Congress Turns Up Heat On Government Over Adani Row

The Congress has turned the heat on the government over the Adani row based on reports that former UK Prime Minister Boris Johnshon’s brother Lord Jo Johson has resigned as a director of Elara Capital, a London-based firm linked to the Adanis. Jo Johnson, Boris Johnson’s brother, confirmed to Financial Times that he stepped down on February 1. Elara Capital was founded in 2002 by Raj Bhatt as a capital markets business, raising funds for Indian corporates through GDR (Global Depository Receipt), FCCB (Foreign Currency Convertible Bond) and London AIM Marker. According to data from S&P Global Intelligence, Elara Capital’s asset management arm was the third-largest shareholder in Adani Enterprises with a 5.1 per cent stake in the summer of 2021. Financial Times reported that two Mauritius-based Elara funds — the Elara India Opportunities Fund and Vespera — have been significant investors in Adani’s publicly traded companies. Boris Johnson met Gautam Adani in April 2022 when Boris was in Ahmedabad on a two-day India visit.