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Adani unit faces allegation related to overpricing of imported Indonesian coal

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Adani unit faces allegation related to overpricing of imported Indonesian coal

AdaniEnterprises is under investigation for an alleged involvement in a US$4.4billion pricing scandal related to coal imported from Indonesia, The Guardian reported April 7.

joins anumber of power companies targeted in an 18-month investigation by the IndianDirectorate of Revenue Intelligence, which issued a "general alert"during the week of March 28 alleging coal companies to be exploiting"higher tariff compensation based on [the] artificially inflated cost ofthe imported coal" from Indonesia, said the report citing Economic and Political Weekly.

Profitswere alleged to be "siphoned" overseas, as stated in the DRI alertand power companies used front companies in Singapore, Hong Kong and Dubai toraise coal prices in official billing documents, claimed the DRI.

AnAdani Group spokesman said that "the tariff in most cases is alsodiscovered through bidding system and other cases determined by theregulatories in accordance with law." The spokesman further added that thecompany is fully cooperating in the investigation.

OtherAdani Group companies involved in the scandal are , , ,Adani Wilmar Ltd andVyom Trade Link, according to the report.