ISLAMABAD/NEW DEHLI: For truckers transporting cement from Adani’s factories in a hilly north Indian state, Hindenburg’s critical report on the giant conglomerate was the godsend and it helped them save their livelihoods. For weeks, around 7,000 truck owners in India’s Himachal Pradesh staged protest against Adani’s December 15 decision to shut two cement plants over the dispute on freight rates. Adani argued the plants were “unviable” at the trucking rates it wanted to slash by around half.
According to Reuters, the Gautam Adani-led group said it had amicably resolved the problem with a 10-12 per cent rate reduction. Truckers rejoiced, with the union leader in a street address labelling it a victory after late-night talks with Adani. The settlement comes four weeks after United States-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.
Report triggers 140 billion dollar loss to Adani
The January 24 report triggered a 140 billion dollar rout in the group’s stocks, sparked regulatory investigations, and saw the billionaire Adani slip to 26 from third on the Forbes list of world’s rich person. The truckers’ settlement would have a negligible impact on the overall Adani empire; it was a big win for the owners and drivers in a state where most people live on around 7 dollars a day.
The report “played the crucial role in our battle against India’s largest business group, helped mobilise truckers and gain political support,” said Ram Krishan Sharma, one of the main negotiators for protesting truckers.
