In a major development, the United States Department of Justice has indicted Indian billionaire Gautam Adani and seven senior executives from the Adani Group. The allegations involve a $265 million bribery scheme to secure contracts with Indian government officials. The contracts, estimated to yield profits exceeding $2 billion over two decades, were allegedly obtained through corrupt practices between 2020 and 2024.

According to the indictment unsealed in a New York federal court, Adani and his associates misrepresented their renewable energy projects as legitimate while engaging in corruption to secure state-backed contracts. The bribes, prosecutors claim, were hidden from U.S. and international investors, leading to further charges of securities fraud and wire fraud.

U.S. Attorney Breon Peace described the case as “an elaborate scheme that undermines the integrity of global financial markets.” In addition to the criminal charges, the U.S. Securities and Exchange Commission (SEC) has filed a civil lawsuit against Adani, seeking financial penalties for violations of securities laws.

The legal proceedings pose a significant challenge for the Adani Group, which has faced scrutiny over its business practices in the past. The company, known for its vast empire spanning infrastructure, renewable energy, and ports, has been a cornerstone of India’s economy but is now under intense global scrutiny.

As the case unfolds, questions about corporate governance and transparency within the Adani Group are likely to grow, with implications for investors and the international business community. The Adani Group has yet to respond publicly to these allegations

Meantime Adani stocks tumble in stock market

Latest Updates:

1. Kenyan President Ruto cancels all the ongoing deals with Adani in transportation and Petroleum and energy sectors
2. #AdaniGroup issued clarification denying all charges by the US officials. The company called the allegations against directors of #AdaniGreen baseless.

Dhanteras is a significant occasion in India, especially for purchasing gold and silver. If you’re looking to buy jewelry in Gujarat for this auspicious event, here are the top 10 jewelry stores that are known for their quality, craftsmanship, and trustworthiness:

1. Tanishq

Tanishq is one of India’s most trusted jewelry brands, with a strong presence in Gujarat. Known for its wide range of traditional and contemporary designs, it’s a popular choice for Dhanteras shopping.

• Branches: Ahmedabad, Surat, Vadodara, Rajkot, and more.

2. Kalyan Jewellers

Kalyan Jewellers offers a vast selection of gold, diamond, and silver jewelry. Their craftsmanship and heritage designs make them a go-to store for festive jewelry shopping.

• Branches: Ahmedabad, Surat, Vadodara, Bhavnagar.

3. PC Jeweller

Known for its exquisite diamond and gold collections, PC Jeweller is a well-respected name across Gujarat. Their designs cater to both modern and traditional tastes.

• Branches: Ahmedabad and Surat.

4. R R Agarwal Jewellers

One of the oldest and most trusted jewelry brands in Gujarat, R R Agarwal Jewellers specializes in gold and diamond jewelry. They are especially known for bridal collections and festive offerings.

• Location: Rajkot.

5. Tribhovandas Bhimji Zaveri (TBZ)

With a rich legacy in jewelry craftsmanship, TBZ is a favorite for purchasing intricate gold, diamond, and platinum jewelry. Their stores in Gujarat are known for excellent service and high-quality products.

• Branches: Ahmedabad and Surat.

6. C. Krishniah Chetty Jewellers

Famous for their elegant collections and ethical sourcing, C. Krishniah Chetty is a premium jewelry store where you can find everything from bridal to festive wear.

• Location: Ahmedabad.

7. Malabar Gold & Diamonds

Malabar Gold & Diamonds is a leading jewelry brand across India, and in Gujarat, they offer beautiful collections in gold, diamonds, and platinum, perfect for Dhanteras and other festive occasions.

• Branches: Ahmedabad, Vadodara, Surat.

8. Zaveri & Co.

Zaveri & Co. is a well-known name in Gujarat, especially for gold jewelry. Their extensive collections feature traditional craftsmanship with modern touches.

• Location: Ahmedabad and Surat.

9. Mehta Jewellers

Established in Gujarat, Mehta Jewellers offers a vast collection of gold, diamond, and silver jewelry. Their custom designs and high-quality pieces make them a great choice for Dhanteras shopping.

• Location: Rajkot.

10. Sanghavi Jewellers

Sanghavi Jewellers is known for its fine craftsmanship and exclusive gold and diamond jewelry collections. Their festive and bridal jewelry offerings are highly sought after.

• Location: Surat.

These stores are some of the most reputed in Gujarat, offering a mix of tradition, quality, and modernity that appeals to a wide range of customers. Visiting any of these stores during Dhanteras will give you access to an array of beautifully crafted jewelry to bring home for the festive season.

In a significant move towards bolstering India’s semiconductor manufacturing capabilities, the Union Cabinet has approved a proposal by Kaynes Semicon Pvt Ltd to establish a semiconductor unit in Sanand, Gujarat. This development comes under the ambit of the India Semiconductor Mission (ISM), which aims to position the country as a global semiconductor manufacturing hub.

The new facility in Sanand will be established with an investment of Rs 3,300 crore and is expected to produce 6 million chips per day. These chips will cater to a diverse range of applications, including industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones.

Launched in December 2021 with a budget of Rs 76,000 crore, the India Semiconductor Mission is a key initiative by the government to foster semiconductor production in the country. To date, the government has approved four assembly unit applications and one for chip manufacturing.

Commenting on the mission’s significance, Union Minister of Electronics and Information Technology Ashwini Vaishnaw said, “The semiconductor mission is a program designed for at least 10 years. The industry is crucial for industrial production in the country. We have a large automobile and electronic manufacturing industry in India. A significant number of appliances are now made in India, and the success of the ‘Make in India’ initiative requires that foundational industries like semiconductors are established within the country.”

Kaynes Semicon, a subsidiary of Karnataka-based Kaynes Technology, had initially applied to set up an OSAT (Outsourced Semiconductor Assembly and Test) plant in Telangana under the ISM scheme last year. However, in a recent announcement, the company revealed its decision to establish the OSAT unit in Sanand, where other major players like Micron and Murugappa Group’s CG Power have already committed to setting up their own semiconductor facilities.

The Sanand plant is expected to produce 6 million chips daily, serving a broad spectrum of applications across various sectors.

Furthermore, Minister Vaishnaw indicated that the government will soon introduce a second round of Production-Linked Incentives (PLI) for the semiconductor industry. This follows the Ministry of Electronics and Information Technology’s approval of a $11 billion fabrication plant by Tata Electronics in partnership with Taiwan’s Powerchip, as well as three chip assembly plants by Tatas, US-based Micron Technology, and Murugappa Group’s CG Power in collaboration with Japan’s Renesas.