DRPY DEV

Mumbai: Adani Green Energy, India’s largest private sector renewable power company, is looking to raise around $2 billion in the next few months in multiple tranches through international bonds and loans, according to people close to the development.

The company will hit the bond market in the next few days with a $600 million issue, the people said. It had called off a $1.2-billion bond issue last month as investors demanded a higher yield due to geo-political issues then. It had last time given a price guidance for a fixed coupon rate of 7% for the 20-year bond.

The pricing this time around is likely to be much higher, the people said. Yield on the 10-year US Treasury has been moving up in recent weeks, hitting its highest level since May 31.

The issue is seeing enough demand from long-only investors, the people said

Last time around, the money was being raised for four Rajasthan-based subsidiaries which are into operational wind and solar energy. For the new bond issuance, the company will bring in only three of these subsidiaries. For the remaining subsidiary, it is in talks with international investors for a private placement of 20-year tenure, which could be finalised by early next year.

Adani Green had signed a $3.4 billion construction framework agreement with a clutch of international banks. It had initially taken three- to five-year loans for its projects and is now looking at bond issuances as this would help free up bank lines and also elongate tenures to 20 years.

The company had signed the framework agreement with banks including DBS, Mizuho, SMBC, MUFG, First Abu Dhabi Bank, ENBD, Intasa and ING and some of these banks would be a part of the bond issuance. It is also looking to expand the quantum of the framework agreement to $5 billion.

The company did not offer a comment.

The move comes as the company will have to start looking at operationalising more capacity in the Khavda project where it is building a 30 GW solar project, claimed to be the world’s largest renewable energy park. About 2.2 GW of the facility has been operationalised till September 2024.

Adani Green will also raise two other tranches of $300 million and $550 million for construction finance through bank loans in the next couple of months.

Adani Green has an operational portfolio of 11.18 GW and plans to take it to 50GW by 2030. Its revenue in the second quarter grew 20% from a year earlier to ₹2,309 crore while net profit rose 39% to ₹416 crore.

The company’s recent expansions added 2,868 MW, including 2,000 MW of solar and 450 MW of wind.

Ajit Pawar Statement : મહારાષ્ટ્રના નાયબ મુખ્યમંત્રી અજિત પવારે રવિવારે બારામતીની જનતાને અપીલ કરી કે તેઓ આગામી વિધાનસભા ચૂંટણીમાં તેમનું સમર્થન કરે, ઠીક એવી જ રીતે જેવી રીતે તેમણે 2024ની લોકસભા ચૂંટણીમાં ‘સાહેબ’ (શરદ પવાર)ને ખુશ કર્યા હતા. એનસીપી નેતાએ એ પણ દાવો કર્યો કે તેમણે બારામતીના લોકોને પાણીની જરૂરિયાત પૂરી પાડવાના તમામ પ્રયાસ કર્યા છે.

આ વર્ષની શરૂઆતમાં યોજાયેલી લોકસભા ચૂંટણીમાં NCP (શરદ પવાર) નેતા સુપ્રિયા સુલેએ બારામતી સંસદીય બેઠકથી એક હાઈ-પ્રોફાઇલ મુકાબલામાં જીત મેળવી હતી. તેમણે પોતાના પિતરાઈ ભાઈ અજિત પવારની પત્ની સુનેત્રા પવારને આ લોકસભા બેઠકથી હરાવ્યા. ગત વર્ષ જુલાઈમાં અજિત પવાર અને કેટલાક અન્ય એનસીપી નેતા રાજ્યમાં એકનાથ શિંદે-ભાજપ સરકારમાં સામેલ થઈ ગયા હતા. જેનાથી શરદ પવારની પાર્ટી બે ભાગમાં વહેંચાઈ ગઈ હતી.

આ પણ વાંચો : ‘તારામાં હિંમત હોત તો નવી પાર્ટી બનાવી હોત..’, શરદ જૂથના નેતાનો અજિત પવાર પર મોટો હુમલો

બારામતીમાં આ વખતે કાકા-ભત્રીજા વચ્ચે મુકાબલો

એનસીપી પ્રમુખ અજિત પવાર 20 નવેમ્બરે યોજાનારી રાજ્યની ચૂંટણીમાં પુણે જિલ્લાની બારામતી વિધાનસભા બેઠકથી ચૂંટણી લડી રહ્યા છે. તેમનો મુકાબલો તેમના ભત્રીજા અને એનસીપી (એસપી) ઉમેદવાર યુગેન્દ્ર પવાર સાથે છે. 28 ઓક્ટોબરે જ્યારે યુગેન્દ્ર પવારે આ બેઠકથી ઉમેદવારી નોંધાવી હતી ત્યારે શરદ પવાર અને સુપ્રિયા સુલે હાજર રહ્યા હતા. રવિવારે નાયબ મુખ્યમંત્રીએ બારામતી વિસ્તારના કેટલાક ગામડાઓનો પ્રવાસ કર્યો અને પોતાના પક્ષમાં મત આપવા અપીલ કરી.

આ પણ વાંચો : NDAને ભારે પડશે આ મુદ્દા, વિપક્ષ થયો મજબૂત, મહારાષ્ટ્ર ચૂંટણીમાં મતદારો કેમ નારાજ?

‘હવે વિધાનસભા ચૂંટણીમાં મને મત આપીને ખુશ કરો’

સાવલ ગામમાં સ્થાનિક લોકોને સંબોધિત કરતા અજિત પવારે કહ્યું કે, જો સુપ્રિયા લોકસભા ચૂંટણી હારે છે, તો આ ઉંમરમાં સાહેબ (શરદ પવાર)ને કેવું લાગે, એજ વિચારીને તમે મત આપ્યા, પરંતુ હવે વિધાનસભા ચૂંટણીમાં મને મત આપો. તમે લોકસભા ચૂંટણીમાં સાહેબને ખુશ કર્યા, હવે વિધાનસભા ચૂંટણીમાં મને મત આપીને ખુશ કરો. સાહેબ પોતાની રીતે કામ કરશે, હું મારી રીતે કામ કરીશ, જેથી આપણા તાલુકાનો વિકાસ થઈ શકે.

મલયાલમ ફિલ્મ ઈન્ડસ્ટ્રીના પ્રખ્યાત અભિનેતા મોહનલાલે એસોસિયેશન ઓફ મલયાલમ મૂવી આર્ટિસ્ટ (AMMA) ના પ્રમુખ પદેથી રાજીનામું આપ્યું છે. જો અહેવાલોનું માનીએ તો અભિનેતાના રાજીનામા બાદ આ સમિતિના તમામ સભ્યોએ સંયુક્ત રાજીનામું આપી દીધું છે, જે બાદ હવે આ સમિતિનું જ ભંગ કરવામાં આવી છે. હેમા કમિટીના રિપોર્ટ સામે આવ્યા બાદ બધાએ આ નિર્ણય લીધો છે.

AMMAના ભૂતપૂર્વ જનરલ સેક્રેટરી સિદ્દીકી (જમણે) સાથે મોહનલાલ.

AMMAના આ બે સભ્યો સામે આરોપો
થોડા દિવસો પહેલા AMMAના જનરલ સેક્રેટરી અને દિગ્ગજ મલયાલમ અભિનેતા સિદ્દીકી પર મલયાલી અભિનેત્રીએ બળાત્કારનો આરોપ લગાવ્યો હતો. આ પછી સિદ્દીકીએ પોતાના પદ પરથી રાજીનામું આપી દીધું છે. તે જ સમયે, AMMAના જોઈન્ટ સેક્રેટરી બાબુરાજ પર પણ એક જુનિયર આર્ટિસ્ટ દ્વારા યૌન શોષણનો આરોપ લાગ્યો હતો.

AMMAની રચના 1994માં થઈ હતી. તેની સાથે મલયાલમ ફિલ્મ ઈન્ડસ્ટ્રીના 500 થી વધુ કલાકારો જોડાયેલા હતા.

AMMAના સભ્યો પર આવા આક્ષેપો થયા પછી પણ મોહનલાલ મૌન હતા. આવી સ્થિતિમાં ઘણા જાણીતા કલાકારોએ તેમની ટીકા પણ કરી હતી.

Sajid Tarar, a Pakistani-American businessman from Baltimore, thinks India has seen significant progress under Prime Minister Narendra Modi’s leadership. He also believes that Pakistan can benefit from having a similar leader.

PM Modi’s emphasis on nationalism has positively impacted Indians both in their home country and abroad, particularly in the United States, where they excel in important fields, according to Tarar.

“Modi’s slogan of nationalism has worked well for Indians in India and also Indians living and working in the United States, where they dominate critical areas. When that happens, you know a nation has arrived,” Tarar told PTI.

Tarar, a leader aligned with the Republican Party who founded American Muslims for Donald Trump, said that India’s progress under PM Modi’s leadership showed the potential benefits for Pakistan if a similar figure emerged in the country.

He noted that a country’s growth is evident in its ability to influence power in Washington, highlighting that the rise of Indian tech entrepreneurs has bolstered the Indian community abroad. Tarar suggests that Pakistan should take note and prioritise education to achieve similar success.

“India’s first education minister, Maulana Abul Kalam Azad, and first Prime Minister Jawaharlal Nehru’s vision of a rising nation with institutions such as IITs and IIMs have paid long-term dividends for the country. That’s what happens when you invest in education with a long-term future in mind,” he told PTI.

Pakistan did not congratulate PM Modi

After Narendra Modi was elected for the third time as India’s prime minister, Pakistani leaders chose not to send their congratulations to him.

Instead, Foreign Office spokesperson Mumtaz Zahra Baloch emphasised the need for cooperation with neighbouring countries. She mentioned that it was too early to congratulate PM Modi.

“Pakistan has always desired cooperative relations with all its neighbours including India. We have consistently advocated constructive dialogue and engagement to resolve all outstanding issues, including the core dispute of Jammu and Kashmir,” she said.

US short-seller Hindenburg Rsearch’s recent report against Sebi chairperson Madhabi Puri Buch has not found many takers in the industry, with many saying it lacks “substance” and is aimed at “sensationalism”.  

Ajay Rotti, founder and CEO of tax consulting firm Tax Compaas, today said that what was touted to be the smoking gun – the “offshore investment” in a fund – has turned out to be a small agarbatti smoke”. 

Hindenburg, in its latest report published on Saturday, alleged that Madhabi Puri Buch had stakes in offshore funds linked to Adani Group. According to the report, the fund – IPE Plus Fund 1 – in which Buch had stake was a small offshore Mauritius fund set up by an Adani director through India Infoline (IIFL).

However, Rotti said that IIFL has confirmed the fund into which Buch invested made zero investments into Adani Group in its entire tenure. “Their investment was 1.5% of total fund size and that it was managed by investment managers,” he wrote. 

In a clarification issued today, 360 ONE Asset Management, earlier IIFL, denied any connection between its IPE-Plus Fund 1 and the Adani Group, stating that the fund did not invest in Adani Group shares, either directly or indirectly, at any point during its operation from October 2013 to October 2019.

At its peak, the asset management firm said, IPE-Plus Fund 1 managed approximately $48 million in Assets Under Management (AUM), with over 90% of these assets invested in bonds. The firm emphasized that the fund was managed on a discretionary basis by the Investment Manager, with no involvement from investors in operational or investment decisions.

The fund’s operations were fully compliant with regulatory standards, and its investment strategy was solely directed by the fund manager, it said. “Both Mrs. Madhabi Buch and Mr. Dhaval Buch, whose collective stake in the fund was under 1.5% of the total inflow, had no influence over the fund’s investment decisions,” the statement read.

The Adani Group has also refuted Hindenburg’s allegations, labeling them as “malicious,” “mischievous,” and “manipulative.” The group dismissed the claims as recycled accusations that had already been thoroughly investigated and rejected by the Supreme Court in March 2023.

The Tax Compaas CEO said that the Hindenburg report is clearly an attempt to get the Indian markets to tank at any cost. “While the screenshots and letters/emails appear as proof or strong evidence, the Hindenburg report actually lacks substance and has a silly allegation that the SEBI was unwilling to act on its previous report on the Adani Group because SEBI Chairperson Ms Buch and her husband Dhaval Buch had investments in offshore funds that allegedly linked with the Adani.” 

Rotti said that this report had been published just to divert attention from the scrutiny of Hindenburg themselves and their short trade. “The report calls the SEBI show cause to them as “apparent show cause notice”.  Their earlier report had no impact on the markets after the initial fall… Supreme Court found nothing wrong in the previous allegation in 2023. Hence, another attempt to make money while shorting!”  

“This latest stab by Hindenburg to drag in the SEBI Chairperson in the Adani controversy is a desperate effort to bring India markets down and create uncertainty, doubt and panic amongst its investors – both domestic and foreign,” he added. 

Heavy to very heavy rain is expected in northwest, east, and northeast India over the next four days, according to the India Meteorological Department (IMD).

This weather pattern is influenced by a cyclonic circulation over southeast Pakistan near Kutch in the lower troposphere, and another circulation over north Gujarat and nearby areas in the middle troposphere.

As a result, widespread light to moderate rainfall with thunderstorms and lightning is likely over Kerala, Mahe, Lakshadweep, Coastal Karnataka, Konkan, Goa, and Gujarat. Scattered to fairly widespread light rainfall is expected over Madhya Maharashtra, Coastal Andhra Pradesh and Yanam, and scattered light to moderate rainfall over Marathwada, Tamil Nadu, Puducherry, Karaikal, Rayalaseema, Telangana, North and South Interior Karnataka for the next four days.

The IMD said that cyclonic circulations over east Jharkhand and northeast Assam in the lower troposphere are also anticipated to bring widespread light to moderate rainfall with thunderstorms and lightning across northwest, central, eastern, and northeast India for the next five days.

“Southwest monsoon has further advanced into some more parts of West Rajasthan, Haryana, remaining parts of Uttar Pradesh, some more parts of Punjab and remaining parts of Himachal Pradesh and Jammu, and conditions are favourable for further advance of southwest Monsoon into some more parts of West Rajasthan, Haryana, Chandigarh and Punjab during the next two days,” the weather bureau said.

Monsoon stalled

Rainfall deficiency across the country has reduced to 11%, with the monsoon arriving in the Delhi-National Capital Region on Friday.

According to IMD, the southwest monsoon normally sets in over Kerala around 1 June. It then advances northwards, usually in surges, and covers the entire country by around 15 July.

This year, the southwest monsoon arrived on the Kerala coast a day earlier than scheduled, on 31 May, and stalled over the eastern region for about three weeks after reaching Mumbai on 9 June.

Sectors such as agriculture, coal-based power plants, and steelmakers rely on summer rains, or the southwest monsoon, as it typically delivers nearly 70% of the rainwater India needs for its farms and to refill reservoirs and aquifers.

The Event Welcomes Numerous Internationally-renowned Soloists, Orchestras And Conductors For A Thirty-day Celebration Of Classical Music, Sublime Musicality And Virtuosic Technique.

First Published : 17 Aug 2021, 12:08:23 PM

The Ohio lawmaker backed by former President Donald Trump won 200 votes, short of the 217 needed to win the job, as 20 of his fellow Republican voted against him. All 212 Democrats voted for their leader, Hakeem Jeffries.

The loss means that for now the House remains leaderless, as it has been since a handful of Republican hardliners engineered Kevin McCarthy’s ouster as speaker two weeks ago. That has left Congress unable to respond to wars in the Middle East and Ukraine, with just a month to go before the U.S. government faces another partial shutdown deadline.

It is not clear how many of Jordan’s Republican opponents would hold firm in subsequent votes. McCarthy never got less than 200 votes in 15 rounds over four days in January.

If Jordan prevails, a conservative who has spent years fighting with leaders of his own party could end up in one of the most powerful jobs in Washington, putting him second in line for the presidency behind the vice president.

“He is a patriot, an America First warrior who wins the toughest of fights,” Republican Representative Elise Stefanik said as she nominated Jordan for speaker on the House floor.

Republicans did not nominate another candidate, but that did not stop his opponents from voting for someone else. Many of them are moderates who represent politically competitive districts.

Seven Republicans voted for Steve Scalise, the No. 2 House Republican whose own bid for speaker fell apart last week, and six voted instead for McCarthy. Three Republicans voted for Lee Zeldin, who retired from Congress in January, and Republican Representatives Tom Cole, Tom Emmer, Thomas Massie and Mike Garcia got one vote each.

McCarthy and Scalise both voted for Jordan.

Some of Jordan’s opponents have objected to high-pressure tactics by conservatives to get them to fall in line. “I will not be pressured or intimidated,” said Representative Mario Diaz-Balart, who voted for Scalise.

Republicans control the House by a narrow 221-212 margin, giving them little room for error on divisive votes like this one.

After the vote, Jordan could be seen on the House floor talking with lawmakers who had voted against him.

New Republican challengers could emerge if Jordan does not pick up support, including Patrick McHenry, who is temporarily filling the speaker’s chair, and No. 3 House Republican Tom Emmer.

Jordan, a founder of the hard-right House Freedom Caucus, has for much of his career been seen as a divisive force on Capitol Hill, tangling with Republicans and Democrats alike.

His supporters say he would be an effective advocate for spending cuts and other Republican priorities in negotiations with Democratic President Joe Biden and the Senate, which is also controlled by Democrats.

DOING TRUMP’S BIDDING’

Democrats have recoiled at Jordan’s candidacy, painting him as an extremist who would take orders from former President Donald Trump.

Democratic Representative Pete Aguilar said on the House floor that Jordan’s election would show the United States’ enemies that “the very people who seek to undermine democracy are rewarded with positions of immense power. We are talking about someone who has spent their entire career trying to hold our country back.”

Jeffries has suggested a bipartisan deal that could give more powers to the temporary speaker, according to a Democrat who spoke on condition of anonymity.

 

Jordan comes at the job from a profoundly different angle from other leaders in Congress, who typically wield influence by raising money and keeping their party united.

A fixture on conservative media outlets, Jordan amplified Trump’s false claims of election fraud in 2020. As chair of the House Judiciary Committee, he is helping lead an impeachment inquiry into Biden that Democrats decry as baseless.

He helped found the House Freedom Caucus, which then-Speaker John Boehner dubbed “legislative terrorists” before members of that group pressured him to retire. Jordan was an architect of government shutdowns in 2013 and 2018.

Jordan had a more productive relationship with McCarthy, who was forced out by a small group of Republican insurgents.

Republicans nominated Scalise to succeed McCarthy last week, but he abandoned his bid after he was unable to consolidate support – a development that some Republicans blame on Jordan and his supporters.

Before entering politics, Jordan served as a wrestling coach at Ohio State University. Former students in 2018 accused him of turning a blind eye to sexual abuse of college wrestlers by the wrestling team’s doctor. He denied those allegations and a university investigation found no hard evidence that he knew of the abuse.

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Updated: 18 Oct 2023, 01:07 AM IST