The Adani Group, an Indian multinational conglomerate, is facing allegations that they have been inflating fuel costs and led millions of Indian businesses and consumers to overpay for electricity. The Adani Group allegedly used offshore intermediaries to import $5 billion worth of coal at higher prices than the market value. The group denies all of these allegations stating, “not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”
The Financial Times examined coal shipments from Indonesia to India orchestrated by The Adani Group, which showed inflated import prices. According to declarations from each country, 30 coal shipments leaving Indonesia cost $139mn and then cost $215mn when declared in India. In the past decade, there have been many disputes and litigation involving the pricing of coal. As elections approach next year, politicians will use coal and capitalism as a major talking point and obvious issue.