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The Adani Group, led by billionaire Gautam Adani, is facing further scrutiny as India’s Ministry of Corporate Affairs investigates the financial accounts of the group’s two airports in Mumbai. The ministry has requested information and documents related to Mumbai International Airport Ltd and Navi Mumbai International Airport Ltd for the financial years 2017-18 to 2021-22. Adani Group has not yet responded to requests for additional details.
The Adani Group, which currently owns and operates seven airports, including Mumbai’s Chhatrapati Shivaji Maharaj International Airport, took control of Mumbai’s airport in 2021. In 2019, the group acquired six airports as part of the government’s privatization initiative and is also in the process of constructing a new airport in Navi Mumbai on the city’s outskirts.
This investigation represents the latest challenge for the conglomerate, following allegations earlier this year of improper use of offshore tax havens and stock manipulation by a U.S. short-seller. A court-appointed panel in May reported that India’s markets regulator’s investigation into these allegations had not yielded any results.
However, recent reports from Reuters indicate that the financial regulator is preparing to explain to the country’s top court why it initially paused and then resumed investigations into the Adani Group following a tip in 2014, amid concerns about regulatory delays.
Furthermore, according to customs data, the Adani Group imported coal at prices significantly higher than the market rate, as reported by the Organized Crime and Corruption Reporting Project (OCCRP). In February, India’s Ministry of Corporate Affairs had already initiated an examination of the financial statements of the Adani Group.
As the investigations continue, the Adani Group finds itself under increased scrutiny, adding complexity to its already multifaceted challenges.
Sources By Agencies
