Only firm bidding against Adani in recent mine auction linked to it by Hindenburg report

The Adani Group gained more global attention than its expansion with the Hindenburg Research report which accused it of pulling off the greatest fraud in corporate history. Two months later, Adani's market value is still down by more than $120 billion, despite some respite after a $1.87 billion stake sale, and its firms remain closely watched.

Now a report has flagged another acquisition by Adani, claiming that it secured a coal mine in March, with the only other bidder being a firm linked to it by Hindenburg.

Turning to old friends?

• During the auction held last month, Adani won four coal blocks, and Cavill Mining was the only other bidder for one of those in Madheri.

• The owner of Cavill Mining Utkarsh Shah was also one of the promoters in Adicorp, and was replaced as director in both firms by his son Aadarsh Utkarsh Shah.

• Adicorp in turn got funds from four Adani entities and gave a $6 billion loan to Adani power, which was 98 per cent of what it received.

• According to the Hindenburg report, the firm owned by Shah who is Adani's friend since 30 years, was used to funnel money between Adani Group firms.

• Utkarsh Shah's name has also appeared in Gautam Adani's biography, as a close friend he plays Sudoku with.

A newbie going up against a giant

• His firm Cavill Mining is an unlisted company founded only a year back in April 22, and has no experience in the sector.

• The firm with a paid-up capital of Rs 1 lakh was the only bidder against a behemoth such as Adani in the coal block auction.

• The report only puts the spotlight back on speculation about government projects being awarded to the Adani Group.