Gulliver
Exposing corporate wrongdoing
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Adani Green Energy
Adani Green Energy is the world's largest solar power developer. It is a subsidiary of the Adani Group - an energy, mining and infrastructure conglomerate that has come under repeated scrutiny for its continued expansion of its fossil fuel business notably over the Carmicheal coal mine in Queensland, Australia, that is sited on Aboriginal lands belonging to the Wangan and Jagalingou peoples. In India, Adani has also been criticized for its plans to mine for coal near elephant reserves in the Hasdeo Arand forests of Chhattisgarh state and the Mahan forests of Madhya Pradesh.
The parent company of Adani Green was the subject of a massive financial scandal in early 2023, when a report by Hindenburg Research accused company management of engaging in massive stock manipulation and accounting fraud. Notably, the Adani Group was shown to have used shares in Adani Green as collateral to obtain a multi-million loan for the Carmichael project.
Adani Group
Adani Group is an energy, mining and infrastructure conglomerate that derives 60 percent of its revenue from coal. It has come under repeated scrutiny for its continued expansion of its fossil fuel business notably over the Carmicheal coal mine in Queensland, Australia, that is sited on Aboriginal lands belonging to the Wangan and Jagalingou peoples. The coal is to be shipped to India from a custom-built port to a proposed US$4 billion PVC plant in India. Adani has also been criticized for its coal mines in Talabira, Odisha state, as well as its plans to mine for coal in the Hasdeo Arand forests of Chhattisgarh state.
CEO Gautam Adani, India's richest man, has benefited hugely from his close ties to Narendra Modi, the prime minister of India.
The company was the subject of a massive financial scandal in early 2023, when a report by Hindenburg Research accused company management of engaging in massive stock manipulation and accounting fraud. Investigative news sites have found documents showing that major investors in the company were beholden to the CEO Gautam Adani.