India: Explosive report on government-backed conglomerate Adani rocks the country

The Adani Group (our photo) is everywhere in India: in ports, airports, solar energy or the media.

It is the “Indian Bolloré”, only richer!

© AFP - INDRANIL MUKHERJEE

Text by: RFI Follow

1 min

In India, an explosive report is shaking the country's financial centers.

Published by an American firm, it reveals that one of the largest groups in the country, Adani, is responsible, among other things, for manipulating its share price and questionable financing.

This conglomerate, held by the richest man in Asia, is supported by the government of Narendra Modi, which would allow it to escape the control of the authorities.

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With our correspondent in India,

The

Group is everywhere in India: in ports, airports, solar energy or the media.

It is the “Indian Bolloré”, and richer: in the past three years, its seven listed companies have jumped 800%, making its CEO, Gautam Adani, one of the richest men in the world.

However, for the American investment company

, this enrichment is partly fraudulent: after two years of investigation, the firm produces an explosive 100-page report which details the use of shell companies to finance its companies in dubious ways. .

Illegal price inflation

As well as

companies , controlled by the Adani family, to reinvest in the group and thus illegally inflate stock prices.

Gautam Adani's closeness to the government would allow him to escape investigations by the Indian authorities.

But the multinational, highly indebted abroad, exposes the world markets and companies like the French TotalEnergies, which has invested heavily in this group.

Adani denied these accusations, but his companies lost 5% of their stock market value in 24 hours, the equivalent of eleven billion euros.

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