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[ad_1] NEW DELHI: Adani Ports and Special Economic Zone Ltd (APSEZ) on Saturday said it has completed the acquisition of Karaikal Port Pvt Ltd (KPPL) pursuant to National Company Law Tribunal (NCLT) approval. Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL. Karaikal Port is an all-weather deep-water port in Puducherry with five operational berths, three railway sidings, total land area of over 600 hectares and a built-in cargo handling capacity of 21.5 MMT. "Acquisition consideration of Rs 1,485 crores implies an EV/EBITDA multiple of 8x on the FY23 estimated numbers," APSEZ said in a statement. According to the statement, the port is in proximity to the containerized cargo-originating industrial centres of Tamil Nadu, and the upcoming 9 MMTPA CPCL refinery. APSEZ CEO and whole-time director Karan Adani said, "With the acquisition of Karaikal port APSEZ now operates 14 ports in India. ...

[ad_1] SYDNEY: Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group , a move which analysts have warned could impact their index weightings. MSCI said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The remaining companies' free floats will remain the same. Adani did not immediately respond to a request for comment from Reuters. The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of January 30. The changes come into effect on March 1. Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after US short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. Adani has denied any wrongdoing. Analysts had said a change in free float status could affect the weighti...

[ad_1] Hurun India Rich List 2024: India's billionaire count has reached a new milestone, with the country adding a billionaire every five days in the past year, bringing the total number of US dollar billionaires to over 300 for the first time. The 2024 Hurun India Rich List reveals that India now has 334 billionaires, an increase of 75 compared to the previous year. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, said, "India continues to score Gold in the 'Wealth Creation Olympics'.The number of billionaires in 2024 Hurun India Rich List hits triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board." The report also emphasizes India's growing role as Asia's wealth-creation powerhouse. While China experienced a 25% decrease in its billionaire population, India saw a 29% increase, ...

[ad_1] Adani group is looking to become one of the lowest cost producers of hydrogen. New Delhi: Billionaire Gautam Adani's group plans to spin off businesses like hydrogen, airports and data centre between 2025 and 2028 after they achieve a certain investment profile, it's Chief Financial Officer Jugeshinder Singh said. Adani Enterprises Ltd, which is looking to raise Rs 20,000 crore in a follow-on share sale, is the business incubator for the group. Over the years, businesses such as ports, power and city gas were first incubated in AEL before being spun off or demerged into separate listed companies. AEL currently houses new businesses such as hydrogen, where the group plans to invest USD 50 billion over the next 10 years across the value chain, flourishing airport operations, mining, data centre and roads and logistics. "The businesses have to achieve a basic investment profile and maturity before being considered for a demerger. Between 2025 and 2028 we think the...

[ad_1] NEW DELHI: Leading bourse National Stock Exchange ( NSE ) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission . The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular. NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent. In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level. The exchange has decided to revise the circuit limit of a total of 172 companies. In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas. Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time. The decision was taken after the heavy...