On Wednesday, Congress MP Rahul Gandhi in a fresh attack nf the Narendra Modi government in response to a news report that stated an important Adani Group investor was also a co-owner of a defence company.
“India’s missile & radar upgrade contract is given to a company owned by Adani & a dubious foreign entity called Elara. Who controls Elara? Why is India’s national security being compromised by giving control of strategic defence equipment to unknown foreign entities?” Gandhi tweeted.
ELARA India Opportunities Fund is a venture capital fund and one of the top four organisations established in Mauritius that own shares in Adani Group firms, according to an Indian Express story (article outside paywall). According to the study, the group has decreased its share over the last three years, but the holdings in the three Adani companies total more than 9,000 crore.
According to the report, Alpha Design Technologies Private Limited, a defence firm located in Bengaluru, has both Elara and the Adani Group as promoter entities.
This defence business was founded in 2003 and collaborates closely with the Defence Research Development Organization and the Indian Space Research Organization (ISRO) (DRDO). According to reports, the defence company will replace and digitise the outdated Pechora missile and radar systems for the Union defence ministry in 2020 under a deal of 590 crore rupees. According to the paper Rahul cited, Adani Defence and Elara possess a majority of 51.65% of this defence firm. According to a spokesperson for the Adani Group, Adani Defence invested in Alpha Design in 2018 and held a 26% share in the company.
According to this spokesperson, Elara holds a 0.53 percent minority ownership, with Vasaka Promoters and Developers being the main promoter.
According to the report, Elara became the company’s single largest stakeholder in November 2018 and currently has a 44.3 percent ownership in Vasaka Promoters and Developers at a cost of 40 crore.
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