Electoral Bonds: Adani has no connection with Navyuga Engineering

Following the publication of the list of electoral bond purchasers, Navyuga Engineering is yet again making headlines. Earlier it was in the news because of the Silkyara Tunnel collapse in Uttrakhand.. The company reportedly bought electoral bonds amounting to approximately Rs 55 crore in April 2019, October 2019, and October 2022.

Several individuals on social media have insinuated that Navyuga Engineering is a subsidiary of the Adani Group. Such allegations were also fuelled at the time collapse of the Silkyara Tunnel that Navyuga is Adani Group's subsidiary. In response, the Adani Group vehemently denied any affiliation with the said tunnel or any companies related to it.

Adani Group's Clarification Concerning the Attempt to associate them with the tragic collapse of Uttarakhand Tunnel:

We have become aware of certain malicious attempts to associate our company with the tragic collapse of a tunnel in Uttarakhand. We categorically deny these insinuations and strongly condemn both them and their instigators.

We would like to assert in the strongest terms that neither the Adani Group nor any of its subsidiaries, have any direct or indirect participation or involvement in the construction of the tunnel.

We also clarify that we do not own or hold any shares in the company involved in the tunnel's construction.
At this time, our thoughts and prayers are with the trapped workers and their families.

Spokesperson, Adani Group 27 Nov 2023

Navyuga Engineering connection with Adani Group

Adani Enterprises and Navayuga Engineering Company jointly established a new entity, Vijayawada Bypass Project (VBPPL), on 15th May 2020, with respective stakes amounting to a 74:26 ratio. Despite this collaboration, it should be noted that the Adani Group does not hold a stake in Navayuga Engineering.

Navyuga Engineering, a private construction company based in Hyderabad. According to their website the Navayuga Group is a multi-dimensional corporate entity with an extremely diversified portfolio that includes mammoth public infrastructure in roads, bridges, metro rail, marine works, IT/ITES companies, ports, power projects and behemoth steel units. Its chairman is Visweswara Rao.

They secured a tender worth Rs 853 crore to construct the Silkyara Tunnel. However, following the tunnel's collapse on November 12, which left 41 workers trapped for 17 days, Navyuga provided each laborer with a Rs 2 lakh check and an additional two months' bonus as compensation. Furthermore, the company was instructed to cover all costs related to the 17-day-long rescue effort.

Recently, the investigation panel presented a report on the cause of Silkyara Tunnel accidents in which it was revealed that safety arrangements were not made properly inside the tunnel, nor was any evacuation plan ready.

Welspun and Adani

However, there are other companies namely: Welspun Enterprises Ltd, and Welspun Corp Ltd. Again, Adani Group doesn’t own the company but, they have a joint venture. Welspun Group and Adani Group have a joint JV by the name of Adani Welspun Exploration Limited. The above names are mentioned at least 55 times, with bond purchases of approx. 55 crores.

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