Explained | The allegations on Adani coal imports

The story so far: In a recent report, the Financial Times stated that the Adani Group appeared to have imported billions of dollars of coal at prices above their market value. Separately, as per Indonesian declarations, the 30 sailings are said to have transported 3.1 million tonnes of coal during the mentioned period valued at $139 million, excluding another $3.1 million in shipping and insurance costs. Of the 73 million imported, 42.2 million tonnes were supplied by its own operations at an average price of $130 per tonne, while the average price for the three middlemen stood at $155 per tonne. Secondly, the conglomerate alleged the reportage ignored that coal procurement in India was done on long-term supply basis through an “open, transparent, global bidding process thereby eliminating any possibility of price manipulation”.