Congress claims Gujarat govt helping Adani Ports 'secure monopoly', says JPC essential

NEW DELHI: The Congress on Wednesday reiterated its demand for a joint parliamentary committee into the Adani issue and alleged that the Gujarat government was helping Adani Ports to "secure a monopoly" on the state's port sector.

Congress general secretary in-charge communications Jairam Ramesh said the Gujarat government grants private ports a 30-year concession period on a Build-Own-Operate-Transfer (BOOT) basis, after which ownership gets transferred to the government of Gujarat.

On the basis of this model, Adani Ports currently has control over Mundra, Hazira, and Dahej ports, he said.

Before the 2024 Lok Sabha Elections, Adani Ports requested the Gujarat Maritime Board (GMB) to extend this concession period by another 45 years to 75 years in total, Ramesh claimed.

"This was much beyond the maximum permissible period of 50 years, but the GMB hastened to request the Gujarat Government to do so anyways. The GMB was in such a hurry that it did so without approval from its Board, resulting in the file's return," he alleged.

The GMB Board recommended that the Gujarat government protect its revenue interests after the passage of the 30-year concession by inviting bids from other potential operators and companies, or renegotiating financial terms with Adani, he said.

"It appears that the tempo-wallah, furious at this possibility of competition, forced a change in the GMB Board's decision - which was revised to recommend the extension of the concession period for Adani, without inviting new bids or renegotiating the terms," Ramesh alleged.

Of course, the chief minister and all others then hastened to ensure that this proposal went through and received clearances from all stakeholders required, he claimed.

"Here are at least two serious consequences of this daylight robbery - Adani Ports will secure a monopoly on Gujarat's port sector, harming market competition, and driving up prices for the common man. Adani Ports will see its valuation rise and borrowing costs fall," he said.

By failing to open up the process to a renegotiation or competitive bidding, the government of Gujarat will lose crores of rupees in revenues, Ramesh claimed.

"Modi Hai toh Adani ke liye sab kuch mumkin Hai! This is why a Joint Parliamentary Committee (JPC) investigation is essential," Ramesh said.

In another post on X, the Congress leader cited a power ministry office memorandum to claim that an Adani firm has been permitted to sell the electricity, that it generates from Jharkhand to sell to Bangladesh, in India itself.

"The non-biological PM moves with lightning speed when the interests of his favourite tempowallah are involved. Adani imports coal from Australia to generate power in Jharkhand and supply it to Bangladesh. It is the only company allowed to do so through a power purchase agreement which has been very controversial," he said.

Now the company has been permitted to sell that electricity in India itself, Ramesh claimed.

The opposition party has been persistent on its attack on the government, since Adani Group stocks took a beating on the bourses in the wake of US-based short seller Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani.

The Adani Group had dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The Hindenburg Research on Saturday launched a fresh broadside against market regulator SEBI chairperson Madhabi Buch, alleging she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.

SEBI Chairman Buch and her husband have denied the allegations levelled against them as baseless and asserted that their finances are an open book.

Adani Group on Sunday also termed Hindenburg Research's latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with SEBI chairperson or her husband.