Gautam Adani launches new company, preparing to become king of Coal? | Adani Enterprises- Watch Video

On January 24, American short-selling company Hindenburg released its negative report against Adani Group. After this report, the controversy went on increasing. Opponents prevailed. From the streets to the Parliament, a front was opened against Adani. Questions were raised on Adani's loan, and his business. Investors also turned away amidst the questions being raised about Adani. Adani's shares, the company's market cap, and Gautam Adani's net worth all started falling. Controversies kept increasing, but Gautam Adani did not give up. Adani set up his new company in the midst of these uproars.

Adani's Expansion of Business

Adani's flagship company Adani Enterprises has announced the expansion of its business. The company has entered into the Coal Washery business. The company has formed a subsidiary company for this business, named Pelma Collieries. Actually, the coal washery business of Adani Enterprises will be handled by the Playma Collieries. Its information has been given to the exchanges on behalf of Adani. Adani Enterprises informed that on April 7, it formed a wholly-owned subsidiary company, Pluma Collieries Limited (PCL). This company was formed at a time when questions are being raised about the company.