces short position |url=https://www.cnbc.com/2023/01/25/adani-group-hindenburg-short-position.html |access-date=25 January 2023 |work=[[CNBC]] |date=25 January 2023 |language=en}}</ref><ref>{{cite news |last1=Kay |first1=Chris |last2=Vishnoi |first2=Abhishek |last3=Joshi |first3=Ashutosh |title=Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff |url=https://www.bloomberg.com/news/articles/2023-01-25/adani-group-stocks-drop-after-hindenburg-takes-short-position |access-date=25 January 2023 |work=[[Bloomberg News]] |date=25 January 2023 |language=en}}</ref> Adani denied the fraud allegations as unfounded and ill intentioned.


== See also ==
== See also ==
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==References==
==References==
{{reflist|2}}
{{reflist|2}}
== External links==
* {{Official website}}
{{Adani Group}}
{{Adani Group}}
{{Energy in India}}  
{{Energy in India}}  
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[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Energy companies established in 2015]]
[[Category:Energy in Gujarat]]
[[Category:Solar power in India| ]]
[[Category:Solar power in India| ]]
[[Category:Solar energy companies of India]]
[[Category:Solar energy companies of India]]
[[Category:TotalEnergies]]
[[Category:Utilities of India]]
[[Category:Wind power in India| ]]
[[Category:Wind power in India| ]]
[[Category:Utilities of India]]
[[Category:Energy in Gujarat]]
[[Category:Energy companies established in 2015]]
[[Category:Indian companies established in 2015]]
[[Category:Indian companies established in 2015]]
[[Category:2015 establishments in Gujarat]]
[[Category:2015 establishments in Gujarat]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

Latest revision as of 03:00, 21 February 2026


Adani Green Energy Limited
Traded as
ISININE364U01010
IndustryRenewable energy
Founded2015; 11 years ago (2015)
Founder(s)Gautam Adani
Headquarters
Ahmedabad, Gujarat
,
India
Area served
India
Key people
Vineet S. Jain (Managing Director and CEO)[1][2]
Products
RevenueIncrease ₹10,460 crore (US$1.5 billion)[3] (2024)
Increase ₹1,628 crore (US$230 million)[3] (2024)
Increase ₹1,260 crore (US$180 million)[3] (2024)
Total assetsIncrease ₹88,538 crore (US$12 billion)[3] (2024)
Total equityIncrease ₹17,448 crore (US$2.4 billion)[3] (2024)
Number of employees
3,324 (including 1727 off-roll) (2024)
ParentAdani Group (55%)
TotalEnergies (20%)
Websiteadanigreenenergy.com
Footnotes / references
[4]

Adani Green Energy Limited (AGEL) is an Indian renewable energy company, headquartered in Ahmedabad, India.[5] It is majority-owned by the Indian conglomerate Adani Group, which is a major international coal-mining enterprise, and minority-owned by TotalEnergies. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.[6][7][8]

History[edit | edit source]

The company was incorporated on 23 January 2016, as Adani Green Energy Limited under the Companies Act 2013.[9][10]

During the initial days of existence, AGEL and Inox Wind together established a 20 MW capacity wind power project in Lahori, Madhya Pradesh.[11] Also, AGEL bought Inox Wind's 50 MW wind power project at Dayapar village in Kutch. The project was conceived by the latter when it won a Solar Energy Corporation of India's capacity bids for wind power projects connected to the National Grid.[12]

In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL, signed a joint venture agreement with the Government of Rajasthan.[13]

In 2017, the company took the complete control of overall solar energy portfolio of Adani Enterprises and got itself listed at National Stock Exchange of India and Bombay Stock Exchange.[14][15]

In 2022, Adani Green Energy Limited had a market cap of Rs. 3,26,635.42 crore.[16]

Operations[edit | edit source]

Currently, the company manages 5,290 MW of wind energy and solar power plants including 46 operational projects in 11 states of India namely Uttar Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. AGEL has a current project portfolio of ~5.29 GW and an operational capacity of ~2.36 GW.[17]

As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.[18]

In May 2020, AGEL won the world's largest solar bid worth $6 billion by the Solar Energy Corporation of India (SECI). The bid entails AGEL building an 8000 MW photovoltaic power plant.[19][20]

In May 2021, AGEL confirmed its decision to buy SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]

According to media reports, The Khavda renewable energy plant was initiated in December 2022, and its first production occurred on December 31, 2023.The plant covers an area of 538 square kilometers. The hybrid renewable energy cluster generates solar energy during the day and wind energy in the evening, with an operational capacity of 2,000 MW of solar energy.[22][23]

The wind turbines used at Khavda had a capacity of 5.2 MW each, based on German designs and manufactured at Adani Group facilities near Mundra Port. According to the report, it supplied electricity to millions of households annually and reduced carbon dioxide emissions by an estimated 58 million tonnes per year.[24][25] The site also featured waterless robotic cleaning systems for solar panels to reduce water consumption in the arid environment. In 2024, United States Ambassador Eric Garcetti visited the Khavda site and highlighted its role in the US–India partnership on clean energy.[26]

Green bonds[edit | edit source]

In late 2019, AGEL became the first Indian company to offer investment-grade US dollar green bonds worth US$362.5 million[27] to foreign investors.[28] The bonds got listed on Singapore Exchange Securities Trading Limited (SGX- ST) on 15 October 2019[29] and it will mature on the same date in 2039.[30]

Acquisitions[edit | edit source]

In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar Parks Private Limited, the latter became a joint venture of AGEL.[10] In 2019, AGEL acquired the rest 51 percent equity share as well.[31][32]

In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205 MW located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx. ₹1,300 crores).[33] AGEL has also agreed to buy out the remaining 480 MW solar energy portfolio of the former which are under construction.[34]

In early 2020, French energy company TotalEnergies entered into a binding agreement with AGEL for the investment of US$510 million to acquire a 20% stake in the latter.[35][36][37]

In May 2021, AGEL acquired SoftBank Group Corp backed SB Energy Holdings Limited for $3.5 billion.[21]

Controversies[edit | edit source]

Rajasthan Solar Park[edit | edit source]

Local farmers have opposed to construction of 1.5 GW solar park at Pokhran after which High Court of Rajasthan has ordered status quo.[38]

Allegations of stock manipulation[edit | edit source]

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[39][40][41][42] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[43][44] Adani denied the fraud allegations as unfounded and ill intentioned.

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "Vneet S. Jaain | Managing Director & CEO, Adani Green Energy Ltd".
  2. ↑ Market, Capital (10 July 2020). "Board of Adani Green Energy appoints MD& CEO". Business Standard India.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 "Adani Green Energy Ltd financials" (PDF). moneycontrol.com.
  4. ↑ "Adani Green Energy Limited - Annual Report". Adani Group. Archived from the original on 13 April 2023. Retrieved 13 April 2023.
  5. ↑ "Adani Green Energy Limited Registered Address, Adani Green Ene Contact Details - Moneycontrol". m.moneycontrol.com. Retrieved 5 March 2020.
  6. ↑ Mix (30 November 2016). "India has built the world's largest solar power plant". The Next Web. Retrieved 13 March 2020.
  7. ↑ "Massive Infrastructure Projects Are Failing at Unprecedented Rates". National Geographic News. 20 November 2017. Archived from the original on 11 January 2020. Retrieved 13 March 2020.
  8. ↑ "India Unveils World's Largest Solar Power Plant". interestingengineering.com. 11 December 2016. Retrieved 13 March 2020.
  9. ↑ "Adani Green Energy History | Adani Green Energy Information". Economic Times. Retrieved 5 March 2020.
  10. ↑ 10.0 10.1 "Adani Green Energy Ltd". Business Standard India. Retrieved 5 March 2020.
  11. ↑ "Inox Wind bags two 70-MW wind energy projects from Adani Green". The Economic Times. 12 April 2016. Retrieved 5 March 2020.
  12. ↑ "Inox Wind Closes Deal To Sell 50 MW Wind Project To Adani Green Energy". BloombergQuint. 16 October 2019. Retrieved 12 March 2020.
  13. ↑ "Adani, Rajasthan govt form jt venture to set up solar park". @businessline. 15 June 2015. Retrieved 5 March 2020.
  14. ↑ Jain, Hiteshkumar (11 December 2017). "Adani Enterprises to demerge renewable energy business". M&A Critique. Retrieved 12 March 2020.
  15. ↑ "Adani Enterprises to Demerge Renewable Energy Business to Simplify Structure". www.saurenergy.com. Retrieved 12 March 2020.
  16. ↑ "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
  17. ↑ "Adani Green Energy arm bags 130-MW wind power project from SECI". The Economic Times. 20 June 2019. Retrieved 5 March 2020.
  18. ↑ "Adani Green Energy Limited Directors Report, Adani Green Ene Reports by Directors". www.moneycontrol.com. Retrieved 5 March 2020.
  19. ↑ "Adani Green hits new high on winning world's largest solar bid worth $6 bn". Business Standard India. 9 June 2020. Retrieved 30 June 2020.
  20. ↑ "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 9 June 2020. Retrieved 10 June 2020.
  21. ↑ 21.0 21.1 Anuron Kumar Mitra. "India's Adani Green to buy SoftBank-backed SB Energy in $3.5 billion deal". Nasdaq. Reuters. Retrieved 19 May 2021.
  22. ↑ Walia, Aggam (8 April 2024). "With core assets in Khavda & Mundra, Kachchh becomes central to Adani's green ambitions". The Indian Express. Retrieved 20 August 2024.
  23. ↑ "Adani Green's Khavda power plant world's largest, five times the size of Paris". The Economic Times. 7 April 2024. Retrieved 20 August 2024.
  24. ↑ Mishra, Lalatendu (1 April 2025). "Adani Green Energy commissions 480 MW solar and wind energy capacity; on track to complete world's largest RE park at Khavda". The Hindu. Retrieved 16 August 2025.
  25. ↑ "Adani Green Energy operationalises 250 MW wind capacity at Khavda, Gujarat". ETEnergyworld.com. 24 July 2024. Retrieved 16 August 2025.
  26. ↑ "US Ambassador Eric Garcetti hails Adani's Khavda renewable energy project". The Economic Times. 18 July 2024. Retrieved 16 August 2025.
  27. ↑ "Adani Green Energy's $362.5 mn Green Bonds Attracts Strong Interest". www.saurenergy.com. Retrieved 12 March 2020.
  28. ↑ "The Asset Talk: Adani Green Energy US$362.5 million amortizing senior secured green bond". esg.theasset.com. Retrieved 12 March 2020.
  29. ↑ "Adani Green Energy arms to issue bonds worth $362.5 million". Moneycontrol. 4 October 2019. Retrieved 12 March 2020.
  30. ↑ Market, Capital (4 October 2019). "Adani Green Energy to issue USD 362.50 million Green Bonds". Business Standard India. Retrieved 12 March 2020.
  31. ↑ PTI (12 January 2019). "Adani Green Energy acquires remaining 51 per cent stake in Kodangal Solar Parks". @businessline. Retrieved 12 March 2020.
  32. ↑ "Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks". Business Standard India. Press Trust of India. 12 January 2019. Retrieved 12 March 2020.
  33. ↑ Thomas, Tanya (26 September 2019). "Essel Group in talks with Adani to sell solar energy assets". Livemint. Retrieved 12 March 2020.
  34. ↑ Laghate, Gaurav (15 December 2019). "Adani Green may buy rest of Essel's 480-MW solar assets". The Economic Times. Retrieved 12 March 2020.
  35. ↑ "Adani Green Energy surges after signing deal with Total for $510 million". The Economic Times. 14 February 2020. Retrieved 12 March 2020.
  36. ↑ Market, Capital (14 February 2020). "Adani Green Energy signs deal for Total's investment of USD 510 mn in solar venture". Business Standard India. Retrieved 12 March 2020.
  37. ↑ "Total to Acquire 20% of AGEL the Largest Solar Developer in the World". TotalEnergies.com. 18 January 2021. Retrieved 27 April 2024.
  38. ↑ "Raj HC temporarily stays Adani's 1500 MW solar power project near Pokhran". Business Standard India. Press Trust of India. 8 September 2020. Retrieved 10 March 2021.
  39. ↑ "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". hindenburgresearch.com. Hindenburg Research. 24 January 2023. Retrieved 24 January 2023.
  40. ↑ Thomas, Chris; Kalra, Aditya (25 January 2023). "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge". Reuters. Retrieved 25 January 2023.
  41. ↑ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; de la Merced, Michael J.; Hirsch, Lauren; Livni, Ephrat (25 January 2023). "A Short Seller Takes Aim at an Indian Corporate Giant". The New York Times. Retrieved 25 January 2023.
  42. ↑ Lockett, Hudson (25 January 2023). "Adani shares take $10.8bn hit after Hindenburg bets against group". Financial Times. Retrieved 25 January 2023.
  43. ↑ Lee, Jihye (25 January 2023). "Adani shares fall as short seller firm Hindenburg announces short position". CNBC. Retrieved 25 January 2023.
  44. ↑ Kay, Chris; Vishnoi, Abhishek; Joshi, Ashutosh (25 January 2023). "Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff". Bloomberg News. Retrieved 25 January 2023.

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