“Modani conglomerate”: Jairam Ramesh alleges 99% reduction in Maharashtra Power Project Cost, renews demand for JPC probe

Congress leader Jairam Ramesh on Friday raised questions over reported reduction in the estimated cost of a 1,500 MW pumped storage power project in Maharashtra, alleging that the development pointed to a major scandal. He reiterated the Congress party’s demand for a Joint Parliamentary Committee (JPC) investigation into what he described as the expansion of the “Modani conglomerate” and its takeover of companies and public assets across different sectors.

Congress leader Jairam Ramesh on Friday raised questions over reported reduction in the estimated cost of a 1,500 MW pumped storage power project in Maharashtra, alleging that the development pointed to a major scandal. He reiterated the Congress party’s demand for a Joint Parliamentary Committee (JPC) investigation into what he described as the expansion of the “Modani conglomerate” and its takeover of companies and public assets across different sectors. In a post on X, where he referred to a news article, Ramesh alleged that Adani's conglomerate’s expansion over the past decade had been accompanied by several scams and controversies. He said the Congress had been demanding a comprehensive parliamentary investigation into its growth and business activities since March 2023.

“Over the past decade, the Modani conglomerate’s astronomical expansion has been a saga of well-documented scams. The Indian National Congress has, since March 2023, been demanding a thorough investigation through a Joint Parliamentary Committee(JPC) into its growth and takeover of company after company, industry after industry after industry, public asset after public asset, that had been documented in detail," Ramesh wrote. “Now comes another extraordinary revelation in a leading daily that had earlier exposed the CEC Gyanesh Kumar. It is truly sensational," he added.

Ramesh then referred to the reported change in the estimated cost of the 1,500 MW pumped storage power project in Maharashtra. He claimed that a project sanctioned last year at Rs 5,675 crore was now listed in an affidavit at Rs 56.75 crore, describing the change as a 99 per cent reduction. “Modani has slashed its project cost for a 1500 MW pumped storage power project in Maharashtra. A project which was sanctioned last year for Rs 5,675 crore is now stated in an affidavit to have a cost of Rs 56.75 crore. It is a 99% reduction!!!” he alleged.

Calling the reported reduction unbelievable, Ramesh alleged that the development pointed to a major scandal and said it reinforced the Congress’s demand for a JPC investigation into the conglomerate’s operations. “This is unbelievable and yet another example of what Modani is always able to get away with. It points to a scandal of gigantic proportions, reinforcing the demand for a JPC into its operations,” he alleged. (ANI)