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Adani Enterprises’ Mumbai airports face probe by Ministry of Corporate Affairs

Oct 16, 2023

By: BlinkX Research Team

Adani Enterprises Ltd., the main division of the Adani Group, which is funded by Gautam Adani, announced on Friday that the Ministry of Corporate Affairs was looking into the financial records of its two airports in Mumbai.

According to Adani Enterprises, the ministry had requested information and documentation about Mumbai International Airport Ltd. and Navi Mumbai International Airport Ltd. for the financial years beginning in 2017–18 and ending in 2021–22.

"We would like to inform that Mumbai International Airport Limited and Navi Mumbai International Airport Limited, stepdown subsidiaries of Adani Enterprises Limited have received communications dated October 06, 2023 (received on October 12, 2023) from the Office of the Regional Director, Southeast Region, Hyderabad, Ministry of Corporate Affairs, relating to initiation of investigation of books of accounts," said Adani Enterprises in a stock exchange filing on Friday.

"MIAL and NMIAL shall be responding to the said communications, in accordance with applicable legal provisions," the firm said.

The Chhatrapati Shivaji Maharaj International Airport in Mumbai is one of seven airports owned and run by Adani Enterprises.

The probe is the most recent in a succession of issues for the conglomerate after US short-seller Hindenburg Research accused it earlier this year of utilising offshore tax havens inappropriately and stock manipulation.