The Adani Group acquired several companies/assets after competitors faced raids by investigative agencies, potentially pressuring them to withdraw bids. Below is a comprehensive list based on available sources, with no new raid-linked acquisitions identified beyond those previously noted:
Table of Contents
- Sanghi Industries (Cement Sector)
- Details: In August 2023, Adani-owned Ambuja Cements acquired Sanghi Industries, a Gujarat-based cement company, for Rs 5,000 crore ($633 million). Shree Cement was in talks to acquire it in April 2023, but IT raids on June 21, 2023, at five Shree Cement locations led to its withdrawal by July 19, 2023, enabling Adani’s acquisition. The deal included Sanghipuram Port.
- References:,, The Hindu (August 3, 2023), Business Standard (August 4, 2023)en.wikipedia.org
- Mumbai International Airport Limited (MIAL) and Navi Mumbai Airport (Airport Sector)
- Details: In July 2021, Adani acquired a 74% stake in MIAL, including 50.5% from GVK Group and 23.5% from minority partners, for Rs 12,000 crore. CBI and ED raids on GVK Group in June 2020 for alleged financial irregularities of Rs 800 crore are claimed to have pressured GVK to sell. GVK denied coercion, citing commercial reasons. The deal included Navi Mumbai airport rights.
- References:,,,,, Reuters (July 13, 2021)business-standard.comscroll.in
- Krishnapatnam Port (Port Sector)
- Details: In October 2020, Adani acquired Krishnapatnam Port from Vishwa Samudra Holdings (Navayuga Group) for Rs 12,000 crore. IT raids on Navayuga in 2012 and 2018, combined with pressure from the Andhra Pradesh government under Jagan Reddy, are alleged to have facilitated the takeover.
- References:,, The Economic Times (October 7, 2020)en.wikipedia.org
- NDTV (Media Sector)
- Details: In August 2022, Adani’s AMG Media Networks acquired a 29.18% stake in NDTV via RRPR Holding, reaching 64.71% by 2023 through an open offer. CBI raids in June 2017, IT raids, and SEBI restrictions on NDTV founders Prannoy and Radhika Roy (2017–2019) are alleged to have enabled the takeover. NDTV stated the deal occurred without their consent.
- References:,,,,,, The Guardian (August 23, 2022)en.wikipedia.orgen.wikipedia.orgaljazeera.com
- Holcim India (Ambuja Cements and ACC) (Cement Sector)
- Details: In May 2022, Adani acquired Holcim India’s cement businesses (Ambuja Cements and ACC) for $10.5 billion, despite higher bids from JSW and UltraTech. CCI raids in December 2020 on Holcim India for alleged price-fixing are claimed to have pressured Holcim to exit, favoring Adani.
- References:,,,, Business Standard (May 15, 2022)en.wikipedia.org
- Jaiprakash Associates (Cement and Power Sectors) (Potential Acquisition)
- Details: In July 2025, posts on X reported Adani was set to acquire Jaiprakash Associates, a distressed firm in cement and power, for Rs 12,000 crore under the IBC. No direct evidence links this to raids on competitors, but Adani’s strategy of acquiring bankrupt firms at 80–90% haircuts is noted.
- References:, The Economic Times (July 10, 2025)
Note on The Quint: Posts on X () claim Adani acquired The Quint after IT raids, but no web sources or credible evidence support this. The Quint remains independently operated by Quint Digital Media.
Patanjali Ayurved and Baba Ramdev Acquisitions
No additional acquisitions by Patanjali or Baba Ramdev following raids on competitors were identified:
- Ruchi Soya Industries (Edible Oil Sector)
- Details: In 2019, Patanjali acquired Ruchi Soya for Rs 4,350 crore via IBC. Adani Wilmar’s Rs 6,000 crore bid was challenged by Patanjali, citing IBC Section 29A due to Pranav Adani’s alleged ties to a loan defaulter. Adani Wilmar withdrew, but no evidence links this to raids. Patanjali faced ED/IT scrutiny in 2021–2023, unrelated to acquisitions.
- References: Business Standard (December 18, 2019), The Economic Times (August 24, 2018)
Adani’s Overseas Contracts Following PM Modi’s Visits
Allegations suggest Adani secured overseas contracts in ports, airports, and energy after Modi’s diplomatic visits, with critics citing cronyism. Key examples include:
- Bangladesh: Adani Power Contract (2017–2021)
- Details: After Modi’s 2015 Bangladesh visit, Adani Power secured a 25-year contract in 2017 to supply 1,496 MW from its Godda plant to Bangladesh at high tariffs (14.74 Taka/kWh, 40% above market). In August 2024, Bangladesh’s interim government sought to review the deal amid protests.
- References:,, Al Jazeera (August 7, 2024)adaniwatch.orgscroll.in
- Sri Lanka: Renewable Energy and Port Projects (2020–2022)
- Details: In June 2020, Sri Lanka’s Ceylon Electricity Board chairman claimed Modi pressured President Gotabaya Rajapaksa to award a wind power project in Mannar to Adani Green Energy ($442 million). In 2022, Adani secured a $553 million loan (later withdrawn) for Colombo’s West Container Terminal. Modi’s visits (2015, 2017) and Rajapaksa’s 2019 India visit preceded these. Sri Lanka announced a review of Adani projects in November 2024 post-U.S. indictments.
- References:,,, The Hindu (June 11, 2020)adaniwatch.orgreuters.comscroll.in
- Kenya: Airport and Power Transmission (2024, Cancelled)
- Details: In October 2024, Adani signed a $2.5 billion, 30-year lease for Jomo Kenyatta International Airport and a $736 million power transmission deal with Ketraco, following Modi’s engagements with President William Ruto. A Kenyan delegation visited Adani projects at Modi’s behest. Both deals were cancelled in November 2024 after U.S. indictments, citing secrecy and constitutional issues.
- References:,,, Reuters (November 22, 2024)en.wikipedia.orgreuters.comreuters.com
- Israel: Haifa Port (2022)
- Details: In July 2022, Adani Ports acquired a 70% stake in Haifa Port for $1.03 billion, post-Modi’s 2017 Israel visit. The deal aligned with India’s West Asia policy shift under Modi.
- References:, The Economic Times (July 14, 2022)en.wikipedia.org
- Australia: Carmichael Coal Mine and Abbot Point (2014–2015)
- Details: During the 2014 G20 Summit, Modi met Adani and SBI’s Arundhati Bhattacharya, announcing a $1 billion SBI loan MoU for Adani’s Carmichael mine and Abbot Point terminal. The loan was scaled down to $700 million after protests.
- References:, The Guardian (November 16, 2014)adaniwatch.org
Loans from SBI, Public Sector Banks, and LIC to Adani
Adani’s expansion relies on significant debt, with allegations of preferential lending from public institutions:
- State Bank of India (SBI)
- Exposure: As of December 2022, SBI’s exposure to Adani was Rs 27,000 crore ($3.3 billion), per MoneyControl. A viral claim of Rs 39.2 lakh crore was debunked. SBI accounts for ~40% of Adani’s Rs 88,100 crore domestic bank debt.
- Key Loans:
- 2014: $1 billion MoU for Carmichael mine, reduced to $700 million.
- 2020–2022: Rs 18,770 crore in loans.
- References:,,, MoneyControl (November 21, 2024)adaniwatch.orgindiatoday.inscroll.in
- Other Public Sector Banks
- Exposure: Public sector banks hold 36% of Adani’s Rs 2.4 lakh crore ($29 billion) debt, including:
- Punjab National Bank (PNB): Rs 3,300 crore.
- Bank of Baroda: Rs 5,300 crore.
- Canara Bank: Rs 10,000 crore.
- References:,, The Economic Times (November 22, 2024)indiatoday.inscroll.in
- Exposure: Public sector banks hold 36% of Adani’s Rs 2.4 lakh crore ($29 billion) debt, including:
- Life Insurance Corporation (LIC)
- Exposure: As of September 2022, LIC invested $9.5 billion (Rs 36,000 crore) in five Adani companies, 4.6% of their market value.
- References:,, Business Standard (January 28, 2023)bbc.combusiness-standard.com
Context: Congress alleges government pressure on SBI and LIC, risking public savings, especially post-Hindenburg (2023) and U.S. indictments (2024). SBI and LIC claim exposures are within limits.bbc.com
Adani’s Airport Acquisitions in India for 50-Year Leases
In 2018, the Modi government privatized six airports, amending rules to allow inexperienced bidders, allegedly favoring Adani, who won 50-year leases for all:
- Six Airports (2019)
- Details: Adani won Ahmedabad, Lucknow, Mangalore, Jaipur, Guwahati, and Thiruvananthapuram airports in 2019 via open bidding. Kerala’s finance minister called Thiruvananthapuram’s lease “brazen cronyism.” Adani became India’s largest private airport operator, handling 25% of passenger traffic by 2023.
- References:,, Financial Times (November 13, 2020)ft.comscroll.in
- Mumbai International Airport (MIAL) (2021)
- Details: Adani acquired a 74% stake in MIAL for Rs 12,000 crore, including Navi Mumbai airport rights. Alleged CBI/ED raids on GVK facilitated the deal. MIAL plans $1.1 billion in upgrades by 2030.
- References:,, Reuters (July 13, 2021)business-standard.comscroll.in
Adani’s Port Acquisitions in India
Adani Ports, India’s largest private port operator, controls 30% of international freight. Key acquisitions include:
- Krishnapatnam Port (2020)
- Details: Acquired from Navayuga Group for Rs 12,000 crore. IT raids (2012, 2018) and Andhra government pressure are alleged factors.
- References:,, The Economic Times (October 7, 2020)en.wikipedia.org
- Gangavaram Port (2021)
- Details: Acquired for Rs 3,600 crore in Andhra Pradesh. Jagan Reddy’s government alignment with Modi is cited.
- References: The Economic Times (April 12, 2021)
- Dighi Port (2021)
- Details: Acquired via IBC for Rs 705 crore. Jawaharlal Nehru Port Trust was interested but unsupported by government ministries, favoring Adani.
- References: Business Standard (February 17, 2021)
- Mundra Port and Others
- Details: Adani controls Mundra Port (India’s largest) since 1995, plus Hazira, Dahej, and Dhamra. Modi’s Gujarat tenure (pre-2014) is cited as enabling Adani’s port dominance, though no raid links exist.
- References:,en.wikipedia.orgft.com
U.S. Indictments and Recent Developments (2024–2025)
- U.S. Indictments (November 2024): Gautam Adani and seven associates were charged with a $265 million bribery scheme to secure solar contracts in India, causing a $27–34 billion market value loss. Adani Green Energy cancelled a $600 million bond offering. Adani denies the charges, seeking legal recourse. Kenya and Sri Lanka scrapped or reviewed Adani projects.
- References:,,,,,,,,,en.wikipedia.orgaljazeera.comthehindu.com
- Impact: Opposition leaders, including Rahul Gandhi, demand probes, alleging Modi’s protection of Adani. The indictments amplify scrutiny of Adani’s acquisitions and loans.,thehindu.comaljazeera.com
Critical Analysis
- Adani Acquisitions Post-Raids: The five confirmed cases (Sanghi, MIAL, Krishnapatnam, NDTV, Holcim) and potential Jaiprakash deal suggest a pattern, but causation is unproven. Adani and the government deny favoritism, citing transparent bidding.,business-standard.comscroll.in
- Overseas Contracts: Deals in Bangladesh, Sri Lanka, Kenya, Israel, and Australia post-Modi visits fuel cronyism allegations, but evidence of direct coercion is limited. Cancellations in Kenya and Sri Lanka reflect global scrutiny post-indictments.,en.wikipedia.orgreuters.com
- Loans: SBI, public banks, and LIC’s exposure (Rs 88,100 crore, $9.5 billion) raises concerns about public fund risks, especially post-Hindenburg and U.S. charges. Banks and LIC claim compliance with regulations.,indiatoday.inbbc.com
- Airports/Ports: 50-year airport leases and port acquisitions reflect Adani’s infrastructure dominance, with rule changes and alleged raids on competitors (GVK, Navayuga) suggesting favoritism, though denied.,ft.comscroll.in
- Patanjali: Limited to Ruchi Soya, with no raid-linked acquisitions. Patanjali’s own regulatory scrutiny suggests it faces challenges, not favoritism.
- Bias and Gaps: Sources (Congress, X posts, media) may reflect opposition bias. Adani’s denials and lack of convictions require cautious interpretation. No comprehensive raid-linked acquisition list exists beyond noted cases.,thehindu.comtheguardian.com
Summary Table
| Category | Details | References |
|---|---|---|
| Adani Acquisitions Post-Raids | Sanghi Industries (2023), MIAL (2021), Krishnapatnam Port (2020), NDTV (2022), Holcim India (2022), Jaiprakash Associates (potential, 2025) | ,,,,,, |
| Patanjali Acquisitions | Ruchi Soya (2019, no raid link) | Business Standard (December 18, 2019) |
| Overseas Contracts Post-Modi Visits | Bangladesh (2017), Sri Lanka (2020–2022), Kenya (2024, cancelled), Israel (2022), Australia (2014) | ,,,,, |
| SBI/Public Banks Loans | Rs 88,100 crore (36% of Rs 2.4 lakh crore debt); SBI: Rs 27,000 crore | ,, |
| LIC Investments | $9.5 billion in five Adani firms (2022) | , |
| Airports (50-Year Leases) | Ahmedabad, Lucknow, Mangalore, Jaipur, Guwahati, Thiruvananthapuram (2019), MIAL (2021) | , |
| Ports | Krishnapatnam (2020), Gangavaram (2021), Dighi (2021), Mundra, etc. | ,,, |
Conclusion
The Adani Group’s acquisitions of Sanghi Industries, MIAL, Krishnapatnam Port, NDTV, and Holcim India are linked to alleged raids on competitors, with Jaiprakash Associates as a potential 2025 case. Patanjali’s only acquisition (Ruchi Soya) lacks raid connections. Adani’s overseas contracts in Bangladesh, Sri Lanka, Kenya, Israel, and Australia followed Modi’s visits, raising cronyism allegations. SBI, public banks, and LIC have significant exposure (Rs 88,100 crore, $9.5 billion), with concerns about public fund risks. Adani’s 50-year airport leases and port acquisitions reflect infrastructure dominance, allegedly facilitated by rule changes and raids. The 2024 U.S. indictments intensify scrutiny, but Adani and the government deny wrongdoing.
