Adani Enterprises and its fraud on Indian Power consumers

Guardian News paper, which is one of the leading media houses in the world recently published their investigative report on Adani Enterprises.

India power shortage nation. More than 25 crore Indians (equivalent to form the fifth-largest country on Earth) lack access to regular electricity supply. Disguised power redundant population could be much more.

In the early 1990s, to encourage power companies to build electrical infrastructure, the Indian government eliminated import tariffs on technical equipment such as reactors and transformers. Profit margins on these projects increased overnight.

Adani saw the business opportunity. In 2010, the Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL), a wholly owned subsidiary of Adani Enterprises, was granted a license to develop two electricity transmission networks in the north-east of the state.

According to the allegations of Directorate of Revenue intelligence, whose reports are attached here, these companies were used to increase the capital cost of project and excessive money was later siphoned out to other countries.