World News | Media reports say Temasek continues to invest in Adani Ports

SINGAPORE, Jan 30 (PTI) Singaporean investor Temasek Holdings (Private) Ltd continues to invest in Adani Port and Special Economic Zone, although the Indian conglomerate is facing criticism from a US-based forensic research body, according to media reports. .

The Straits Times reported on Monday, citing a spokesman for the 49-year-old state investor, that Temasek “continues to invest in Adani Ports based on its latest public shareholding disclosure,” which managed $496.59 billion as of December. Assets 2022.

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Temasek, through its subsidiary Camas Investments, owns slightly more than 1.2 percent of Adani Port, Singapore’s main newspaper reported citing information on the company’s shareholders.

The stake was acquired in 2018 for approximately S$147 million.

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A Temasek spokesman also said the group does not comment on market speculation.

Adani Group also operates an edible oil and food business in India called Adani Wilmar through a joint venture with Singapore-listed Wilmar International.

According to earlier media reports, the group has been doing business in Singapore for more than 20 years, and Adani Singapore is its operating headquarters in Southeast Asia.

The media also reported talks between Adani Group and Singaporean investors including Temasek and the Government Investment Corporation (GIC) to raise US$10 billion to fund its US$100 billion expansion over the next decade, of which US$70 billion will be For clean energy, ports and cement companies.

Speaking at the Forbes Asia Conference in Singapore on September 27, 2022, group chairman Gautam Adani laid out his ambitious investment plans.

In his speech at the conference, he underscored the growing global confidence in India, saying: “I expect foreign direct investment inflows into India to further accelerate and increase to more than $500 billion over the next 15 years, making India by far the largest country in the world. Fastest – growing number of FDI destinations.”

On Sunday, Adani Group disputed New York-based forensics research firm Hindenburg Research’s allegations of stock manipulation and accounting fraud.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)