The Organized Crime and Corruption Reporting Project (OCCRP) along with its partner, the Financial Times (FT), is once again pulling off a not so hidden plot to target the Adani Group, an Indian conglomerate and one of the largest business groups in the world – all in the name of investigative journalism! It is truly shameful.
Their old and recycled allegation is that in January 2014, the Adani Group imported low-grade coal from Indonesia and passed it on to the Tamil Nadu state government-owned Tamil Nadu Generation and Distribution Company Ltd as high-grade coal, reaping windfall profits.
It is pertinent to note what the Financial Times wrote in their news article, which makes their motives clear: “The latest revelations come as Adani seeks to rebrand itself as a renewable energy giant, including building one of the world’s largest wind and solar farms at Havda, near the Pakistan border.”
Whose interests are they trying to serve, especially when the Financial Times claims to have raised the issue of Adani’s coal imports out of concern for the global environment? If the Financial Times takes its environmental claims seriously, it should praise Adani Group for continuing to invest in green energy projects. The FT’s editors and their fanciful content purveyors certainly seem to need some guidance.
The Financial Times further said, “The findings indicate that billionaires including Gautam Adani, whose name and vast wealth have surfaced during the current election campaign as Prime Minister Narendra Modi seeks a third term in office, It could also add to India’s increasingly heated political debate over the power and influence it enjoys.”
Once again, the Financial Times editorial board and OCCRP’s funders, which include George Soros’s Open Society Foundations, the Ford Foundation, the Rockefeller Brothers Fund and the Oak Foundation, erred in trying to add content that was rejected. Masala To a debate that ended a few months ago.
The Indian National Congress, its leader Rahul Gandhi and his close aide and communications director Jairam Ramesh immediately jumped on the issue, hoping that they might finally have something to challenge Prime Minister Narendra Modi with two parliamentary elections remaining currently underway.
But organized efforts to create a fuss over the recycled and rehashed report once again yielded nothing. Unfortunately, the opposite happened. The stock market reacted favorably to the Adani Group. Investors, including major foreign investors, were probably fed up with these false calls from Western media and inspired so-called “research” groups. In any case, the market sentiment expressed by investors is also a barometer of national sentiment.
In their mistaken belief, they believed that by implying closeness between PM Modi and PM Adani, they could tarnish the impeccable image of the current government.
Shares in the Adani Group, which includes flagship Adani Enterprises, have seen their best days in recent months since the report was released. Adani Enterprises stock price rose 8.01 per cent to Rs 3,391.20 per share on BSE. This was driven by rumors surrounding Adani Enterprises’ inclusion in the Sensex index.
Let’s take a look at other group stocks. NDTV stock rose 7.56%, Adani Ports rose 4.72%, ACC rose 2.86%, Adani Power rose 2.79%, Adani Total Gas rose 2.3% and Ambuja Cements rose over 2%. . . Other group stocks also soared, and the group’s overall market capitalization reached a whopping Rs 17.23 billion.
Apparently, investors have rejected the Financial Times and OCCRP allegations of irregularities in coal supplies to the Tamil Nadu government-owned power company. Iconic global financial institution Cantor Fitzgerald said the Financial Times report against Adani Group was “just noise.”
Without caring about public and market sentiment, the Congress Party announced the constitution of a Joint Parliamentary Committee (JPC) within a month of coming to power, clearly indicating the party’s disconnect with the masses.
On August 31 last year, an OCCRP tweet gave a glimpse of collaboration and organizing with Rahul Gandhi and the Congress: “In response to our latest research, @RahulGandhi, leader of India’s largest political party, “Adani Group is scheduled to hold a press conference on… scheduled at 5:00 PM (IST). Watch it live. ” The tweet also included a YouTube link of Rahul Gandhi’s press conference.
Ironically, none of the INDI Alliance leaders in Congress have responded to Congress’ latest allegations regarding the Financial Times and OCCRP reports.
It may be recalled that last year, Congress disrupted the entire budget session and did not even allow a debate on President Drupadi Murmu’s maiden address in both houses, as required by the constitution. Even then, key allies such as Nationalist Congress Party (NCP) leader Sharad Pawar and Indian Congress Party (TMC) leader Mamata Banerjee opposed the Congress’s stand.
They have apparently forgotten that for Modi, winning an election means establishing a connection with voters through hard-earned credibility, fair and transparent policies, and a long-term vision that people believe in. The Congress’ misguided belief that it will sever that connection, and fake and fabricated reports emanating from abroad, is not a powerful weapon.
(Sanjay Singh is a senior journalist based in Delhi)
Disclaimer: These are the personal opinions of the author.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani group company.)
