The business of Adani need Central Government approval , The Finance Ministry.
The Finance Ministry has objected to Adani’s Business,
Earlier this month, the finance ministry objected to its Rs 4,000 crore joint venture project with the Gujarat government for a liquefied natural gas (LNG) terminal within Adani-promoted Mundra Special Economic Zone (SEZ).
As a direct fall out of this objection, the Board of Approval (BoA) for SEZ in its meeting held on April 3, has kept the final approval to the proposal “in abeyance”. This comes at a time when the stock valuation of the Adani group has touched an all-time high.
Documents of the IMG (inter-ministerial group) with The Indian Express show that the Adani group had requested co-developer status for the Gujarat government-led Gujarat State Petroleum Corporation (GSPC) Ltd for establishing an LNG terminal, storage and re-gasification facilities…
The finance ministry, explaining its stand on the business model, said, “There appears no justification for providing duty concessions on inputs or capital goods that will be used for these operations…the proposal does not envisage any physical export out of the country…further, the location of the SEZ, whether in processing or non-processing area, has also not been clarified…therefore, any decision of the BoA must address these issues in relation to the proposal.”
Previously, the expert appraisal committee of the ministry of environment and forest (MoEF) had given consent to the project in February 2014.
The Adani group and GSPC had entered an agreement in August 2013 for establishing a 2.95 lakh square meter facility; the proposal was also cleared by Cabinet Committee on Investments.”
Now Adani is in the following businesses.
The GAPL and the SEZ venture was merged before IPO so GAPL does stand as an entity now. GAPL is also in talk with Orissa government for setting up an all weather port nearPOSCO project. MPSEZ is the largest private port in India.
Ports controlled by Adani Group are:
- Adani Mundra Port
- Adani Hazira Port
- Adani Murmugoa Coal Terminal
- Adani Vizag Coal Terminal Pvt. Ltd.
- Adani Abbot Point Terminal Pvt. Ltd.
- Adani Group
All these need Central Government approval.
Why did they not object the proposal on this ground?
How did Congress Chief Ministers gave away the lands to Adani group cheaper Rates?
Amid Rahul Gandhi’s ‘toffee’ barbs over giving land by the Gujarat government to the Adani group at throwaway prices, BJP has hit back saying the group got cheap land from earlier Congress-supported governments.
Records show the group first got wasteland in Mundra from the Congress-backed Chimanbhai Patel government in 1993 and then from another Congress-supported government headed by Shankersinh Vaghela in 1997.
The group subsequently got more wasteland from BJP governments headed by Keshubhai Patel in 1999 and Narendra Modi in 2005. While Gandhi has said that land given to Adani was of the size of Vadodara, the Ahmedabad-based group has got 7,350 hectares, as against Vadodara city’s area of 15,900 hectares. “
“BJP’s chief campaigner is selling Narendra Modi model in the name of Gujarat. What is happening in Gujarat under this model? Sikhs living there since past 50 years were being forced to leave the state,” Sonia said while addressing an election rally in Malwa belt of Punjab. “May God please save this country from this model,” she said.
She attacked the Akali Dal for joining hands with BJP and not raising its voice for the Sikhs in Gujarat. “Akalis rather than raising voice against them (BJP) are colluding with them and they are partners in this atrocity against Sikhs in Gujarat,” said Sonia. “In Gujarat every second five-year-old child is malnutritioned and those who get Rs. 11 per day are not considered below poverty line in Modi model,” she added.
Sonia said that around 45000 acres of land in Gujarat had been given to one businessman at a cheap rate and under this model several people in the villages are still not getting potable water.
Accusing BJP of adopting an ideology in which common man will be identified not by his capabilities and skills but by his religion, language and caste, she said, the saffron party’s ideology is of “hatred, narrow mindedness and consistent hunger to achieve power” at the centre.
“Their (BJP) ideology wants to take the country on that path where nation’s entire power wrests with one person,” she said in an indirect reference to Narendra Modi. “They will take the country to a situation where the poor, weak and farmers will beg for their rights,” she said.(