Key Points
The Adani Group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with Mukesh Ambani's Reliance Industries, all in one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree...
The past one week saw Adani Group detailing expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project...
It started with the March 26 announcement of Adani Ports acquiring a 95 per cent stake in Gopalpur Port for Rs 3,350 crore, taking the number of seaports under its control to 15 - the highest with any private firm in the country...
This was followed by Adani Enterprises Ltd - the group's flagship firm and business incubator - announcing on March 28 the first phase of the world's largest single-location copper manufacturing plant at Mundra in Gujarat, marking the conglomerate's foray into metals refining...
These developments took place 14 months after Hindenburg Research accused the Adani Group of "brazen stock manipulation" and accounting fraud, leading to a stock market rout that erased about USD 150 billion in market value at its lowest point...
