Hitting out at the Centre over acquisition of Sanghi Industries by Adani-owned Ambuja Cements, the Congress on Saturday alleged that India’s third-largest cement producer Shree Cement, which was in talks to acquire Sanghi Industries, exited the race after Income Tax Department launched raids against it.

Launching an attack on the Union government through ‘Hum Adani ke Hain Kaun’ series, after Hindenburg’s report on Adani Group, the Congress launched another episode involving the takeover of Sanghi Industries by Adani-owned Ambuja Cements.

In a statement, Congress General Secretary Jairam Ramesh said: “In our Hum Adani ke Hain Kaun (HAHK) series of 100 questions for PM Modi, the Congress party had pointed out how the Adani Group has repeatedly profited from well-timed, Modi-made raids by investigative agencies on its business competitors.”

He said that within a month, the “Adani-owned” Ambuja Cements acquired the Sanghi Industries.

“The latest episode is the chronology of the takeover of Sanghi Industries by the Adani-owned Ambuja Cements,” Ramesh said.

“Aap Chronology Samajhiye. April 28, 2023, India’s third-largest cement producer Shree Cement is reported to be in talks to acquire Sanghi Industries, On June 21, 2023, Income Tax Department launches raids against Shree Cement at five locations, On 19 July 2023, Shree Cement exits race to acquire Sanghi Industries, and on August 3, 2023, the Adani-owned Ambuja Cements announces it has acquired Sanghi Industries,” the senior Congress leader said in the statement.

Sanghi’s unit in Sanghipuram, Gujarat, is India’s largest single-location cement and clinker plant, he said.

The associated Sanghipuram Port will also further facilitate Adani’s ports monopoly, Ramesh alleged.

“Agencies like the ED and CBI are not only being used to break apart opposition parties and bring down opposition-ruled governments, with 95 per cent of investigations aimed against opposition leaders. Prized assets like Mumbai airport, Krishnapatnam Port and, now, Sanghi Industries are being handed over to the Adani Group following raids by these agencies,” the statement said.

Ambuja Cements Ltd (ACL), the cement and building material company of Adani Cement and part of the diversified Adani Group, on Thursday announced the acquisition of Sanghi Industries Ltd (SIL) at an enterprise value of Rs 5,000 crore.