The Crossbill Team
Gautam Adani’s company has been charged of “suspected fraud” for delivering “low-grade coal as high-value,” by the London-based business daily The Financial Times (FT), through a report which has been made as its lead story.
The financial newspaper's allegation of corruption against Adani group has been linked to environmental concerns, having a direct implication on India's air quality due to burning of low-grade coal, which requires greater volumes of burning with that much more emissions.
Internation watchdog on organised crime and corruption, Organized Crime and Corruption Reporting Project (OCCRP) has also published the issue with the tittle “New Evidence Bolsters Allegations Adani Group Overcharged for Coal.”
FT has said that it has reviewed so far unseen documents obtained by OCCRP. Adani group have made headlines in the past too, for corruption in passing off low-grade coal as high-value.
Opposition politicians last year called for an investigation into Adani after the FT reported that between 2021 and 2023 the group paid more than $5bn to middlemen for coal imported to India far in excess of market prices.
FT report claims that Adani purchased low grade coal from a mining group in Indonesia at prices appropriate for low grade ones. The same coal shipment was delivered for power generation in India, as a part of contract with the Tamil Nadu Generation and Distribution company (Tangedco), where the requirement was of high-grade coal.
The report claims that invoices show that in January 2014, Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. However, the same shipment was sold to Tangedco as high grade 6,000-calorie coal.
The report says that by doing this, Adani has doubled its share of profit. Quoting The Lancet study of 2022, the report says that more than 2mn people are killed in India each year by outdoor air pollution. FT raised concerns about Adani groups suspected fraud that would have direct implications on air pollution in India.
Adani group, one of India’s biggest importers of coal, has denied all the allegations. A spokesperson for the group told FT, “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd,” quoted FT.
The financial newspaper's allegation of corruption against Adani group has been linked to environmental concerns, having a direct implication on India's air quality due to burning of low-grade coal, which requires greater volumes of burning with that much more emissions.
Internation watchdog on organised crime and corruption, Organized Crime and Corruption Reporting Project (OCCRP) has also published the issue with the tittle “New Evidence Bolsters Allegations Adani Group Overcharged for Coal.”
FT has said that it has reviewed so far unseen documents obtained by OCCRP. Adani group have made headlines in the past too, for corruption in passing off low-grade coal as high-value.
Opposition politicians last year called for an investigation into Adani after the FT reported that between 2021 and 2023 the group paid more than $5bn to middlemen for coal imported to India far in excess of market prices.
FT report claims that Adani purchased low grade coal from a mining group in Indonesia at prices appropriate for low grade ones. The same coal shipment was delivered for power generation in India, as a part of contract with the Tamil Nadu Generation and Distribution company (Tangedco), where the requirement was of high-grade coal.
The report claims that invoices show that in January 2014, Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. However, the same shipment was sold to Tangedco as high grade 6,000-calorie coal.
The report says that by doing this, Adani has doubled its share of profit. Quoting The Lancet study of 2022, the report says that more than 2mn people are killed in India each year by outdoor air pollution. FT raised concerns about Adani groups suspected fraud that would have direct implications on air pollution in India.
Adani group, one of India’s biggest importers of coal, has denied all the allegations. A spokesperson for the group told FT, “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd,” quoted FT.
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