Himachal truck owners thank Hindenburg report as godsend in resolving Adani cement plant dispute

Grounded truckers transporting cement from Adani’s factories in Himachal Pradesh have sighed a aid after the latter resolved the dispute and the transporters thank the Hindenburg Research Report as a godsend to avoid wasting their livelihoods.

Around 7,000 truck owners and drivers in India’s Himachal Pradesh have resorted to protest in opposition to Adani’s Dec. 15 choice to close two cement vegetation over a dispute on freight charges, stories Reuters.

Adani Group maintained that the 2 cement vegetation had been “unviable” on the trucking charges and wished to slash it by round half. However, after the rout in markets for his or her shares, the Adani Group on Monday mentioned it had “amicably resolved” the difficulty with a 10-12% discount in charges.

Truckers rejoiced, with a union chief in a road tackle labelling it as a victory after late-night talks with Adani. The settlement comes 4 weeks after U.S.-based Hindenburg Research accused Adani of inventory manipulation and improper use of tax havens, allegations the group referred to as baseless.

The Jan. 24 report triggered a $140 billion rout in group’s shares, sparked regulatory investigations and noticed the billionaire Adani slip to 26 on the Forbes world wealthy listing, from third.

While the truckers’ settlement could have solely a small influence on the general Adani empire, it was a giant win for the drivers and owners in a state.

The Hindenburg report “performed a vital function in our battle in opposition to the India’s greatest enterprise group, helped mobilize truckers and acquire political help,” mentioned Ram Krishan Sharma, one of many negotiators for truckers.

(With inputs from companies)