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Friday, March 05, 2021

Targeted through false propaganda: Adani Group

Last week, BJP’s Member of Parliament Subramanian Swamy called Adani a “trapeze artist” and said his group owed Rs 4.5 lakh crore as NPA to banks, an allegation that the group denied saying it has never defaulted on any bank loan.

By: ENS Economic Bureau | New Delhi |
January 24, 2021 4:24:56 am
Adani group, Adani shareholders, false propaganda, fake online media campaigns, Economy news, Indian express newsGautam Adani. (Photo: Reuters)

Underscoring that it has a responsibility to its shareholders and the local and international financial institutions, the Adani Group said it has been “targeted through false propaganda” on numerous occasions. The company said this in a note titled “An Open Letter on the need to act against false propaganda impacting our shareholders”, posted on Twitter Saturday.

“We reach out across many remote parts of the country and we are proud that we are a source of direct and indirect employment to hundreds of thousands of people … Our six listed companies have consistently delivered exceptional gains to our shareholders. We have a responsibility to them and the local and international financial institutions that have demonstrated faith and invested in the Adani Group,” the Ahmedabad-based group said.

“…on numerous occasions, Adani Group has been targeted through false propaganda. We have also been a victim of manufactured online media campaigns aimed at spreading malicious lies about our operations and inflicting harm to our shareholders,” it added, without referring to any particular allegation.

Last week, BJP’s Member of Parliament Subramanian Swamy called Adani a “trapeze artist” and said his group owed Rs 4.5 lakh crore as NPA to banks, an allegation that the group denied saying it has never defaulted on any bank loan.

Earlier this month, The Indian Express reported that red flags raised by the Department of Economic Affairs and Niti Aayog, with the tender conditions of the 2019 round of airport privatisation, were brushed aside by the Public Private Partnership Appraisal Committee (PPPAC), and that this effectively paved the way for Adani Group to win the rights to operate, manage and develop all six airports that were being privatised.

This newspaper also reported that given the unprecedented concentration of power in at least seven core sectors in corporate India, from pharma and telecom to airports and ports, the Competition Commission of India has launched a set of detailed investigations on the market dynamics of each sector. This includes a review of the model concession agreements in key infrastructure sectors like airports, ports and electricity, in which the Adani Group is a major player.

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