Kumar Mangalam Birla-owned Hindalco faces its most serious challenge yet from Gautam Adani’s Kutch Copper. Neither side is willing to cede ground in a battle royal seen as a plus for copper-starved India.
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The US indictment alleging bribery for solar contracts by the company’s promoters and management has activated many potential issues in loan agreements signed by the renewables major.
The city gas distribution company’s stock is already the Adani group’s worst performer. The announcement by key stakeholder TotalEnergies of a halt to any further investment imperils its big LNG push and may put paid to hopes of a recovery.
Charges of fraud levelled against chairman Gautam Adani and two key board members could spell trouble for India’s largest renewable energy developer, especially when its entire growth strategy is contingent on raising debt.