Accidental chess player Vidit Gujrathi says it's worked out well for him
New Delhi (PTI): A self-proclaimed accidental chess player, Indian Grandmaster Vidit Gujrathi says he thought of sports as a more "stable" career option after watching his doctor parents being called to work at odd hours, an "error of judgement" that has ultimately "worked out well" for him.
The 29-year-old from Nashik will be turning up for Mumba Masters in the second season of the Global Chess League, a joint venture between Tech Mahindra and FIDE, from October 3 to 12 in London.
Gujrathi was around six when he was advised to put his ambition of playing cricket on hold till he was older by a local club. He decided to pursue chess instead as he was already familiar with the sport after spending considerable time playing with his father.
"I saw it as a good opportunity to learn and beat him. It was a complete accident, but a happy one," Gujrathi recalled in a press release issued by the event organisers.
Having seen his doctor parents work at odd hours due to late-night emergencies, Gujrathi said he wanted a relatively easy-going life and thought of sports as the right option.
"I did not realise then that sports can be more volatile. I made a judgment error, but it worked out well," he quipped, referring to long hours he has to devote to training.
In 2017, he became the fourth Indian after Viswanathan Anand, Krishnan Sasikiran, and Pentala Harikrishna, to cross the 2700 Elo rating.
Gujrathi, who still holds a rating of over 2700, was among three Indians who competed in this year's Candidates Tournament, an eight-man competition held to determine the Challenger for the World Chess Championship slated for November.
He did log some impressive results but could not win the tournament.
Talking about the upcoming league and his team Mumba Masters, Gujrathi said, "Definitely, our eyes are on the trophy this year. But I wish to improve my performance."
Mumba Masters retained most of their squad from the first season, with Maxime Vachier-Lagrave returning as the Icon Player while Gujrathi and Alexander Grischuk came back as Superstar Men players.
Koneru Humpy and Harika Dronavalli have joined once again as Superstar Women, with Raunak Sadhwani as the Prodigy for the franchise in the second season.
"Last year, we got along well with each other, and the team had a great atmosphere. We will be there for around a couple of weeks, and hence, it is important to also have a good time," Gujrathi said.
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Adani to exit consumer goods venture Adani Wilmar in $2 bn deal
New Delhi, Dec 30: Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for over USD 2 billion in a first major deal since the US bribery indictment.
In a statement, Adani Enterprises Ltd -- which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd -- said it will sell 31.06 per cent stake to Wilmar International. The remaining about 13 per cent holding will be sold in the open market to meet minimum public shareholding requirements.
Adani will sell up to 40.37 crore shares (31.06 per cent stake) to Wilmar at no more than Rs 305 apiece to net Rs 12,314 crore. Adding the share sale through OFS, whose price will determined on the day of sales, the total proceeds will exceed USD 2 billion (about Rs 17,100 crore).
"With this, AEL (Adani Enterprises Limited) will fully exit Adani Wilmar Ltd," it said. "Adani's nominee directors will step down from the board of Adani Wilmar Ltd."
Pranav V Adani, director of AEL and nephew of group founder and chairman Gautam Adani, and Malay Mahadevia will resign from the board upon execution of the agreement.
The transaction is expected to conclude before March 31, 2025.
Proceeds from the stake sale will be used to turbocharge the growth of AEL in core infrastructure businesses.
With this transaction, Adani is back with a bang, removing the liquidity perception overhang. This is the first major transaction post US federal prosecutors in November filing an indictment against group executives over a USD 265 million bribery scheme to win renewable energy supply contracts. Adani group has denied the allegations as baseless and said it will seek legal recourse.
"Adani Enterprises Ltd, Adani Commodities LLP (a wholly-owned subsidiary of AEL) and Lence Pte Ltd (a wholly-owned subsidiary of Wilmar International Ltd) have entered into an agreement on December 30, 2024, pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar Ltd held by Adani Commodities as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06 per cent of the existing paid up equity share capital of AWL," the statement said.
In addition, "it has been agreed between the parties that AEL will divest a 13 per cent share in Adani Wilmar to achieve compliance with minimum public shareholding requirements," it said without giving details.
Adani Wilmar Ltd is an equal joint venture between Adani Group and Singapore-based commodity trader Wilmar. The two partners currently own a combined 87.87 per cent of Adani Wilmar, far above the maximum permissible 75 per cent.
Market regulator Sebi rules mandate that large firms must have at least 25 per cent of shares available to the public within three years from listing.
Established in 1999, Adani Wilmar makes Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It owns 23 plants across 10 states.
"It may be noted that with completion of these two legs, AEL would completely exit its near 44 per cent holding in Adani Wilmar," the statement said. "As of Friday, December 27, 2024, Adani Wilmar had a market capitalisation of Rs 42,785 crore (USD 5.0 billion)".
AEL, in the statement, said it will use "the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics and other adjacencies in the primary industry".
It will continue to invest in infrastructure sectors, which will further strengthen its position as India's largest listed incubator of platforms, playing the key macro themes underpinning India's growth story.
The funds from the stake sale will strengthen the incubation capacity of AEL and further sharpen the focus on consumer services under airports and Adani Digital.
The transaction demonstrates Adani's disciplined approach to finance - at a portfolio level, Adani Group has about 63 per cent equity deployed as a percentage of overall assets. This will increase further as part of this transaction.
Consistent with this, AEL raised USD 500 million in October. Other group companies also raised money in recent months - USD 1 billion by Adani Energy Solutions Ltd, USD 500 million by Ambuja Cement, and USD 444 million by Adani Green Energy Ltd.
Adani Wilmar is an equal joint venture between Adani Enterprises and Wilmar Group, both holding 43.94 per cent stake each as of September 30, 2024.
The FMCG firm posted a consolidated total income of Rs 51,555.24 crore during the last fiscal. Its market capitalisation on Monday stood at nearly Rs 42,000 crore (around USD 5 billion).
Adani Wilmar got listed on stock exchanges in February 2022 after raising Rs 3,600 crore through an initial share sale.
Adani Wilmar Limited (AWL) was established in January 1999 as a joint venture.
In India, Wilmar Sugar and Energy Pte Ltd, part of Wilmar Group, has a 62.48 per cent stake in the listed entity Shree Renuka Sugars Ltd, one of the leading producers of sugar in the country.
