#Adani Group controversies

[adanicase]

By making use of industry-leading solutions and innovative techniques, the airport has set a benchmark for various other airports across the country as well as in other countries. Under the management of the Adani Group, even amidst the Adani Group Controversies, the airport continues to drive aviation excellence in aviation safety while also taking care of safe and sustainable airport operations. 

[nsfwmiamiart]

Fun Fact about Gautam Adani and Samsung:

A fitting title for this detailed comparison could be:

"Bribery and Corporate Power: Parallels Between the Samsung and Adani Scandals"

This title captures the essence of the shared themes of bribery, corporate manipulation, and the misuse of political influence within both cases.

The accusations against Samsung’s leaders and the Adani executives highlight striking parallels, particularly in the realm of bribery used to secure corporate advantages and the manipulation of governance structures. Both cases demonstrate how high-level executives exploited their influence and resources, resulting in allegations of significant legal violations. Here’s a detailed comparison:

1. Bribery to Secure Political Favor

Samsung Executives: Samsung’s leadership, including Lee Jae-yong, was accused of paying substantial bribes to South Korean officials, including former President Park Geun-hye and her confidante, to ensure government support for a controversial merger. This merger was critical to consolidating Lee's control over Samsung's sprawling corporate empire.

Adani Executives: Gautam Adani and his nephew Sagar Adani were accused of orchestrating a bribery scheme that promised millions to Indian government officials to secure favorable terms for a large solar energy project. These bribes aimed to grant their company financial and contractual advantages.

2. Deceptive Practices to Mask Corruption

Samsung: The bribes were channeled through indirect means, such as donations to non-profits linked to influential individuals, creating a veneer of legitimacy while concealing illicit intent. This lack of transparency became a focal point in legal proceedings.

Adani: The Adani Group was accused of falsely representing its adherence to anti-corruption measures in official documents, such as bond offering materials. These claims were undermined by evidence of systematic bribery behind the scenes.

3. Strategic Use of Corruption for Business Gains

Samsung: The bribery was strategically aimed at facilitating a merger between two Samsung affiliates, a move designed to solidify Lee’s control over the conglomerate’s leadership amidst internal power struggles.

Adani: The alleged bribes were intended to secure government contracts under highly favorable terms for Adani Green Energy Ltd., enhancing the company’s market position and profitability.

4. Violations of Legal Frameworks

Samsung: The actions breached South Korean anti-corruption laws and highlighted systemic governance flaws within corporate and political institutions. The legal repercussions included jail sentences for top executives and heightened scrutiny on chaebol (conglomerate) governance in South Korea.

Adani: The bribery accusations implicated violations of the U.S. Foreign Corrupt Practices Act (FCPA) and securities laws, given the involvement of U.S. investors in Adani’s bond offerings. This global dimension added layers of complexity and potential penalties.

5. Impact on Reputation and Leadership

Samsung: The corruption scandal severely tarnished Samsung’s global reputation and temporarily destabilized its leadership structure. Lee Jae-yong served prison time before being released and later controversially pardoned, illustrating the political entanglements of the case.

Adani: While investigations into the Adani Group's alleged misconduct continue, the revelations have drawn significant attention to the conglomerate’s operations and its close ties to political figures, raising questions about ethical governance and accountability.

Both cases underline how corporate leaders, driven by the pursuit of power and profits, risk crossing ethical and legal boundaries. Despite differences in geography and industry, the core similarity lies in leveraging bribery to influence governance for personal or corporate advantage, ultimately exposing vulnerabilities in regulatory oversight.

[mariacallous]

A staggering sell-off of the stocks of Indian conglomerate Adani Group was sparked last week by a report released by Hindenburg Research that raised questions about the group’s debt levels and use of tax havens. The Adani Group’s stocks declined more than 50 percent in the aftermath of the report’s publication, and those declines have had a massive effect on the wealth of the company’s namesake, Gautam Adani, who had previously been the world’s third-richest person and Asia’s richest overall. The Adani Group has denied the allegations, saying they have “no basis.” But the controversy has focused attention on the group’s central role in the Indian economy and its founder’s close relationship with Indian Prime Minister Narendra Modi.

What accounts for Adani’s rise in the first place? What is the basis for his close relationship with Modi? And what role does the Adani Group play in the Indian economy? Those are a few of the questions that came up in my recent conversation with FP economics columnist Adam Tooze on the podcast we co-host, Ones and Tooze. What follows is an excerpt, edited for length and clarity.

For the full conversation, look for Ones and Tooze wherever you get your podcasts.

Cameron Abadi: Adani has a pretty impressive rags-to-riches story. What were the key turning points on his path to great wealth?

Adam Tooze: It’s a fascinating story. He’s born in 1962, as India’s demographic boom is cresting. And not in a poor family by any means but to a small businessman, a small trading family. He initially embarked on an undistinguished career in school and then headed to commercial college but then dropped out. And in 1978, he entered the diamond trade, which is large in the province of Gujarat, and then sets himself up as a sort of export-import trader. And from the ‘90s onwards, he embarks on the infrastructure projects— management of ports, the construction of railway systems—which will make him famous, indeed legendary. So it’s the story not really of a kind of business genius who has some technological, gee-whiz idea that conquers the world. It isn’t a story of the magnificent technical excellence of Indian IT services, for instance. It’s a more classic story of the accumulation of capital by means of trade, trading on margins, basically, and then a shift into infrastructure.

And this is where the key element in the Adani story comes in, which is politics and the politics of connections and clientelism. And that’s really the decisive moment in his career where, you know, after the ghastly pogroms against the Muslim population of Gujarat in 2002, when Modi is under massive pressure, Adani solidarizes himself with Modi against, at the time, the prevailing mood of Indian business opinion. He in fact breaks ranks and forms his own industrial association, or business association, and on that basis really forms this lasting connection to Modi that is really the distinguishing feature of his business enterprise.

And that’s what has enabled this utterly explosive growth. I mean, this was a still moderately sized business in the ‘90s and the early 2000s, which has now become absolutely a globally scaled enterprise and the foundation for huge wealth for Adani and his family.

CA: What exactly links Adani and Modi’s [Bharatiya Janata Party] BJP party on an ideological level? Do they share a vision for what kind of country India should be? Or is this relationship an expression of a kind of material division of labor—Adani as the economic arm of the Indian state under the BJP in service of further economic development?

AT: I think the key phrase is nation-building—both words in that hyphenated term. So national projects aiming for truly comprehensive scale, which—when you’re dealing with a subcontinental state like India with a population that India has—is a gigantic undertaking.

So for the Adani Group to establish itself the way it has as the key power producer in the private sector, absolutely key player in port infrastructure on the national scale, and absolutely key player in airports—air mobility being key in a country the size of India—now moving into a new position in cement, this is creating a national economy out of the relatively decentralized provincial structures, which until a remarkably recent date dominated the Indian economy. And for the second element—the building part of nation-building—delivery is the absolutely key thing because if there’s one problem the Indian state machine has, it is the capacity to deliver. They have a chronic problem. There is no shortage of brilliant minds that can conceive of wonderful plans but actually implementing policy down to the village level and across the entirety of this vast country, that’s a huge challenge.

And I think it’s the combination of those two elements that really has forged the almost mythic relationship between Modi on the one hand and these two big business groups: [Indian businessman Mukesh] Ambani on the one hand and Adani on the other—both from Gujarat. And I think that’s another element that you could say was also a kind of ideological narrative, which is the talk of the Gujarat model. To put it crudely, you might say it was a sort of Indian Thatcherism or an Indian neoliberalism. It was a break, as in the case of [former British Prime Minister Margaret] Thatcher, driven from within the government machine, in this case in the province of Gujarat, against the rather top-down, state-directed model inherited from the Nehruvian period of early independence, the 1940s to 1950s, where India toyed with socialist, social-democratic planning models. And this is replaced in the ‘90s and the 2000s by this Gujarat model, which is a kind of open embrace of a productive powerhouse relationship between big business interests and government.

CA: Could you summarize the allegations against Adani from Hindenburg Research—and what does this episode reveals about the role played by short sellers like Hindenburg Research in the global capitalist economy?

AT: First, we can’t stress strongly enough, the Adani Group vigorously disputes the allegations. But the allegation is that through a network of essentially family-linked holding companies held to a considerable extent outside India, the Adani Group dramatically inflated the value of its stock. So around about 75 percent of Adani shares are held by other businesses, according to Hindenburg Group, which are in a sense simply postbox entities situated in offshore places like Mauritius, for instance, which drive up the stock value of the Adani Group. And the significance of that is not only that it brings paper gains for the holdings of the key members of the family, but much more importantly, what it enables them to do is to leverage those high stock values, to get bank loans and to get credit, which then turns into real purchasing power with which you can then launch large investment projects, buy out rivals, and actually reshape India’s political economy.

Now the Hindenburg group in pursuing this case is, in a sense, involved in playing a game in India that it has played elsewhere. They’re an interesting, very small research outfit that specializes in doing—I’m not sure I would call them regulators. It’s a little bit more like private investigator kind of work. They seize on a cause. They then decide that a company is massively overvalued. They do their homework. They then take short positions and through the force of their research attempt, as it were, to drive the value of the firm down, which generates large profits on their short positions.

The sophisticated Indian response, I think, is that there’s really an element of culture clash here. There aren’t many players in the Indian financial markets who imagine that the value of the Adani Group is determined in a conventionally free and fair way because people aren’t naive about the way in which India’s political economy operates. And so the sophisticated rationale for what’s going on in India is that Indian financial investors know that this is part of the Adani Group’s business plan. And with the backing that they enjoy in political circles, they are not just too big to fail but essentially identified with the Modi-ite project. So long as that is hegemonic in Indian politics, these businesses cannot fail. So there is in fact very little risk that you won’t get paid back. And to that extent, no harm, no foul.

But what actually is happening is that India’s economy is becoming progressively more and more distorted by this self-sustaining linkage between high market valuations, large credit, and deep political connections constituting a too-big-to-fail kind of juggernaut that can’t be stopped. And the negative consequence of that is not in terms of an investor protection case—if you’re on this train, you’re probably going to be fine. The real issue is what it does to the Indian economy and what it does, by implication, also to Indian society.

CA: What does Adani reveal about the role of the super wealthy in countries at India’s stage of development? Does Adani act as an engine of domestic development through reinvestments in the country or through philanthropy? Or is it instead that he takes his money out of the country and insulates himself from the Indian economy?

AT: What’s really interesting is that this is not, I think, as far as we’re able to assess anyway, a Russian-style model. I mean, this is an immensely wealthy family. They will have property in many parts of the world. But this is not a model like the Russian oligarch one, where you pump oil and gas in Russia, you sell it for dollars, and then you stash those dollars in a Swiss bank account. That is the kind of classic model of truly offshore oligarchic finance that is draining resources from a country. And as far as we’re able to assess, the Adani Group is using offshore money to sustain and double down on their positions in India. The purpose is to raise more credit so as to be able to do more investment in India. So this is not an instance, I think, of a group that is operating primarily in an extractive mode.

The Adanis have also become very heavily involved in philanthropy. For the occasion of Gautam’s 60th birthday, they launched one of the largest philanthropic initiatives that India has seen since the glory days of the Tata family. They pledged $7.7 billion in 2022—so very considerable amounts of money in the kind of league of [billionaire] Bill Gates at that stage.

CA: What does Adani’s career and his wealth tell us about the Indian economy in general? What kind of capitalist country is India exactly?

AT: If you go to Delhi and you speak to economists, that’s the question that preoccupies them. And the upside story, the one that the proponents of this system favor, is that it’s a South Korean-style, chaebol-type system where you have these very, very powerful conglomerate families like the Samsung Group. So that’s the most favorable vision, that these powerhouse private, public-private partnerships will be the drivers of an Indian industrial development or modernization like that of South Korea.

And on the darker end of the spectrum, the fear is that you could see the development of a crony capitalism that shifts ever more towards the more ominous sort of Russian development where you have quite fundamental erosion of the rule of law. The real worry, I think, is that you could see a much more fundamental degeneration of competition, of civil society control, and that is why many people regard the acquisitions by these big groups in the media space as being so worrying because one of the consequences of that is that freedom of speech is increasingly curtailed and even tenure in universities becomes problematic.

But setting all of these big sort of historical analogies aside, ultimately, the rationale and the acid test of this system will be what political scientists call output legitimacy. Can they get the job done? Are they actually going to be able to deliver on a raft of big infrastructural projects that India needs over the next decades—notably, for instance, in the renewable energy and the sustainable energy space? In the end, these corporate stories have to translate into the infrastructure that enables that more broadly based macroeconomic growth.

[adanistockmanipulation]

It will not only reflect the Adani Group’s commitment towards bringing about sustainable transformation but will also highlight the Group’s commitment towards leading us towards a positive tomorrow. It will also end the controversies of Adani Stock Manipulation which have been ongoing for quite a while now.

[news365timesindia]

[ad_1] Paromita Das GG News Bureau New Delhi, 11th Dec. The Indian National Congress, once synonymous with Bharat’s struggle for independence, finds itself mired in controversy again as allegations of foreign influence cast a shadow over its operations. The ruling Bharatiya Janata Party (BJP) has launched a scathing attack, alleging the Congress’s links to foreign powers and organizations that have a history of interfering in stable democracies and pushing agendas that challenge Bharat’s sovereignty. Central to this latest uproar is the association between the Congress party, its leaders, and the George Soros Foundation—a connection that has raised questions about foreign funding in Bharatiya politics and its implications for national security. On December 8, the BJP took to social media to accuse Sonia Gandhi, the former Congress President, of having ties to George Soros, a controversial Hungarian-American billionaire notorious for his alleged role in destabilizing democracies. The BJP’s allegations center on Gandhi’s role as co-president of the Forum of Democratic Leaders in Asia-Pacific (FDL-AP), an organization reportedly financed by Soros’s foundation. The BJP claims FDL-AP has historically supported the idea of Kashmir as an independent entity, a position that directly undermines Bharat’s territorial integrity. Adding fuel to the fire, the BJP also alleged that the Rajiv Gandhi Foundation (RGF), chaired by Sonia Gandhi, received funds from the George Soros Foundation. These claims were supported by images of Salil Shetty, Vice President of the Soros-funded Open Society Foundation, participating in Rahul Gandhi’s Bharat Jodo Yatra—a moment BJP argued reflected Congress’s closeness to Soros-linked entities. The ruling party also cited Shashi Tharoor’s public acknowledgment of Soros as an “old friend” as further evidence of deep-rooted connections. The controversy deepened with revelations about the Organised Crime and Corruption Reporting Project (OCCRP), an investigative body known for its exposés on corporate and political corruption. The BJP pointed to a live telecast of Rahul Gandhi’s press conference on the Adani Group by OCCRP, implying a coordinated effort to tarnish Bharatiya businesses and institutions. These claims gained momentum following a report by the French newspaper Mediapart, which revealed that OCCRP receives nearly half its funding from U.S. government agencies such as the Department of State and USAID. According to the investigative report, OCCRP’s structural dependence on U.S. institutions undermines its claims of being an independent organization. The allegations against Congress do not stop at Soros or U.S.-linked organizations. The BJP has also highlighted Congress’s connections with China, particularly during its tenure in the United Progressive Alliance (UPA) government. In 2008, Congress signed a Memorandum of Understanding (MoU) with the Communist Party of China (CPC), paving the way for high-level exchanges and consultations on regional and international issues. This agreement resurfaced as a contentious issue during the 2017 Doklam standoff, when Rahul Gandhi was photographed meeting Chinese officials at a time of heightened tensions between Bharat and China. Further revelations about the Rajiv Gandhi Foundation receiving over ₹1 crore from the Chinese government between 2006 and 2020 have only added to the suspicions surrounding Congress’s foreign connections. These allegations have ignited fierce debate across Bharat, with the BJP accusing Congress of compromising national interests for political and financial gains. According to the BJP, the Congress’s ties to foreign organizations reflect a dangerous trend of undermining Bharatiya sovereignty for ideological and monetary gains. On the other hand, Congress leaders have dismissed these allegations as baseless and politically motivated, claiming that the BJP is attempting to divert attention from pressing governance failures. At the heart of

this controversy lies a broader question about the role of foreign funding and influence in Bharatiya politics. While no political party is entirely free of external interactions, the claims against Congress raise legitimate concerns about the extent to which foreign entities, particularly those with questionable agendas, can sway domestic political narratives. George Soros, for instance, is a polarizing figure globally, with critics accusing him of destabilizing democracies under the guise of promoting liberal values. His foundation’s reported involvement in supporting narratives that challenge Bharat’s sovereignty, such as treating Kashmir as an independent entity, has sparked fears about foreign meddling in Bharat’s internal affairs. The Congress’s alleged links with China further complicate its position, especially at a time when Bharat-China relations remain fraught. The MoU with the Communist Party of China and financial contributions from Chinese entities to the Rajiv Gandhi Foundation suggest a level of engagement that raises red flags. Critics argue that such ties undermine Bharat’s strategic posture and compromise its ability to address Chinese aggression decisively. In conclusion, the allegations against Congress underscore the need for greater transparency and accountability in political funding and foreign associations. While the BJP’s accusations may serve its immediate political agenda, they also point to a larger issue of ensuring that Bharatiya political parties remain insulated from external influences that could jeopardize national interests. For Congress, this controversy represents yet another challenge to its credibility at a time when the party is striving to revive its political fortunes. Without addressing these allegations convincingly, the Congress risks alienating a public increasingly wary of foreign interference in Bharat’s democratic processes. In the end, safeguarding Bharat’s sovereignty must remain a non-negotiable priority for all political actors, regardless of ideological differences.   The post Congress Under Fire: Alleged Ties to George Soros and China Spark Fierce Debate appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[news365times]

[ad_1] Paromita Das GG News Bureau New Delhi, 11th Dec. The Indian National Congress, once synonymous with Bharat’s struggle for independence, finds itself mired in controversy again as allegations of foreign influence cast a shadow over its operations. The ruling Bharatiya Janata Party (BJP) has launched a scathing attack, alleging the Congress’s links to foreign powers and organizations that have a history of interfering in stable democracies and pushing agendas that challenge Bharat’s sovereignty. Central to this latest uproar is the association between the Congress party, its leaders, and the George Soros Foundation—a connection that has raised questions about foreign funding in Bharatiya politics and its implications for national security. On December 8, the BJP took to social media to accuse Sonia Gandhi, the former Congress President, of having ties to George Soros, a controversial Hungarian-American billionaire notorious for his alleged role in destabilizing democracies. The BJP’s allegations center on Gandhi’s role as co-president of the Forum of Democratic Leaders in Asia-Pacific (FDL-AP), an organization reportedly financed by Soros’s foundation. The BJP claims FDL-AP has historically supported the idea of Kashmir as an independent entity, a position that directly undermines Bharat’s territorial integrity. Adding fuel to the fire, the BJP also alleged that the Rajiv Gandhi Foundation (RGF), chaired by Sonia Gandhi, received funds from the George Soros Foundation. These claims were supported by images of Salil Shetty, Vice President of the Soros-funded Open Society Foundation, participating in Rahul Gandhi’s Bharat Jodo Yatra—a moment BJP argued reflected Congress’s closeness to Soros-linked entities. The ruling party also cited Shashi Tharoor’s public acknowledgment of Soros as an “old friend” as further evidence of deep-rooted connections. The controversy deepened with revelations about the Organised Crime and Corruption Reporting Project (OCCRP), an investigative body known for its exposés on corporate and political corruption. The BJP pointed to a live telecast of Rahul Gandhi’s press conference on the Adani Group by OCCRP, implying a coordinated effort to tarnish Bharatiya businesses and institutions. These claims gained momentum following a report by the French newspaper Mediapart, which revealed that OCCRP receives nearly half its funding from U.S. government agencies such as the Department of State and USAID. According to the investigative report, OCCRP’s structural dependence on U.S. institutions undermines its claims of being an independent organization. The allegations against Congress do not stop at Soros or U.S.-linked organizations. The BJP has also highlighted Congress’s connections with China, particularly during its tenure in the United Progressive Alliance (UPA) government. In 2008, Congress signed a Memorandum of Understanding (MoU) with the Communist Party of China (CPC), paving the way for high-level exchanges and consultations on regional and international issues. This agreement resurfaced as a contentious issue during the 2017 Doklam standoff, when Rahul Gandhi was photographed meeting Chinese officials at a time of heightened tensions between Bharat and China. Further revelations about the Rajiv Gandhi Foundation receiving over ₹1 crore from the Chinese government between 2006 and 2020 have only added to the suspicions surrounding Congress’s foreign connections. These allegations have ignited fierce debate across Bharat, with the BJP accusing Congress of compromising national interests for political and financial gains. According to the BJP, the Congress’s ties to foreign organizations reflect a dangerous trend of undermining Bharatiya sovereignty for ideological and monetary gains. On the other hand, Congress leaders have dismissed these allegations as baseless and politically motivated, claiming that the BJP is attempting to divert attention from pressing governance failures. At the heart of

this controversy lies a broader question about the role of foreign funding and influence in Bharatiya politics. While no political party is entirely free of external interactions, the claims against Congress raise legitimate concerns about the extent to which foreign entities, particularly those with questionable agendas, can sway domestic political narratives. George Soros, for instance, is a polarizing figure globally, with critics accusing him of destabilizing democracies under the guise of promoting liberal values. His foundation’s reported involvement in supporting narratives that challenge Bharat’s sovereignty, such as treating Kashmir as an independent entity, has sparked fears about foreign meddling in Bharat’s internal affairs. The Congress’s alleged links with China further complicate its position, especially at a time when Bharat-China relations remain fraught. The MoU with the Communist Party of China and financial contributions from Chinese entities to the Rajiv Gandhi Foundation suggest a level of engagement that raises red flags. Critics argue that such ties undermine Bharat’s strategic posture and compromise its ability to address Chinese aggression decisively. In conclusion, the allegations against Congress underscore the need for greater transparency and accountability in political funding and foreign associations. While the BJP’s accusations may serve its immediate political agenda, they also point to a larger issue of ensuring that Bharatiya political parties remain insulated from external influences that could jeopardize national interests. For Congress, this controversy represents yet another challenge to its credibility at a time when the party is striving to revive its political fortunes. Without addressing these allegations convincingly, the Congress risks alienating a public increasingly wary of foreign interference in Bharat’s democratic processes. In the end, safeguarding Bharat’s sovereignty must remain a non-negotiable priority for all political actors, regardless of ideological differences.   The post Congress Under Fire: Alleged Ties to George Soros and China Spark Fierce Debate appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[werindialive]

Adani Withdraws US Funding for Colombo Port Project, Opts for Self-Financing

Billionaire Gautam Adani’s conglomerate has decided to fund the development of the Colombo West International Terminal (CWIT) in Sri Lanka using its internal resources, foregoing a previously arranged loan from the US International Development Finance Corporation (DFC).

Adani Ports and Special Economic Zone Ltd (APSEZ), which holds a 51% stake in the project, confirmed in a regulatory filing on Tuesday that the venture remains on track for completion and is scheduled to be operational by early 2025. The decision to opt for self-financing aligns with the company’s capital management strategy, ensuring greater control over the project’s execution.

In November 2022, DFC had agreed to extend a $553 million loan for the project as part of the US government’s broader strategy to counter China’s growing influence in the region. However, the agreement faced delays when DFC requested amendments to align with its conditions. These amendments were subsequently reviewed by Sri Lanka’s Attorney General. Amid the stalled loan process, Adani Ports chose to proceed independently, withdrawing its 2023 request for DFC financing.

The CWIT project is a significant development at the Port of Colombo, the largest and busiest transhipment hub in the Indian Ocean. Operated at over 90% capacity since 2021, the port urgently requires additional infrastructure to meet growing demand. With an investment of over $700 million, the CWIT is being developed as a joint initiative between Adani Ports, Sri Lankan conglomerate John Keells Holdings, and the Sri Lanka Ports Authority (SLPA).

The terminal, upon completion, will be Sri Lanka’s largest and deepest container terminal, boasting a quay length of 1,400 metres and a depth of 20 metres. Designed to accommodate Ultra Large Container Vessels (ULCVs) with capacities of up to 24,000 TEUs, the facility is expected to handle over 3.2 million TEUs annually.

The project’s significance goes beyond its economic implications. Its location along major shipping routes in the Bay of Bengal positions it as a key player in regional trade and geopolitics, serving growing economies in South Asia.

Despite recent controversies surrounding the Adani Group, including bribery allegations that the company denies, APSEZ has demonstrated robust financial stability. As of September 2024, the firm reported cash reserves of $1.1 billion and an operating profit of $2.3 billion in the past year.

The move highlights Adani Group’s confidence in delivering world-class infrastructure while maintaining independence in its financial operations.

For more business news India in Hindi, subscribe our newsletter!

[ebelal56-blog]

The SECRET Deal That Made Adani and Ambani RICHER

Discover the secret deal that made Adani and Ambani even richer. Learn more about the Adani Group and the latest news surrounding Gautam Adani's charges in this video. Let’s talk about Gautam Adani, the chairman of the Adani Group, and the swirling controversy that seems to follow him like a shadow. Now, if you’ve been keeping an eye on Indian politics or even just glancing at the news, you know that Adani is a name that comes up a lot, especially in discussions about cronyism and favoritism in business. But what does that really mean? Let’s break it down. First, let’s rewind to 2012. Back then, Narendra Modi was the Chief Minister of Gujarat, and the Adani Group was already a major player in the Indian business landscape. Allegations surfaced that Modi had provided low-cost fuel from a state-run gas company directly to Adani’s ventures. This was no small potatoes; it was a significant advantage that raised eyebrows across the board. A Supreme Court ruling came out, canceling coal block allocations due to irregularities, but wait—what happened next? The Modi government allowed Adani to keep mining coal. Can you imagine the outcry? It was like saying, “Hey, rules are for everyone else, but not for you.” That’s a huge red flag for anyone watching from the sidelines. Then there’s the infrastructure piece of the puzzle. The Adani Group has secured major contracts for ports and airports—six airports to be exact—after a series of alleged changes in bidding rules. It’s like you’re at a game, and suddenly the rules change mid-play, favoring one particular player. The group was previously barred from bidding, but, lo and behold, they found a way back in. People started to wonder, is this about business acumen, or is this about something deeper? The whispers of favoritism grew louder.

[financia012]

Resilience in the Face of Adversity: Gautam Adani’s Take on US Indictments

Introduction Gautam Adani, one of the world’s leading business magnates, has often found himself at the center of controversies. Recently, his enterprise faced scrutiny with allegations stemming from the United States. Demonstrating steadfast resilience, Adani assured his stakeholders that such challenges only serve to strengthen the group’s foundations and determination to excel. A Strong…

[investorocean0007]

जानिए क्या है सचाई Adani Case की - Adani Bribery & Fraud Allegations | Adani Companies to Fall More?

The Adani Group, one of India’s largest conglomerates, has become synonymous with rapid growth and diversification. Founded in 1988 by Gautam Adani, the group has established a formidable presence in infrastructure, energy, logistics, and more. While admired for its entrepreneurial spirit and contributions to India's economic development, the Adani Group has also been at the center of controversies, including allegations of monopolistic practices, environmental concerns, and financial irregularities. This case study examines the group’s meteoric rise, its business model, challenges, and its future outlook.

Origins and Expansion Gautam Adani started as a commodities trader and laid the foundation for the Adani Group in Ahmedabad. Over the years, the company diversified into critical sectors, aligning its growth with India's economic priorities:

Ports and Logistics:

Adani Ports and Special Economic Zone (APSEZ) is India’s largest port operator, managing major ports like Mundra, India's largest commercial port.

The group's integrated logistics solutions, including rail and road networks, strengthened its position in global trade.

Energy and Power:

Adani Power became India's largest private thermal power producer.

The group has heavily invested in renewable energy, with Adani Green Energy becoming one of the world’s largest solar energy companies.

Agriculture and Food Processing:

With ventures in agri-infrastructure, edible oils, and food processing, the group contributes to India's agrarian economy.

New Ventures:

The group has entered airports, data centers, and defense manufacturing, showcasing its ambition to dominate multiple industries.

Business Model and Strategy The Adani Group’s growth has been characterized by:

Infrastructure-Driven Expansion: Strategic investments in infrastructure aligned with government priorities, such as ports, airports, and renewable energy projects.

Leveraging Debt: The group has consistently relied on significant debt to finance its expansion, raising questions about financial sustainability.

Vertical Integration: Ownership across the value chain, such as coal mining, transportation, and power generation, enhances efficiency and profitability.

Public-Private Partnerships: Collaboration with government projects, such as the Udan initiative for regional air connectivity, has boosted its portfolio.

Achievements

Global Leadership in Renewables: Adani Green Energy has positioned India as a leader in clean energy by undertaking massive solar and wind projects.

Economic Impact: The group's investments have created jobs, supported local communities, and contributed to India's GDP.

International Footprint: Acquisitions like Australia's Carmichael coal mines and collaborations in Sri Lanka and Israel have made the group a global player.

Controversies and Criticism

Environmental Concerns:

The Carmichael coal project in Australia faced global backlash for its environmental impact and proximity to the Great Barrier Reef.

Allegations of Favoritism:

Critics allege that the Adani Group has benefited disproportionately from its close ties with the Indian government, especially under the Narendra Modi administration.

Debt and Financial Transparency:

As of recent years, the group's debt levels have raised concerns among investors, with allegations of opaque financial practices.

Hindenburg Report:

In January 2023, Hindenburg Research accused the Adani Group of stock manipulation and accounting fraud. While the group denied these allegations, its market valuation saw a sharp decline, affecting investor confidence.

Response to Challenges

Legal Actions: The group has taken steps to address allegations, including independent audits and legal challenges.

Debt Reduction Plans: Adani announced plans to prioritize deleveraging its balance sheet and focus on cash-flow-positive projects.

Commitment to Sustainability: Increasing investments in renewable energy aim to counter criticisms of its fossil fuel ventures.

Future Prospects The Adani Group’s focus on renewable energy, digital infrastructure, and global expansion aligns with global trends. Its ambitious projects, such as hydrogen production and smart cities, reflect its vision for long-term sustainability and innovation.

However, the group must address concerns about governance, financial transparency, and environmental stewardship to maintain investor confidence and public trust.

Conclusion The Adani Group embodies the duality of modern corporate giants: remarkable growth and innovation tempered by controversies and challenges. Its journey offers valuable lessons in ambition, risk-taking, and the importance of sustainable practices in achieving global leadership.

4o

[adanicase]

The Adani Group’s revenue generation from its airport business will increase. It will also be able to further extend its global presence. The various Adani Group Controversies will also subside, making the business group one of the most reliable conglomerates on a global scale.

[thestarlense]

Gachagua Discloses Major Dispute With Ruto That Resulted in His Impeachment

Former Deputy President Rigathi Gachagua recently disclosed details about the meeting that triggered his fallout with President William Ruto, a rift that ultimately led to his impeachment. Speaking on Sunday, November 24, Gachagua revealed that his stand on the controversial Adani Group deal was the turning point. He stated that he had warned the president against entering into the Adani…

[adanistockmanipulation]

During this speech, he also gave his assurance that the Adani Group will stay committed to the progress and empowerment of divyang persons. Even with the ongoing controversies of Adani Stock Manipulation, the group has ensured that the lives of the people change for the better.

[businessviewpointmag]

Japanese Banks Maintain Support for Adani Amid Global Reassessment

https://businessviewpointmagazine.com/wp-content/uploads/2024/11/1-Japanese-Banks-Maintain-Support-for-Adani-Amid-Global-Reassessment-Source-economictimes.indiatimes.com_.jpg

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Source: economictimes.indiatimes.com

Japanese Lenders Stay Steadfast

Japan’s major financial institutions, including Mizuho Financial Group, Sumitomo Mitsui Financial Group, and Mitsubishi UFJ Financial Group (MUFG), are standing firm in their support for Gautam Adani’s conglomerate despite US bribery charges against the Indian billionaire and his associates. While global banks such as Barclays and Jefferies Financial Group reassess their exposure, the Japanese lenders remain confident in their ties to the Adani Group, citing the conglomerate’s cash-generating assets and strong ties with the Indian government.

Insiders revealed that the banks do not anticipate a significant long-term impact from the allegations and are open to providing fresh financing if required. However, spokespeople for the three Tokyo-based banks declined to comment, as did an Adani Group representative. The controversy stems from allegations of a $250 million bribery scheme aimed at securing solar energy contracts in India, which Adani has dismissed as baseless. The company is engaging with lenders and investors to reaffirm its position and address concerns.

Global Banks and Investor Caution

In contrast to the steadfast approach of Japanese banks, other international financial institutions have adopted a cautious stance. Barclays, a long-time partner of Adani, has paused new financing arrangements and reduced its direct lending and bond underwriting exposure. Jefferies, which defended Adani during previous allegations, has taken a wait-and-see approach, avoiding new deals until the legal process unfolds. At least two other major US banks have also suspended plans to fund Adani’s projects.

The fallout from the allegations is affecting Adani’s market performance. The conglomerate’s dollar bonds and shares plunged following the US indictment, prompting credit rating agencies, including S&P Global Ratings and Fitch, to downgrade their outlook on Adani companies. Additionally, global firms like TotalEnergies SE and governments like Kenya’s are halting investments and contracts with Adani until the legal implications become clearer.

Adani’s Resilience and Broader Support

Despite the challenges, Japanese banks are not alone in their support for Gautam Adani. Middle Eastern financial institutions, including Emirates NBD Bank PJSC, have also expressed confidence in the conglomerate’s ability to manage its obligations. These banks remain committed to their existing projects and are open to future collaborations, citing robust due diligence and the solid performance of Adani’s asset-heavy businesses, such as ports and airports.

Experts attribute the resilience of Japanese and Middle Eastern banks to their strategic interest in high-growth emerging markets like India. “Japanese and Middle Eastern banks see an opportunity to align with the growth potential of Indian conglomerates like Adani,” said Ashutosh Mishra, head of research at Ashika Stock Broking Ltd.

Although Adani Enterprises’ stock initially dropped 23% following the US charges, it has since partially recovered. The group maintains that Gautam Adani and his associates are not implicated under the US Foreign Corrupt Practices Act, offering a glimmer of hope for investors and partners. However, as global scrutiny intensifies, the coming months will be pivotal in shaping Adani’s financial relationships and market standing.

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[news365timesindia]

[ad_1] Paromita Das GG News Bureau New Delhi, 7th December- What started as a rhetorical offensive by the Congress party, spearheaded by Rahul and Priyanka Gandhi, against the Adani Group has turned into a glaringly isolated campaign, with prominent allies like the Trinamool Congress (TMC) and Samajwadi Party (SP) opting out of the anti-Adani crusade. In the latest protests, Congress MPs donned jackets emblazoned with slogans such as “Modi Adani Ek Hai, Adani Safe Hai”—a stark symbol of their continued tirade. However, these tactics raise critical questions about the intent, credibility, and strategic foresight of the Congress-led campaign, especially as it seems increasingly disconnected from its allies and broader national priorities. Cracks in the I.N.D.I. Alliance The opposition alliance, touted as a collective force against the ruling Bharatiya Janata Party (BJP), has shown clear signs of disunity in the face of the Adani controversy. The decision of parties like the TMC and SP to refrain from endorsing Congress’s anti-Adani rhetoric highlights the growing tensions within the bloc. This divergence underscores the individual political calculations of regional parties, which often prioritize their electoral and regional narratives over the alliance’s collective agenda. TMC MP Kirti Azad’s comment, “We have other issues to highlight,” encapsulates the sentiment of many within the opposition. #ParliamentWinterSession TMC skips I.N.D.I.A bloc's protest against Adani. Make Mamata Banerjee the leader of I.N.D.I.A bloc: TMC MP Kirti Azad speaks to @pragyakaushika@RishabhMPratap with more inputs on the story. pic.twitter.com/xHEWITCwQI — TIMES NOW (@TimesNow) December 3, 2024   For these parties, aligning with Congress on the Adani issue seems more like a liability than an opportunity. The move reveals a strategic divergence, with regional players focusing on pressing local issues rather than wading into what they perceive as Congress’s manufactured outrage. Congress’s Selective Outrage and Its Political Hypocrisy The Congress party’s accusations against the Adani Group—centered around alleged bribery of Bharatiya government officials between 2020 and 2024—warrant a thorough investigation. Yet, the party’s selective outrage exposes glaring contradictions. For instance, Congress has turned a blind eye to similar dealings involving non-NDA states such as Odisha, Tamil Nadu, Andhra Pradesh, and Chhattisgarh, many of which are governed by I.N.D.I. alliance members. This duality severely undermines the credibility of its narrative. Moreover, the Congress-led protests reveal a striking level of political opportunism. By focusing solely on Adani, the party risks overshadowing critical issues such as illegal immigration, the unchecked powers of Waqf Boards, and economic reforms—topics that resonate more with the general electorate. This selective prioritization, viewed by some as pandering to populist sentiments, diminishes the broader opposition’s ability to mount a coherent challenge to the BJP. Adani and the Politics of Sensationalism The Congress’s campaign against the Adani Group exemplifies a larger trend of reducing complex economic interactions to simplistic, villainous narratives. Prominent business leaders like Gautam Adani are integral to Bharat’s economic growth and global influence. Countries worldwide rely on their businesses to project soft power—whether it is the U.S. through Apple and McDonald’s or South Korea through Samsung. Bharat’s burgeoning status on the global stage is inseparable from the success of its businesses, including the Adani Group. The Congress’s rhetoric, by portraying Adani as a symbol of crony capitalism, risks undermining Bharat’s image abroad. Such an approach not only harms the nation’s economic interests but also weakens its diplomatic leverage, as businesses play a pivotal role in second-tier diplomacy. Rahul Gandhi’s Isolated Stand Rahul Gandhi’s solo march from Parliament to the streets symbolizes

more than his commitment to the Adani issue—it highlights the Congress party’s growing isolation within the opposition. While the protests aimed to mobilize public sentiment, the lack of support from key allies has turned this endeavor into a largely unilateral exercise. This isolation reflects deeper fractures within the I.N.D.I. alliance, where member parties increasingly prioritize their political survival over collective unity. The broader implications of this isolation are significant. Without the backing of major opposition parties, Congress risks alienating itself further, both within the alliance and in the larger political discourse. This lack of cohesion weakens the opposition’s ability to present a united front against the BJP in upcoming elections. The Need for a Balanced Approach The Adani controversy underscores the need for a balanced and transparent investigation, free from the trappings of media sensationalism and political grandstanding. Allegations of bribery must be examined through established legal mechanisms, with due respect for judicial processes. Any premature conclusions or politically motivated campaigns risk undermining the principles of justice and due process. By framing the Adani issue as a political witch hunt, Congress diminishes its own credibility and distracts from pressing national priorities. A more measured approach—one that emphasizes evidence-based inquiry and avoids sensationalist narratives—would serve the nation far better. Conclusion: Political Opportunism vs. National Interest The ongoing drama over the Adani controversy reveals more about the political opportunism of Congress than it does about any earnest pursuit of accountability. In its attempt to sensationalize the issue, the party has not only alienated its allies but also risked diverting attention from critical national concerns. For the I.N.D.I. alliance, the Adani controversy is a litmus test of its ability to navigate internal differences and present a coherent narrative. So far, the cracks within the alliance suggest a lack of consensus on priorities, undermining its effectiveness as a political force. Ultimately, the Adani case requires a nuanced and impartial investigation—one that prioritizes accountability over theatrics and national interest over political expediency. Without such an approach, the current discourse risks devolving into mere noise, leaving critical issues unresolved and eroding public trust in the political process.   The post Unraveling the Political Saga: Adani Controversy, Congress Rhetoric, and the Fractured I.N.D.I. Alliance appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link