In a major development, the Congress-led Telangana government on 17th January signed four Memorandums of Understanding (MoUs) worth Rs 12,400 crore with the Adani group at the sideline of the World Economic Forum (WEF) 2024 in Davos, Switzerland.
The government of Telangana signed 4 MoUs with the Adani Portfolio of Companies for over Rs 12,400 crores at the World Economic Forum, Davos. Adani Group to invest Rs 5,000 crores in 100 MW data centre that will use green energy. Adani Green to set up two pump storage projects… pic.twitter.com/htVCrR0Pz5
— ANI (@ANI) January 17, 2024
According to a media release by Adani Group, the agreements were signed in the presence of Telangana Chief Minister Revanth Reddy, and Adani Group’s Chairman Gautam Adani. The MOUs signify a major stride towards fostering green, sustainable, inclusive, and transformative economic growth in the region.
In the first MOU, Adani Enterprises Limited (AEL) has pledged to invest over Rs 5,000 crore in establishing a cutting-edge 100 MW data centre over the next 5-7 years. The data centre will prioritise sustainability and it will rely on renewable (green) energy sources for its operations. The initiative is expected to generate direct and indirect employment opportunities for 600 people. The AEL will collaborate with local Micro, Small, and Medium Enterprises (MSMEs) and startups to develop a globally competitive supplier base for the project.
As part of the second MOU, Adani Green Energy Limited (AGEL) announced an investment of over Rs 5,000 crore for the establishment of two pump storage projects (PSPs) to bolster sustainable energy solutions. These projects will have capacities of 850 MW at Koyabestagudem and 500 MW at Nacharam.
The third MoU was signed by Ambuja Cements for an investment of Rs 1,400 crore to construct a state-of-the-art 6 Million Tonnes Per Annum (MTPA) cement plant in the next five years. The plant will be spread across 70 acres and it will increase Ambuja’s production capabilities, and offer employment opportunities for over 4,000 individuals, both directly and indirectly.
Additionally, Adani Defense Systems and Technologies Limited has pledged over Rs 1,000 crore for the next decade to set up counter-drone and missile facilities. The investment focuses on establishing a comprehensive ecosystem dedicated to the research, development, design, manufacturing, and integration of counter-drone and missile systems.
The Adani Aerospace Park will generate employment for over 1,000 people and serve as a hub for these critical defense capabilities and contributing to India’s defense preparedness.
Yet another embarrassment for Rahul Gandhi with his colleagues busting the baseless allegations that had already been rejected in the court of law
It is important to note that the MOUs between the Congress-led Telangana government and Adani Group on 17th January came despite a long-drawn smear campaign against the Indian conglomerate by Gandhi scion Rahul, who is considered to be dictating terms in the grand old party.
Notably, according to Rahul Gandhi’s allegations, Gautam Adani’s wealth soared higher only because the Union and state governments (specifically accusing BJP) made quid pro quo deals with the business group and sold or leased strategic assets, opened new frontiers only for the business tycoon, while overlooking other business groups – favouritism. He further alleges that this is all done illegally to favor the Adani group. Notably, he had been trying to implicate Adani as a partner in crime with PM Modi coining the word MODANI by merging the names of Modi and Adani.
Yet both his I.N.D.I. alliance partners and Chief Ministers of Congress-ruled states have trashed his allegations and bunkum against the Indian business tycoon. Here are examples of how Congress’ I.N.D.I. alliance partners and their Chief Ministers have gone ahead to draw investment from the Adani group.
Before that, it has to be stated that the developments come against the backdrop that concerned financial regulating authorities and the Supreme Court had categorically stated that SEBI had not found evidence against the Adani group.
Congress and alliance partner-ruled governments rush to seek investment from the Adani Group
The Telangana government signing a deal with the Adani group is not the only setback to Rahul Gandhi’s tirade against the Group.
Most recently, on 9th January 2024, Adani Group signed memorandums of understanding (MoU) with the DMK-ruled Tamil Nadu government, to invest over Rs 42,700 crore at the Tamil Nadu Global Investors Meet 2024. DMK is Congress’ alliance partner in the I.N.D.I.A. bloc.
Tamil Nadu Chief Minister M.K. Stalin, State Industries Minister T.R.B. Rajaa, and the Managing Director of Adani Ports and Special Economic Zone Karan Adani were present at the signing of the MoUs, along with Cabinet Ministers and Secretaries of various government departments.
Previously, on 23rd December 2023, Nationalist Congress Party (NCP) president Sharad Pawar showered praises on the business tycoon Gautam Adani for donating Rs 25 crore to set up a new technology center in Baramati.
Following the inauguration, Pawar thanked Gautam Adani and Vijay Shirke of Shirke Constructions for donating the funds for the project. He had said, “I must take Adani’s name and thank him for his contribution.”
Before that, on 14th December 2023, in the Bihar Business Connect 2023 event, the Adani Group announced to significantly boost its current investment in JDU-RJD-ruled Bihar from Rs 850 crore to a substantial Rs 8700 crore.
In November 2023, West Bengal’s commerce and industry minister clarified that the state government is working with the Adani Group to build a deep-sea port at Tajpur in the East Midnapore district. The Minister in the TMC-ruled government dismissed reports that the Adanis have withdrawn from the joint venture. TMC is also an alliance partner of the Congress party in the I.N.D.I.A. bloc.
In October 2023, Congress and CPI(M) were up in arms to get credit for Adani’s new mega port in Kerala which was India’s first deepwater container transshipment hub in Vizhinjam. It was inaugurated on 15th October. The port has been developed by Adani Ports and Special Economic Zone Ltd. in collaboration with the LDF-ruled Kerala state government led by Chief Minister Pinarayi Vijayan.
On 20th February 2023, two Adani Group-owned cement plants that had shut shop since December 2022 resumed their operations in Himachal Pradesh, following the intervention of Congress CM Sukhvinder Singh Sukhu.
After the plant resumed its operation, the Congress Chief Minister boasted of how he helped Adani-owned cement factories to resume operations.
Additionally, when the Ashok Gehlot-led Congress government was in power in Rajasthan it had signed deals for several projects from the Adani group during the Invest Rajasthan 2022 Summit. The conglomerate has outlined plans to invest Rs. 65,000 crores in Rajasthan over the next 5-7 years.
During the tenure of the Maha Vikas Agadhi government, in which Congress was an alliance partner, the Adani Group was able to secure the Dighi port project in Maharashtra.
The company successfully purchased a 100% stake in Dighi Port Limited (DPL) for Rs. 705 crores with a plan to invest over Rs 10,000 crore to develop it as an alternative to Jawaharlal Nehru Port, the country’s largest container port.
Apart from the investment front, there have been rifts within the I.N.D.I. alliance over Rahul Gandhi’s unhinged diatribe against the Adani group with allegations that didn’t stand its ground in the courts.
Evidently, according to media reports, in September 2023, Rahul Gandhi raised the issue of Gautam Adani during the third I.N.D.I. alliance meeting in Mumbai. He tried to attack the central government by raising the name of Adani, however, Mamata Banerjee was upset over the development. She stated that Rahul Gandhi did not take any of his allies into confidence before raising the issue of Adani.
Mamta Banerjee said that without discussing with fellow parties and without their consent, Congress leader Rahul Gandhi raised the issue of Gautam Adani.
Conclusion
The shoot-and-scout strategy by Rahul Gandhi against the Adani group considers itself immune from accountability and facing defamation proceedings by exploiting a deep-rooted communist mindset where ‘profit’ is a dirty word and there is a pessimistic perspective about capitalists, assuming that wealth generation is inherently linked with corruption. But successive elections have shown that the public has moved past such sly-of-hand tactics and doesn’t see wealth generators as ‘anti-national’ if there is no criminality involved.
Click here, to read how the opposition particularly the one shepherded by Rahul Gandhi has used baseless allegations with the sole intention of personal angst against PM Modi.
The underlying intention or the wishful dream behind Rahul Gandhi’s repeated attacks on Adani has been to destroy the “incorruptible image of Prime Minister Narendra Modi” to smithereens as once admitted by Congress leader Rahul Gandhi himself. As stated above, the I.N.D.I. alliance partners including DMK, TMC, NCP, JDU-RJD, and CPI(M) as well as all Chief Ministers of Congress-ruled states have signed agreements with the Adani group clearly hint that even they don’t buy Rahul Gandhi’s baseless smear campaign against the Indian conglomerate choosing ways to do employment generation rather than sycophancy.
