The story so far: In a recent report, the Financial Times stated that the Adani Group appeared to have imported billions of dollars of coal at prices above their market value. The reportage was based on an examination of 30 shipments of the commodity from Indonesia to India, over 32 months between 2019 and 2021. It stated that the data affirmed long-standing allegations (against the company) of making consumers and businesses overpay for electricity. The Adani Group has denied the allegations.
What did the report say?
The allegations concern the group’s Integrated Resource Management (IRM) business. A credit report in March this year held it as the country’s largest importer of thermal coal catering to the requirements of its clients in both private and public sector undertakings (PSUs).
