Clashes: Modi's favored billionaire fights fraud claims

What does this mean for India's clean energy plan?

Gautam Adani.
(Image credit: Kobi Wolf/Bloomberg via Getty Images)

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Next to Indian billionaire Gautam Adani's vast industrial empire, the short seller Hindenburg Research looks like "a peashooter," said The Economist. But the small New York–based fund's report, accusing the Adani Group of "the largest con in corporate history," had by last week wiped out more than $110 billion of his companies' value and toppled him from third place on the global rich list. It has also called into question India's "tycoon-powered version of capitalism," championed by Prime Minister Narendra Modi. Adani's multibillion-dollar projects, ranging from ports to power stations, "were the cornerstone of Modi's plan to turn the country into a global clean-energy powerhouse." Now Western multinationals will likely "think twice" about any partnerships with Adani or his fellow Indian tycoons.

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