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Hindenburg Research put the spotlight on the Adani Group’s relationship with Adicorp, a small Gujarat-based firm. Now, another connection has surfaced.
Adicorp Enterprises, which was named by Hindenburg in its report, competed against Adani at a coal block auction despite no prior mining experience, said a report
'Scroll.in' reported that the other bidder was Cavill Mining Private Limited, which is also the main promoter of Adicorp Enterprises. Hindenburg Research alleged the latter was used to route funds from various Adani Group firms to Adani Power.