Gautam Adani and Anil Agarwal were among those looking to acquire state-owned firms amid the disinvestment push. But their financial troubles could hurt the bidding process
Prime Minister Narendra Modi assumed office nearly a decade ago with a goal of privatising more of India’s floundering state-owned assets. For the nation’s business elite, that message was a clarion call to rescue an inefficient public sector.
But as the finances of some of those same tycoons come under scrutiny — with Gautam Adani and Anil Agarwal two high-profile billionaires facing problems this year — Modi’s already-struggling campaign faces yet more hurdles. Since 2014, only one major firm has been privatised in India and several recent candidates have stalled.
But as the finances of some of those same tycoons come under scrutiny — with Gautam Adani and Anil Agarwal two high-profile billionaires facing problems this year — Modi’s already-struggling campaign faces yet more hurdles. Since 2014, only one major firm has been privatised in India and several recent candidates have stalled.