Scrutiny of Indian Tycoons Deals a Blow to Modi’s Privatization Drive
- Goverment is moderating expectations for future sales
- Challenges facing Adani and Agarwal could hurt bidding
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Prime Minister Narendra Modi assumed office nearly a decade ago with a goal of privatizing more of India’s floundering state-owned assets. For the nation’s business elite, that message was a clarion call to rescue an inefficient public sector.
But as the finances of some of those same tycoons come under scrutiny — with Gautam Adani and Anil Agarwal two high-profile billionaires facing problems this year — Modi’s already-struggling campaign faces yet more hurdles. Since 2014, only one major firm has been privatized in India and several recent candidates have stalled.