Adani Group

Adani Watch, News

Chaotic scenes as authorities try to strong-arm village approval for Adani coal-mine expansion

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Chaotic scenes as authorities try to strong-arm village approval for Adani coal-mine expansion. The Adivasi tribal residents of the Hasdeo Aranya forest in the central Indian state of Chhattisgarh are dealing with a mix of good and bad news. On the one hand, they have reason to celebrate as an interim order by the Chhattisgarh State Scheduled Tribes (ST) Commission has temporarily put a stop to a coal mine being opened in the Parsa coal block, which is adjacent to the PEKB coal deposit.

Frontline, News

The other ‘coal scam’

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Fresh evidence surfaces in the decade-long probe into “over-invoicing” of coal imports totalling over Rs. 35,000 crore by corporates including Adani. This scam’s main victim was the public at large rather than the government’s coffers. The Directorate of Revenue Intelligence (DRI) had found evidence that over 40 companies were over-charging for coal that was imported and sold to thermal power plants across the country.

Adani Watch, News

Too clever by half How Adani’s lobbying may cost Adani Green over US $100 million

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An import-duty on solar equipment that the Indian government imposed following lobbying led by the Adani Group has been a public-policy disaster. The policy was designed to protect India’s domestic manufacturing of solar panels. But it has failed in that objective and slowed down India’s transition to renewable energy. A duty-evasion scheme has allegedly defrauded the government of at least $228 million. The price of solar power in India has increased. More coal is being burned. And associated court rulings may cost Adani Green over US $100 million.

Adani Watch, News

Are Adani’s listed firms looking down the barrel of a major correction?

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The Adani Group’s listed companies lost over US $15 billion in value during a wider market correction on 13 March 2024 amid warnings from India’s market regulator about ‘froth’ in the stock market. Despite a partial recovery, they once again lost about US $8.5 billion on 18 and 19 March. The Group’s stocks and bonds have all been consistently down over the past month, raising the possibility of a group-wide correction underway. While there have been long-standing concerns regarding the Adani Group’s listed firms being over-valued, in this report AdaniWatch analyses coverage of Adani Group shares by analysts and investment in its shares by mutual funds to quantify how little Indian market professionals trust the Adani group’s listed companies’ valuations. This analysis calculates that Adani stocks are overvalued by at least 32%.

Adani Watch, News

Judicial rulings stymie probe into Adani over-invoicing allegations

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Adani Group companies have been accused of over-invoicing coal and power equipment by an Indian government agency and by the Hindenburg report. Over-invoicing is a practice in which the prices of imported goods are jacked up by an intermediary owned by the buyer. The inflated price is passed on to consumers or is subsidised by government, with the buyer able to pocket the difference. A blizzard of litigation has occurred over these allegations in India’s courts. In early 2024, rulings by the Supreme Court and the Delhi High Court appear to have shunted any effective investigation of these allegations off into the never-never.

Adani Watch, News

Rahul Gandhi’s election pledge to support struggle against Adani’s Hasdeo coal projects

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The campaign to protect India’s Hasdeo forests from coal mining received a boost on 13 February 2024 when prominent Congress leader, Rahul Gandhi, met with leaders of the movement and pledged the support of his party. The indigenous tribal people of the biodiverse Hasdeo forests have been struggling gamely to protect their ancestral homeland from a string of coal projects being developed by the Adani Group. A change of state government in December had disastrous consequences, with dozens of campaigners detained by police while a swathe of forest was felled.

Opinion, Raiot

Environmental and Human Rights struggle is not a fight against fascism

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Text of a talk delivered by Abir Dasgupta at the Anti Fascist Grand Conference in Calcutta. The talk was in Hindi, this is the English original. The environmental and human rights struggle should not be framed solely as a fight against fascism. The Adani Group’s role is ideological, not just as a beneficiary of crony capitalism. The group is an exemplary product of Hindu Fascist political economy.

News, The Morning Context

Adani group has clear links to Howe, misled investors and Deloitte

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But with Howe identified, the denial of any relationship between it and the Adani group flew in the face of publicly available information, and was possibly a key reason for Deloitte resigning as APSEZ’s auditor a few months later. Howe Engineering Projects’ parent firms are described as Adani group entities on an affiliate’s website, and there are multiple trails of evidence linking Howe to the conglomerate owned by Gautam Adani’s brother Vinod Adani and associate Chang Chien-Ting.

Adani Watch, News

The Adani Group’s alleged ‘related parties’ in positions of responsibility

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AdaniWatch examines two examples where appointments of ‘independent directors’ to Adani Group companies have raised questions. One concerns a director whose financial firm has provided important financial advice to numerous Adani companies. Another concerns a director who appears to have been appointed before a mandatory ‘cooling-off period’ for former staff and others with a pecuniary relationship had expired.

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