{"text":[[{"start":7.978,"text":"Asia’s wealthiest man Gautam Adani is considering a bid for Britain’s largest port operator, in what would be the Indian industrialist’s first UK investment."}],[{"start":16.55,"text":"The billionaire chair of Adani Group, a corporate empire that spans ports, media, mining and utilities, is weighing an offer for Associated British Ports as two Canadian pension funds prepare to sell their stakes, according to three people familiar with the matter."}],[{"start":32.025,"text":"Adani’s interest emerged as the Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System, which own 34 per cent and 33 per cent of ABP respectively, examine a sale they hope will value the UK operator at more than £10bn, the FT reported in February."}],[{"start":50.95,"text":"Asset manager Hermes, which owns about 6 per cent, could also sell its holding."}],[{"start":56.02,"text":"The people familiar with the discussions cautioned that Adani’s exploration of a deal, first reported by India’s Economic Times newspaper, was still in its early stages."}],[{"start":65.66,"text":"One of them said that if it went ahead, it was unlikely to be completed within this year, while another said the group might consider the purchase through a partnership."}],[{"start":74.74,"text":"For Adani, “it offers a foothold in a G7 economy and thereby opens up a lot more” opportunities, said one of the people. “Nothing like it is open for acquisition anywhere.”"}],[{"start":83.7,"text":"A spokesperson for Adani’s port business said the company did “not comment on market speculation or rumours” and “we continuously evaluate opportunities that align with our long-term strategy”. ABP did not respond to a request for comment."}],[{"start":98.54,"text":"ABP handles about a quarter of the UK’s seaborne trade and owns 21 ports across the country. Its other major shareholders include Singapore’s sovereign wealth fund GIC, which owns 20 per cent, and the Kuwait Investment Authority’s Wren House Infrastructure with 10 per cent."}],[{"start":113.395,"text":"Adani is one of India’s most powerful billionaires and has openly tied his infrastructure-focused conglomerate’s ambitions to Prime Minister Narendra Modi’s development drive."}],[{"start":122.546,"text":"His group is one of few Indian companies with an extensive overseas footprint and runs ports in countries including Israel and Sri Lanka along with a coal mine in Australia."}],[{"start":131.54,"text":"But Adani has had to weather a series of damaging corporate fraud allegations over the past three years."}],[{"start":137,"text":"In November 2024, the US Department of Justice and Securities and Exchange Commission directly charged Adani and his nephew Sagar Adani in connection with an alleged Indian solar power bribery scheme."}],[{"start":149.542,"text":"Separately, the US Treasury probed potential violations by the conglomerate of Iranian sanctions."}],[{"start":155.881,"text":"This year, both the SEC and Treasury department settled with Adani, while the DoJ moved in court to drop the charges."}],[{"start":163.921,"text":"India’s capital markets regulator last year also cleared the Adani Group of fraud allegations levelled against it by the now-defunct short seller Hindenburg Research."}],[{"start":173.416,"text":"The Adani Group has repeatedly denied any wrongdoing."}],[{"start":177.54,"text":"While a deal for ABP would be Adani’s first investment in the UK, the tycoon is no stranger to British shores."}],[{"start":184.88,"text":"Last year, UK Freedom of Information disclosures revealed the billionaire’s renewables business paid £4mn to sponsor the green energy wing of London’s Science Museum, a tie-up that sparked scrutiny of Adani’s coal business."}],[{"start":198.304,"text":"Released UK Cabinet Office documents also mentioned the Adani Group had considered listing one of its businesses on the London Stock Exchange, while in meetings with then-prime minister Boris Johnson, the tycoon had discussed potential UK business deals."}],[{"start":211.682,"text":"On the sidelines of a Science Museum launch event for the green energy wing in 2024, Adani told the FT he was looking at potential investments in the UK, but his main focus remained on India’s “massive market”."}],[{"start":227.38,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785313639_5385.mp3"}