ANOTHER 🧵OF THINGS UNRAVELING FOR ADANI'S COAL EMPIRE 🔥
If #Adani wants to prove it can do business differently it should start by halting:
🚮Carmichael coal mine
🚮 11 new coal mines destroying communities & forest across 🇮🇳
🚮12GWs of new coal power livemint.com/companies/news…
"#Adani is seeking to sell a part of its stake in Ambuja Cement to reduce its debt & restore the flagging confidence of investors... This would be the group’s first asset sale after it was hammered by allegations by #Hindenburg..." thewire.in/business/adani…
"In a report late January that sent #Adani stocks on a $153B downward spiral, Hindenburg said that entities controlled by the tycoon’s brother, Vinod, or his associates used Mauritius as a conduit for money laundering and share-price manipulation." bloomberg.com/news/articles/…
"Shares of #Adani Enterprises fell for the second straight session today after CARE Ratings downgraded the outlook on Gautam Adani's flagship entity from stable to negative while considering the ongoing regulatory and legal scrutiny." @MSCI_Inc businesstoday.in/markets/compan…
"...damage to the group’s ability to raise capital & fund further expansion plans has been substantial. That probably means, at best, far slower growth ahead."
Great news for the communities fighting to defend their land from #Adani's coal expansion! 💪🏼 wsj.com/articles/adani…
"The state Congress will organise a Raj Bhavan march on Monday in protest against the policy of crony capitalism practiced by the Narendra Modi government in favour of big industrialists like Gautam #Adani."
Slight reprieve for #Adani this week due to a baffling $1.9B from @GQGPartners-who apparently❤️fossil fuels > due diligence. Aside from that it’s been a total binfire for the rapidly unraveling coal giant. Here’s another round up of bad news for Adani’s destructive coal empire🧵
#Adani 🤥 no. 4080
Adani can’t keep its story straight about the size of its Carmichael #coal mine. The group has made many contradictory and misleading statements about the size of Carmichael, often changing its story depending on which audience it’s addressing. #StopAdani
#Adani🤥no. 4081
2021: Adani told @Vanguard_Group “they had capped the size of the (Carmichael) mine & intended to set an end date for operations to fit within the parameters of a 1.5°C warming scenario."
2022: Adani said they were expanding to 25-30MTPA. marketforces.org.au/vanguards-farc…
“Apart from the future of the billionaire & his business empire, something bigger is on the line: 🇮🇳’s probity in corporate governance & pursuit of a development model in which the state has entrusted a few ultra-rich men with running 🇮🇳’s infrastructure" telegraphindia.com/india/indias-p…
If #Adani are looking for some toxic assets to abandon there's this dirty Australian coal mine that investors universally revile...
Here's another thread of things going very badly for Adani's destructive, climate-wrecking coal empire Feb 20 edition. 🧵 #StopAdani
"@Forbes has identified previously unreported transactions involving offshore funds with ties to Vinod Adani that appear designed to benefit the #Adani Group. The deals also lend further credence to #Hindenburg’s allegations..."
“Thanks to the ‘convoluted structures’ and ‘multiplicity of subsidiaries’ cited in the #HindenburgReport, #Adani has long been able to finance its dirtier operations with the proceeds of sustainable fund flows.”
Things have gone from absolutely horrendous to utterly diabolical for coal giant #Adani. Here’s another thread of bad news that’s hit Adani’s climate-wrecking, forest-annihilating, village-displacing coal empire over the last few days.
#GautamAdani, whose Indian business empire is under pressure over fraud allegations, repaid a $1.1bn share-backed loan last week after facing a margin call of more than $500mn, according to four people with direct knowledge of the matter."
"Shares of #Adani Group’s flagship firm are still expensive on some metrics despite plunging more than 50%... according to a New York University finance professor known for his expertise on valuation."