Companies competing with Adani for 'prized assets' faced CBI, ED, IT raids: Congress

The Congress has been raising the Adani issue ever since US-based Hindenburg Research accused the Adani Group of stock manipulation and financial irregularities.

The Congress on Saturday cited the takeover of a cement company to allege that probe agencies were being misused by the BJP government to "enrich" a select few crony capitalists.

Congress general secretary Jairam Ramesh claimed that in sectors such as airports, ports and cement, companies competing with the Adani Group for prized assets have faced CBI, ED and Income Tax raids "that have dissuaded them from proceeding with their bids, and the assets have ultimately gone to Adani".

"In our Hum Adani ke Hain Kaun (HAHK) series of 100 questions for Prime Minister (Narendra) Modi, the Congress party had pointed out how the Adani Group has repeatedly profited from well-timed, Modi-made raids by investigative agencies on its business competitors," he said in a statement.

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"The latest episode involves the takeover of Sanghi Industries by the Adani-owned Ambuja Cements," Ramesh said.

In our Hum Adani ke Hain Kaun (HAHK) series of 100 questions for PM Modi, the Congress party had pointed out how the Adani Group has repeatedly profited from well-timed, Modi-made raids by investigative agencies on its business competitors.

The latest episode is the chronology… pic.twitter.com/fiCTDiRCne

— Jairam Ramesh (@Jairam_Ramesh) August 5, 2023

"Aap chronology samjhiye: April 28, 2023: India's third-largest cement producer Shree Cement is reported to be in talks to acquire Sanghi Industries. June 21, 2023: Income Tax Department launches raids against Shree Cement at five locations. July 19, 2023: Shree Cement exits race to acquire Sanghi Industries. August 3, 2023: Adani-owned Ambuja Cements announces it has acquired Sanghi Industries," the Congress leader claimed.

Ramesh said Sanghi's unit in Sanghipuram, Gujarat, is India's largest single-location cement and clinker plant.

The associated Sanghipuram Port will also further facilitate Adani's ports monopoly, he alleged.

"Agencies like the ED and CBI are not only being used to break apart opposition parties and bring down opposition-ruled governments, with 95 per cent of investigations aimed against opposition leaders. Prized assets like Mumbai airport, Krishnapatnam Port and, now, Sanghi Industries are being handed over to the Adani Group following raids by these agencies," the Rajya Sabha MP said.

Ramesh said the party has every expectation that, as in previous cases, the promoters of Shree Cement will be "pressured" to deny that the raids affected their decision to withdraw from bidding.

Congress has been raising several questions on the Adani issue ever since a US research firm Hindenburg came out with allegations of stock manipulation and financial irregularities against the Adani Group and demanded answers from the government.

The Adani Group denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part.

The entire Budget session of Parliament was washed out over the Adani issue, with the opposition demanding a joint parliamentary probe into the entire issue.