Tamil Nadu Congress Committee (TNCC) president K. Selvaperunthagai on Friday opposed the contract awarded to Adani Road Transport for laying 124 km of the four-lane Tiruchi–Tuvarankurichi-Madurai National Highway in Tamil Nadu at a cost of ₹1,692 crore.
In a statement, Mr. Selvaperunthagai said that Prime Minister Narendra Modi’s administration awarded contracts in various sectors, including the National Highways, to the Adani Group after Hindenburg Research’s allegations of financial irregularities in the Group caused its stocks to slump.
“In January 2023, the Hindenburg Research exposed significant irregularities in the Adani Group, leading to a steep fall in its stock values. Following the report, Mr. Adani’s market value dropped by about ₹12 lakh crore, and his ranking on the global billionaires’ list plummeted from fourth to twentieth overnight. Opposition parties, including the Congress, accused the Adani Group of defrauding Indian investors,” he pointed out.
He further said that the Modi ‘administration was prioritising industrialists over the poor and underprivileged. “On January 15, 2023, the Adani Group’s stock value surged by $7.47 billion in a single day. Despite allegations [of financial irregularities] supported by evidence, the Modi government has shielded Adani from investigations,” he said.
He further said: “The Opposition has repeatedly called out the BJP government for its bias toward Adani. Yet, Prime Minister Modi has failed to sever ties with him. Institutions like the Hindenburg Research have brought out critical information about the nexus [between the BJP government and the Adani Group]. However, no action has been taken to address public concerns….”
Despite the Supreme Court ordering the Securities and Exchange Board of India to investigate allegations pertaining to the Adani Group, an inquiry into them has been delayed. “The Adani Group’s businesses expanded significantly against national interest in sectors such as airports, ports, defence, electricity, cement, and highways, allegedly due to Prime Minister Modi’s support. As taxpayers and citizens, people want to understand the benefits that Modi and the BJP derive from their ties with Adani. By allowing Adani to amass humongous profits, the relationship between Modi and Adani has been exposed.”
Published – January 18, 2025 12:59 am IST
