Adani group
After a long time, good news has come for Adani Group. Indeed, a group company company has been relieved from the international rating agency Fitch. Fitch Ratings have removed Adani Energy Solutions Limited (AESL) from its ‘rating monitoring negative’ list. This is the first time an international rating agency has improved the company’s rating after the commencement of a lawsuit related to Adani in the US. Fitch has retained AESL’s long-term foreign and local-currency issuer Default Rating (IDR) on ‘BBB-‘. A statement said that the company’s credibility has been changed to ‘rating monitoring negative’ to ‘negative scenario’. Fitch said that Adani Group has proved adequate financing access to some board members of Adaani Green Energy Limited (AGEL) on November 20, 2024 since the prosecution in the US. On the basis of positive news, the shares of Adani Energy Solutions rose by 5% during trading. However, the latter closed at Rs 789.10 with the latter 1.54%.
Vigilant about American investigation
However, the negative outlook is still intact as fitch is cautious about the possible impact of the ongoing American investigation. This may reveal weaknesses in the group’s corporate administration practices, leading to a possible negative rating action in the near moderate period. Fitch will continue to monitor the investigation and assess any implications for the financial flexibility of AESL.
Refusal to stop work in Dharavi
In a separate development, last Friday, the Supreme Court (SC) sought a reply from the Maharashtra government and Adani Properties in connection with the petition challenging the Dharavi slum redevelopment project to Adani. However, the Supreme Court refused to stop the work at the project site, as the Adani Group said that construction had already begun, which includes more than 2,000 workers. Adani also said that he has invested a large amount of money and has bought the construction equipment of crores of rupees, as well as the start of the railway quarters on the site.
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