Feb 23, 2023—As Indian Prime Minister Narendra Modi meets with key counterparts in Australia, Bangladesh, and Israel, Gautam Adani is often not far behind. The owner of the Indian conglomerate Adani Group has been making deals worth billions of dollars while Modi builds diplomatic bridges. Reporters in India and around the world are increasingly taking notice.
An article in the Financial Times sheds light on relations between the Indian government and industrial giant Adani Group, raising questions about the ethics of public-private dealings.
The FT reporting follows similar coverage in other publications, including The Guardian, The Wall Street Journal, and Reuters. Moreover, criticisms by Modi’s opponents in the Indian Parliament are gaining steam.
As FT writers John Reed and Benjamin Parkin say, Modi has increased India’s promotion of overseas infrastructure projects since coming to office in 2014. They look into significant questions about the ethics of that promotion.
‘Largest Con in Corporate History’
The Adani Group has been under increasing pressure from investors, investigative reporters, and government officials since Hindenburg Research accused the conglomerate of fraud and market manipulation, calling it “the largest con in corporate history.” The Adani Group put forward a rebuttal, but investors’ faith in the US$218 billion conglomerate continues to collapse.
According to Bloomberg news, the Adani Group conducts business in “everything from ports to power, with a reach spanning from India to Africa and Australia.” Furthermore, Bloomberg says Hindenburg’s warning to investors “is coming true” as shares of the groups subsidiaries continue to fall.
It’s not the first time the Adani Group has come under pressure. In fact, it’s faced widespread backlash to its policies at home in India and abroad. In 2021, the GER reported on the decision by BNY Mellon, a global investment company, to cut ties with the Adani Group following a barrage of protests.
As for Modi, scrutiny on the prime minister’s industrial policy may just be beginning.
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