Israel launches airstrikes on besieged Gaza a day after killing 10 Palestinians in West Bank

New Delhi, Mar 19: Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said.

The group's flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.

But after Hindenburg Research's January 24 report alleging accounting fraud, stock manipulations and other corporate governance lapses chopped off about $140 billion from the market value of Gautam Adani's empire, the apples-to-airport group is hoping to claw back and calm jittery investors and lenders through a comeback strategy.

The comeback strategy is based on addressing investor concerns around debt by repaying some loans, consolidating operations, and fighting off allegations.

The group has denied all allegations levelled by Hindenburg. As part of this, projects are being re-evaluated based on cashflow and finance available.

And of the projects the group has decided not to pursue for the time being is the 1 million tonne per annum Green PVC project, two sources with knowledge of the matter said.

The group has shot off mails to vendors and suppliers to "suspend all activities" on immediate basis.

In the mails, seen by PTI, the group has asked them to "suspend all activities of the scope of work and performance of all obligations" for Mundra Petrochem Ltd's Green PVC project "till further notice."

This is the following "unforeseen scenario". The management, it said, was "re-evaluating various project/s being implemented at group level in different  business verticals. Based on future cashflow and finance, some of the project/s are being re-evaluated for its continuation and revision in timeline."

Reached for comments, a group spokesperson said AEL will be evaluating the status of growth projects in primary industry vertical over the coming months.

"The balance sheet of each of our independent portfolio companies is very strong. We have industry-leading project development and execution capabilities, strong corporate governance, secure assets, strong cashflows, and our business plan is fully funded. We remain focused on executing our previously outlined strategy to create value for our stakeholders," the spokesperson said.

"AEL will be evaluating the status of growth projects in the primary industry vertical over the coming months".

The unit was to have a poly-vinyl-chloride (PVC) production capacity of 2,000 KTPA (kilo tonne per annum) requiring 3.1 million tonne per annum (MTPA) of coal that was to be imported from Australia, Russia and other countries.

PVC is the world's third-most widely produced synthetic polymer of plastic. It finds wide applications - from flooring, to making sewage pipes and other pipe applications, in insulation on electrical wires, packaging and manufacture of aprons etc.

Adani Group had planned the project as PVC demand in India at around 3.5 MTPA was growing at the rate of 7 per cent year-on-year. With near stagnant domestic production of PVC at 1.4 million tonne, India is dependent on imports to keep pace with the demand.

The Hindenburg report had alleged "brazen stock manipulation and accounting fraud" and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them "malicious", "baseless" and a "calculated attack on India".

As part of the comeback strategy, the group has cancelled a Rs 7,000 crore coal plant purchase as well as shelved plans to bid for stake in power trader PTC to conserve expenses. It has repaid some debt and pre-paid some of the finances raised by pledging promoter stake in group companies.

Amidst the rise in concerns over the cardiac health of youth in the country, a wrestler in Pune died due to a heart attack in his talim (traditional wrestling and associated gyms) in Pune. He died after working out in Marunji's Mamasaheb Mohal Kusti Sankul on Wednesday, March 8, in the early hours. 

As per the report, the name of the wrestler is Swapnil Padale (31). He was taken to hospital after he collapsed in the gym. However, he was declared dead by the doctors. He was a renowned name in the wrestling circle in Pune and recently was awarded the 'Maharashtra Campion'.

Pune is becoming a rising hub for wrestlers in Maharashtra after Kolhapur. Wrestling enthusiasts from the state join several Talims in the city. The wrestling industry is morning the death of the young wrestler. 

This is not the first case of a heart attack in the recent past. Several videos of youth collapsing and dying due to heart attacks are doing rounds on social media. Last week former Miss Universe and actor Sushmita Sen shared her health status on Thursday in an Instagram post informing her fans about a heart attack she suffered a few days ago.

Since Covid, the cases of heart attack are increasing rapidly. Along with the elderly, there has also been an increase in cases of heart attack and sudden cardiac death among the youth, said doctors at Dr Ram Manohar Lohia Hospital in Delhi.

Dr Tarun Kumar, Professor, Department of Cardiology, Ram Manohar Lohia Hospital, Delhi, said, "Many cases of sudden cardiac death have been seen, in which many cases of sudden fainting or heart attack while doing gym have come to the fore. Many such videos have also come to the fore, in which people suddenly fell and died while dancing or walking. Such cases are heart attack patients only, in which there are cases of sudden cardiac death. The cause of sudden cardiac death is heart attack only." 

The doctor also highlighted that earlier heart attack was mostly seen in people of 60 years of age, but now cases of heart attack are also coming in the youth of 20 to 30 years of age and the important reason behind this can be your bad lifestyle, unhealthy food, smoking and consumption of alcohol etc.

Mangaluru, Mar 15: For the first time in the country, a historic decision has been taken in Karnataka to bring higher education textbooks in Kannada at the earliest. Karnataka Governor Thawar Chand Gehlot said that the aim is to speed up the development of the country with the local language. 

Presiding over the 41st convocation of Mangalore University held at Mangala Auditorium on Wednesday, he said that the decision was taken in the meeting of vice chancellors of all the universities, union government officials and education experts on Tuesday. It is the matter of pride that Karnataka is the first state in India to implement National Education Policy (NEP) 2020 which gives priority to education in local language. "The role of the youth is necessary to make ‘Aathma Nirbhara Bharat’ a ‘Vishwa Guru’ once again by strengthening the economy as well. Conservation of our water, air and forest is an urgent need. Being active in public life, we should develop a spirit of caring for one another,” he opined.

Director of National Assessment and Accreditation Council (NAAC) Prof. S. C. Sharma, in his convocation address said that the NEP 2020 helps us to rethink the concept of university education. It should increase our multitasking ability. Selfless concern towards the environment should develop within us. It requires humanity and study of liberal arts education. Awareness of our ancient wisdom, richness of our culture, and good aspects of Western culture will help us. Our studies should be practical, connected with the larger outside world, he said.

Mangalore University Vice Chancellor Prof. P Subrahmanya Yadapadithaya welcomed the guests explaining the achievements and goals of the university. Registrar Prof. Kishore Kumar CK, Registrar (Evaluation) Prof. Raju Krishna Chalannavar, University Syndicate Members, Academic Council Members, Deans of various departments, Principals of various colleges and hundreds of dignitaries were present. Dr. Dhananjaya Kumble and Dr. Preethi Keerthi D'Souza mastered the ceremony. 

This time 115 researchers including 7 foreigners were awarded with Ph.D. 55 students awarded with gold medals and 57 with cash prizes. Out of 199 rank holders, 71 first rankers were given certificates by the Governor.