Adani Enterprises
ADANIENT
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Adani Enterprises is India's largest private coal mining company, operating as a Mine Developer and Operator (MDO). The company is actively expanding its coal mining operations, including the Carmichael mine in Australia, which is now operational and producing 10 million tons of coal annually. Adani Enterprises also has significant coal trading volumes, reporting 16 million metric tons in a recent quarter.
The company is central to a massive fossil fuel expansion within the Adani Group. Through its subsidiary Adani Power, the group operates 18.15 GW of coal-fired generation capacity across 12 thermal power plants. Public disclosures indicate plans to expand this capacity to 41.87 GW by 2031-32. Furthermore, Adani Enterprises is pursuing new mining leases and developing coal-to-chemicals projects, signaling a strategic commitment to the long-term use of coal.
Adani Enterprises is developing the Carmichael coal mine in Queensland's Galilee Basin on the traditional lands of the Wangan and Jagalingou peoples, who have rejected agreements with Adani on four separate occasions since 2012. The AFSC, Earthjustice, and Banking on Climate Chaos document ongoing violations of the Wangan and Jagalingou's internationally protected rights to continue practicing their culture, use their ancestral homelands, and give or withhold free, prior, and informed consent. Adani held fraudulent meetings and manipulated the W&J's internal decision-making processes to secure approvals. In 2024 the W&J filed a Supreme Court case against the Queensland government to prevent destruction of the sacred Doongmabulla Springs by mine operations. Separately, in late 2024 U.S. authorities issued an arrest warrant for Adani's founder Gautam Adani on charges of bribing Indian government officials.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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