NSE to add Adani Enterprises to benchmark index by removing Shree Cement

India's National Stock Exchange (NSE) will add Adani Enterprises, the flagship company of Indian coal-to-edible-oils conglomerate Adani Group, to its benchmark Nifty 50 index effective Sept. 30, the NSE said on Thursday.

To make room for Adani, Shree Cement will be removed from the index, the NSE said, adding the changes are part of its periodic review.

Adani Group, controlled by Asia's richest person Gautam Adani, has several publicly listed companies in sectors including airports and ports, power generation and transmission as well as coal and gas trading.

Adani Enterprises' inclusion comes at a time when the group company is "deeply overleveraged" and its many investments in capital-intensive businesses could pose long-term risks to investors, Fitch Group's debt research unit CreditSights said last month.

The group has also been on an acquisition spree in recent months across sectors including renewable energy, power, cement and media, with the latest being its bid to buy a controlling stake in Indian news network NDTV.

(Reporting by Abhirup Roy and Aditi Shah; Editing by Josie Kao)