Cong raises questions over Adani Group’s acquisition of Gangavaram port, reiterates JPC demand

NEW DELHI, Aug 25: The Congress on Friday raised questions over the Adani Group’s acquisition of
the Gangavaram port and asserted that only a joint parliamentary probe can uncover how the
conglomerate could “grab so many prize assets” in many strategic sectors so quickly and at a deep
discount.
Citing a media report, Congress general secretary said it documents the modus operandi behind the
staggering rise of the “Modi-made Monopoly (3M)” in many strategic sectors with a case study of
the acquisition of Gangavaram port.
In a post on X, Ramesh said it leads to many “piquant” questions” such as how did Adani buy a debt-
free Gangavaram port in Andhra Pradesh that should be valued at double of the Rs. 6,200 crore it
paid, by any reasonable valuation metric.
“How was it acquired at a much lower EBIDTA (earnings before interest, taxes, depreciation, and
amortization) multiple than Adani’s own deal with the debt-laden Krishnapatnam port and how did
Adani pick up six ports in just nine years without any other bidding whatsoever,” Ramesh asked.
How did the Adani Group’s EBIDTA grow 17 times in only five years from 2017-18, he further asked.
Ramesh alleged that the stated strategy of the Adani group is “the acquisition of companies and
services in the transport utility space” with a “sustained focus on acquisitions at a deep discount
value”.
“Since February 5, 2023, we have asked the Prime Minister more than 100 questions on his special
relationship with Adani, through the Hum Adani ke Hain Kaun(HAHK) series,” the Congress leader
said.
“Only a JPC can uncover how PM Modi has helped his close friend Adani grab so many prize assets in
many strategic sectors so quickly, and at a deep discount,” the Congress leader said.
The Congress has been questioning the financial dealings of the Adani group after US research firm
Hindenburg alleged “irregularities” and charged the group with stock price manipulation. The Adani
Group denied all the allegations made in the Hindenburg report and claimed there had been no
wrongdoing on its part.
Opposition parties have also been demanding a Joint Parliamentary Committee probe into the Adani
issue. (PTI)