The Adani group has been rocked by another damning report that claims it imported billions of dollars of coal at prices well above market prices, igniting suspicion that the country’s largest private importer of coal has been inflating fuel costs and forcing consumers and businesses to overpay for electricity.
The London-based Financial Times pored over customs records since July 2021 and found that the Adani group paid a “total of $4.8 billion to the three companies for coal sourced at substantial premiums to market prices”.
The three offshore intermediaries based in Taiwan, Dubai and Singapore received a “black premium” that was “at times more than double the market price”, the report said.
