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Acche din: How Gautam Adani’s fortune changed when Prime Minister Narendra Modi came into power

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Modi Adani pic

By Harshmeet Singh

Gujarat. 1980s. A grey coloured Bajaj Super scooter, making rounds of the Government offices, was a common sight on the roads of Ahmedabad. While the driver, Gautam Adani, was looking for a breakthrough to make it big in life, the pillion rider, Malay Mahadevia, had the responsibility of interacting with the Government officials in fluent English. Cut to 2015. That Bajaj Super scooter owner today owns a Ferrari, a fleet of BMWs, three helicopters, three Bombardier and Beechcraft planes. And what’s more? He is considered as one of the closest aides of the country’s most powerful man – Prime Minister Narendra Modi.

For decades now, the top of the tongue examples for leading industrialists in the country have been ‘Tata, Birla & Ambani’. But in the past decade or so, this settled order has seen disruption and is taking a new shape – ‘‘Tata, Birla, Ambani & Adani’. But interestingly, while it took many decades for the other business houses to become the flag bearers of Indian industry, the Adani group managed to gain similar limelight in a relatively lesser time. All thanks to a magic wand? Or is there something else that fails to meet the eye?

Adani – Modi bonhomie

Gautam Adani’s closeness with Narendra Modi is no secret. This, perhaps, has worked in his favour. From the time Narendra Modi was declared as BJP’s Prime Ministerial candidate (13th September 2013) to even before the general elections in April – May 2014, the net market capitalization of Adani Enterprises, Adani Port and SEZ Ltd and Adani Power had risen by 85.35% to value over Rs 95,925 crore. During the same period, the jump in Sensex was 14.76%.

Having diverse interests including real estate, oil, power, gas, coal and logistics, the Adani Group is today the largest private power producer in the country. The group is also the largest private coal importer in the country and handles the largest private port in India at Mundra.

By the time Modi took over as the Chief Minister of Gujarat in 2001, the Adani Group had transformed into an infrastructure company, leaving behind its humble beginnings as an export house. Under fire after the Godhra riots and the devastating Bhuj earthquake in the state that took place soon after he assumed office, Modi tried to divert everyone’s attention by asking the industrial houses to invest in the state. While Modi’s first such call was overlooked by most of the industrialists, it was a group of Gujarati businessmen, flocking behind Gautam Adani who ensured that Modi’s idea of an industrial Gujarat didn’t become a flop. Since then, Adani-Modi duo has been inseparable.

Modi the PM – Adani’s saviour

In January last year, the Gujarat High Court declared Adani owned Mundra SEZ in Gujarat as ‘illegal’. The High Court found that the SEZ was built without attaining the requisite environmental clearances. According to the law, the central environment ministry needs to approve the project before the construction of SEZ can begin. The Supreme Court declined to change the High Court’s order but allowed the existing tenants to continue working in the SEZ.

Realizing that the closing down of the SEZ would results in heavy loss of job and infrastructure, the High Court allowed the Central Government to look into the matter and grant a belated clearance, if it finds it satisfactory. While the UPA government didn’t take a decision on the issue, the Modi Government, within a couple of months of assuming office, gave the required clearances and prepared the ground for upcoming ‘Achche din’ for Adani.

Modi’s travel companion

While Narendra Modi’s frequent foreign tours have caught the attention of everyone in the country, co-travellers during such trips have remained under the wraps. During PM’s recent trip to France, Adani was amongst the audience in the UNESCO when Modi took the stage to deliver a speech. Some sources say that Adani also interacted with Nicolas Sarkozy, the former French President. He was also spotted with the Prime Minister during his trips to Australia, Japan, Brazil and the USA. The PM’s UNGA (United Nations’ General Assembly) speech was also heard by him in person in New York.

Even when Modi undertook tours to China, Singapore and Japan as Gujarat’s chief minister, Adani was a permanent fixture with him.

The latest in the line of Adani’s blockbuster deals during Modi’s tenure was reported in China a couple of days back. Business deals worth $22 billion were signed during Modi’s China visit, a majority of which were bagged by Adani and Bharti. Through these deals, Adani group is hoping to gather finance for its upcoming power projects at the Mundra port in Gujarat.

CAG posed questions to the Gujarat Government

In July last year, the CAG came out with 5 reports highlighting the undue favours given by the Gujarat Government to business houses such as Adani Group and Reliance Petroleum in the financial year ending in March 2013 (Modi was the Gujarat CM then).

According to the report, “non-monitoring of the construction quay in phase 1 of Adani Group-owned Mundra port led to short recovery of Rs 118.12 crore.” Unsurprisingly, no action was taken on the report and it was dumped without giving much attention.

SBI’s $1 billion loan to Adani

One of the most controversial deals that the Adani Group has been a part of since Modi took over as the PM was SBI’s approval of a $1 billion line of credit for its coal mine project in Australia’s Queensland. The largest state run bank in the country faced flak from many corners after signing a Memorandum of Understanding with the Adani Group on the sidelines of the G-20 summit in Australia.

Considering that some of best known International Banks such as Goldman Sachs, Royal Bank of Scotland, Barclays and Citigroup have stayed away from the project, citing environmental reasons, SBI’s decision seems all the more surprising and fishy. But then this isn’t the first time when the public sector Banks are being pushed to risk a bad credit due to political pressure.

While the Government maintains that the Australian project would help get the much needed coal into India for power production, a number of Australian organizations are already up in arms against it due to the possible damage it would cause to the Great Barrier Reef.

According to some news reports that surfaced a couple of months back, SBI decided to reject the loan request, although SBI marked such news as ‘rumours’ and continued to say that the final decision is still pending approval from the executive committee.

There is no fault in Prime Minister Narendra Modi’s policy of pushing development in the country. But a country of over 120 crore people can’t flourish if the benefits of ‘development’ remain confined to the old and close aides of the people in power. Even if all the allegations of Modi’s friendship with Adani are false, it surely doesn’t give a positive signal when the Prime Minister is seen far more often with a particular industrial baron than with the Aam Aadmi.

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Cho Ramaswamy: The Man Who Wore Many Hats

Cho Ramaswamy won several accolades and awards during his career as an entertainer and as a journalist.

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Cho Ramaswamy was undoubtedly one of the most prominent indian Personalities. Twitter
Cho Ramaswamy was undoubtedly one of the most prominent Indian Personalities. Twitter

By Ruchika Verma

  • Cho Ramaswamy was a multi-talented man who ventured into acting, directing, journalism and politics
  • He was very close to late CM of Tamil Nadu, Jayalalithaa for whom he acted as a philosopher and guide
  • Cho Ramaswamy was very vocal about his criticism of politicians and unethical practices

Srinivasa Iyer or Cho Ramaswamy was an Indian film actor, director, magazine editor, political satirist, and a lawyer. He was born on 5th October 1934 and was one of the most prominent Tamil personalities in India.

Cho Ramaswamy's magazine Tughlak has a huge fan following. Twitter
Cho Ramaswamy’s magazine Tughlak has a huge fan following. Twitter

He was the man of many talents who passed away at the age of 82 on 7th December 2016. Cho Ramaswamy the founder and editor of the Tamil magazine Thuglak, was also a recipient of the prestigious Padma Bhushan award, for his contributions in Literature and Education.

Cho Ramaswamy undoubtedly was one of the most prominent personalities in the southern Indian politics. Here are few things about his life which you may not have known before:

How his career started 

Cho Ramaswamy was first and foremost a lawyer by profession, being born in a family of lawyers. He later branched into theatre, films and finally into journalism and politics.

Cho Ramaswamy won Padma Bhushan for his contribution in the field of Literature and Education. Facebook
Cho Ramaswamy won Padma Bhushan for his contribution in the field of Literature and Education. Facebook

He got into the theatre while he was still practising law. His work as a satirist was very much appreciated. His most famous drama is  ‘Muhammad bin Tughluq,’ it was so brilliant that it became a classic.

He ventured into journalism and founded his own magazine Tughlak, which was mainly focused on the local social and political issues. It was widely and highly appreciated for its satirical and honest views on the politicians and politics. He was fearless in his criticism of the governments.

He later got into politics and was a member of Rajya Sabha from 1999 to 2005. He openly went against Jayalalithaa, when she was at her most powerful, even though she was very close to him. He even predicted Narendra Modi as India’s Prime Minister, long before BJP even declared him as a candidate. He was a true visionary in all senses.

Cho Ramaswamy and Jayalalithaa 

Cho Ramaswamy and Jayalalithaa were one pair of friends whose relationship went beyond friendship to a plane where not all can reach. Jayalalithaa debuted as a child actress with the YG Parthasarathy drama troupe where Cho Ramaswamy was already a star. They worked together in 19 films.

Cho Ramaswamy was Jayalalithaa’s greatest friend but also her most vocal critic. It was the only who was consulted in the matters of Jayalalithaa’s political career by herself and by the star-politician MGR. He acted as her friend, philosopher and guide in films as well as in politics.

The late Tamil Nadu CM Jayalalithaa was extremely close to Cho Ramaswamy. Twitter
The late Tamil Nadu CM Jayalalithaa was extremely close to Cho Ramaswamy. Twitter

You may also like: Iron Lady of India: Jayalalithaa was an inspiration for Women

It is being said many times that the late Tamil Nadu chief minister and AIADMK chief Jayalalithaa once told Ramaswamy that he has to live till she is alive. Interestingly, Cho Ramaswamy died barely 36 hours after Jayalalithaa died. According to doctors who were treating him, before he was put on the ventilator, he watched the live coverage of Jayalalithaa’s body lying in state at Rajaji Hall, Chennai.

There is only one instance of discord between the two, during 1996-2001, where he became a staunch critic of Jayalalithaa because of her unethical ways as a Chief Minister. However, as she mended her ways, he warmed up to her again.

Cho Ramaswamy not only influenced Jayalalithaa’s professional life as an actress and politician, but also her personal life. She considered him her and guide and consulted him before all major decisions.

Ramaswamy and his achievements 

Cho Ramaswamy won several accolades and awards during his career as an entertainer and as a journalist. Apart from being awarded a Padma Bhushan, he also won B.D. Goenka award for excellence in journalism.

Cho Ramaswamy was also famous for his closeness with various prominent politicians, including Narendra Modi. Twitter
Cho Ramaswamy was also famous for his closeness with various prominent politicians, including Narendra Modi. Twitter

His achievements were not only limited to awards. His achievements went beyond that. His association with prominent political leaders like Jayaprakash Narayan, L.K. Advani, Chandra Shekhar, G.K. Moopanar, Jayalalithaa and Narendra Modi, and his role in influencing some of their decisions are noteworthy.

Also Read: Need more Satire and Humour to build bridges between Communities and Societies, says PM Narendra Modi

His achievements as a playwright and actor are also noteworthy. Many of his plays went onto becoming national hits. And he received critical acclaim for his acting as well as his stints as a director.

Perhaps, one of his biggest achievement was the fact that he took many roles throughout his life and ended up successful in all of them. He was indeed the man who wore many hats, and managed to balance them all equally well.