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Adani Group’s Mumbai Airports Under Investigation by Ministry of Corporate Affairs

The Organised Crime and Corruption Reporting Project (OCCRP) highlighted that affiliates of the Adani family used offshore channels to invest in the conglomerate's shares.

India CSR by India CSR
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Gautam Adani I India CSR

Gautam Adani, Chairman, Adani Group at India CSR Network

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Ministry Seeks Financial Details from 2017 to 2022; Adani Shares Drop by 2% on BSE

NEW DELHI (India CSR): The Ministry of Corporate Affairs (MCA) has initiated an investigation into the accounts of two Mumbai-based airports owned by Adani Enterprises Ltd, the primary entity of the Adani Group spearheaded by Gautam Adani.

Details of the Investigation

The probe encompasses financial records from the years 2017-18 to 2021-22 for both Mumbai International Airport Ltd (MIAL) and Navi Mumbai International Airport Ltd (NMIAL).

A communication from the Office of the Regional Director, Southeast Region, Hyderabad, dated October 6, 2023, indicated the initiation of the examination of their books of accounts. The company acknowledged receiving this communication on October 12, 2023.

Adani Enterprises, in a statement to the stock exchange, assured that both MIAL and NMIAL would address the said communications following the relevant legal protocols.

Market Reaction

Following the announcement, Adani Enterprises’ share price declined by 2%, closing at Rs 2,454.65 on the BSE.

Background on Adani’s Airport Holdings

Adani Enterprises currently manages seven airports, one of which is Mumbai’s Chhatrapati Shivaji Maharaj International Airport, which they took control of in 2021.

The company successfully acquired six airports during the government’s inaugural privatization venture in 2019. Additionally, they are in the process of constructing a new airport in Navi Mumbai, situated on the city’s periphery.

Recent Challenges for Adani Group

The MCA’s investigation adds to the list of issues faced by the Adani conglomerate. Earlier this year, US-based Hindenburg Research accused the company of illicit use of offshore tax havens and potential stock manipulation.

An inquiry led by market regulator SEBI into these claims yielded no concrete results, as stated by a Supreme Court-designated panel in May.

A report by Reuters highlighted SEBI’s inconsistent handling of investigations pertaining to the Adani Group, dating back to a 2014 tip-off, raising concerns about potential regulatory delays.

Furthermore, the Financial Times recently revealed, based on customs records, that the Adani Group imported coal valued at billions of dollars at rates significantly higher than market prices.

The Organised Crime and Corruption Reporting Project (OCCRP) also reported that associates of the Adani family utilized offshore resources for investing in the conglomerate’s stocks.

Industry Insight

Rajiv Jain, the Chairman and Chief Investment Officer of GQG Partners, praised the Adani Group’s assets, particularly the airport, port, and energy segments, as “fantastic” and “irreplaceable.” Emphasizing the group’s significant role in India’s air and cargo traffic, he commended the Adanis’ asset allocation strategies, especially the acquisition of airports like Mumbai’s during the Covid-19 pandemic, noting the high potential for success.

(India CSR)

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Tags: Adani AirportsMinistry of Corporate Affairs

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