Adani Group Does Not Own or Hold Any Shares of Navayuga Engineering

By
Vikrant Singh
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Adani group doesn't own Navayuga Engineering

Following the electoral bond disclosures by the State Bank of India and the Election Commission, social media platforms have been buzzing with speculation about potential political quid pro quo arrangements. Amidst a plethora of conspiracy theories, certain individuals with communist leanings have sought to target the Adani Group. As part of these efforts, there is a circulating claim on social media suggesting that Navayuga Engineering, a company purportedly implicated in the Uttarkashi Tunnel Mishap, is owned by the Adani Group. Allegedly, Navayuga Engineering is among several companies that have contributed to political parties through electoral bonds. However, it is crucial to note that currently there is no means of verifying which political party or parties received donations from the mentioned business group.

Congress party supporter Newton wrote on X, ‘Navayuga Engineering is a subsidiary which is owned by Gautam Adani. This is the same company which was working in the tunnel in Uttrakhand where 41 workers was trapped.’

Source- X

Vikram wrote by sharing a sheet of Navayuga Engineering electoral bond disclosure that, ‘ Adani has also entered.’

Communist Mahesh Kusumagiri wrote, ‘Sanghis celebrating that Adani is not found in the list. What is the company Navayuga Engineering then to you?’

Nilesh Shekokar wrote, ‘ Raids on close aid of Satyendra Jain and Sanjay Singh, meanwhile taking taking donations from Adani group Subsidiary.’

King Yadav wrote, ‘Navayuga Engineering is a subsidiary which is owned by Gautam Adani. This is the same company which was working in the tunnel in Uttrakhand where 41 workers was trapped.’

Anvar Khan wrote, ‘Navayuga Engineering is a subsidiary which is owned by Gautam Adani. This is the same company which was working in the tunnel in Uttrakhand where 41 workers was trapped.’

Congress supporter Shuja Gandhi wrote, ‘Did we just found Adani in Electoral Bonds? People are saying that this company Navayuga Engineering is a subsidiary owned by Gautam Adani!’

Also Read: Electoral Bond: BJP receive donations from Pakistan? ‘Hub Power’ company buying electoral bonds is not Pakistani

Fact Check 

Our investigation started by examining news reports related to the incident. We discovered that in November 2023, following the Uttarkashi Silkyara Tunnel Mishap, numerous social media users, including staunch supporters of the Congress party and other opposition parties, alleged that Navayuga Engineering, the company tasked with constructing the tunnel, is a subsidiary of the Adani Group. In response, the Adani Group issued a press release denouncing these allegations as unfounded and clarified that it does not have any ownership or shares in Navayuga Engineering.

The press note read, “We clarify with utmost emphasis that the Adani Group or any of its subsidiaries has no direct or indirect involvement of any kind in the tunnel’s construction. We also clarify that we do not own or hold any shares in the company involved in the tunnel’s construction. At this time, our thoughts and prayers are with the trapped workers and their families.”

Moreover, our inquiry extended to examining the official website of Navayuga Engineering to gain insights into the company’s structure. It was revealed that the company is headquartered in Hyderabad and disclosed the names of key executives associated with its operations. Notably, individuals such as Mr. Chinta Visweswara Rao serving as Executive Chairman, Mr. Chinta Sridhar as Managing Director, Mr. Gummadi Raghavendra Rao as Independent Director, Mrs. Sailaja Moturu as Independent Director, Mr. Ramesh Yedduri as Whole Time Director, Mr. Chinta Govind Viswesh as Whole Time Director, and Mr. Sachin Kumar Bhansali as Executive Director & CFO were identified.

Furthermore, an examination of news reports detailing the collaboration between the two entities was conducted. It was discovered that in 2020, the Adani Group engaged in a partnership with Navayuga Engineering for six specific projects associated with the Vijayawada bypass project. This comprehensive analysis reinforces the assertion that Navayuga Engineering has no association with Gautam Das Adani or the Adani Group, affirming that the latter does not possess any ownership or subsidiary relationship with Navayuga Engineering.

Additionally, according to a report by Hindu Business Line in 2021, Adani Ports assumed complete control of Krishnapatnam Port, which was originally developed by Navayug Engineering. Further investigation on Wikipedia revealed that Krishnapatnam Port was initially under the ownership of the Andhra Pradesh state government, managed by the CVR Group, and inaugurated by Sonia Gandhi in 2008. Navayug Engineering serves as a flagship entity within the CVR Group, spearheaded by Visweswara Rao, who holds positions as both the chairman and managing director.

In summary, it is evident that the Adani Group does not possess any ownership stake in Navayuga Engineering. The speculation surrounding this matter stemmed from previous business collaborations between Navayuga Group and Adani Group. However, it is imperative to emphasize that these partnerships were limited to specific projects.

ClaimNavayuga Engineering is a subsidiary of the Adani group
Claimed byCongress supporters
Fact CheckFalse

Also Read: Electoral Bond: The claim that BJP received 11,000 Crore Rupees donation is misleading

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