Former editor of the formidable Economic & Political Weekly, Paranjoy Guhathakurta, has been busy collecting material on the Adani Group. Bhasha Singh spoke to him about the group which has interests across segments and sectors which have an affect on the country’s economy.

What triggered your interest in the Adani Group? What did you find interesting and when?

As a student of the nexus between politics and business in this country and while trying to understand the way crony capitalism works, I have for some years now been intrigued about this person called Gautam Adani, who almost nobody knew 20 years ago. Today, he is not just one of India’s richest men but the corporate conglomerate that he heads controls crucial segments of the country’s economy. What is truly amazing is the control he exercises over these sectors in this short period of time.

Let me give you a few examples. The Adani Group is one of the biggest – if not the biggest – generator of electricity in the private sector, by using coal as well as solar power. The Adani Group is one of the country’s biggest transmitters of electricity in the private sector. It is the biggest importer of coal and it is the biggest coal mining operator in the country. The Group directly or indirectly controls the activities of 12 ports on both the West coast and the East coast. It is Adani’s “string of jewels,” if you like, and the 13th port may also be added to the list soon.

That’s not all. The Adani Group, its partners and associates are among the biggest aggregators of cut and polished diamonds and gold jewellery in the country. The Group is also the biggest importer of edible oils in India; one of the biggest importers of apples to India besides having substantial interests in real estate, not to mention its recent forays in the production of defence equipment, notably drones (or Unmanned Aerial Vehicles) in collaboration with an Israeli company.

Where the Group might have bitten off more than it can chew is in Australia. So far it has so failed to set up what could become the world’s largest greenfield coal mining project in Queensland, Australia. There the Group is facing a lot of opposition from civil society organisations and there are funding issues as well. So, it is not yet clear if and when the group will be able to establish this project.

Is this the first foreign foray of the Adani Group?

The Group has business interests all over the world but none as big as the coal mining project that is proposed to be built in Queensland. It’s not just meant to become the biggest greenfield coal mining project of its kind anywhere in the world, it involves development of a railroad and a port. It would open up the area to new coal mines. If this project is successful, and I am not at all sure it will, it would be among the dozen largest coal mining projects globally.

Are you suggesting that this phenomenal rise and expansion of the Adani Group is due to investments made by unnamed politicians?

No. I have no evidence to indicate that.