Tag: Adani

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Adani targets majority stake in NDTV

As per BSE, NDTV has three promoter shareholders (Prannoy Roy 15.94 per cent, Radhika Roy 16.32, RRPR Holding 29.18) holding 61.45 per cent stake and the balance 38.55 per cent is with the public…reports Asian Lite News

With an idea to hold 55.18 per cent stake in New Delhi Television Ltd (NDTV), the Adani group has issued an open offer for 26 per cent stake in the news channel at Rs 294 for a share with a face value of Rs.4.

The total outlay for 26 per cent, or 16,762,530 fully paid up equity shares of NDTV – if the offer is accepted in full – will be about Rs 483 crore for the Adani group.

According to Adani group, the stake acquisition will be in two modes.

Firstly, it will be through Vishvapradhan Commercial Private Ltd (VCPL). And then VCPL, its wholly-owned parent AMG Media Networks and Adani Enterprises Ltd (persons acting in concert).

According to AMG Media Networks, its subsidiary VCPL has exercised its rights to acquire 99.5 per cent of equity shares of RRPR Holding Private Ltd, a promoter group company of NDTV.

The VCPL holds 1,990,000 warrants of RRPR Holding entitling it to convert them into 99.99 per cent stake in the latter.

The VCPL has exercised its option in part, resulting in acquisition control of RRPR Holding – 1,990,000 equity shares or 99.50 per cent.

RRPR Holding holds 29.18 per cent stake in NDTV that has three national television channels.

This triggered the issue of open offer to acquire shares of NDTV from the public as per SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The VCPL, at its sole discretion, may exercise the balance warrants to acquire up to 99.99 per cent of the equity share capital of RRPR Holding at any time and in such manner as it may deem fit.

NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22 with negligible debt.

“This acquisition is a significant milestone in the journey of AMNL’s (AMG Networks) goal to pave the path of new age media across platforms,” AMG Media Networks Ltd Sanjay Pugalia said.

“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery,” he added.

AMNL, a wholly-owned subsidiary of Adani Enterprises, houses the media business of the Adani Group. The company was recently incorporated to set up a credible next generation media platform with emphasis on digital and broadcast segments, amongst others. VCPL, which was recently acquired by AMNL, is its wholly-owned subsidiary.

Meanwhile, on Monday, NDTV referring to a query from a journalist filed with BSE: “We are sharing this with you in the best interests of our shareholders – that we have clarified to the journalist in writing that this is a baseless rumour, and that Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Ltd, continue to hold 61.45 per cent of the total paid-up share capital of NDTV.”

As per BSE, NDTV has three promoter shareholders (Prannoy Roy 15.94 per cent, Radhika Roy 16.32, RRPR Holding 29.18) holding 61.45 per cent stake and the balance 38.55 per cent is with the public.

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Business

Nod to Adani’s windmill projects in Lanka

Adani Green Energy was issued provisional approvals for two wind projects of 286 MW in Mannar and 234 MW in Pooneryn …SUSITHA FERNANDO

Adani Green Energy was issued provisional approvals for two wind power projects in northern province for an investment of over $ 500 million, Sri Lanka’s Energy Minister Kanchana Wijesekara has announced.

Wijesekara said in a tweet that he met officials of Ceylon Electricity Board (CEB) and Sustainable Development Authority on Tuesday to discuss the progress of renewable energy projects.

Adani Green Energy was issued provisional approvals for two wind projects of 286 MW in Mannar and 234 MW in Pooneryn for an Investment of over $500 million, he added.

“21 of 46 Projects that were delayed due to CEB Act amendments will enter into PP agreements next week. 26 Renewable proposals from EOIs that were given Provisional Approvals to be expedited with Grid clearance and transmission plans and other proposals to be evaluated within 30 days,” the minister said in another tweet.

Meanwhile, Adani Logistics Ltd (ALL), a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a definitive agreement to acquire the ICD “Tumb” (Vapi) from Navkar Corporation Ltd for an enterprise value of Rs 835 crore.

The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future as additional industrial corridors and logistic parks get added along these DFC routes.

The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land & bonded warehouse facilities.

“Tumb is one of the largest ICDs in the country. Given its strategic positioning in the middle of one of the busiest industrial zones and access to the dedicated freight corridor allows it to meaningfully serve the vast hinterland with access to two of the busiest ports on both sides, Hazira & Nhava Sheva,” said Karan Adani, CEO and Whole Time Director of APSEZ.

“In addition to cargo moving by rail being 5X greener than that moving by road, another prime benefit of the access to the DFC is the savings in average transit times that is expected to be 10 hours by rail versus 24 hours by road. This acquisition fits well with our transformation strategy towards becoming a transport utility as well as move us closer to our objective of providing economical door to door services to our customers. We are confident to grow the volumes at the ICD at high double digits as we build out a sustainable world class multi-modal supply chain solution for the nation.”

The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA). The deal is subject to customary regulatory and lender’s approvals and is expected to close in Q2 FY23.

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Adani Ports clocks record cargo handling

APSEZ has set itself a target of 500 MMT of cargo throughput by 2025. In pursuit of this goal, the company has consistently raised its cargo throughput year after year….reports Asian Lite News

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has clocked a cargo throughput of 100 MMT in the first 99 days of FY23.

APSEZ hit this record volume on July 8, 2022. The milestone is significant as it demonstrates the rapidly improving efficiency of APSEZ, which needed a year to achieve 100 MMT cargo volume FY2014.

“In 2021, we stated our ambition to emerge as the world’s largest private port company and India’s largest integrated transport utility by 2030,” said Karan Adani, CEO and Whole Time Director of APSEZ.

“When APSEZ’s operations spanned five ports, it took 14 years for the company to achieve 100 MMT of annual cargo throughput. In the following five years and with operations across nine ports, APSEZ doubled cargo throughput to 200 MMT. We then achieved the milestone of 300 MMT in just three years. We are now poised to grow our cargo volumes by 60 per cent to 500 MMT by 2025 and emerge as the world’s largest port operator by 2030.”

The ability of APSEZ to handle 100 MMT cargo volume in less than one-third time when compared to the time taken in 2014 is driven by tech-based innovations to integrate conventional business processes with new age digital technologies. Other major factors that have catalysed APSEZ’s cargo highpoints are improved efficiencies in fleet and fuel management, asset monitoring, mobility, operational intelligence and performance monitoring of the applications.

APSEZ has set itself a target of 500 MMT of cargo throughput by 2025. In pursuit of this goal, the company has consistently raised its cargo throughput year after year. It reached the 100 MMT cargo throughput in 109 days last year. The present growth in cargo is supported by a 12 Y-o-Y jump in June 2022 at 31.88 MMT.

Coal volumes have continued to show a strong recovery of 25 per cent over the previous year. Compared to the previous year, other key segments that have led this monthly surge are crude at 17 per cent and container at 6 per cent. With a monthly growth volume of 21 per cent, Mundra led this record performance followed by Hazira, Kattupalli & Ennore combined, and Dahej.

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Jagan clears Adani green energy projects worth Rs 15,740 cr

The project will generate 10,000 jobs across four districts of Andhra Pradesh….reports Asian Lite News

In a boost to the green energy sector in Andhra Pradesh, Chief Minister Y.S. Jagan Mohan Reddy has cleared pump storage projects proposed by Adani Green Energy with a total capacity of 3,700 MW. The project was cleared in the State Investment Promotion Board (SIPB) review meeting on Wednesday.

Chief Minister Jagan Mohan Reddy has cleared the proposal of investment of Rs 15,740 crore which is a part of the proposed total investment of Rs 60,000 crore by Adani Group in the state of Andhra Pradesh that was discussed during the World Economic Forum meet at Davos recently.

The project will generate 10,000 jobs across four districts of Andhra Pradesh.

Adani Group has proposed pump storage projects in four districts of the state – two plants to be set up in Parvathi Puram, one in YSR Kadapa, and one in Satya Sai district. In Parvathi Puram, a 1200 MW capacity plant will be set up in Kurukutti, and a 1000 MW plant in Karrivalasa.

Meanwhile, a 1000 MW plant will be set up in Gandikota while 500 MW plant in Chitravathi. In each of these districts, Adani Group has proposed that they will be generating 3,000 jobs in Kurukutti, 3000 in Karrivalasa, 1500 in Chitravathi and 2500 in Gandikota.

The project is stipulated to commence in December 2022 and is likely to commission in December 2028. While the plants will be set up spanning across 1,490 acres of land, the state government has decided that the land will be leased from farmers at the cost of Rs 30,000 per acre in these districts, which will be transferred to the farmers directly.

Meanwhile, the state will be generating a revenue of Rs 2,775 crore from the project in terms of the power stored and an additional Rs 980 crore from the SGST.

“This will give a big boost to the state in terms of investment and a positive message as the employment rate continues to rise in the state,” Andhra Pradesh CM YS Jagan Mohan Reddy said in the meeting.

In other decisions taken in the SIPB meeting, the government has decided to apply for the PM MITRA scheme, which proposes to set up an integrated textile park in YSR Jagananna Mega Industrial Hub at Kopparthy in YSR District. The government, as per the conditions laid down under the scheme, has proposed that they would be fixing the power cost at Rs 4.5 per unit and Rs 60 per TMC of water for the 10-year period of the project.

The SIPB has also cleared the setting up of a shrimp processing unit at the food park in Krishna district by Avisa Foods Private Limited. The project would generate 2,500 jobs in 12 months and the company has requested for 11.64 acres of land from the state government of Andhra Pradesh. The SIPB has decided to lease the 11.64 acres at the cost of Rs 1,027 per sqm. The government has also laid out condition that the effluent treatment plant (ETP) would be set up by the company.

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Adani buys 49% stake in Quint

The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year…reports Asian Lite News

Adani Group’s unit AMG Media Networks will buy a 49 per cent stake in Raghav Bahl-run digital business news platform Quintillion Business Media for an undisclosed sum, a regulatory filing to the exchanges said.

The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year.

It has signed a Shareholders’ Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49 per cent stake in the media company.

The transaction is reportedly subject to customary closing conditions and requisite approvals from relevant authorities.

On Monday, shares of the Quint Digital Media rose sharply, rallying over 9 per cent at 12.13 p.m. The current share price is at Rs 325.

Meanwhile, the shares of cement makers Ambuja Cements and ACC rose on Monday after Adani Group announced that it would buy Switzerland-based Holcim Ltd’s entire stake in the leading Indian cement companies.

The share of the cement makers closed Monday’s trade 2.3 per cent and 3.8 per cent higher, respectively, from their previous close.

On Sunday, Adani Group, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim’s stake in the two companies.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).

The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever merger and acquisition (M&A) transaction in the infrastructure and materials space.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” said Adani Group Chairman Gautam Adani post the announcement of the stake purchase.

“Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China’s cement consumption is over 7x that of India’s. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion.”

Adani added: “Holcim’s global leadership in cement production and sustainability best practices brings to us some of the cutting-edge technologies that will allow us to accelerate the path to greener cement production. In addition, Ambuja Cements and ACC are two of the strongest brands recognised across India. When augmented with our renewable power generation footprint, we gain a big headstart in the decarbonisation journey that is a must for cement production. This combination of all our capabilities makes me confident that we will be able to establish the cleanest and most sustainable cement manufacturing processes that will meet or exceed global benchmarks.”

With India’s cement consumption at just 242 kg per capita, as compared to the global average of 525 kg per capita, there is significant potential for the growth of the cement sector in India.

The tailwinds of rapid urbanisation, the growing middle class and affordable housing together with the post-pandemic recovery in construction and other infrastructure sectors are expected to continue driving the growth of the cement sector over the next several decades.

Ambuja Cements and ACC currently have a combined installed production capacity of 70 MTPA. The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and over 50,000 channel partners across India.

Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where

Adani Portfolio companies have vast experience and deep expertise. This will enable higher margins and return on capital employed for the two companies. The companies will also benefit from Adani’s focus on ESG, Circular Economy and Capital Management Philosophy.

The businesses will continue to be deeply aligned to UN Sustainability Development Goals with clear focus on SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

The acquisition is subject to regulatory approvals and conditions.

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Adani clinches its largest deal, buys Holcim’s India biz

Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise…reports Asian Lite News

The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in two of Indias leading cement companies -Ambuja Cements Ltd and ACC Ltd.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” said Adani Group Chairman Gautam Adani.

“Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China’s cement consumption is over 7x that of India’s. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion.”

Adani added: “Holcim’s global leadership in cement production and sustainability best practices brings to us some of the cutting-edge technologies that will allow us to accelerate the path to greener cement production. In addition, Ambuja Cements and ACC are two of the strongest brands recognised across India. When augmented with our renewable power generation footprint, we gain a big headstart in the decarbonisation journey that is a must for cement production. This combination of all our capabilities makes me confident that we will be able to establish the cleanest and most sustainable cement manufacturing processes that will meet or exceed global benchmarks.”

“I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth,” Holcim Ltd CEO Jan Jenisch said. “Mr Gautam Adani is a highly recognised business leader in India who shares our deep commitment to sustainability, people and communities. I would like to thank our 10,000 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am confident that the Adani Group is the perfect home for them as well as our customers to continue to thrive.”

With India’s cement consumption at just 242 kg per capita, as compared to the global average of 525 kg per capita, there is significant potential for the growth of the cement sector in India. The tailwinds of rapid urbanisation, the growing middle class and affordable housing together with the post-pandemic recovery in construction and other infrastructure sectors are expected to continue driving the growth of the cement sector over the next several decades.

Ambuja Cements and ACC currently have a combined installed production capacity of 70 MTPA. The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and over 50,000 channel partners across India.

Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise. This will enable higher margins and return on capital employed for the two companies. The companies will also benefit from Adani’s focus on ESG, Circular Economy and Capital Management Philosophy.

The businesses will continue to be deeply aligned to UN Sustainability Development Goals with clear focus on SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

The acquisition is subject to regulatory approvals and conditions.

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Adani Enterprises Ltd announced results of the second quarter

Gautam Adani

Adani Enterprises Ltd, (AEL) part of the Adani Group, on Wednesday announced its results for the second quarter ended September 30, 2021…reports Asian Lite News

For Q2 2022, consolidated total income increased by 46 per ent to Rs 13,597 crore due to significant increase in index prices in IRM segment.

Consolidated EBIDTA increased by 33 per ent to Rs 1,262 crore due to increase in revenue and better margins in IRM business.

Gautam Adani

Consolidated PAT attributable to owners from Established Businesses increased by 67 per cent to Rs 579 crore in line with higher EBIDTA. Overall Consolidated PAT attributable to owners stood at Rs 212 crore vs 362 crore.

“AEL continues to prove itself as India’s most successful incubator – and remains unmatched in developing exciting new ideas strategically linked to the Adani portfolio of companies,” said Gautam Adani, Chairman of the Adani Group.

GAUTAM ADANI, CHAIRMAN, ADANI GROUP: “AEL is both enhancing the span of companies it is incubating and accelerating the pace at which they are being incubated. We believe this is fundamental value creation in a world where digitisation has become the most significant business transformation vehicle ever known. AEL’s existing businesses are stronger than they have ever been – and, this year, we have launched several new businesses critical to a strong Atmanirbhar Bharat. These include a digital consumer aggregation platform, networked airport ecosystems, green data centres, and advanced road, metro and water infrastructure. I see an exciting journey ahead given that every one of these sectors possesses multiple adjacencies to our existing businesses. Our results demonstrate that this purposeful model is working for us and we will continue to strengthen on all fronts to deliver greater shareholder value.”

Adani Enterprises took over Jaipur, Guwahati and Thiruvananthapuram Airports in October 2021. It also completed acquisition of Mumbai International Airport. During the quarter it handled 6.5 mn passengers, 62,199 Air Traffic Movements and 1,63,860 MT Cargo.

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In roads, it has a portfolio of ten projects with NHAI for construction/operation of roads aggregating to 450 plus km. In the water segment, it signed concession agreement with Bihar Urban Infrastructure Development Corporation in October for Bhagalpur waste water project for 45 mn litres per day capacity.

In food business, maintained its leadership position with its “Fortune” brand and continues to lead the refined edible oil market with more than 20 per cent market share.

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Adani meets PM assures to commit $70 bn for clean energy

Calling the leadership inspiring in synchronising global climate action, he said that Adani Group will commit USD 70 bn to energy transition via solar, wind and H2…reports Asian Lite News.

Adani Group Chairman Gautam Adani said that policies to manage and overcome the climate change crisis must be equitable and pragmatic.

Speaking to business leaders on the sidelines of the UK’s Global Investment Summit at the London Science Museum, he noted that green policies and climate action not based on equitable growth will struggle in the long run.

Decision makers, he said, must consider the voices of the vulnerable when developing climate strategies and mitigation measures. He also suggested that a collaborative approach was needed wherein developed nations, which have emitted more greenhouse gases over time, shoulder greater responsibility and propose policies and targets that fairly address the needs of the developing world.

“While net zero targets are much needed, a company’s sustainability initiatives must be aligned with the nation’s sustainability goals,” said Adani. “One must recognise that India has already demonstrated its commitment through the bold stand taken by Prime Minister Narendra Modi since the 2015 COP-21 summit and India has emerged as one of the most responsible major nations in the world when it comes to addressing climate change. However, at the heart of any nation’s sustainability journey lies the principle of equitable growth, and a net zero number unaligned with a nation’s development agenda may end up creating greater disequilibrium across the global sustainability initiatives.”

“We are putting money where our mouth is,” added Adani, “and the portfolio companies of Adani are leading the way with investment plans to honour the nation’s commitment”.

Adani’s logistics utility APSEZ has committed to the 1.5-degree pathway through SBTi (Science Based Targets initiative) as has AGEL, Adani’s renewable energy company. Adani Transmission has also made the same commitment and the other portfolio companies are working towards committing to the 1.5-degree pathway. Adani is also incubating the first Indian data centre company that will power all its data centres by renewable power by 2030.

Furthermore, AGEL will triple its renewable power generation capacity over the next four years – a scale and speed unmatched by any company in the world. AGEL is also consolidating its position as the world’s largest solar power developer, having achieved its initial target of 25GW four years ahead of schedule.

“This transformation has multiple dimensions that will impact not just the world of energy but also the world of chemicals, plastics, mobility, computing, and metals,” said Adani.

He said that, over the next decade, the Adani portfolio companies in the energy and utility business will invest over $20 billion in renewable energy generation and the overall organic and inorganic investments across the entire green energy value chain will range between $50 billion and $70 billion. Over 70 per cent of its planned capex until 2030 will be in sustainable technologies. This includes investments with potential partners for electrolyzer manufacturing, backward integrations for component manufacturing to secure the supply chain for the solar and wind generation businesses, and AI-based utility and industrial cloud platforms.

When combined with India’s cost and locational advantages, this will enable Adani to produce the world’s least expensive green electron and be on track to become the world’s largest renewable power portfolio by 2030. This, he said, will lay the foundation for Adani to become one of the largest green hydrogen producers in the world and, in turn, will make India the producer of the world’s cheapest hydrogen.

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READ MORE-Adani buys 23.5% stake in Mumbai Airport

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Adani rules out reports on NSDL freezing accounts

In a stock exchange filing, Adani Ports was clarifying on reports that NSDL has frozen the accounts of 3 foreign funds…reports Asian Lite News

Adani Ports has clarified that media reports on freezing of accounts of foreign funds is done to “deliberately mislead the investing community”.

In a stock exchange filing, Adani Ports was clarifying on reports that NSDL has frozen the accounts of 3 foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies.

“We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group,” Adani Ports said.

“Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen,” the company said.

Rajya Sabha MP Subramanian Swamy has sought an investigation for money laundering. He said in a tweet, “I have seen evidence of the violations by the Trapese Artist Adani of the Prevention of Money Laundering Act, a matter for the Enforcement Directorate to prosecute. But PM Modi must get a background check of ED top officials before ED prosecution is launched to avoid sabotage.”

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