Prime Minister Narendra Modi's party accused billionaire financier-philanthropist George Soros of trying to undermine India's democracy on Friday by predicting that the Adani group's woes would loosen the Hindu nationalist leader's grip on power.
Speaking at the Munich Security Conference on Thursday, 92-year-old Soros said “Modi and business tycoon Adani are close allies; their fate is intertwined” and the conglomerate’s troubles would “significantly weaken Modi’s stranglehold on India’s federal government” and “open the door to push for much needed institutional reforms”, the Financial TimesThe seven listed companies of the apples-to-airports Adani group have together lost about $120 billion in market value since a Jan.
Modi’s opponents say he has longstanding ties with Gautam Adani, the founder of the group, going back nearly two decades to when Modi was chief minister of the western state of Gujarat. They also accuse the government of favouring the group in business deals, charges the government has rejected as “wild allegations”.
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