The Adani story. Commenting on an exclusive report by The Indian Express which revealed that ELARA India Opportunities Fund (Elara IOF) is one of the top four entities to hold shares predominantly in Adani Group companies, Congress leader Rahul Gandhi Wednesday said, “India’s missile & radar upgrade contract is given to a company owned by Adani & a dubious foreign entity called Elara.”
Taking to Twitter, he questioned, “Who controls Elara? Why is India’s national security being compromised by giving control of strategic defence equipment to unknown foreign entities?”
India’s missile & radar upgrade contract is given to a company owned by Adani & a dubious foreign entity called Elara.
Who controls Elara? Why is India’s national security being compromised by giving control of strategic defence equipment to unknown foreign entities? pic.twitter.com/DJIw7rxPB8
— Rahul Gandhi (@RahulGandhi) March 15, 2023
The report, dated March 15, 2023, mentioned that “along with the Adani Group,” Elara is also a promoter entity in a Bengaluru-based defence company, Alpha Design Technologies Private Limited (ADTPL), which “works closely with ISRO and DRDO and had signed a Rs 590-crore contract with the Union Ministry of Defence in 2020 to upgrade and digitise the ageing Pechora missile and radar systems.”
Further, All India Trinamool Congress MP Mahua Moitra took to Twitter, attacking the BJP for having unknown “foreign funds controlling sensitive defense contracts.”
The “Chhupa Rustom” category award at the Oscars goes to @DRDO_India and @PIBHomeAffairs.
Happy to have unknown foreign funds controlling sensitive defense contracts! Only for their best friend Mr Adani. #BJP4Oscars pic.twitter.com/HtQlQa6IOy
— Mahua Moitra (@MahuaMoitra) March 15, 2023
Rajya Sabha MP and Shiv Sena (UBT) leader Priyanka Chaturvedi too called the revelation an “Amazing coincidence!” She tweeted, “This is in India’s Defence space, a key investor in Adani Group, Mauritius based Elara IOF, with 96% of its corpus invested in the group till Dec,’22 is also co-owner in a Defence company, the firm works closely with ISRO & DRDO, both jointly hold over 51% stake. Amazing coincidence!”
This is in India’s Defence space, a key investor in Adani Group, Mauritius based Elara IOF, with 96% of its corpus invested in the group till Dec,’22 is also co-owner in a Defence company,the firm works closely with ISRO&DRDO,both jointly hold over 51% stake. Amazing coincidence! pic.twitter.com/Siva41qSB0
— Priyanka Chaturvedi?? (@priyankac19) March 15, 2023
This revelation comes months after US-based Hindenburg Research questioned the source of funding for Elara Capital, which prompted the Supreme Court to set up a panel and ask capital market regulator SEBI to probe the allegations.
According to the records, over 96 per cent of Elara’s investments in India are through Elara IOF in Adani Group companies. It held 1.6 per cent in Adani Enterprises, 3.62 per cent in Adani Transmission, and 1.62 per cent in Adani Total, as of December 31, 2022.
The Congress party has been persistent in its attack on the government since Hindenburg Research made a series of allegations against Adani stocks, including fraudulent transactions and share-price manipulation.
Courtesy Indian Express