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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.

Indians erupted in celebration on Monday, March 13, after Naatu Naatu, the breakout hit from the action movie RRR, won the Academy Award for best original song, making history as the first movie from the country to win the honour.

The song - a fast-paced number that has found fans all over the world, spawned a TikTok challenge and has millions of views on YouTube - won a standing ovation when it was performed at the 95th Academy Awards on Sunday night.

Indians had won Oscars previously, but no Indian film had won an Academy Award before Sunday night in Los Angles. RRR and The Elephant Whisperers, which won best documentary short film, gave the country two Oscar-winning films in one night.

"No words can describe this surreal moment. Dedicating this to all our amazing fans across the world. THANK YOU!!," the Twitter account for RRR posted.

Television showed images of people dancing to the song in the streets, minutes after the award was announced, even as #NaatuNaatu was a top trend on Twitter.

"The popularity of Naatu Naatu is global. It will be a song that will be remembered for years to come," Prime Minister Narendra Modi posted on Twitter, congratulating the team behind the song.

"Entire India is proud. They have brought India to the world stage," singer Prudhvi Chandra, one of the singers of Naatu Naatu, told the India Today.

In the Telugu film directed by S.S. Rajamouli, Naatu Naatu begins when the two leads, played by Ram Charan and N.T. Rama Rao Jr., flaunt their dance skills after being bullied as the only Indian people invited to a British party in colonial times.

When a young British man aims racist insults at the leads, they decide to educate him using the song Naatu Naatu.

During the scene, which was filmed at Ukraine’s grand Mariinskyi Palace, everyone at the party, including the scoffing British man, tries to master the moves.

At the Oscars, composer M.M. Keeravani burst into song while accepting the award on stage, along with songwriter Chandrabose.

"I feel this is about just the beginning of everything so that the world -- particularly the Western World -- focuses more on Indian music and Asian music, which is long due," Keeravani said backstage after winning the award.

The Elephant Whisperers is about a couple in South India who adopt a baby elephant and care for him.

New Delhi, Mar 15: Leaders of 18 Opposition parties began their march to the Enforcement Directorate's (ED) office in Delhi today to press for an investigation into the Adani-Hindenburg issue.

The stage is set for a massive face-off between Delhi Police and the marching leaders. Police have put up barricades and deployed several mobile vans to block the march.

Mamata Banerjee's Trinamool Congress and Sharad Pawar's Nationalist Congress Party, it is learnt, will not be joining the march.

US short seller Hindenburg Research has alleged that the Adani group was "engaged in a brazen stock manipulation and accounting fraud", and used offshore shell companies to inflate stock prices.

The group has denied the allegations, calling them "malicious", "baseless" and a "calculated attack on India.

The Supreme Court has set up a six-member committee of experts to examine issues arising out of the stock crash. The committee has been tasked with an overall assessment, suggesting measures to make investors more aware and to strengthen regulatory measures for stock markets.

The Adani Group has welcomed the Supreme Court order, with Chairman Gautam Adani saying "it will bring finality in a time bound manner" and "truth will prevail".

While a section of Opposition parties have welcomed the Supreme Court order, another, including the Congress, have insisted on a probe by a joint parliamentary committee (JPC).

The Opposition's demand for the JPC probe and the government's offensive on Rahul Gandhi's remarks in London have led to an impasse in Parliament. The first three days of the second leg of the Budget session have seen frequent disruptions and repeated adjournments.