Congress on Wednesday hit back at the NDA government at the Centre saying that the Competition Commission of India (CCI) has reportedly raised concerns that the proposed Reliance-Disney merger could stifle competition and it is a good time to reflect on how it should have also had the courage to address how the non-biological Prime Minister’s other favourite business conglomerate is acquiring companies and reducing competition across various industries.
In a post on X, formerly Twitter, Congress General Secretary Jairam Ramesh said, “The CCI has reportedly raised concerns that the proposed Reliance-Disney merger could stifle competition. It is a good time to reflect on how the CCI should have also had the courage to address how the non-biological PM’s other favourite business conglomerate is acquiring companies and reducing competition across various industries.”
Taking a jibe at the government, Ramesh, who is also the Rajya Sabha MP said that the CCI is “legally required to approve mergers and acquisitions” that exceed a certain threshold.
“Yet, all acquisitions by the Adani Group have been approved, even as the company builds monopolies in sectors like ports, airports, power, and cement—industries at high risk of market failure and anti-competitive practices—often through threats and intimidation that have the backing of the powers-that-be,” the Congress communications in-charge said.
He also poonted out that in recent years, the CCI has not hesitated to impose penalties on both domestic and global firms for alleged abuse of dominance.
“Yet, a five-fold increase in User Development Fees (UDF) paid by passengers at Lucknow and Mangalore airports has been allowed by the Union Government. These airports were among the six awarded to Adani after rules were altered to favour the company, despite objections from the NITI Aayog and the Ministry of Finance. Similarly, electricity prices in states like Haryana, Jharkhand, and Gujarat have risen sharply thanks to the Adani conglomerate’s policies and actions,” he said taking a swipe at the central government.
Firing salvos, he questioned, “Why do India’s regulatory institutions, including SEBI, disappear when transactions involve the non-biological Prime Minister’s closest friend? Why have these typically proactive institutions remained passive as this friend has built monopolies in critical infrastructure sectors, raising prices at the expense of consumers?”
His remarks came in the wake of a news report claiming that India’s antitrust body has reached an initial assessment that the $8.5 billion India merger of Reliance and Walt Disney media assets harms competition due to their power over cricket broadcast rights.