PMC Projects behind Deloitte’s fallout with Adani Ports

The Adani group has sidestepped the critical issue of alleged related party transactions with PMC Projects, which remains unnamed in official communication.

Last week, Deloitte quit as auditor of Adani Ports and Special Economic Zone, one of the most significant companies that form part of the Adani group. The auditor of Adani Ports since May 2017, Deloitte was reappointed for another term of five years as recently as July last year. 

Investors’ reaction was swift, with the group losing an estimated Rs 35,000 crore in market capitalization in the two trading days since Deloitte resigned. Official statements issued by both parties have been perplexing. 

Adani Ports played down Deloitte’s resignation and raised questions on the auditor’s motives. In doing so, the company …


Ujval Nanavati

Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.

Editor, Business