What Really Worries Indians About Adani’s Empire
Their main question isn’t where his money comes from. It’s whether he can accomplish what he says he can.
If Adani didn’t exist, India would have had to invent him.
Photographer: Indranil Mukherjee/AFP/Getty Images
When the Adani Group mobilized to defend itself against accusations — leveled by US-based short sellers Hindenburg Research — that it had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” the choice of décor was more persuasive than the denial. Chief Financial Officer Jugeshinder Singh stood in front of a giant Indian flag that made him look more like a government official than an embattled company executive. The message was clear: If you (a “foreign entity,” in the company’s words) come after Adani, you’re coming after India.
Unfortunately, that’s not entirely untrue. The Adani Group — with investments in ports, roads, rail, airports, and power — is now a crucial vehicle for India’s economic ambitions under Prime Minister Narendra Modi. Adani and Modi are close, and have been for two decades.