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Wednesday, May 31, 2023

Rahul Gandhi Keeps Questioning Adani Group’s Rs 20,000 Crore, Adani Group Shares Details – What Did They Reveal?

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The administration is continuously under attack on behalf of Rahul Gandhi, the head of the Congress, over Gautam Adani. They ask this issue, “Where did Adani Group get Rs 20K Crore?” on a regular basis. Adani Group has now responded to this query with a thorough four-year response. Since 2019, the group has disclosed information about stake sales in its businesses. By selling stakes in businesses, the company reportedly earned $ 2.87 billion, or around Rs 23,567 crore.

The Adani Group, owned by Indian billionaire Gautam Adani, was informed that out of the $ 2.87 billion earned from selling a share, $ 2.55 billion (about Rs 20,000 crore) had been invested in company during the past four years. On behalf of the group, it was said that significant investments have been made in our firms Adani Enterprises and Adani Green by large investors such as the International Holding Company, located in Abu Dhabi.

The investment amount is $ 2.593 billion, or around Rs 20,000 crore. In addition, the company’s proprietors sold the company’s interest to raise $ 2.783 billion (Rs 22,000 crore). Adani Total Gas Limited and Adani Green Energy Limited sold this interest. This information was provided on behalf of the Adani Group in light of a publication in a foreign media mentioning this sum in the past and the political debate taking place in the nation over this matter.

According to the Adani Group, the money raised from the sale of the share was put toward the expansion of its portfolio firms, including Adani Ports and Special Economic Zone Limited, Adani Enterprises Limited, Adani Power Limited, and Adani Transmission Limited.

The group has also flatly refuted the foreign newspaper’s claims, claiming that Adani Group has done nothing illegal and that the current competition is attempting to destroy it.

The Adani group disclosed that in Jan 2021, the promoters has raised $2bn by selling a 20% interest in the renewable energy company AGEL to the enormous French company Total Energy. The same French company had previously purchased a 37.4% interest in Adani Total Gas Ltd. for $783 million. According to Adani, the funds came from the sale of Adani Total Gas stock.

Let us inform you that the Financial Times (FT), a British publication, issued a report after studying FDI statistics from India. According to this, his family-affiliated offshore enterprises have provided nearly half of the FDI that has entered the Adani Group in recent years. Between 2017 and 2022, Adani Group will receive $2.7 billion in investments from offshore firms connected to Adani and his family. This sum represents 45.4% of the $5.7 billion in FDI that the Adani Group received overall during this time. Rahul Gandhi, the leader of the Congress, questioned whether the Adani Group had acquired Rs 20,000 crore via shell firms in light of this news.

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