MRCC President Sanjay Nirupam has declared what he described as an alarming discovery of the valuation of Mumbai Power Business of RInfra done by by M/S. SSPA and approved by SEB, pegging the business at Rs 5,575 crores only.
Nirupam, while talking to media here, produced various documents that highlighted “how the Ambani-Adani Power Deal was a +blatant+ attempt to +put wool over the eyes of Mumbaikars+ and which would lead to Mumbaikars paying much higher power bills.”
Describing this as +fishy+, Nirupam said “On 21st December2017, the official statement by Reliance Infrastructure Limited stated that they are selling 100% of its Mumbai Power Business to Adani Transmission for Rs. 18,000 Crore and that RInfra will have a cash surplus of Rs. 3000 crore after repaying it’s loan. So why is Adani Power paying R-Infra Rs.12,425 Crore more than the valuation of its Mumbai Power Business? This is inexplicable. It is clearly not Adani Power’s largesse that is making it shell out crores. There is a larger conspiracy behind this deal.”
Questioning the deal further while describing it as “corporate machinations at play,” he said, “It is no secret that Adani Transmission is debt-hit and, according to Bloomberg data, they have a total debt of Rs 47,609.43 crores. Instead of paying back their loans, why are they overpaying Ambani’s Mumbai Power Business of RInfra and, that too by Rs 12,000 crores plus?”
“Adani Transmission will go to MERC and demand higher tariffs. I already have a letter from the MERC Chairman that clearly says that RInfra has asked for a mid-term revision,” Nirupam said, adding that 30 lakh Mumbaikars will have to pay higher power tariffs just like the people of Gujarat. “The Government is fueling the situation wherein the rich are getting richer and the poor only getting poorer. Why does the common man always have to suffer at the hands of this Government’s apathy?,” he queried.
BJP’s ‘anti-people’ policies slammed
The Mumbai Regional Congress Committee President, Sanjay Nirupam has lashed out at the Government for being Anti-People and unconcerned about the plight of the common man. “Even as Mumbaikars try and battle high fuel prices, what is shocking about the BJP Government is that petrol prices are at a four year high with Acche Din nowhere in sight and the Government not having a ‘backup’ plan or even addressing the issue,” he alleged.
Lamenting that “the sad part is the BJP Govt is indifferent towards people and for this suit-boot ki sarkar, only the ultra-rich matter,” Nirupam said, “The tax component in the petrol prices is extremely high. If petrol is brought under GST, it will be available at much cheaper price. Either petrol prices be brought under GST or the taxes have to be removed immediately”.
“In 2015-16 and 2016-17, growth in the government’s revenue from petroleum products was 25 percent each. This is much higher than earlier two years (2013-14 and 2014-15) when the growth stood around 9-10 percent each,” the Congress chief stated while adding “Clearly, the BJP government has been +milking+ the common man and denying the consumers full benefit of lower international crude oil prices that prevailed during the initial years.”
Pointing out that the hike in fuel prices would impact prices of vegetables, groceries and other commodities, he said prices of both petrol and diesel sky-rocketing meant the transport industry also feeling the pinch and the entire supply chain witnessing an increase in rates that ultimately will see food prices increasing.
“Who suffers in the end? Not this suit-boot ki sarkar. It is people who suffer. Tax paying citizens who are getting buried under the weight of wrong policies of the Modi Sarkar,” Nirupam added.
