India’s economy is deeply intertwined with Mr Adani, the country’s leading infrastructure tycoon. He operates 13 ports (30% market share), seven airports (23% of passenger traffic), and India’s second-largest cement business (20% of the market).
With six coal-fired power plants, Mr Adani is India’s largest private player in power. At the same time, he has pledged to invest $50bn in green hydrogen and runs a 8,000km (4,970 miles)-long natural gas pipeline. He’s also building India’s longest expressway and redeveloping India’s largest slum. He employs over 45,000 people, but his businesses impact millions nationwide.
Mr Adani’s global ambitions span coal mines in Indonesia and Australia, airport and energy projects in Kenya and Morocco. The group is eyeing more than a billion dollars in infrastructure projects across Tanzania and Kenya.
Mr Adani’s portfolio closely mirrors Modi’s policy priorities, beginning with infrastructure and more recently expanding into clean energy. He has thrived despite critics labeling his business empire as crony capitalism, pointing to his close ties with Modi, both as Gujarat’s chief minister – where they both hail from – and as India’s prime minister. (Like any successful businessman, Mr Adani has also forged ties with many opposition leaders, investing in their states.)
“This [the bribery allegations] is big. Mr Adani and Modi have been inseparable for a long time. This is going to influence the political economy of India,” says Paranjoy Guha Thakurta, an Indian journalist who has written extensively on the business group.
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