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.
 
dpandey said:
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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Good Example for those who 365/24x7 keep crying about Amabani, Adani and may be soon they will add few more in their list ...

I again repeat my post here, those who are keep selling second hand/used hardware at more price by hiding actual price/ownership/fault etc. and also taking advantage of scarcity of that hardware to push price up... STOP lecturing/posting here anything about any other... you ALL better start charity/good work from your own pocket & home and than curse others.
 
dpandey said:
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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Wow, never thought I'd see this level of bootlicking here.
 
dpandey said:
Maybe, but he is our evil guy :) Every country needs a few.
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That's what they said about the robber barons of the US in the 19th century. And I agree. Every developing country needs them. I once said the same to a Ukrainian over a decade ago when she was complaining how the oligarchs were running the country.
dpandey said:
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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I wonder how many realise that we live in an American ordered world. Americans inherited whatever was left standing of a British ordered one.

The life you have, the world you grew up in and expect depends on America being America. There is some doubt these days as to that proposition. Currently America is not being America or doesn't want to anymore.
Mr.J said:
Wow, never thought I'd see this level of bootlicking here.
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Because it's rare to see clued up people posting in these topics.
 
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To be fair, most people here indulging in simplistic binary arguments haven't experienced what a great power conflict is and how the outcome of such a conflict plays an outsized role in what are considered normative/ideal ways of thinking by the larger world. For instance, the deification of 'liberalism', which is an otherwise vague term that doesn't help you understand anything about the world around you. It's all about what 'should be', instead of 'why it is (the way it is)'.

It took me a while to grow out of this arrogant, binary thinking. Took me a while to learn ways of thinking that help make sense of the world, as it was, is, and will be.

Adani is small fry in the larger scheme of things.
 
blr_p said:
And I agree. Every developing country needs them.
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Hmm. Developed countries need them even more. You need 'evil' billionaires to wage wars, which is the primary responsibility of a state. If Israel didn't have have as many billionaires as it does (including ones with dual citizenship), it would be rubble by now.

Let's not forget the context of this thread. It was created shortly after the Hindenburg report which came shortly after Adani's Haifa port acquisition. My interest in Adani is limited to his service towards India's strategic needs.

When Israel needed drones to defend itself from the gazis, they were shipped from Adani's Hyderabad factory. Indians should be grateful to Adani for helping one of our friends in difficult times.

blr_p said:
I once said the same to a Ukrainian over a decade ago when she was complaining how the oligarchs were running the country.
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'Oligarch' in CIS context is a loaded word. When the soviet union fell, the natives has no idea what to do next. American consultants came in busloads to setup the capitalist systems. The (often unsaid) accusation was that the people who benefited most from privatization were Jews who used their American financier friends to game the system.

One of the first things Putin did after acquiring power was to bring these 'oligarchs' under control. Some were jailed, some left the country and some made peace. A lot of hatred against Russia in American newsrooms is prob due to his actions against the 'oligarchs'.

Considering the trajectories of Russia and Ukraine in the last 40 years, it seems your Ukrainian friend was right.
 
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dpandey said:
Hmm. Developed countries need them even more. You need 'evil' billionaires to wage wars, which is the primary responsibility of a state. If Israel didn't have have as many billionaires as it does (including ones with dual citizenship), it would be rubble by now.
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This would be true over a hundred years, ago. Private financiers were needed back then. These days states have the finances or can acquire them as proxies but not necessarily the weapons which come with conditionalities.
dpandey said:
Let's not forget the context of this thread. It was created shortly after the Hindenburg report which came shortly after Adani's Haifa port acquisition. My interest in Adani is limited to his service to India's strategic needs.
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Yeah posted this already.
dpandey said:
When Israel needed drones to defend itself from the gazis, they were shipped from Adani's Hyderabad factory. Indian's should be grateful to Adani for helping one of our friends in difficult times.
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Are you sure about this. They have outsourced their drones production to a number of countries and I don't think we're one of them. They pretty much pioneered the industry with lots of domestic production as well.

They need more basic things. Obama structured 'aid' to include basic munitions like air bombs, artillery and tank rounds for free. This meant the local factories had no economic reason to make them. Then Ukraine happens and Jan '23, the Americans ask for the ammo they pre-positioned in Israel. Meaning Israel started the war with an empty cupboard and had to scramble and restart their domestic production again.
dpandey said:
'Oligarch' in CIS context is a loaded word. When the soviet union fell, the natives has no idea what to do next. American consultants came in busloads to setup the capitalist systems. The (often unsaid) accusation was that the people who benefited most from privatization were Jews who used their American financier friends to game the system.
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A lot of Jews wanted out of Russia once the union collapsed so I don't know to what extent this accusation is true. Lots of antisemitism as earlier the soviets were active backers of the Pals since they had very little influence in the Arab world. The arabs supported these so called Pals, as a balance to zionism. Soviets saw Israel as this western outpost that defeated their Arab clients. A lot of current anti Israel rhetoric came from the soviets.

After the collapse many Russian Jews went west and others to Israel to the point Putin thinks of Israel as this Jewish country with Russian speaking people.
dpandey said:
One of the first things Putin did after acquiring power was to bring these 'oligarchs' under control. Some were jailed, some left the country and some made peace. A lot of hatred for Russia in American newsrooms is prob due to his actions against the 'oligarchs'.
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Definitely and much of the present action is to topple him for that reason. Putin had two rules when it came to oligarchs. No selling off national assets to foreigners and no involvement in politics. Otherwise leave. He stopped the rampant looting that went on in the 90s.
dpandey said:
Considering the trajectories of Russia and Ukraine in the last 40 years, it seems your Ukrainian friend was right.
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Yeah, she's not with us anymore. Given her IDF background she got roped into some Uki militia and one fine day in 2015 we learnt she was gone. A week before she left for her mission she posted this photo of wheat fields against a blue sky. That's where the Uki flag comes from. She was saying good bye.

Had I known what I do today I'd have told her to leave Ukraine for Israel. What a waste. Ukraine is just using its people as cannon fodder to get external funding for a corrupt American installed government dating back to the coup in 2014. This is a government that answers to its creditors before it's people. I don't think oligarchs have much to do with the trajectory which is being funded & directed by Washington & EU. War is business so they do their part.
 
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