Why Adani Group's tender worth thousands crores cancelled by Yogi Govt?

The Adani group, which has been facing challenges on the stock market for ten days, has received a heavy blow from the Uttar Pradesh government.

On January 24, after the American Forensic Financial Company Hindenburg made allegations related to financial irregularities in the Adani Group, the shares of its companies are continuously falling.

According to the report of Amar Ujala, Madhyanchal Vidyut Vitran Nigam, a unit of the UP government, cancelled the tender for the installation of prepaid smart meters on behalf of Adani Group.

Its cost is around Rs 5,400 crore. Because the bidding fee was 48 to 65 per cent more than the estimated cost, there was opposition from the start.

According to the news report, eyes are now on the tenders for Paschimanchal, Purvanchal, Dakshinanchal and Discoms. There is also a tender for the Adani group in Dakshinananchal.

About Rs 2.5 crores of prepaid smart meters will be installed in Uttar Pradesh. Tenders worth Rs 25 billion have been made for them.

In this, apart from M/s Adani Power Transmission, GMR and Intelli Smart Company won the second part of the tender. The work order was about to be issued, but there was a protest regarding the rate of his offer.

According to the tender proposal, the cost of each meter was around 9 to 10 thousand rupees. While the estimated cost is six lakhs per meter.

In this case, UP Power Corporation Limited took advice from the Ministry of Energy in case of a higher price per meter, but from then on the decision was left to the corporation itself.

ALSO READ

• Gautam Adani slips out of list of world’s top 10 richest people
• What is short selling that erased $65 billion of Adani group in three days?
• Hindenburg reply to Adani: What has happened so far?
• Know all about Shah Dhandharia & Co, CA firm which audits Adani group
• What is Hindenburg research, and is the CIA behind it?
• Who is Nathan Anderson, person behind Adani’s Hindenburg report?
• Who is Chang Chung-Ling and, does Adani have a Chinese connection?
• Credit Suisse assigned zero value to Adani bonds; what does it mean?
• Who is Cyril Shroff, Adani’s father-in-law, part of SEBI?

Follow Ground Report for Climate Change and Under-Reported issues in India. Connect with us on Facebook, Twitter, Koo App, Instagram, Whatsapp and YouTube. Write us on [email protected].