Days after Gautam Adani-owned Ambuja Cements Ltd announced the acquisition of a majority stake in Sanghi Industries, the Congress party accused the government of ‘handing over’ prized assets to the beleaguered billionaire by unleashing probe agencies on his competitors. Listing a 'chronology' of the takeover, Congress general secretary Jairam Ramesh said India's third-largest cement producer Shree Cement was reported to be in talks to acquire Sanghi Industries but exit the race after it was raided by the Income Tax department.
Ramesh said that Adani-owned Ambuja Cements' move to acquire Sanghi Industries and the associated Sanghipuram Port will also further facilitate Adani's ports monopoly. He alleged that Prime Minister Narendra Modi is leaving no stone unturned to ensure control of important assets by the Adani Group.
“What we are seeing is part of a longstanding pattern of misuse of investigative agencies to enrich the PM's cronies. Agencies like the ED and CBI are not only being used to break apart opposition parties and bring down opposition-ruled governments, with 95% of investigations aimed against opposition leaders,” the Rajya Sabha MP said in a statement.
“Prized assets like Mumbai airport, Krishnapatnam Port and, now, Sanghi Industries are being handed over to the Adani Group following raids by these agencies,” he added.
Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family. Besides, it would make an offer to acquire another 26 per cent or 6.71 crore equity shares from SIL's public shareholders. ACL will also invest in expanding the captive port at Sanghipuram to handle larger vessels.
{{/usCountry}}Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family. Besides, it would make an offer to acquire another 26 per cent or 6.71 crore equity shares from SIL's public shareholders. ACL will also invest in expanding the captive port at Sanghipuram to handle larger vessels.
{{/usCountry}}Ramesh alleged that Prime Minister Modi is overseeing an “unprecedented amassing of wealth in the hands of his close cronies even as inequality in India reaches historic highs and Indian citizens are crushed by record price rise and joblessness.”
The Congress party, especially its leader Rahul Gandhi, has been attacking PM Modi consistently due to his perceived proximity to Gautam Adani, who is facing allegations of stock manipulation and fraud following a scathing report by US-based short seller Hindenburg Research.