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The Wire
a day ago
- The Wire
Why Gautam Adani is a Factor in India-US Ties
Why does Narendra Modi feel the need to protect Adani to that extent vis-à-vis the American investigators? We must get back to the genesis of their relationship in Gujarat to respond – partly – to this puzzle. Gautam Adani was not at all an important businessman before Narendra Modi helped him to grow in Gujarat as chief minister of the state. Adani was born in 1962 in Ratan Pol in the old city of Ahmedabad, his parents having migrated from north Gujarat. At the age of 18, he dropped out of Gujarat University and moved to Bombay, served a stint as a diamond sorter at Mahindra Bros. and then became a diamond trader. He moved to Ahmedabad in 1981 to help his brother, Mahasukh, who was starting a plastic-film manufacturing business. This company was heavily dependent on supplies of PVC. The sole producer of PVC in India at that time was IPCL, which used to supply two tonnes per month to the Adani brothers. But their rapidly growing business needed over 20 tonnes per month. Therefore, Adani began importing plastic granules through the Kandla port. The Adani group then diversified. In 1988, Gautam Adani set up a commodities trading venture called Adani Exports. In the next four years, his import orders grew from 100 metric tonnes (MT) orders to 40,000 MT. In 1991-92, Adani and agribusiness group Cargill were given 3,000 acres of coastal land in Kutch by the Chimanbhai Patel government for salt production. The project fell through after protests by George Fernandes and others, and Cargill pulled out. Adani held on to his land and began thinking of converting Mundra into a big port. In the framework of the nascent liberalisation, the Gujarat Maritime Board decided to allot ports to private companies in a joint venture with the state – an initial list of 10 ports was created, which included Mundra, which was 14m deep (deeper than Kandla at 12m) and allowed it to berth larger ships of 200,000 MT and above. In 1993, the company was incorporated into a limited company with two backers, Adani himself and Rajesh S. Adani, his younger brother. In 1997, Adani Exports Ltd. entered into a joint venture with the Gujarat government to build a mega port at Mundra. Around that time the Adani group established a base in Dubai, where two of the five Adani brothers were primarily in charge of the supply chain of Adani Exports. In 1999, Adani ventured into coal trading for the first time, with a shipment landing at Mundra. In 2000, Adani let P&O Australia, one of the world's largest port operators, set up a container terminal in Mundra. There is no evidence that Gautam Adani and Narendra Modi knew each other before the latter became chief minister, but they became very close soon after, in the aftermath of the 2002 pogrom. As this tragic episode of communal violence disrupted the state economy for weeks, businessmen including senior members of the Confederation of Indian Industry, criticised Modi. Rahul Bajaj, a senior member of the CII, described 2002 as a 'lost year for Gujarat' and challenged Modi with several 'tough questions' during a CII meeting in Delhi in February 2003, where Jamshyd Godrej also raised the issue. In November Azim Premji declared similarly at an IIM Ahmedabad seminar: 'Investors are wary of coming to Gujarat due to the lingering communal tensions in the state apart from its proximity to Pakistan.' Tarun Das, the then director-ceneral of the CII went to Gandhinagar one month after the meeting of the organisation during which Narendra Modi had been criticised in Delhi and told him that the CII leaders 'were very sorry for all that had happened.' But Gautam Adani and other CII members from Gujarat had already analysed the attitude of bigger businessmen from Gujarat as a great opportunity. They formed the 'Resurgent Group of Gujarat' in order to counter what they regarded as 'a concerted attempt by a section to defame Gujarat.' Among them were Dr Karsan Patel and Ambubhai Patel (Nirma group), Indravadan Modi (Cadila Pharmaceuticals), Pankaj Patel (Cadila Healthcares), Chintan Parikh (Ashima) Anil Bakeri (Bakeri group) and, last but not least, Gautam Adani who took a leading role. Like Modi, he was relatively isolated in 2002-03. He was not part of the business establishment either, as evident from his marginal position in terms of interlocking directorates. Both were newcomers to the high table of national politics on the one hand and big business on the other. Also read: Gautam Adani a 'Personal Matter': PM Modi Deflects Question; 'Covering Up Corruption,' Says Opposition When the first Vibrant Gujarat meeting took place in September-October 2003, Adani went further than his colleagues and pledged Rs 150 billion in investments. This was a major turning point of the Adani-Modi relationship: Modi could start to pay back for Adani's support, not only within the CII but in the context of his transition from the role of 'Hindu hriday samrat (ruler of Hindu hearts)' to that of ' vikas purush (one who would bring about development)'. The Adani Port and SEZ (APSEZ) at Mundra (Kutch district) was created the same year to provide cargo handling and other port services. It soon became India's first multi-product port-based SEZ, after Adani was granted 3,585 hectares (ha) of land, including 2,008 ha of forest and 990 ha of gauchar or village grazing land. Two converging investigations have alleged that the Adani Group bought this land, in one area, at a rate ranging from Re 1 to Rs 32 a square metre when the market rate was over Rs 1,500 rupees a square metre and, in another area, at the cost of Rs 10 rupees per sq. m., when the market price there was between Rs 700 and 800 per sq. m. In Mundra, Adani acquired up to 7,350 ha. Forbes argues, on the basis of the signed agreements, that for most of this area 'he got the 30-year, renewable leases for as little as one US cent a square meter (the rate made out at 45 cents a square meter). He in turn has sublet this land to other companies, including state-owned Indian Oil Co., for as much as US$ 11 a square meter. Between 2005 and 2007 at least 1,200 hectares of grazing land was taken away from villagers.' During the 2009 Vibrant Gujarat summit, the Modi government 'signed MoUs allowing the Adani group a Rs-150-billion expansion of its SEZ over the next 15 years. The government topped off its largesse of land to the Adani group with five-year tax breaks of over Rs 32 billion, almost four times what it had marked for redeveloping Kutch after the 2001 earthquake. Government data shows an investment of Rs 1.32 trillion in the Adani SEZ, port, and power plant, but only 38,875 jobs were created. That comes to an astonishing figure of Rs 33.8 million for creating one job...'. This is a clear indication of capital intensity – a question we'll return to below. In 2013, a CAG report pointed out that in the Adani Group's SEZ in Mundra '14 lease deeds for an area of 4,84,326 sq. mt. in MPSEZ were registered during the period from December 2008 to November 2011. However, the Collector had given permission to only one unit [...] Accordingly, the transfer of land admeasuring 4,65,728 sq. mt. by way of lease in the remaining 13 cases were irregular'. The CAG also indicted the Gujarat government for purchasing electricity from the Adani group at an abnormally high price. It pointed out that this 'non-adherence to the terms of Power Purchase Agreement led to short recovery of a penalty of Rs 1.60 billion and passing of undue benefit to a private firm'. In 2012, the Modi-Adani connection was targeted by Arvind Kejriwal, the leader of the Aam Aadmi Party who, the year before, had taken part in anti-corruption campaigns along with Anna Hazare. He accused the Gujarat government of buying power from the Adani Group at Rs 5.45 per unit when the Gujarat Mineral Development Corporation had made a better offer. Gas was another source of income for the Adani group, as it had also acquired a monopolistic position in the supply of CNG in Ahmedabad. In its last report dealing with the Modi government in Gujarat, the CAG reiterated the critique it had made in 2012 against the Adani group and arraigned the Essar group too: "…The purchase of power from the private sector increased to 37.22% (2012-13) from 15.22% (2008-09). Of this increase, the share of Private IPPs in power purchased from private sector [the Adani and the Essar groups], increased to 82.75% (i.e. 22,562.17 million units) in 2012-13 from 66.59% (i.e. 5,653.24 million units) indicating an increase of 300% in purchase of power from them during 2008-09 to 2012-13." The Adani group was also targeted by environmentalists. The Gujarat Coastal Zone Management Authority (GCZMA), in May 2006, formed a subcommittee which reported that the Adani Group had built many bunds in the inter-tidal area and blocked many creeks feeding water to the mangrove patches. To no avail. Four years later, in December 2010 the Ministry of Environment and Forests (MoEF) sent an inspection team to follow up on complaints from local inhabitants. The report presented after the visit found many instances of non-compliances. It made the same observations regarding large scale destruction of mangroves and obstruction of creek systems and natural flow of seawater because of reclamation. It made no difference. On September 14, 2012, the Minister of State of Environment and Forests (MoEF), Jayanthi Natarajan constituted a Committee under the Chairmanship of Sunita Nair, the Director General of CSE, for an inspection of Mundra port. It reached the same conclusions as its predecessors. Also read: 'Modi's Hands Tied Due to US Investigation into Adani,' Says Rahul Gandhi All the inspectors and experts have also observed that the Mundra thermal plants of Adani and Tata released fly ash, despite the terms of the 2007 clearance. In 2011 the Gujarat Pollution Control Board Inspection revealed that about 27,127 MT of fly ash was found to be dispersed in low-lying areas of the MPSEZ. The Sunita Nair committee made a similar observation. When Megha Bahree visited the place, she noticed that 'Fly ash and saline water from Adani Power and a nearby Tata Power Co. Ltd. plant are spoiling the crops and making the soil less fertile…'. The Sunita Nair committee recommended a Rs 2 billion environment restoration fund (ERF), but no penalty was imposed on either company by the government. In 2016, the Gujarat high court appointed another committee to enquire about the degradation caused by the Mundra port. It came to the same conclusion as its predecessor but, says environmentalist Mahesh Pandya, 'If you ask the Gujarat Pollution Control Board or the state environment and forest department how many notices they have served to the company, you will find none.' By the end of Modi's chief ministership, the combined market value of Adani Enterprises, Adani Power and Adani Ports and Special Economic Zones (APSEZ) were close to the value of Reliance Industries – whereas the Adani group was five hundred times smaller only 13 years before, in 2001. Indeed, the turnover of the group rose more than 20-fold, from Rs 37.41 billion in 2001-02 to Rs 756.59 billion in 2013-14. In fact, the rise of the Adani group accelerated in 2013 and 2014 when Modi became a strong contender to the post of Prime Minister: the market capitalisation of its companies increased by 250% between September 2013 – when Narendra Modi was declared the BJP's official candidate for prime ministership – and September 2014. Between September 2013 and May 2014, the wealth of Gautam Adani had already increased by Rs 501.31 billion because of the market capitalisation of his companies (it increased by Rs 18 billion every day during the week that followed Modi's electoral success). Mukesh Ambani's wealth increased by 'only' Rs 305.03 billion rupees (US$ 3.81 billion) during the same period. This sudden prosperity could be explained only by Adani's close relation with Narendra Modi – which became obvious when Modi used Adani's chartered plane on his campaign trail across India in the run-up to the 2014 elections. On May 22, 2014, the day he was sworn in as prime minister, he flew to New Delhi from Ahmedabad in Adani's private aircraft, the Indian flag embossed on the aircraft to his right, and on his left, an embossed logo of the Adani Group – the duo was transitioning from the state to the national level. Today's situation is the legacy of these Gujarat years which saw the making of a new oligarch. Since then, the mutual dependence has further deepened. Both men need each other in a very classic manner: the politician offers protection to the crorepatti who pays for his expenditures – including election campaigns whose cost represented billions of dollars in 2014, 2019 and 2024. Whether Narendra Modi can help Gautam Adani to escape from the American investigations remains to be seen as easily as from the Indian ones. In diplomatic relations, there are wheels within wheels. This article draws from my latest book: Gujarat under Modi. The Blueprint of Today's India, Bangalore, Westland/Context, 2024. Christophe Jaffrelot is Senior Research Fellow at CERI-Sciences Po/CNRS, Paris, Professor of Indian Politics and Sociology at King's College London, Non resident Scholar at the Carnegie Endowment for International Peace and Chair of the British Association for South Asian Studies. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Advertisement
Economic Times
3 days ago
- Economic Times
Good, bad, ugly: How will higher ethanol in petrol play out for you?
Worry not. You're just a step away. What's Included with ETPrime Membership Trump temper on H-1B visas is forcing Indians to do these things to stay put in US What Adani's US indictment means for India Inc's overseas fundraising Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer. Will China's dollar bond sale in Saudi Arabia trump the US in financial world? Huawei launches its own OS to compete with Google and Apple. But can it win beyond China? The problem with lab grown diamonds Why a falling rupee is a better option for the economy A list of top 20 momentum stocks that have delivered massive returns in one year ePaper - Print View Read the PDF version of ET newspaper. Download & access it offline anytime. ePaper - Digital View Read your daily newspaper in Digital View & get it delivered to your inbox everyday. Wealth Edition Manage your money efficiently with this weekly money management guide. Grow your wealth with stock ideas & sectoral trends. Buy low & sell high with access to Stock Score, Upside potential & more. Get to know where the market bulls are investing to identify the right stocks. Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks. Analyze the market sentiments & identify the trend reversal for strategic decisions. Ask your stock queries & get assured replies by ET appointed, SEBI registered experts. TOI ePaper Read the PDF version of TOI newspaper. Download & access it offline anytime. Deep Explainers Explore the In-depth explanation of complex topics for everyday life decisions. Health+ Stories Get fitter with daily health insights committed to your well-being. Personal Finance+ Stories Manage your wealth better with in-depth insights & updates on finance. New York Times Exclusives Stay globally informed with exclusive story from New York Times. TimesPrime Subscription Access 20+ premium subscriptions like Spotify, Uber One & more. Docubay Subscription Stream new documentaries from all across the world every day.
India.com
4 days ago
- India.com
Gautam Adani to transform airport experience, Adani Digital Labs unveils…, to elevate…
Gautam Adani- File image Adani Digital Labs (ADL), the technology arm of Adani Airport Holdings Limited, has unveiled a range of transformative initiatives designed to enhance and personalise the travel and airport experience for passengers at Adani-managed airports across India. The new offerings will provide real-time updates, exclusive rewards, special tiered lounge access, and a customized digital experience that goes beyond standard aggregator services, said Srushti Adani, Director of Adani Digital Labs. What Adani Group Said On Initiative? The strategic moves enhance convenience, comfort, and engagement at Adani Airports, and improve its position as a leader in digital innovation within the aviation sector, the company said in a statement. 'The new ADL aims to infuse energy, diverse ideas, and unparalleled expertise into its operations. This marks the first phase of a broader strategy to deliver an exclusive digital-first experience to passengers,' she said. How ADL Will Impetement These Solutions? ADL inaugurated a 150-seater office in Ahmedabad, from where the team will continue to develop customer-centric solutions for the airport environment. These solutions will address common travel challenges such as time constraints, limited awareness of amenities, and long queues. 'By bringing all airport services onto a single digital platform, Adani OneApp transforms the journey from transactional to experiential, enhancing personalisation, convenience, and efficiency for every traveller,' the statement said. Adani Rewards is a loyalty initiative designed exclusively for airport travellers, focused on delivering exceptional value and unforgettable experiences. The programme seamlessly spans F&B, retail, car parking, duty-free shopping, and meet and greet services, offering unmatched flexibility and ease of use. The app will allow browsing and shopping from an extensive catalogue of F&B, duty-free, and retail stores as well as provide convenient airport services such as Delivery at Gate, Multi-cart Orders, group orders for Duty-Free, and Park & Fly for seamless parking, it said, adding that live flight status tracking and instant notifications as well as easy access to high-speed airport Wi-Fi and essential travel will also be provided. (With Inputs From PTI)
