Billionaire Gautam Adani-led Adani Group is currently in the process of doubling its fleet of business jets for its top executives, reported Livemint. It has placed an order for six Pilatus PC-24 aircrafts for efficient transportation of the businessmen.
After buying these six Pilatus PC-24 jets, the total number of business jets in Adani Group’s fleet will be 12. This move is aimed at ensuring smooth and efficient transportation of the top executives and businessmen of the company.
This comes as Adani Group is in the process of advancing its revitalisation plan after the Supreme Court ruled in its favour, dismissing the need of any additional investigation in the allegations put forward by the Hindenburg report.
The aviation arm of Gautam Adani’s company which houses all its business jets – Karnavati Aviation – is responsible for the acquisition of these new aircrafts, reported Livemint.
Livemint quoted a top executive from the Adani Group as saying that the deal would cost the company over ₹300 crore for all six aircraft since the purchase is from the resale market. The timeline of the acquisition has not been finalised yet.
Adani Group is currently expanding its business and revamping operations after recovering most of its losses incurred throughout 2023. Gautam Adani also briefly became the richest man in Asia after the Supreme Court ruled in favour of his company earlier this month.
Adani recovers from Hindenburg controversy
In January 2023, US investment research firm Hindenburg Research accused Gautam Adani and his conglomerate of stock manipulation and accounting fraud, saying that there are irregularities in the finances of the company.
This report led to Adani losing around $80 billion dollars of his wealth as the stock of his group companies plunged due to the allegations. However, a year later, the Supreme Court said that there is no need for any additional probe in the allegations made by Hindenburg, instructing SEBI to conclude its investigations at the earliest.
This led to Adani quickly recovering from the company losses, gaining his wealth back and surpassing Mukesh Ambani to become the richest man in India once again for a brief period.