Mumbai, May 18
The Directorate of Revenue Intelligence (DRI) has slapped a Rs 5,500-crore show-cause notice on Adani group for alleged over-valuation of capital equipment imports.

The show-cause notice was issued by the Mumbai office of DRI late last week. Agency sources said the notices were issued against three companies of the Ahmedabad-based Adani Group for alleged over-valuation by Rs 2,000 crore of capital equipment for its power projects.

“We have issued show-cause notices to three Adani group power companies and are expecting their replies soon,” said a DRI source.

With over 10,000 MW of generation, Adani Power is the largest private power producer in the country and also the largest ports operator in the country with its Kandla Port overtaking the state-run JNPT last fiscal.

The DRI notices were issued to the Gautam Adani-promoted three group companies — Adani Power Maharashtra, Adani Power Rajasthan, Maharashtra Eastern Grid Power Transmission Company — and a contractor to the last entity, said the agency sources.

When contacted, a spokesman of Adani group confirmed receiving the notice from the DRI and said that they are evaluating the same and “will decide further course of action based on legal advice.”