In its continued attack on the Narendra Modi government, Congress reiterated its demand for a joint parliamentary committee (JPC) probe into the Adani issue on Wednesday (August 14, 2024), citing two instances as proof of government support for the Adani group.
The general secretary of Congress, Jairam Ramesh, posted on social media platform X to inform that a Power Ministry memorandum of August 12 amends Guidelines Import/Export of Electricity (Cross Border) 2018 which will be beneficial to an Adani group company. Mr. Ramesh said that this company generates electricity from Jharkhand and sold it to Bangladesh. Now it has been allowed to sell power in India itself.
“His favorite tempowallah is benefited when it comes to his non-biological PM who moves with flash speed. The importation is done by Adani so that energy can be generated in Jharkhand and supplied to Bangladesh. Through this controversial power purchase agreement, only one company was permitted to do this. Now it has been given permission by the authorities as such electricity sells in India,” said Mr. Ramesh.
Mr. Ramesh also accused the Gujarat government of assisting Adani Ports in securing a monopoly over the state’s port sector in another post.
He stated that private ports are given a Build-Own-Operate-Transfer (BOOT) model concession period for thirty years after which they belong to Government of Gujarat. Currently under this model, Mundra, Hazira and Dahej ports are controlled by Adani Ports,” added the Congress leader.
According to Mr. Ramesh, before Lok Sabha Election in year 2024, Adani Ports requested Gujarat Maritime Board (GMB) for an extension of this concession period by a further period totaling 45 years making it 75 years altogether.
“This was much beyond the maximum permissible period of 50 years, but the GMB hastened to request the Gujarat Government to do so anyway. The GMB was in such a hurry that it did so without approval from its Board, resulting in the file’s return,” he alleged.
The passage of the 30-year concession, the Congress leader said according to GMB required the Gujarat government to seek other operator and company bids or renegotiate financial terms with Adani to protect its revenue interests.
“It appears that the tempo-wallah, furious at this possibility of competition, forced a change in the GMB Board’s decision – which was revised to recommend the extension of the concession period for Adani, without inviting new bids or renegotiating the terms,” Mr. Ramesh alleged.
The Chief Minister and all others then hurried on getting this proposal through and obtaining clearances from all stakeholders concerned. “Here are at least two serious consequences of this daylight robbery – Adani Ports will secure a monopoly on Gujarat’s port sector, harming market competition, and driving up prices for the common man. Adani Ports will see its valuation rise and borrowing costs fall. By failing to open up process up for either renegotiation or competitive bidding for time being, crores of rupees in revenue may be lost by government of Gujarat,” Mr. Ramesh claimed.
“Modi Hai toh Adani ke liye sab kuch mumkin Hai! This is why a Joint Parliamentary Committee (JPC) investigation is essential,” he added.
Following fresh allegations made by US-based short-seller Hindenburg Research against market regulator SEBI chairperson Madhabi Buch, the opposition party has relentlessly attacked the government and the Adani group.
In this most recent report, Ms. Buch was accused of having vested interests in obscure offshore funds that were employed in the Adani money siphoning scandal; allegations that she dismissed as unfounded and said their finances were public records. In response to the Hindenburg report, The Adani Group referred to it as “malicious and manipulative of select public information”.
