Business News/ News / India/  India's missile and radar upgrade...: Rahul Gandhi quotes report to target govt over Adani group

Senior Congress leader and MP Rahul Gandhi launched a fresh salvo targetting the Narendra Modi government after a news report published in the English daily claimed that a key investor of Adani Group is a co-owner with the business conglomerate in a defence firm.

Rahul Gandhi tweeted," “India's missile & radar upgrade contract is given to a company owned by Adani & a dubious foreign entity called Elara. Who controls Elara? Why is India's national security being compromised by giving control of strategic defence equipment to unknown foreign entities?"

According to a report published in Indian Express ELARA India Opportunities Fund is a venture capital fund and among the top four entities registered in Mauritius which hold shares in Adani Group companies. The report claims that the group reduced its share in the past three years, but the holdings in three Adani firms add up to over 9,000 crore.

Elara along with the Adani Group happens to be a promoter entity in a Bengaluru-based defence firm Alpha Design Technologies Private Limited. This defence company was set up in 2003 and works closely with the Indian Space Research Organisation (ISRO) and Defence Research Development Organisation (DRDO), according to the report.

Meanwhile, the Opposition members had sought a probe into the Adani Group issue by a Joint Parliamentary Committee (JPC) on Tuesday and accused the Centre of being silent on a report by a US firm that alleged stock manipulation and accounting fraud by the group.

The opposition has been demanding a Joint Parliamentary Committee (JPC) probe into the Adani-Hindenburg issue and has been stalling proceedings of Parliament over their demand.

The concerned report from US-based short-seller firm Hindenburg Research surfaced on January 24 claiming that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.

It is pertinent to mention that the Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre.

*With agency inputs

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Updated: 15 Mar 2023, 01:14 PM IST
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