Adani Group
India’s Adani is one of the world’s most controversial coal conglomerates. It owns the largest fleet of private coal plants in India and is the world’s 6th largest coal plant developer. Adani has time and again made headlines for human rights violations, environmental breaches and questionable business practices.
In January 2023, the short-seller Hindenburg Research published a 106-page report accusing the Adani Group of “brazen stock manipulation and accounting fraud”. According to the allegations, Adani uses a complex web of offshore shell companies to artificially inflate its stock prices. These claims prompted investigations by the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office in New York. In March 2024, the Attorney’s Office expanded its investigation to include allegations that Adani may have bribed government officials to secure favorable terms for its energy projects.
Since 2022, nearly all major U.S. banks have seemingly withdrawn their financial backing from Adani—with one notable exception: Jefferies. Over the past two years, U.S. investment bank Jefferies has become Adani’s most crucial financial partner. When major U.S. financial institutions pull out of a big company, it usually signals serious issues. However, Jefferies remains unfazed and continues to support Adani.
In 2024, Alok Shukla won the Goldman Environmental Prize for mobilizing a community campaign against Adani’s destruction of the Hasdeo Aranya forest. Hasdeo Aranya is one of the largest intact forests in India. It is home to endangered Asian elephants, leopards, tigers and 92 bird species. Nearly 15,000 indigenous Adivasi people depend on the forest. Adani wanted to build 5 coal mines in this nature paradise. Communities campaigned against these plans for 12 years until the state government finally adopted a resolution against coal mining in the Hasdeo Aranya. Despite this victory, Adani’s expansion plans still endanger people’s livelihoods and pristine nature in India.
