New Delhi: Top Opposition leaders, together with former Congress chief Rahul Gandhi, on Wednesday launched a renewed assault on the federal government over a media report claiming {that a} key Adani Group investor can also be the co-owner with the conglomerate in a defence agency. The Congress Wayanad MP requested why India’s nationwide safety is being “compromised” by giving management of strategic defence tools to unknown international entities.
A report in a number one newspaper claimed that ELARA India Opportunities Fund (Elara IOF), a enterprise capital fund managed by Elara Capital, is likely one of the prime 4 entities registered in Mauritius that holds shares predominantly in Adani Group corporations.
According to the report, information present that together with the Adani Group, it’s a promoter entity in a defence firm, Bengaluru-based Alpha Design Technologies Private Limited.
This defence firm, integrated in 2003, works carefully with ISRO and DRDO and has a Rs 590 crore contract with the Union Ministry of Defence in 2020 to improve and digitise the ageing Pechora missile and radar programs, the report mentioned.
Sharing the screenshot of the media report on Twitter, Rahul Gandhi mentioned, “India’s missile and radar upgrade contract is given to a company owned by Adani and 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?”
Trinamool Congress MP Mahua Moitra additionally shared screenshots of the report on Twitter and took a swipe on the authorities. “The ‘Chhupa Rustom’ category award at the Oscars goes to @DRDO_India and @PIBHomeAffairs. Happy to have unknown foreign funds controlling sensitive defense contracts! Only for their best friend Mr Adani,” she tweeted.
The “Chhupa Rustom” class award on the Oscars goes to @DRDO_India and @PIBHomeAffairs.
Happy to have uknown international funds controlling delicate protection contracts! Only for his or her finest buddy Mr Adani. #BJP4Oscars pic.twitter.com/HtQlQa6IOy
— Mahua Moitra (@MahuaMoitra) March 15, 2023
Citing the identical media report, Shiv Sena (Uddhav Thackeray) MP Priyanka Chaturvedi mentioned on Twitter, “This is in India’s Defence space, a key investor in Adani Group, Mauritius-based Elara IOF, with 96% of its corpus invested in the group till Dec, ’22 is also co-owner in a Defence company, the firm works closely with ISRO & DRDO, both jointly hold over 51% stake. Amazing coincidence!”
Opposition events have been persistent of their assault on the federal government. It comes weeks after Adani Group shares took a beating on the bourses within the wake of US-based brief vendor Hindenburg Research making a litany of allegations, together with fraudulent transactions and share-price manipulation, on the conglomerate.
The Adani Group has dismissed the fees as lies, saying it complies with all legal guidelines and disclosure necessities.
