Adani Lands In $250-Mn Bribe Charges
US authorities allege that the bribes paid were concealed from the US banks, investors from whom Adani Group raised billions of dollars for 12-GW solar power
Adani Lands In $250-Mn Bribe Charges
New York/New Delhi: Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay $265 million (Rs2,200 cr) bribe to Indian officials in exchange of favourable terms for solar power contracts. Adani, India’s second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion profit over 20 years.
Adani group had in 2021 won a bid to supply 8,000 megawatt (8 GW) of power generated using locally manufactured solar cell and modular plants but could not meet the price expectations of State governments buying such electricity.
The indictment also names New Delhi-based Azure Power, which had won a similar tender for supply of 4 GW. But when Azure could not cough up its one-third share of the bribe money paid to the States for buying expensive power, Adani made the firm give up part of its contract, which was then taken over by Adani through SECI.
Adani has been charged with bribery and securities fraud in two separate cases brought by US authorities - a criminal indictment by the US Department of Justice in a New York court that charges him and seven others including his nephew Sagar.
