New Delhi: Congress leader Jairam Ramesh on Friday alleged a major scandal over a reported reduction in the estimated cost of a 1,500 MW pumped storage power project in Maharashtra, reiterating the party’s demand for a Joint Parliamentary Committee (JPC) investigation into the expansion of the Adani conglomerate, which he referred to as the “Modani conglomerate”.
In a post on X, Ramesh referred to a news report claiming that the project's estimated cost had fallen from Rs 5,675 crore, when it was sanctioned last year, to Rs 56.75 crore in an affidavit — a reduction of 99 per cent.
Over the past decade, the Modani conglomerate’s astronomical expansion has been a saga of well-documented scams. The Indian National Congress has, since March 2023, been demanding a thorough investigation through a Joint Parliamentary Committee(JPC) into its growth and takeover of company after company, industry after industry after industry, public asset after public asset, that had been documented in detail.Now comes another extraordinary revelation in a leading daily that had earlier exposed the CEC Gyanesh Kumar. It is truly sensational. Modani has slashed its project cost for a 1500 MW pumped storage power project in Maharashtra. A project which was sanctioned last year for Rs 5,675 crore is now stated in an affidavit to have a cost of Rs 56.75 crore. It is a 99% reduction!!!This is unbelievable and yet another example of what Modani is always able to get away with. It points to a scandal of gigantic proportions reinforcing the demand for a JPC into its operations.
— Jairam Ramesh (@Jairam_Ramesh) November 13, 2026
Describing the reported change as “unbelievable”, Ramesh alleged that it pointed to a scandal of “gigantic proportions”. He also claimed that the conglomerate's expansion over the past decade had been accompanied by several scams and controversies.
The Congress has been demanding a comprehensive parliamentary investigation into the conglomerate's business activities and its takeover of companies and public assets across sectors since March 2023, he said.
“Over the past decade, the Modani conglomerate’s astronomical expansion has been a saga of well-documented scams,” Ramesh wrote, reiterating the party's demand for a JPC probe into its growth and business operations.
(With agency inputs from ANI and PTI)
