Last month, the business empire of Eike Batista, once the world’s seventh-richest man and a mascot of economically resurgent Brazil, collapsed. The disaster ought to focus our minds on the perils of credit-fueled economic growth and highly leveraged corporations not just in Brazil but also in other BRICS countries.
Billionaire Gautam Adani’s port unit has failed to win security clearances needed to expand operations because it is being investigated by the Indian government for possible money laundering, according to three people familiar with the matter. The stock slumped.
Adani Enterprises Ltd. , India’s biggest coal importer, may sell shares in a unit that holds mining rights in the Asia-Pacific region to international investors and use the proceeds to add energy assets.
Coal’s worst slump in seven years has failed to deter GVK Group and Adani Enterprises Ltd. from pressing ahead with a $21 billion bet on Australia’s Galilee Basin as other companies shelve projects amid rising costs.
The Adani Group, owner of India’s biggest coal importer, said it will continue to invest in Indonesia even after the Southeast Asian nation imposed rules requiring foreign mining companies to reduce their local stakes.
Adani Shipping Pte Ltd., a unit of India’s Adani Enterprises Ltd. , bought two ships to transport coal from the group’s mines in Indonesia and Australia, the company said in an e-mailed statement today.