Adani group, an Evil corp?

Those who tarnishing current Govt. for Business Environment or favorable to entrepreneurs do not forget other side of COIN who hell bent for Union Carbide (business that lead to Bhopal Gas Leak)
 
New Delhi: The Union Coal Ministry defied the Environment Ministry to open up the country’s densest forest areas for mining after lobbying by an industry group of the top private power sector companies, reveal records accessed by The Reporters' Collective.

The Association of Power Producers wrote to the coal ministry in November 2021 to open up for auctions two coal blocks nestled in one of India’s densest forests to address the rumoured coal shortage in the country. But the lobbying was poised to benefit its member, the Adani Group.

One of the two blocks the Association lobbied for is situated in Madhya Pradesh’s Singrauli coalfields and is close to a thermal power plant the Adani Group acquired in March 2022. The other, situated in Chhattisgarh’s pristine Hasdeo Arand forests, is adjacent to blocks mined by the Adani Group.

The Coal Ministry not only acted on the association’s demand to open up the two blocks but went a step ahead and pushed for a review of the environment ministry’s suggestions in 2018 that 15 coal blocks, which includes one of the two, should be exempt from coal mining auctions since they fall in areas that have high biodiversity value and need to be conserved.
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www.reporters-collective.in

Advantage Adani: Power industry lobbies, coal ministry unlocks dense forests for mining

Coal ministry over-rode environment ministry and its mining experts to do away with ban on mining in the densest forests in the country
www.reporters-collective.in www.reporters-collective.in

www.reporters-collective.in

Coal Reform Overturned: After Failed Auctions, Centre Hands Out Coal Blocks At Discretion

When auctions fail, the Centre decides if lone bidders should get the coal mines anyway. Twelve private companies have benefited so far, including the Adani Group
www.reporters-collective.in www.reporters-collective.in


Overpricing of Coal Imports By Adani Group Led to Higher Profits, Customers Overcharged for Fuel: FT
The inflation in imported coal that FT alleges Adani has been doing may have sometimes, per the report, allowed it to make 52% profit margins in an industry where profit margins are otherwise considered low.

In all cases that FT examined, it says “prices in import records were far higher than those in corresponding export declarations.”

During the journeys, from where they were imported back to a port in India, usually owned by Adani, “the value of the combined shipments unaccountably increased by over $70 million.”

Among the specific instances the London-based financial daily has found, it says that in January 2019, coal meant for Adani, departed “the Indonesian port of Kaliorang in East Kalimantan carrying 74,820 tonnes of thermal coal destined for the fires of an Indian power station. During the voyage, something extraordinary occurred: the value of its cargo doubled.”

While “in export records the price was $1.9mn, plus $42,000 for shipping and insurance. On arrival at India’s largest commercial port, Mundra in Gujarat run by Adani, the declared import value was $4.3mn.”

This allowed for “52% profit margins” as a result of over-invoicing, and leading to unusual profits.
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thewire.in

Overpricing of Coal Imports By Adani Group Led to Higher Profits, Customers Overcharged for Fuel: FT

A detailed FT investigation points to Adani’s use of “offshore intermediaries” to import $5 billion worth of coal at prices that were at times more than double the market price. One of these firms is owned by a Taiwanese businessman who was named by FT as a hidden shareholder in Adani firms.
thewire.in thewire.in
 
Soon it will be a year and I was told to expect a rebound a year hence from one commentator last Feb

www.ndtv.com

Adani Bond Rebound Helps Erase Short Seller Hit: Report

A rally over the last week was powerful enough to erase some losses on a series of dollar bonds tied to the conglomerate of billionaire Gautam Adani, debt that had dropped after a short seller accused firms owned by him of fraud.
www.ndtv.com www.ndtv.com

The rebound suggests the conglomerate, once termed "deeply overleveraged" by research firm CreditSights, is finding favor with investors again. The group, whose operations range from cement to airports and coal mining, has yet to tap overseas bond markets since the January publication, which came at a time when rapidly rising US interest rates curbed offshore issuance by Asian companies.

Billionaire Gautam Adani has "clearly got some great assets and he's clearly able to monetize those," said Kamil Dimmich, a partner at London-based North of South Capital. "He's certainly been helped by the underlying businesses becoming more profitable.
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Indian regulator finds Adani offshore investors in disclosure rules violation, sources say


India's markets regulator found a dozen offshore funds invested in Adani group companies were in violation of disclosure rules and in breach of investment limits, two people with direct knowledge of the matter said on Monday.
They declined to be named as they not authorised to speak to media.
Securities and Exchange Board of India (SEBI) and the Adani Group did not immediately respond to emailed requests for comment.
 
Maybe, but he is our evil guy :) Every country needs a few.

Are Lockheed Martin, Northrop Grumman and Bechtel evil? They most prob are, but they have kept the US military machine running. Without them, US will be no different from Somalia (or Canada).
 
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