Mundra Aluminium Scandal got bigger: NSE, BSE, Indian Media, Supposedly Opposition parties, all involved in AdaniGate

Mundra Aluminium Scandal got bigger: NSE, BSE, Indian Media, Supposedly Opposition parties,  all involved in AdaniGate

In last Post, I had said, Rumours helped Adani stocks to rise.. putting investors savings In Adani.

But lets see, who started the Rumour about "Kutrumali Bauxite Block" , well, who else but Adani Group themselves . 

A Letter of Intent was received by Adani group, LOI .. huh .. Not even a contract. 

Where is Kutrumali? Its about 70 km from that non-existent and yet world's costliest Aluminium Smelter that Odisha CM Mr. Patnaik and Gautam Adani made up. Remember my last blog post on Mundra Aluminium

 Rumour-Mill step 2: NSE and BSE added that to notifications on Adani Enterprises

A mere Letter of Intent turns in catchy "LoI" for the ignorant. 

Total Geological Reserves of Bauxite is 128 Million Tonnes (estimated) bit is dropped. its important to remember, in Mining, you pick up stones and from which you extract the ore and then you refine the ore to get the desired Industrial product. So don't expect, Adani would dig the earth and get fully refined Aluminium weighing 128 million tonnes, check any 10+2 Chemistry book on bauxite smelting or Alumina preparation (it used to be there, in old times).

And passed on to ignorant moneyed class of Stock markets.

 

I mean National Stock Exchanges has increased Adani participation in NSE indices from March, such corrupt are Stock Market officials. SEBI must have been well compensated by Adani group or Modi government to sit on the sidelines and watch "The silence of the lambs".

STEP 3: Rumour to turn into News, through Incredibly inept or corrupt Indian Media

 

Ha ha ha .. these Indian Media had called "Mundra Aluminium Limited" world's wealthiest and biggest spending Alumina Smelter of the world. Now they are calling it "Adani Group's Mining Arm" .

Perhaps because they couldn't find any office or factory of Mundra Aluminium Limited on earth's surface, they thought.. their works must be subterranean, under the earth, in mines. 

By that definition, every shell company is a Mining arm of the parent company. 

This "Sub-standard" Business Standard even does not know, how much Aluminium can be produced from it.

They heard Mundra is a port, so used a stock photo of some unknown factory with sea in the background. 

 

They don't know, Mundra Aluminium has no connection with Mundra port (except both owned by Adani). Fake news has fake factory photo too. 🤣🤣🤣

They have not checked "Government's a-section website" where you will find Central government is putting old forklift of NALCO up for auction, but Aluminium blocks .. nope .. no auction for "Amazing Aluminium block" of Kutrumali. 

Some how they managed to invent "how bauxite will help" iron & steel industry also. Hyping up on a claim is Indian Media speciality. 

They are also able to show or mention where this Kutrumali village is, which I mentioned and I will show you the route also.

Did any of the two Adani promoting governments, Modi government at Centre and Patnaik government of Odisha made any environmental impact study of the mine?

Did they announce any rehabilitation project of villagers? Not all tribals will get "Rashtra-pati Bhawan" guest house accommodation.

Why was this block not auctioned? Big blocks are supposed to be auctioned as per Modi's 2015 law.

But when you were reeling under "Pandemic" , Modi amended lots of restrictions that he himself had put up. Like Industry can buy mining block near its plant. But for "Mundra Aluminium Limited" no such plant exists. 

So what, Modi has put so many loopholes in that act, just a registered company and MoU will dear pal state Government of Adani is enough. 

As if Present Chief Minister of Odisha has a bucket list of all hills of eastern ghat must be mined and turned to dust, before he leaves this world for the next. He basically inherited his party position from his father, did he made some promise of destroying environment of Odisha and promoting fraud? I don't know!

Odisha Government must release Alumina mill MoU in 3 languages, Odiya, English and Hindi. As well as, the latest LoI they signed and  sent (🤣) to Adani group on 27th of February.

They should say, where the "Mundra Aluminium Limited" aluminium Refinery is? How they had come with 5.2 Billion dollar price tag of that factory? Which bank is giving loan for this project? When will factory building construction start? When will it start production?

Of course, after 2021 amendments,  non-existent industry can commence "Ore extraction" from captive mines and sell surplus ore to other companies after meeting it's own requirements. So is this "Mundra Aluminium" refinery just a front, to give a bauxite mine to Adani through the backdoor?

These questions must have been asked by Odisha opposition party,  but Modi's BJP is the main opposition there.  This is classic case of "All five fingers in clarified butter", Adani seems to have covered all corners in this latest scam.