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Will Adani’s Rs 60,000 cr solar project MoU in Rajasthan be cancelled?

New Delhi: The Adani group has suffered massive losses to the tune of 100 billion dollars after the recent Hindenburg report, effectively stalling the group's upward trajectory. But even as the battle rages on, to beat the 'propaganda' against the company, and the fight is being fought on technical terms in the report; the markets remain volatile towards Adani group and in such an environment, it now seems that after an 'international strike' on the group, now reins are being pulled for a home grown 'domestic strike'.

In what could be termed as a shocking news from Delhi, word in 'select circles' in the politico-business realm of the nation is that there is an immense pressure to cancel Adani Group's MoU with Rajasthan government. In this regard, it is believed that probably a signal is coming from the Congress high command. Few days back, the Gehlot government had signed a MoU with Adani group worth `60,000 crore for Solar Project in Rajasthan. During the program, Gautam Adani himself gave a speech in the presence of Chief Minister Ashok Gehlot to encourage investors coming from outside the State.

Now there is a disturbance in the industrial sector due to the possibility of cancellation of this MoU. However, this aspect can be discussed during Gehlot's visit to Delhi on Sunday.

According to the sources connected with the high command, there could possibly be a discussion at the level of Rahul Gandhi.

Adani Enterprises Ltd. has shelved a plan to raise as much as Rs 10 billion ($122 million) via its first-ever public sale of bonds following a market rout, according to people familiar with the matter. The flagship firm of Gautam Adani’s empire had planned the public note issuance for January, working with Edelweiss Financial Services Ltd (EDEL.NS), AK Capital, JM Financial, and Trust Capital, but activity has now stopped, the report said, citing people familiar with the matter.

Adani Group’s withdrawal of its Follow on Public Offer (FPO) will have no affect on the Indian economy’s image or macroeconomic fundamentals, Union finance minister Nirmala Sitharaman said on Saturday.

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