New Delhi, August 25th – The Congress party brought forth concerns on Friday regarding the Adani Group’s acquisition of the Gangavaram port. The party emphasized that only through a joint parliamentary investigation could the expedited accumulation of significant assets across strategic sectors by the conglomerate, at substantial discounts and in a short span, be unraveled.
Quoting a media report, the Congress’s General Secretary highlighted the detailed approach underlying the substantial ascent of the “Modi-made Monopoly (3M)” across various strategic domains. The report particularly presented a case study on the acquisition of the Gangavaram port.
In a communication shared on a social media platform, the General Secretary, Jairam Ramesh, posed several thought-provoking inquiries. He questioned how the Adani Group managed to acquire the debt-free Gangavaram port in Andhra Pradesh, a venture that should hold a value twice the Rs. 6,200 crore it was purchased for, according to reasonable valuation metrics. He further inquired about the marked contrast in the EBIDTA multiple between this acquisition and Adani’s prior deal with the debt-burdened Krishnapatnam port. Additionally, Ramesh raised concerns about Adani’s procurement of six ports in a mere nine years, all without competitive bidding.
The growth of the Adani Group’s EBIDTA by 17-fold within just five years from 2017-18 also remained a point of contention in Ramesh’s queries. He alleged that the Adani Group’s overt strategy centered around obtaining transport utility companies and services, with an ongoing emphasis on acquisitions at notably discounted values.
Ramesh pointed out that since February 5, 2023, the party has presented over 100 questions to the Prime Minister concerning his association with Adani, as part of the “Hum Adani ke Hain Kaun (HAHK)” series. Stressing the urgency, Ramesh emphasized that only a Joint Parliamentary Committee (JPC) could delve into the intricacies of the close relationship between Prime Minister Modi and Adani, uncovering the rapid accumulation of valuable assets in strategic sectors at significant markdowns.
The Congress’s scrutiny into the financial operations of the Adani Group follows allegations of “irregularities” by the US research firm Hindenburg, which accused the group of manipulating stock prices. The Adani Group refuted all claims made in the Hindenburg report, asserting its innocence.
In response to these concerns, opposition parties have united in demanding a comprehensive investigation by a Joint Parliamentary Committee into matters involving the Adani Group.
