New Delhi: The Union Coal Ministry defied the Environment Ministry to open up the country’s densest forest areas for mining after lobbying by an industry group of the top private power sector companies, reveal records accessed by The Reporters' Collective.
The Association of Power Producers wrote to the coal ministry in November 2021 to open up for auctions two coal blocks nestled in one of India’s densest forests to address the rumoured coal shortage in the country. But the lobbying was poised to benefit its member, the Adani Group.
One of the two blocks the Association lobbied for is situated in Madhya Pradesh’s Singrauli coalfields and is close to a thermal power plant the Adani Group acquired in March 2022. The other, situated in Chhattisgarh’s pristine Hasdeo Arand forests, is adjacent to blocks mined by the Adani Group.
The Coal Ministry not only acted on the association’s demand to open up the two blocks but went a step ahead and pushed for a review of the environment ministry’s suggestions in 2018 that 15 coal blocks, which includes one of the two, should be exempt from coal mining auctions since they fall in areas that have high biodiversity value and need to be conserved.
Overpricing of Coal Imports By Adani Group Led to Higher Profits, Customers Overcharged for Fuel: FT
The inflation in imported coal that FT alleges Adani has been doing may have sometimes, per the report, allowed it to make 52% profit margins in an industry where profit margins are otherwise considered low.
In all cases that FT examined, it says “prices in import records were far higher than those in corresponding export declarations.”
During the journeys, from where they were imported back to a port in India, usually owned by Adani, “the value of the combined shipments unaccountably increased by over $70 million.”
Among the specific instances the London-based financial daily has found, it says that in January 2019, coal meant for Adani, departed “the Indonesian port of Kaliorang in East Kalimantan carrying 74,820 tonnes of thermal coal destined for the fires of an Indian power station. During the voyage, something extraordinary occurred: the value of its cargo doubled.”
While “in export records the price was $1.9mn, plus $42,000 for shipping and insurance. On arrival at India’s largest commercial port, Mundra in Gujarat run by Adani, the declared import value was $4.3mn.”
This allowed for “52% profit margins” as a result of over-invoicing, and leading to unusual profits.
The rebound suggests the conglomerate, once termed "deeply overleveraged" by research firm CreditSights, is finding favor with investors again. The group, whose operations range from cement to airports and coal mining, has yet to tap overseas bond markets since the January publication, which came at a time when rapidly rising US interest rates curbed offshore issuance by Asian companies.
Billionaire Gautam Adani has "clearly got some great assets and he's clearly able to monetize those," said Kamil Dimmich, a partner at London-based North of South Capital. "He's certainly been helped by the underlying businesses becoming more profitable.
because Indian people now came to know the inside story, how & why at time of elections such news came in light either in state election or national elections.@Emperor
They already proved their group is invincible in India, now market won't care.
This news is out yesterday, for internal people far earlier, nothing matters.
Good Example for those who 365/24x7 keep crying about Amabani, Adani and may be soon they will add few more in their list ...Maybe, but he is our evil guy Every country needs a few.
Are Lockheed Martin, Northrop Grumman and Bechtel evil? They most prob are, but they have kept the US military machine running. Without them, US will be no different from Somalia (or Canada).
Wow, never thought I'd see this level of bootlicking here.Maybe, but he is our evil guy Every country needs a few.
Are Lockheed Martin, Northrop Grumman and Bechtel evil? They most prob are, but they have kept the US military machine running. Without them, US will be no different from Somalia (or Canada).
That's what they said about the robber barons of the US in the 19th century. And I agree. Every developing country needs them. I once said the same to a Ukrainian over a decade ago when she was complaining how the oligarchs were running the country.Maybe, but he is our evil guy Every country needs a few.
I wonder how many realise that we live in an American ordered world. Americans inherited whatever was left standing of a British ordered one.Are Lockheed Martin, Northrop Grumman and Bechtel evil? They most prob are, but they have kept the US military machine running. Without them, US will be no different from Somalia (or Canada).
Because it's rare to see clued up people posting in these topics.Wow, never thought I'd see this level of bootlicking here.
Hmm. Developed countries need them even more. You need 'evil' billionaires to wage wars, which is the primary responsibility of a state. If Israel didn't have have as many billionaires as it does (including ones with dual citizenship), it would be rubble by now.And I agree. Every developing country needs them.
'Oligarch' in CIS context is a loaded word. When the soviet union fell, the natives has no idea what to do next. American consultants came in busloads to setup the capitalist systems. The (often unsaid) accusation was that the people who benefited most from privatization were Jews who used their American financier friends to game the system.I once said the same to a Ukrainian over a decade ago when she was complaining how the oligarchs were running the country.
This would be true over a hundred years, ago. Private financiers were needed back then. These days states have the finances or can acquire them as proxies but not necessarily the weapons which come with conditionalities.Hmm. Developed countries need them even more. You need 'evil' billionaires to wage wars, which is the primary responsibility of a state. If Israel didn't have have as many billionaires as it does (including ones with dual citizenship), it would be rubble by now.
Yeah posted this already.Let's not forget the context of this thread. It was created shortly after the Hindenburg report which came shortly after Adani's Haifa port acquisition. My interest in Adani is limited to his service to India's strategic needs.
Are you sure about this. They have outsourced their drones production to a number of countries and I don't think we're one of them. They pretty much pioneered the industry with lots of domestic production as well.When Israel needed drones to defend itself from the gazis, they were shipped from Adani's Hyderabad factory. Indian's should be grateful to Adani for helping one of our friends in difficult times.
A lot of Jews wanted out of Russia once the union collapsed so I don't know to what extent this accusation is true. Lots of antisemitism as earlier the soviets were active backers of the Pals since they had very little influence in the Arab world. The arabs supported these so called Pals, as a balance to zionism. Soviets saw Israel as this western outpost that defeated their Arab clients. A lot of current anti Israel rhetoric came from the soviets.'Oligarch' in CIS context is a loaded word. When the soviet union fell, the natives has no idea what to do next. American consultants came in busloads to setup the capitalist systems. The (often unsaid) accusation was that the people who benefited most from privatization were Jews who used their American financier friends to game the system.
Definitely and much of the present action is to topple him for that reason. Putin had two rules when it came to oligarchs. No selling off national assets to foreigners and no involvement in politics. Otherwise leave. He stopped the rampant looting that went on in the 90s.One of the first things Putin did after acquiring power was to bring these 'oligarchs' under control. Some were jailed, some left the country and some made peace. A lot of hatred for Russia in American newsrooms is prob due to his actions against the 'oligarchs'.
Yeah, she's not with us anymore. Given her IDF background she got roped into some Uki militia and one fine day in 2015 we learnt she was gone. A week before she left for her mission she posted this photo of wheat fields against a blue sky. That's where the Uki flag comes from. She was saying good bye.Considering the trajectories of Russia and Ukraine in the last 40 years, it seems your Ukrainian friend was right.
Are you sure about this.
Pinarayi has been surprisingly bullish on Vizhinjam. He also seems to have a good working relationship with the centre.This is why they hate Adani
Will India’s Vizhinjam Port Make Waves in Global Transshipment Business?
Located near India’s southern tip and just 10 nautical miles from the international shipping route, the port could attract huge container ships.thediplomat.com
India's first transshipment port, built by Adani Ports, just became operational.
Didn't understand the temple thing?@eternoMind
Pinarayi's daughter is under ED lens, Adani and his highly designated team visited a small temple near his house in local village right in appropriate time
State is strangled on finances, center have the state by neck and is seriously affecting welfare initiatives.
And Pinarayi's party is trying to copy China's capitalism, they are awash with business interests.