Adani Group: Denials, Allegations, and Future Ambitions
Gautam Adani, chairman of the Adani Group, denied U.S. allegations of bribery, insisting no group member violated the U.S. Foreign Corrupt Practices Act. Investigations continue as the group plans to expand its renewable energy capacity and invest heavily in development, despite facing scrutiny and allegations of using tax havens.
Adani Group Chairman Gautam Adani refuted allegations of bribery made by U.S. authorities, asserting that no group member has been charged under the Foreign Corrupt Practices Act (FCPA). Speaking at the company's annual general meeting, Adani emphasized that despite intense scrutiny, the group remains firm in its stance against the allegations.
Following a November indictment accusing the company and several executives of paying bribes to secure Indian power contracts and misleading U.S. investors, the Adani Group has dismissed these claims as 'baseless'. The company is cooperating with legal inquiries and has been under investigation by the Securities and Exchange Board of India (SEBI) since a 2023 report by Hindenburg Research implicated them in improper tax haven use.
Amidst these challenges, Adani Group is advancing its renewable energy initiatives, including constructing the world's largest renewable energy park in Khavda, India. With plans to reach a 100 gigawatt power generation capacity by 2030, the group announced an ambitious capital expenditure plan of $15 billion to $20 billion annually over the next five years.
(With inputs from agencies.)
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