There have been numerous allegations of the Adani Group using its political influence to secure

contracts and favorable regulatory treatment. For example, the company has been accused of
receiving special treatment in the awarding of contracts for infrastructure projects, such as the
development of the Mundra Port and Special Economic Zone in Gujarat.Additionally, the Adani
Group has faced criticism for its close ties to the ruling Bharatiya Janata Party (BJP) and its leader,
Prime Minister Narendra Modi. Gautam Adani, the chairman of the Adani Group, has been described
as a close friend and supporter of Modi, and the company has donated large sums to the BJP and its
affiliated organizations.Political influence has allowed Adani Group to avoid environmental
regulations and labor laws, as well as to secure contracts that may not have been awarded fairly.

But we think this political influence could be problematic for adani group in future if BJP not in
power.political instability or changes in government can also pose a risk to the Adani Group's
interests, particularly if a new government comes to power that is hostile to the company's
operations or policies.